Greenville, SC Business Insurance
(Everything you need to know - and more)
Greenville, SC is a great place to own a business, not only because of its strategic location, but also because of its many tax benefits. Once known as The Textile Capital of the World, this city is currently home to the North American headquarters of several large foreign companies. Whatever type of business you may have, large or small, business insurance can protect it.
Selecting the right commercial insurance products can be confusing, but you do not need to do it alone. Independent agents in Greenville can help you build a solid business insurance package by identifying your company’s specific risks and recommending the policies that can best cover them. Contact an insurance agent near you to learn more.
Why Do Greenville Businesses Need Liability Insurance?
Liability insurance is one of the most important parts of every business insurance policy package. It is designed to cover your company’s court costs, legal fees, and financial damages if you are sued for a covered event. You will need to be sure that you have the right kinds of liability insurance to cover each of the specific risks faced by your Greenville business.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This covers third-party injuries, illnesses and property damage if they occur due to an accident on your business property.
- Product liability insurance: This covers third-party injuries, illnesses and property damage if they are caused by defects in products your business produces, sells or promotes.
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as harassment, discrimination, breach of contract and wrongful termination.
- Environmental liability insurance: This is necessary for businesses that use or produce toxic substances. It can cover clean-up costs and damages if an accident leads to the pollution of the ground, water, or air.
- Cyber liability insurance: This covers financial losses and liabilities if cyber criminals hack into your computer system and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
- Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks in the event that one of your drivers causes an accident that results in third-party injuries or property damage.
You can learn more about these and many other commercial liability coverage options by consulting an independent insurance agent in Greenville. Your agent can review your company’s specific exposures and can recommend the appropriate business liability products to cover against each of them.
What Insurance Products Cover Your Business Property?
All business insurance policies include commercial property coverage, which is designed to compensate your business for loss or damage to your commercially owned property. This insurance covers a wide range of assets, including furniture, signs, computers, supplies, merchandise, and inventory.
Businesses in Greenville, SC are most likely to experience property loss or damage due to hazards such as structure fires, hurricanes, tropical storms, and hail.
Sometimes, additional property insurance products are necessary. Depending on your business’s scope and location, your insurance agent may recommend adding:
- Inland marine insurance: This covers your portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Boiler & machinery insurance: This covers the cost to repair or replace a broken-down furnace or other machinery and can also cover any business losses associated with mechanical malfunctions.
- Flood insurance: This may be necessary, because commercial property insurance will not cover flood damage. Greenville business located near Laurel Creek, Richland Creek, and the Reedy River are most at risk, but flash flooding can happen anywhere in this city, particularly during hurricane season.
A local insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary.
Why Is Business Interruption Insurance a Good Idea in Greenville, SC?
A major disaster can do more than just damage your business’s property. If the damage is particularly severe, it could also force your business to remain closed for an extended period while repairs are made.
Disasters in South Carolina
- Number of federally declared disasters in SC since 1953: 34
- Most common reasons for declared disasters: Hurricanes and severe ice storms
- Average number of tornadoes in SC per year: 23.3
A closure that lasts for several weeks can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem by providing you with a continuation of income until your business can resume normal operations.
When you have this insurance, your business can afford to pay regular monthly expenses such as utility payments, loan installments, and employee salaries, even though your business is temporarily unable to generate revenue. Business interruption insurance is usually limited to up to twelve months of coverage.
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Do Businesses in Greenville Need Workers’ Compensation Insurance?
As a business owner in Greenville, you are required to provide a safe and healthy workplace for your employees. Unfortunately, even when precautions are taken, workers sometimes get hurt. Your business is responsible for covering your employees' financial losses in the event of workplace injuries or occupational illnesses.
Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to these workplace injuries. In the event of a fatal work-related injury, this insurance can also provide long-term benefits to surviving family members and dependents.
With a few exceptions, if you have four or more employees in the state of South Carolina, you are required by law to cover them with workers’ compensation insurance. A local independent agent can help you review your costs and can match you up with an insurance company that specializes in covering businesses in your industry.
What about Insurance Products for Employee Benefits Packages?
Although healthcare coverage can be expensive, offering subsidized coverage to your employees may have cost-saving benefits. Studies conducted by human resource professionals have demonstrated that businesses that offer a competitive employee benefits package find it easier to attract and retain the best employees.
- Annual amount spent on healthcare coverage by SC businesses: $878,428,000
- Ranked 32nd for highest medical insurance costs in the US
- Average annual cost of health care in SC: $5,557/person or $15,780/family
There are many different life insurance and health insurance products available for you to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package. An independent insurance agent in Greenville can go over the pros and cons of each of your various options so you can make an informed decision.
Independent Agents in Greenville
Every business has it is own specific risks and exposures. That is why insurance companies enable business owners to fully customize their commercial insurance coverage. Independent agents in Greenville make shopping for coverage easy by offering guidance and by shopping around to help you find the best and most affordable policies to cover your business.
Find an insurance agent with an office in or near Greenville to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package.
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