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 covers lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases in Charlotte often require this coverage.
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).
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.
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.
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.
All vehicles owned by Charlotte businesses must be covered by commercial auto insurance. This policy covers auto accident injuries and property damage.
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.
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.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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State laws often determine the type of coverage you need. These policies help you comply with North Carolina business insurance requirements.
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.
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:
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.
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:
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.
Your business could be held responsible for a data breach, which is why cyber liability insurance is so important. 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.
Here are a few examples of businesses with special requirements:
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.
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:
Keep in mind that many lenders will require you to first obtain business insurance, which is yet another reason to insure your investment.
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:
Learn more about how to find cheap business insurance.