Best General Liability Insurance in North Carolina (2024)
With an 89 out of 100 MoneyGeek rating, Nationwide offers the best general liability insurance in North Carolina. With this insurance, your business offerings are financially safeguarded against claims or legal actions.
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By Melissa Wylie
MW
Content and SEO Manager
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney. Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
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Edited by Ashley Jacobs
AJ
Ashley Jacobs has worked in the personal finance space for over 12 years. She launched a consulting firm specializing in editing content for finance-related websites after almost a decade of working for a leading personal finance blog. Her works have been featured on Yahoo! News, U.S. News & World Report and Business Insider. Jacobs earned her bachelor’s degree in communication from the University of California, Santa Barbara.
MW
By Melissa Wylie
MW
Content and SEO Manager
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney. Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
AJ
Edited by Ashley Jacobs
AJ
Ashley Jacobs has worked in the personal finance space for over 12 years. She launched a consulting firm specializing in editing content for finance-related websites after almost a decade of working for a leading personal finance blog. Her works have been featured on Yahoo! News, U.S. News & World Report and Business Insider. Jacobs earned her bachelor’s degree in communication from the University of California, Santa Barbara.
Updated: May 22, 2024
Advertising & Editorial Disclosure
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.
Best General Liability North CarolinaBest General Liability Insurance in North Carolina
Best Overall - Nationwide Cheapest - Next Best for Employers - Nationwide Best for Sole Proprietors - biBERK MethodologyWhy Trust MoneyGeek? We collected 1,229 general liability insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best general liability insurance companies for small businesses in North Carolina.
Coverage costs and company information for general liability insurance providers in North Carolina were last updated in 2023.
1,229 Quotes Analyzed 6 Companies Compared 50 Zip CodesWith 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.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to rank the best general liability insurance in North Carolina:
MoneyGeek used two business profiles to gather general liability quotes:
Outstanding customer service
Excellent AM Best financial stability rating
Low average prices for LLCs
Slow quote speeds
Not the cheapest option for sole proprietors
Company HighlightsNationwide provides the overall best general liability insurance in North Carolina. This insurer strikes a balance between two important customer concerns, including excellent customer service and strong financial stability. However, Nationwide has a longer time to process online quotes compared to its competitors.
The average rate of Nationwide’s insurance policy for LLCs, at $32 a month, is among the affordable options for consumers. This is the same average monthly rate for sole proprietors but is considered expensive if compared to other insurers’ estimates for this business entity.
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.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the cheapest general liability insurance in North Carolina:
Cheapest average monthly rate for LLCs
Among the fastest online quote process for customers
Low financial stability score
Company HighlightsNext has the most affordable general liability insurance in North Carolina. With a $25 monthly fee, this insurer has the most competitive cost for LLCs. Sole proprietors have the same average monthly rate, but it is not the cheapest option.
Next promises customers a quick online quote process, having the second-fastest turnaround time of the five companies we looked at. It’s worth noting that other insurance companies we evaluated have higher financial stability ratings.
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.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the best general liability insurance for employers in North Carolina:
Outstanding AM Best financial stability rating
Provides second-cheapest average monthly rate
Fewer complaints vs. the average insurer
Slow online quote process
Company HighlightsWith its top-notch customer support, competitive rates and strong financial standing, Nationwide offers the best general liability insurance for employers in North Carolina. At $32 per month, the average insurance rate for LLCs with 20 employees ranks second for affordability. However, among the insurers we analyzed, Nationwide takes longer to complete its online quote process.
Nationwide protects the financial health of businesses from unanticipated circumstances. This insurer regularly goes above and beyond what is expected of it by customers, considering the minimal amount of complaints it receives.
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.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the best general liability insurance for sole proprietors in North Carolina:
Good customer service
Outstanding AM Best financial strength rating
Affordable average monthly rate
Online quote system is slow
Company HighlightsbiBERK provides the best general liability insurance for sole proprietors in North Carolina. It has a high financial strength grade from AM Best since it is backed by the Berkshire Hathaway Insurance Group. With average monthly fees of $23, this insurer has one of the most reasonably priced rates available.
This provider received fewer complaints than average, indicating that policyholders are happy with their interactions with the company. However, biBERK’s online quote system takes longer than other insurers we reviewed.
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:
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:
There are numerous free resources available to anyone looking to launch a business in North Carolina. You may interact with mentors, business advisors, lenders and more through the Rural RISE NC initiative. You can also learn about additional requirements based on your business by accessing the resources for beginning a business in one place.
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:
Every insurance company's rates for general liability insurance are different and depend on a number of important factors:
General liability insurance provides coverage for both the aggregate limit and the occurrence limit. Increased limits typically have a higher monthly premium, while lower limits cost less each month.
Number of employees and payroll costs
The quantity of workers you hire has a big impact on your insurance premiums. General liability insurance premiums might go up if you employ extra workers. This can be seen in the $15 monthly price difference between LLCs and sole proprietor insurance costs in North Carolina.
The cost of general liability insurance may differ based on where your business is located. Since they are more likely to file a claim, businesses that conduct business in densely populated areas are subject to more expensive charges. City rates can also vary from statewide averages.
Business owners who have never submitted an insurance claim commonly employ risk management strategies. As a result, they frequently pay less for insurance than those that have previously submitted claims since they are viewed as less risky to cover.
What type of industry you are in can have an impact on your insurance rate. For instance, a career in a high-risk industry might significantly affect the cost of general liability insurance. In the chart below, you can see how the average cost of general liability insurance in North Carolina changes based on the industry.
| Industry | Monthly Cost Without Employees | Monthly Cost With 20 Employees |
|---|---|---|
| Software Development | Monthly Cost Without Employees $27 | Monthly Cost With 20 Employees $42 |
| General Contractor | Monthly Cost Without Employees $149 | Monthly Cost With 20 Employees $1,878 |
| Cleaning | Monthly Cost Without Employees $54 | Monthly Cost With 20 Employees $789 |
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.
Which company has the best general liability insurance in North Carolina?Nationwide offers the best general liability insurance in North Carolina. It features outstanding customer service, affordability and strong financial stability. A different option could be a better fit for you given your coverage needs and number of employees.
Which company has the cheapest general liability insurance in North Carolina?Next offers the most affordable general liability insurance overall. It offers a fast quote processing time. The most inexpensive option for you would depend on a variety of factors, one of which is the total number of employees.
What does general liability insurance cover in North Carolina?In North Carolina, general liability insurance can financially protect your company from claims that you are to blame for someone else's property destruction, personal injury or reputational harm.
Does North Carolina require businesses to have general liability insurance?Although general liability insurance is optional in North Carolina, buying insurance is encouraged. It is a smart choice for protecting the assets of your business from liability claims filed by other parties.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
