Both federal and state laws require each business to purchase certain types of commercial insurance. At Lee Insurance Agency LLC in North Carolina, we want our customers to understand which commercial insurance policies a business must purchase to remain in legal compliance. Most businesses in the state need three legally mandated policies, but each requirement only applies when a business meets certain conditions.
Hiring Employees and Buying Workers Comp Coverage
In North Carolina, if a business hires three or more employees, it must buy a workers’ compensation policy, according to the North Carolina Industrial Commission. State law makes a few exceptions for small farms and domestic labor situations, but in most cases, any business with three employees must carry workers comp. Let us help you determine if your business meets any of the exceptions and help you find the right policy if it doesn’t.
Commercial Auto Insurance
A business with one vehicle or a fleet of them must buy commercial auto insurance. Like personal auto, it carries a minimum requirement of coverage. A company’s commercial auto policy must provide at least 30/60/25 coverage.
Flood Insurance for Businesses
Federal law requires anyone with a mortgage loan from a federally insured lender to purchase flood insurance if their property lies within a federally designated flood zone A, AE, V, or VE. Many individuals misunderstand this, thinking of flood insurance for homes. Let us help your business obtain the coverage it needs for your building and contents. If you lease your office or retail space from a landlord, we can help you obtain contents-only coverage.
Contact Us Today
Don’t go even one day without the insurance your business needs to remain legally compliant. Call or email Lee Insurance Agency LLC to build a commercial policy that protects your North Carolina business.
