If you are a business owner, protecting your business assets requires purchasing commercial insurance. Many business owners have questions about their insurance options. If your company is near Oak Ridge, NC, our team at Oak Ridge Insurance Services invites you to visit us to get answers to your insurance questions. We’ve been working with businesses in your area since 2000.
Purchasing Workers’ Compensation Insurance
If you are setting up a new business, you may wonder whether you are required to purchase workers’ compensation insurance. According to the North Carolina Industrial Commission, the requirement depends on your type of business. For example, is your business a sole proprietorship, an incorporated business, a partnership, or a limited liability corporation (LLC)?
If your business is incorporated (including non-profit businesses), you are required to carry workers’ compensation insurance once your company has at least three employees, including executives. For all other types of businesses (including estates and trusts set up as independent business entities), workers’ compensation insurance is required if you have more than three employees in addition to the proprietor and partners. Additionally, if your business works with radioactive materials, you must have workers’ compensation insurance even if you have only one employee.
Call Us Today for Your Appointment
There are several types of commercial insurance, and it’s a good idea to learn more about your business’s specific insurance needs. Our team at Oak Ridge Insurance Services can help you understand all available options and present you with a range of solutions tailored to your needs. Businesses near Oak Ridge, NC know they can depend on our team for excellent client support and service. Contact us today to schedule an appointment and discuss your insurance needs.
