If you are a North Carolina business owner then you are required to carry at least two types of commercial insurance: workers’ compensation and commercial auto insurance. Only businesses that employ three or more individuals regardless of whether they are full-time or part-time are mandated to have workers’ compensation coverage; however, even North Carolina businesses that have just one or two employees should strongly consider a policy. Workers’ compensation insurance helps pay medical bills for work-related injuries or illnesses and protects you, as a business owner, from liability associated with that injury or illness.
Additionally, any business-owned vehicles in North Carolina are required to be covered under a commercial auto insurance policy. If you ask your employees to use their personal vehicles for work use, then it is strongly recommended that you have a hired and non-owned auto insurance policy because many personal use policies will exclude business use from coverage.
In addition to workers’ compensation and commercial auto insurance, it is recommended but not required for businesses to carry additional coverage depending on the type of work that they do. For instance, if you own a company that stores personally identifiable information like a social security number, bank account information, or phone numbers tied to customers then you should consider cyber liability insurance in case you suffer a data breach or hack. A reputable agency, like the team at Young Insurance Associates Inc in Raleigh, NC, will help you find the perfect policy for your needs. We’ll take the time to ask questions about your business so that we can recommend a customized policy that is tailored to your company.