Learn about business insurance requirements and the most common policies for convenience and drug stores in North Carolina.
Which insurance policies are required for convenience and drug stores in North Carolina?
If your convenience or drug store has a physical location with a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by convenience store owners in North Carolina, general liability insurance can protect your business from expenses associated with common mishaps, such as customer property damage and injuries.
To meet state requirements in North Carolina, every small business that has three or more employees must provide workers’ compensation insurance, which covers medical costs and partial lost wages for work injuries.
What are the most common insurance policies for convenience stores in North Carolina?
The most common policies for convenience stores in North Carolina vary depending on revenue, the number of employees, partnerships, and other factors.
General liability insurance
General liability insurance is the foundation of a convenience store’s protection, with coverage that extends to customer injuries, customer property damage, and advertising injuries. Most commercial leases require you to have this coverage.
Business owner's policy (BOP)
A small convenience or drug store might qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability insurance at an affordable rate.
North Carolina workers' compensation
If you own a convenience or drug store in North Carolina that has three or more employees, your business must have workers’ compensation coverage. Even if it isn’t required, workers’ comp will still help your business cover medical bills and lost wages if, for example, an employee slips and falls on the job.
Umbrella / excess liability insurance
Umbrella liability insurance is also called excess liability insurance. This policy provides additional coverage once a convenience store reaches the limit on another liability policy, such as general liability insurance or employer’s liability insurance. It can protect against escalating lawsuit costs.
What do convenience stores in North Carolina pay for insurance?
According to an analysis of Insureon applications, the typical convenience store in North Carolina can expect to pay more than the national median for business insurance. For example, the median annual cost of a business owner’s policy in North Carolina is $4,561 for convenience stores, more than the national median of $2,724.
Save time and money with Insureon
Insureon’s industry-leading technology helps convenience stores in North Carolina save time and money shopping for insurance by comparing policies from top U.S. providers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in North Carolina and can answer your questions as you consider coverage.
To make the application go quicker, have this information ready:
- Workforce details, such as the number and types of employees
- Current and projected revenue
- Business partnerships
- Insurance history and prior claims
- Commercial lease insurance requirements
Apply for free insurance quotes for convenience stores today.