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North Carolina Contractor Insurance: Protecting Your Business, Every Step of the Way
Operating a construction business in North Carolina poses immense risks, from workplace accidents to lawsuits over alleged building issues.
Having proper insurance is crucial for contractors in the state to protect their finances and stay in compliance.
What happens if an employee gets injured on the job? You could be responsible for excessive medical bills.
What if a client alleges shoddy workmanship and sues your business? You might go bankrupt from legal fees or a settlement.
What if commercial vehicles crucial for transporting equipment are damaged? Business operations could get derailed.
While state insurance requirements differ based on contractor license type and number of staff, having adequate coverage provides financial stability and peace of mind.
The Allen Thomas Group has over 20 years of experience helping North Carolina contractors navigate insurance requirements and secure customized policies that fit their business needs.
We take pride in educating clients while saving them money and frustration in the complex world of general contractor insurance in North Carolina.
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Table of Contents
Are contractors required to have insurance in NC?
Not all NC contractors require insurance by state law other than workers’ compensation insurance, but it depends on factors like employee count, project specifics, and local regulations.
If you have a contracting license in North Carolina, consult an insurance pro for optimal coverage.
Understanding The Need for Contractors Insurance in North Carolina
Staying legally protected as a contractor requires an understanding of state regulations and construction insurance mandates.
While small business insurance regulations do not establish universal requirements for contractors in North Carolina, coverage like commercial general liability insurance and workers’ compensation provides financial protection.
Our North Carolina insurance agents clarify the critical types of coverage businesses require based on their operations.
Partner with our independent insurance advisors to secure protection for construction trades like masonry, roofing, electrical, HVAC, and more.
Is Errors and Omissions Insurance for Small Businesses in North Carolina necessary?
Also termed professional liability insurance, this specialty coverage is advisable for specialty contractors in NC, including
- General contractors managing complex construction projects
- Trade contractors like electricians performing intricate work
- Design-build firms and other contractors offering design services
General contractors in North Carolina may take this insurance that handles allegations of negligent workmanship, project delays, design flaws and code violations that could otherwise sink firms with no protection.
Different Types of Insurance in North Carolina
North Carolina General Liability Insurance for Contractors
Contractors require general liability coverage to handle legal defense and claim settlement costs if you’re deemed negligent for third-party property damage or bodily injury. North Carolina contractors rely on general liability insurance to pay:
– Legal fees defending against covered lawsuits
– Settlements awarded to injured parties
General liability insurance in North Carolina also often covers subcontractor mistakes. Our insurance group helps residential contractors in North Carolina customize occurrence, aggregate limits, and deductibles to contain premiums while still getting robust protection.
Liability insurance provides protection against judgments from courts up to the policy limits.
Commercial Umbrella Insurance
Commercial umbrella insurance for general contractors can help increase standard policy limits for general liability, commercial auto insurance for contractors, and employers’ liability.
- Provides additional liability limits above initial policies
- Prudent extra coverage layer for public/large projects
For North Carolina contractors, it provides extra coverage that:
– Meets contract mandates for $1M, $5M, or higher limits when bidding on jobs
– Handles rising liability with NC’s litigious environment for injury/damage
– Allows secure scaling up as a high-risk construction enterprise
– Protects business assets and personal wealth above primary policies
With construction projects and claims growing ever more complex and costly in North Carolina, commercial umbrella insurance is a valuable additional layer of protection.
Our agents have in-depth experience tailoring and placing such policies for contractors pursuing major public and private jobs in the state.
Commercial Auto Insurance Coverage
Construction vehicles face more risks than personal cars, making this coverage vital.
Commercial auto insurance protects you against liability claims if employees cause an accident.
This insurance can cover collision, theft, and vandalism for contractors’ owned commercial fleet.
With vehicles transporting expensive gear and materials, commercial auto insurance is crucial for smooth business operations.
Builder's Risk Insurance
This business insurance for contractors protects projects under construction from physical damage or loss.
This is an important insurance you need for general contracting businesses, developers, and property owners during the building phase.
Builder’s risk insurance covers materials, equipment, temporary structures, and completed portions of the building against perils like fire, theft, vandalism, weather events, and more.
It provides financial security if unforeseen events damage or destroy the project, preventing costly delays and potential lawsuits.
Project owners may require this coverage for contractors and subs. In some cases, contractors may be able to join the project owner’s policy as an additional insured.
Tools and Equipment Insurance for North Carolina Business
Major investments in gear for building contractors make this coverage a necessity. Motor failure puts your business out of service.
This is where tools and equipment insurance and your general liability coverage can help pay for the cost of repair and replacement.
Tools and equipment insurance protects contractors in case of theft on job sites of tools or vehicles overnight.
General contractors must take this form of insurance to handle damage from falls, debris, and weather during equipment use.
This applies to business tools while in transit and off-site
Workers’ Compensation Insurance
The insurance required by law for contractors with three or more employees, workers comp may be a good idea for sole proprietors to protect their North Carolina general contractor license.
North Carolina builders with any staff face immense risk if uninsured. Workers comp insurance cares for employees who suffer workplace injuries and illnesses by covering:
- Missed wages while recovering
- Medical expenses and therapy
- Permanent partial disabilities
- Death benefits to surviving dependents
Workers’ compensation clarifies legal gray areas around employee injury liability in North Carolina. We ensure our contractor clients’ policies meet state statutes for their payroll size.
Common Exclusions in General Contractor Insurance Policies
While contractor insurance delivers valuable protection, some important North Carolina exclusions include:
Workers’ Compensation:
- Injuries that happen when workers are impaired by drugs/alcohol
- Pre-existing health conditions may be excluded
General Liability:
- Use of explosives, damage to underground utilities
- Pollution incidents, asbestos exposure
- Contractual liability beyond the scope of coverage
Understanding exclusionary clauses is key when evaluating insurance plans as a North Carolina contractor. Our agents clarify potential gaps tied to your operations.
With intricate experience in surety and exclusions for North Carolina contractors, The Allen Thomas Group insurance agents provide guidance on securing optimal protection for your construction company’s risk profile.
Surety Bonds
Construction surety bonds provide project owners financial protection if a contractor fails to complete work as contracted.
In North Carolina:
- Public projects > $500K require licensed contractors to obtain surety bonds to prequalify for bidding
- Private owners may mandate bonds too in contracts, especially for large jobs
- Having adequate insurance aids contractors in securing surety bonds at better rates
Insurance Solutions Customized For You Contractors
Yes, Getting A Certificate Of Insurance Is Really That Easy
We know how frustrating and complex the process of finding the right insurance can be and how it slow down your ability to take care of your customers especially when you are waiting for bonds or a Certificate of Insurance (COI).
Let us help fix it for you.
Tell us about your specific needs and we will find the right policy for you.
Review the results of our search.
We will walk you through your new policy step by step.
We’ve helped thousands of North Carolina Businesses Like You
Our Carrier Partners
That allows us to find the best rates for your construction business
The Allen Thomas Group Covers The Small Business Insurance Needs For Contractors in NC
Rather than a rigid set of one-size-fits-all contractor insurance policies, we take the time to understand how our clients operate before tailoring coverage.
With a strong reputation serving North Carolina general, trade, and subcontractors for over 20 years, The Allen Thomas Group prides ourselves on our commitment to client service.
As a premier insurance company, we provide:
- Objective policy guidance answering to you
- Meticulous coverage alignment preventing gaps
- Proactive risk management lowering exposures
- Responsive, friendly support when you need it
- The best insurance quote
Don’t take a chance with insufficient or overpriced insurance as a contractor in North Carolina.
Connect with our experts today to discuss prudent protections for your company and get a certificate of insurance.
It’s time to get a quote now to fulfill your insurance needs.
General Contractor Business FAQs
Get More Insights On Making The Right Insurance Decision For Your Company
What is the purpose of the NC Department of insurance?
The NC Department of Insurance safeguards both consumers and the industry: regulating companies, resolving complaints, and educating citizens for a fair insurance marketplace.
What type of insurance is required in North Carolina?
In NC, Workers’ Comp is mandatory for businesses with 3+ employees. Other types, including General Liability, are recommended as part of your insurance package, but state-wide mandates depend on contractor type and local regulations.
It’s best to check specific business insurance policy requirements for your situation.
What is the liability insurance in North Carolina?
Liability insurance can help protect contractors from financial losses due to injuries, property damage, or lawsuits caused by their work.
It’s not always state-mandated, but crucial for most businesses to manage risks. Liability insurance protects contractors as a safety net.
Is Inland marine insurance necessary for highway contractors?
It’s not mandatory, but it’s highly recommended! Protects valuable equipment & tools from theft, damage, and loss, even on the go.
Reduces financial risk and provides peace of mind for most contractors.
Do you need Commercial Property Insurance for general contractors in North Carolina?
General contractors may need general liability insurance, but property coverage is crucial to protecting owned or leased business property from physical damage or loss. Covers buildings, contents, inventory, and equipment.
You need insurance to cover perils like fire, theft, vandalism, weather events, and sometimes business interruption or loss of income due to covered events.
It offers financial protection against property damage or loss, ensuring business continuity and minimizing downtime.
Does North Carolina require business insurance?
No, NC doesn’t have a blanket business insurance requirement.
However, specific types like workers’ comp for some employers and liability coverage are recommended or mandated depending on factors like industry, project, and local regulations.
Always check your specific situation.
What states do you provide contractor insurance in?
- Alabama
- Arizona
- California
- Colorado
- Connecticut
- Georgia
- Illinois
- Indiana
- Kentucky
- Michigan
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Tennessee
- Virginia
Additional Resources And Links For North Carolina Contractors Seeking Insurance
- North Carolina Department of Insurance: https://www.ncdoi.gov/licensees
- North Carolina Contractors Licensing Board: https://www.nclbgc.org/
- National Association of Home Builders (NAHB): https://www.nahb.org/
- Independent Insurance Agents & Brokers of America (IIABA): https://www.independentagent.com/AboutUs
We Provide Coverage Options For All Trades Listed Below
- Appliance Repair
- Carpenter
- Concrete Contractor
- Drywall Contractor
- Electrician
- Excavation
- Fence Installation
- Flooring Contractors
- General Contractor
- HVAC Contractor
- Handyman Services
- Home Renovation and Remodeling
- Landscaper
- Masonry
- Painter
- Paving Contractor
- Plumber
- Roofing Contractor
- Sheet Metal Contractor
- Snow Plowing
- Steel Erection
- Tile Installation Contractor
- Utility Contractor
North Carolina Cities We Serve
Aberdeen
Albemarle
Angier
Apex
Archdale
Archer Lodge
Asheboro
Asheville
Ayden
Belmont
Bessemer City
Black Mountain
Boiling Spring Lakes
Boone
Brevard
Burlington
Butner
Carolina Beach
Carrboro
Cary
Chapel Hill
Charlotte
Cherryville
Clayton
Clemmons
Clinton
Concord
Conover
Cornelius
Cullowhee
Davidson
Dunn
Durham
Eden
Elizabeth City
Elon
Erwin
Etowah
Fayetteville
Fletcher
Forest City
Fuquay-Varina
Garner
Gastonia
Gibsonville
Goldsboro
Graham
Greensboro
Greenville
Half Moon
Hamlet
Hampstead
Harrisburg
Havelock
Henderson
Hendersonville
Hickory
High Point
Hillsborough
Holly Springs
Hope Mills
Huntersville
Indian Trail
Jacksonville
James City
Kannapolis
Kernersville
Kill Devil Hills
King
Kings Grant
Kings Mountain
Kinston
Knightdale
Lake Norman of Catawba
Laurinburg
Leland
Lenoir
Lewisville
Lexington
Lincolnton
Lumberton
Marion
Marvin
Matthews
Mebane
Mills River
Mint Hill
Mocksville
Monroe
Mooresville
Morehead City
Morganton
Morrisville
Mount Airy
Mount Holly
Murraysville
Myrtle Grove
Nashville
New Bern
Newton
Oak Island
Oak Ridge
Ogden
Oxford
Pinehurst
Pineville
Piney Green
Porters Neck
Raleigh
Reidsville
Roanoke Rapids
Rockingham
Rocky Mount
Rolesville
Roxboro
Salisbury
Sanford
Sawmills
Selma
Shelby
Siler City
Silver Lake
Smithfield
Southern Pines
Spring Lake
St. James
St. Stephens
Stallings
Statesville
Stokesdale
Summerfield
Tarboro
Thomasville
Trinity
Unionville
Wadesboro
Wake Forest
Walkertown
Washington
Waxhaw
Waynesville
Weddington
Wendell
Wesley Chapel
Whiteville
Williamston
Wilmington
Wilson
Winston-Salem
Winterville
Woodfin
Wrightsboro
Zebulon
