Best General Liability Insurance in North Carolina (2024)

The best general liability insurance companies in North Carolina were chosen by MoneyGeek based on their rates, financial standing, client service and ease of the online quote process. Excellent ratings across the board led to Nationwide being named the overall winner. This insurer imposes a $32 average monthly cost for both limited liability companies (LLCs) with 20 staff members and sole proprietors without employees.

In North Carolina, Next offers small businesses with limited funds the cheapest general liability insurance. The cost of general liability insurance from Next is $25 per month for both LLCs and sole proprietors.

With a MoneyGeek score of 89 out of 100, Nationwide delivers the overall best general liability insurance in North Carolina. Insurers we examined in North Carolina are ranked in the table below. This table also shows their average costs and MoneyGeek scores.

Next offers the most affordable general liability insurance in North Carolina, with an average monthly premium of $25 for both LLCs and sole proprietors.

To assess companies in this category, MoneyGeek developed an affordability score that takes into account monthly rates for sole proprietors and LLCs. The winner's rate for these entities may not be the cheapest.

With a score of 94 out of 100, Nationwide provides the best general liability insurance for employers in North Carolina, charging a $32 average monthly rate.

The number of workers you have significantly impacts insurance prices. We ranked insurers using the average monthly cost for LLCs with 20 employees as a starting point. Those with fewer than 20 employees will likely pay less than average, while those with above 20 employees will likely pay more.

Having received a MoneyGeek rating of 96 out of 100, biBERK is the best general liability insurance for sole proprietors in North Carolina. An insurance policy from this provider has an average monthly rate of $23.

We rated businesses based on the typical costs for sole proprietors with no employees. Rates could be higher based on the industry the business is in. For example, construction businesses tend to pay higher premiums.

Obtaining insurance is beneficial for all businesses because incidents and other unforeseen events can happen at any time. Although not mandated in North Carolina, general liability insurance is advised. This insurance financially protects you and your business from:

• Third-party property damage: Covers costs associated with property damage to third parties brought on by your company or its personnel.
• Third-party physical injuries: Assists in covering medical expenses in the event that a client is hurt while visiting your establishment.
• Personal and advertising injury: Covers your legal costs and damages if a customer or worker files suit against your company or employees.

In some industries, obtaining general liability insurance might be required in order to get licenses or business permits.

A North Carolina business must have workers' compensation insurance as well as other types of business insurance if it has at least three staff members. Companies must also have commercial car insurance with at least the following coverage limits for company-owned vehicles:

• $30,000 per person
• $60,000 per accident for bodily injury
• $25,000 for property damage

General liability insurance in North Carolina costs an average of $42 each month for LLCs with 20 workers and $27 per month for sole proprietors without employees. These costs are based on an insurance plan with a $0 deductible, a $2 million aggregate limit and a $1 million occurrence limit:

Here’s a breakdown of what these terms mean:

• Deductible: The amount that business owners must pay prior to insurance starting to pay claims.
• Aggregate limit: The maximum sum that the insurance company is able to pay out for claims during the period of the policy.
• Occurrence limit: The maximum amount that the company can pay for each claim.

Every insurance company's rates for general liability insurance are different and depend on a number of important factors:

General liability insurance can be a wise investment to financially safeguard your business. We addressed a few frequently asked questions to help you decide if it’s the right choice for your company.