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North Carolina Contractor Insurance

North Carolina is the proud home of 833,107 small businesses. A whopping 102,403 are in the construction trade, making this one of the most popular industries in this area. You should also know that in 2013, North Carolina's real gross state product increased at a rate of 2.3 percent, which is just a bit more than the 2.2 percent increase in the gross domestic product in the US. (Source: BEA). In more positive news for this state, business bankruptcies decreased from 2010 to 2014, reflecting the improved economy in North Carolina. (Source: U.S. Courts). If you own a construction firm in this state, here's what you need to know about North Carolina contractor insurance.

Insurance As Low As
$38 A Month

North Carolina Contractors Need the Following Insurance

Coverage for Third Party (GL): You never know when someone will come to your construction site, which means there is a chance someone will get hurt. After all, guests do not usually know the safety rules your employees abide by, nor do they have the right safety gear on. This is why you need general liability to be part of your North Carolina contractor insurance. This part of your policy will pay for any hospital bills, medication, and even physical therapy when someone is injured on your business property. This coverage can also go toward paying for property damage when someone's personal property is damaged at your worksite.

North Carolina Contractor insurance
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Tools & Equipment Coverage (BOP): Most people in the construction business use tools, such as hammers, drills, and wrenches, on a daily basis. They also use major equipment, such as backhoes or excavators. If these are ever damaged or lost, it can be hard to replace them right away, which could lead to postponed or cancelled projects. If you want to avoid this kind of hassle, make sure your North Carolina contractor insurance has tools and equipment coverage to pay to replace any items you rent or own.

Employee Coverage (WC): If you own one of the 20,558 construction firms with 1 to 499 employees in North Carolina, make sure workers compensation is included on your North Carolina contractor insurance policy. This coverage will pay for the medical treatment of any employees who become ill or injured at your worksite. It will also pay for any wages they miss out on while they recover, and any lawsuits they file against you.

Business Vehicle Insurance: If you have to drive up and down the coast of North Carolina to get to construction jobs, you need business vehicle insurance. This will make sure that any collisions that you or your employees cause are covered. This is necessary because personal car insurance won't apply to such car accidents, leaving you responsible for the damages if you do not have business car insurance.

Bond: Surety bonds reassure your clients that you will adhere to the terms of the contract, because if you don't, you will have to pay a fine. When you have a bond of this type within your North Carolina contractor insurance, your insurer will pay this fine.

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Insurance Products

General Liability (CGL) Workers Compensation Professional Liability Business Owners Policy Commercial Auto Insurance Employment Practices Liability Directors & Officers (D&O) Excess Liability Surety Bonds

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