Get the right commercial insurance for your Charlotte business
Which insurance policies are recommended for Charlotte businesses?
Charlotte, North Carolina, ranks among the 10 best large cities to start a small business. Protect your small Charlotte business with these common insurance policies.
General liability insurance
General liability insurance covers lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases in Charlotte often require this coverage.
- Customer injuries at your business
- Damage to a customer's property
- Libel and other advertising injuries
Professional liability insurance
This policy covers the cost of lawsuits related to mistakes and oversights, such as advice that causes a client to lose money. It's also called errors and omissions insurance (E&O).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance covers costs related to a data breach or cyberattack at your business. Every Charlotte business that handles credit cards or other personal information should carry this coverage.
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
Business owner’s policy
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in Charlotte.
- Customer injuries
- Damaged business property
- Business interruption coverage
Workers’ compensation insurance
Workers’ comp is required for all North Carolina businesses that have employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
- Medical bills from employee injuries
- Disability benefits
- Workplace injury lawsuits
Commercial auto insurance
All vehicles owned by Charlotte businesses must be covered by commercial auto insurance. This policy covers auto accident injuries and property damage.
- Medical bills from an accident
- Property damage caused by your vehicle
- Auto accident lawsuits
Errors and omissions insurance
Consultants and professional services in Charlotte carry this coverage to protect against legal costs from clients harmed by your advice or services. It's also called professional liability insurance.
- Errors and oversights
- Late or incomplete work
- Negligence accusations
Commercial property insurance
This policy covers damage to your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
- Storm damage
- Fires
- Theft and vandalism
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Charlotte?
State laws often determine the type of coverage you need. These policies help you comply with North Carolina business insurance requirements.
Workers' compensation insurance
North Carolina's workers' compensation law requires this type of insurance for businesses with three or more employees. That includes both full-time and part-time employees.
Workers' comp insurance pays for medical expenses from work-related injuries and illnesses. It also provides disability benefits for injured Charlotte workers.
Commercial auto insurance
North Carolina state law requires commercial auto insurance for all vehicles used solely for work purposes. This insurance policy pays for medical bills, legal costs, and property damage after an accident involving your commercial vehicle.
Charlotte businesses must meet the state's requirements for auto liability coverage, which are:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $25,000 property damage liability
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance in Charlotte cost?
Small businesses in Charlotte don't have to pay a lot for commercial insurance. Here are a few average costs for North Carolina businesses, based on policy data from Insureon customers:
General liability: $42 per month
Workers' comp: $60 per month
Professional liability/E&O: $78 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
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FAQs about Charlotte business insurance
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated providers.
- Choose a policy and pay for it online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents will help you get coverage for your small Charlotte business that matches your risks and your budget. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
North Carolina's data breach laws require Charlotte businesses to notify any residents whose personal information is exposed in a data breach, in addition to the Attorney General's Consumer Protection Division. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Charlotte insurance requirements?
Yes, the city of Charlotte may require you to buy business insurance or bonds, depending on your profession. You may also need a business license or permit to operate in Charlotte.
Here are a few examples of businesses with special requirements:
- General contractors, some handymen, and other construction professions may need contractor general liability insurance or a surety bond to sign a contract or bid on a project. Having the right insurance and bonds helps you comply with state licensing requirements.
- Insurance professionals must get a North Carolina license to work legally.
- Real estate agents and brokers aren't required by state law to carry insurance, but franchised firms usually must carry errors and omissions insurance.
When running a business in Charlotte, you need to be aware of laws and regulations for North Carolina, Mecklenburg County, and the city of Charlotte.
How can I get help starting a small business in Charlotte?
Charlotte was recently ranked the eighth best city in the nation to start a business, according to WalletHub. There's a number of resources that can help small business owners make the most of this favorable climate:
- Beyond Open offers grants with a focus on diverse small businesses with a goal of economic mobility in Charlotte's Corridors of Opportunity.
- The City of Charlotte offers a comprehensive page of small business resources covering networking, loans, grants, and other useful information.
- Meck Lending offers business loans and free assistance to small business owners in Mecklenburg County.
- The Small Business Concierge Service helps small businesses navigate the resources available in Mecklenburg County, the Charlotte Region, and the State of North Carolina.
- The Charlotte Area Chamber of Commerce offers networking opportunities, education, and resources for small businesses. (There's also a Black Chamber of Commerce and a Latin American Chamber.)
- SCORE Charlotte connects small business owners with mentors and offers a wide range of workshops and other resources in the greater Charlotte area.
- The U.S. Small Business Administration (SBA) is a trusted source for small business loans with competitive rates and fees.
Keep in mind that many lenders will require you to first obtain business insurance, which is yet another reason to insure your investment.
How can I save money on Charlotte small business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle insurance products for a discount. The most popular option is a business owner's policy.
- Choose less expensive insurance options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.