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What type of insurance do you need?
In 2018 small businesses in South Carolina made $113.3 billion. Without comprehensive commercial insurance, any business claims that comes your way have to be paid out of your pocket. That means they have to be paid out of your business’s revenue — and that your bottom line could suffer.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
South Carolina business insurance will pay for covered claims so your business doesn’t have to. But it's important to know what is covered and what isn't in case you run into a liability claim or workers' compensation scenario.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
A commercial insurance policy is not required of business owners, but certain aspects of it may be. In South Carolina, businesses that employ four or more people — whether full or part-time — must carry workers' compensation insurance.
Plus, businesses with company-owned vehicles or employees that regularly drive must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with an independent insurance agent.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want.
Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in South Carolina since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Yes! Independent insurance agents can work with several different insurance providers to find you a comprehensive and competitively priced business insurance portfolio. Contact an insurance agent near you to discover how much time and money you can save by working with one of these experienced insurance professionals.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|
|Hilton Head Island||5,424||4.02||2.22|
|North Myrtle Beach||2,286||12.17||7.21|