Find the Best Business Insurance Options in South Carolina
There are about 432,000 small businesses across South Carolina. Professionals are drawn to start businesses in South Carolina for many reasons, including the state's welcoming tropical climate, numerous beaches, and substantial annual tourism draw. But regardless of how calm the state's atmosphere may be, all companies must be protected by the right business insurance in South Carolina. Business insurance can help your company get the reimbursement it needs after a potentially huge financial loss due to fire, break-ins, employee theft, unexpected closures, and more.
Fortunately, a South Carolina independent insurance agent can help you get set up with all the South Carolina business insurance you need. They'll ensure you find the right SC business insurance for your needs. But until then, here's a deep dive into small business insurance in South Carolina.
Best Business Insurance Companies in South Carolina
You can find business insurance from most carriers in South Carolina. But when you're looking for the best, it's helpful to know which carriers have an excellent reputation for affordable rates, high-quality customer service, and top-notch coverage right away. That's why we've compiled this list of some of the best SC business insurance companies for your convenience.
- Progressive: Progressive is a long-standing carrier known for quality coverage and affordable rates and is an excellent option for business insurance in South Carolina. The carrier also offers plenty of discount options. Business insurance options in SC from Progressive include general liability, workers' comp, commercial auto, and more.
- Nationwide: Another long-standing carrier, Nationwide has an excellent reputation thanks to its outstanding Better Business Bureau (BBB) and AM Best ratings. The carrier also offers 24/7 claims support. Nationwide offers business insurance in South Carolina for many different niches, including farm & ranch, and general business insurance options like general liability, workers' comp, commercial auto, and more.
- The Hanover: The Hanover dates back to 1852 and has excellent AM Best and BBB ratings. The insurance company also offers 24/7 claims reporting. The Hanover provides many business insurance options in South Carolina, including cyber liability coverage, general liability, workers' comp, and more.
A South Carolina independent insurance agent can help you find all the business insurance you need from one of these top-rated carriers.
South Carolina Business Insurance Requirements
With few exceptions, South Carolina state law mandates that all businesses with four or more employees carry workers' compensation insurance. This is the only type of coverage required under state law.
However, if your business has company vehicles, it'll also be required to carry business auto insurance. Further, if your business rents its office building, storefront, or other physical location, it'll most likely be required by the lender to have commercial property insurance. Other types of business insurance in South Carolina are technically optional but are strongly recommended to help protect your company.
You may also need these types of business insurance in South Carolina:
- General liability insurance
- Professional liability insurance
- Business owners policy insurance
- Cyber liability insurance
- Inland marine insurance
A South Carolina independent insurance agent can help you find all the business insurance you need.
Required Business Insurance in South Carolina
Certain types of insurance are often required for business owners in South Carolina. Depending on the operations and specifics of your business, you may be required to have more or fewer types of insurance. But in general, business insurance is required in South Carolina under the following policies:
- Workers' compensation: This coverage is required for businesses in South Carolina with four or more employees. It pays for medical expenses and lost wages for employees who get injured or ill on the job or as a result of their work duties. If an employee got a burn due to the chemicals used for their job, workers' comp could be used to help pay for the costs of their medical treatment and to continue their salary while they had to be out of work to rest and recover.
- Business auto insurance: This coverage is required for businesses that use company vehicles for deliveries or other work purposes. It can cover the cost to repair or replace stolen or damaged company vehicles and lawsuit costs if an employee gets into an accident. If a company vehicle was vandalized, this coverage could help pay for necessary repairs or replace the vehicle if the damage was severe.
A South Carolina independent insurance agent can help ensure your business gets equipped with all the required coverage.
Optional Business Insurance Offered in South Carolina
Certain types of coverage for businesses in South Carolina aren't mandatory but are still strongly recommended for all business owners in the state. General liability insurance in South Carolina is critical to help your business recover from the cost of lawsuits.
Here are some of the most highly recommended optional business insurance coverages in South Carolina:
- Commercial property insurance: This coverage may be required if your South Carolina business rents its physical building. Coverage can help pay to repair or rebuild your business's structure or to replace or repair your business's other property, like tools, equipment, and inventory, after a listed disaster. If some of your inventory got stolen, this coverage could help pay to replace it.
- Business owners policy: This is a convenient business insurance package that's handy for small business owners in South Carolina. It bundles commercial property insurance, commercial general liability coverage, and business interruption coverage into one policy. This policy could be used as business liability insurance in SC if your business got sued by a customer for a claim of bodily injury.
- Cyber liability insurance: This is a specific type of liability insurance in SC related to cyber risks. Coverage can help cover the costs associated with data breaches and related incidents. If a hacker stole customer credit card numbers and sold them, your business could use this insurance to cover the cost of resulting lawsuits and other expenses related to cleaning up the mess.
- Inland marine insurance: This coverage helps cover business property while it's in transit. It can be applied to tools or equipment that need to be transported between job sites. If a bunch of your business's tools got stolen out of the back of your company truck while your workers were on break, this coverage could be used to replace these items.
- Commercial general liability insurance: General liability insurance in SC is strongly recommended for all businesses because lawsuits can happen to any company in any niche. General liability insurance in South Carolina can cover expenses associated with lawsuits if a third party files a claim of personal property damage or bodily injury against your business. If a customer slips and falls in your business and files a lawsuit, this coverage could help pay for your attorney, court, and legal expenses.
A South Carolina independent insurance agent can help your business get set up with each type of coverage it needs.
Average Cost of Business Insurance in South Carolina
It's difficult to predict the average cost of business insurance in South Carolina without having more information about your unique business. That's because business insurance rates in South Carolina, similar to the rest of the U.S., vary due to many factors, including the type of business you run, its unique risks and exposures, and how long it's been in business.
Further, your business's operations and exact location also impact its business insurance costs, along with the number of employees it has. Also, the types and amounts of insurance purchased, including policy limits and other coverage options, all impact the cost of South Carolina business insurance. However, a South Carolina independent insurance agent can help find exact quotes for business insurance in your town, or you can use our business insurance calculator for reference.
Top Insured Business Types in South Carolina
Various business types in South Carolina require insurance. Each specific niche has different operations and exposures and, therefore, different insurance needs. A South Carolina independent insurance agent can help you find the correct types of coverage for your specific business.
Here are some of the top SC business fields that require insurance:
- Landscape/lawn care businesses
- Cleaning businesses
- Beauty salons
- Retail stores
- Auto mechanics
- Grocery stores
Whatever your industry, an independent insurance agent in South Carolina can help your business get set up with the proper coverage.