North Carolina General Liability Insurance – NC
North Carolina General liability insurance is must-have coverage to have for most businesses big or small.
This form of insurance shields your business against many claims stemming from damage to third parties or your customers.
The fact is that most businesses face some type of risk, which is why they require general liability insurance.
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This form of coverage can help shield your business against claims relevant to malpractice or bodily offenses.
General liability insurance in North Carolina is offered in different types of coverage, and the one you require will depend on the kind of business you have.
For example, if you operate a construction business, then you will need a higher level of general liability insurance coverage.
5 Big Reasons Why You Need General Liability Insurance in North Carolina
One of the most common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that growing any kind of business is already risky.
General liability insurance in North Carolina not only protects your business against claims stemming from injury and property damage, but also from any issues as a tenant if you are renting a property.
Further, it offers coverage for not only your business, but also your employees against claims resulting from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 excellent reasons your business requires general liability insurance.
Workers’ Compensation Insurance in North Carolina
If you are a handyperson, you already know about the cash you can lose if you fall ill.
As a handyperson, you are not covered by government workers’ compensation benefits, therefore you should have NC handyman insurance.
Research reveals that injuries to independent workers in North Carolina were up by a whopping 12 percent.
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When you invest in North Carolina general liability insurance, you are covered financially for medical costs related to the injury at the job.
Depending on the general liability insurance coverage you opt for, you may also be eligible for pay for the time you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to invest in general liability insurance in North Carolina.
If your company runs services that can cause damage to others including clients, then investing in general liability insurance should not be an option.
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One excellent example of this is NC dog walker insurance, which covers your pet sitting business if the dog causes harm to others.
Another example is when you are restoring your client’s drywall, and they fall over your tools, then you will be have to pay for their injury.
If you invest in general liability insurance in North Carolina, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in North Carolina is to safeguard your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own pockets, that is if you do not have general liability insurance coverage.
North Carolina General liability insurance can help shield your business against any lawsuits originating from claims that you did not deliver services as promised.
Things such as negligence can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agency to check if they offer this form of insurance.
While general liability insurance protects your business against several different sorts of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own brand, then it is wise to have general liability insurance in North Carolina, and here is why!
If a client claims bodily hurt due to the use of your business’s products, then general liability insurance will shield you against these kinds of claims.
And if you sell your products online, then it is a great idea to check out NC ecommerce insurance to better protect your interests.
Take, for example, your organization is selling facial creams, and a client has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are few things that may not be covered under your insurance contract.
The first thing that may not be shielded is against lawsuits not related to your services. Employee illnesses may also not be covered under your general liability insurance terms.
As a business, you may be storing several expensive tools in your vehicle or even at your end user’s property.
If these things do get stolen, you will need specialized general liability insurance.
In the case of theft of your personal tools, your truck insurance policy will not cover these tools against theft.
Another area where general liability insurance may not offer coverage is if you make glitches in your services.
When investing in general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not pay costs that exceed your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a broad term for many types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL business liability insurance, this (type of insurance covers your business against claims that cause bodily injury or property damage to others.
Adding to this, general liability insurance also covers your company against reputational harm or oversight in your advertising.
Some examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your business that stem from errors in the services you provide.
For example, if you are a financial broker that gives a client erroneous figures, and they sue you, professional liability insurance will provide the legal expenses.
If you give professional services to customers, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your company has several workers, opting for employee liability insurance is a wise idea.
This type of insurance covers your employees against any injury they may incur at the work location.
Furthermore, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance varies across insurance providers. It depends on several different factors including the type of business you are operating.
For example, if you are running a construction business, then the price for your premiums will be more than other types of businesses, hence you should check out NC roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk companies can expect to pay higher premiums such as construction categories.
You can save cash if you pay for your insurance contract in full annually.
Further, you can also save cash on your general liability insurance policy if you group all your policies under one insurance company.
You should also minimize your business claims on your general liability insurance policy.
How to Locate General Liability Insurance Companies in North Carolina?
When finding the best general liability insurance agent in your area, it is important to check the agency’s reputation.
You should then determine your coverage limit, where the higher the coverage, the higher the price of premiums.
But it is highly important that you select the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance provider to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.