Charleston, SC, known locally as “The Holy City,” is sprawled about the scenic Charleston Harbor. Residents of this historic city enjoy the many fine activities and sights found here. Many like to stroll along the cobblestone streets found in the Old City Market, while others like to take in the sights and shows found at the South Carolina Aquarium. Charleston is home to a diverse number of businesses, and every business owner appreciates the importance of having Charleston business insurance.
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Charleston’s Largest Private Sector Employers
- The largest business is Boeing South Carolina, which has 6,000 employees.
- The second-largest business is Roper St. Francis Healthcare with 5,100 employees.
- The third-largest business is JEM Restaurant Group Inc., with 3,000 employees.
On a daily basis, businesses operating in Charleston will encounter a variety of risks that could financially ruin them or cause them serious harm. Every business faces almost certain types of risks:
- Property damage: Property could include both interior contents and the exterior structure of your business premises. Property damage can occur from a variety of perils such as fire, floods, hurricane wind damage, equipment malfunction or even from vandals.
- Property and injury liability: Property damage and physical injury to another person due to negligence can result in a significant lawsuit or claim.
- Criminal activity: Your business could be the target of criminal activity from both inside and outside your business, due to theft or fraud for example.
- Company records and data: Many businesses risk exposure from cybercrime activities and the potential loss of internal data.
Business risks vary extensively and are unique to the products and services provided by each individual business. Some of the risks occur due to the variety of processes, equipment and substances used, and activities performed in the course of operating the business. Some companies use dangerous substances and specialized machinery while others perform more sales- or service-orientated activities. Professionals such as doctors or lawyers encounter their own particular risks in dealing with clients or customers.
How To Assess Your Business Risk
Analyzing your exposure to risk is a primary objective in protecting your business. Professionals such as your legal counsel and an independent insurance agent who specializes in Charleston business insurance can be an essential part of the process to understand your exposure. A few of the main factors to remember when considering your business insurance needs could include, but are not limited to, the following:
- The interior and exterior of the business property
- The equipment, substances, and processes you use
- The inventory and supplies you carry
- Products and services you manufacture and provide
- Your staff and employees
- The safety factors you use to protect both your staff and the public
- The security of your premises and of your internal procedures for data, records, and cash
Selecting a Commercial Insurance Policy
Every commercial business should have some basic form of business insurance. Coverage options vary, so you should customize a policy to reflect the structure and operations of your particular business. Policy options may include some or all of the following:
- General liability
- Contractors' liability
- Professional liability (errors and omissions)
- Directors’ and officers’ liability
- Malpractice insurance
- Commercial property insurance
- Commercial vehicle and commercial truck insurance
- Contractors' and builders' insurance
- Inland marine insurance
- Business interruption
- Equipment breakdown coverage
- Landlord insurance
- Commercial tenants coverage
- Crime coverage or fidelity insurance
- Cybercrime insurance
- Workers compensation
Additionally, you may also require the following for your staff and employees:
- Health insurance
- Disability insurance
- Life insurance such as Key Man insurance
Finding a Business Insurance Policy
Using an independent insurance agent who works in your area and specializes in business insurance is the easiest approach to finding what you need for your business. An independent insurance agent who is a member of our network has access to many different insurance companies. Your agent can get a variety of Charleston commercial insurance quotes and business insurance packages for your review.
Contact an agent today to find the policy you need for your business.