For company owners, a comprehensive insurance policy is one of the most important parts of any financial strategy. Every business insurance plan should include liability protection to safeguard your assets and prevent exorbitant out-of-pocket costs from legal claims and settlements. Below is what you need to know about general liability coverage in North Carolina.

A Guide to Business Insurance in North Carolina

What Is General Liability Insurance?

General liability insurance provides coverage for customer injuries and property damage resulting from the services or products of the business. For example, if a customer slips and falls at your grocery store, your policy may pay for the medical expenses. It can also cover attorney fees the business may be legally responsible to pay.

Why Do Business Owners in North Carolina Need Business Insurance?

Commercial liability insurance is not legally required in North Carolina. However, it is strongly recommended because all businesses are at risk of potentially expensive lawsuits being filed against them. Having this protection in place will keep your bottom line strong if an accident occurs.

How Are General Liability Rates Determined?

Rates for general liability insurance are determined by many factors, including the geographic location of the business and the number of employees who work for the company. Certain types of companies, such as construction and cleaning services, are riskier than others because the work occurs on someone else’s property; thus, they may pay higher premiums. 

Small business owners in North Carolina rely on the team at Zimmerman Insurance Agency, located in High Point, for comprehensive insurance plans. As an independent company, they have relationships with a variety of providers, allowing them to find a policy that best suits your needs and budget. Call (336) 883-6512 to speak to a broker, and visit them online to learn more about their business insurance coverage options.