Hilton Head Business Insurance

Your Complete Guide to Hilton Head, SC Business Insurance

(Everything you need to know - and more)

You can find more than 5,000 businesses on Hilton Head Island.  These range from larger businesses that cater to vacationers to sole proprietorships run out of people’s homes. Whatever your company’s size or industry, you can benefit from protecting it with a comprehensive business insurance policy package.

Local independent insurance agents make shopping for coverage easy. They can help you find suitable coverage to protect against all of your company’s potential risks. Contact an insurance agent near you to learn more and to start comparing customized quotes for business insurance.

Why Do Businesses in Hilton Head Need Liability Insurance?

Liability lawsuits can happen to anyone, at any time. If someone feels wronged in any way, they have every right to sue your company. That is why liability insurance is a crucial part of every business insurance policy package. This insurance is designed to cover the various expenses related to liability lawsuits, including court costs, legal defense fees, and financial damages.

All business insurance policies include commercial general liability insurance (“CGL”). It has two main coverage components: premises liability insurance, to cover third-party injuries, illnesses, and damage that occur on your business property; and product liability insurance, to cover third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.

For most businesses, however, CGL is not enough. These business will need to buy additional policies in order to be fully covered against all of their liability risks. An independent insurance agent in Hilton Head can make recommendations about which of the many other commercial liability insurance products are right for your particular business. Examples of liability products you may want to consider include:

  • Employment practices liability insurance: This covers your business against lawsuits related to accusations of illegal practices such as discrimination, harassment, breach of contract, and wrongful termination.
  • Cyber liability insurance: This covers your liability expenses if hackers break into your company’s computer system and steal sensitive customer data like credit card numbers, Social Security numbers, or personal data, which can be used to perpetrate theft, fraud, or extortion.
  • Commercial vehicle liability insurance: This is required if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident.

Talk to your local independent insurance agent to learn more about these and many other commercial liability insurance products that are available to you. Your agent can help you determine which are appropriate for your particular business.

How Does Property Insurance Protect Hilton Head Businesses?

Commercial property coverage is another major part of every business insurance policy. It is designed to cover loss or damage to most of your company-owned assets, including outdoor signs, office furniture, merchandise, inventory, supplies, tools, and machinery. Businesses in Hilton Head are most at risk for damage caused by fires, hurricanes, tropical storms, hail, and floods.

Although damage caused by severe weather events, fires, and property crimes is typically covered by business insurance, damage caused by floods is not. Floods pose a serious risk in Hilton Head, particularly when hurricanes bring storm surges and prolonged heavy rains. Fortunately, an independent insurance agent can help you add flood insurance to your business insurance policy package.

In addition to the coverage offered by your commercial property insurance, you may also want to consider adding supplemental policies such as inland marine insurance, which covers your company’s portable assets while they are in transit or being stored off-site, and boiler & machinery insurance, which covers financial losses related to equipment failure.

Talk to your local insurance agent to learn more.

Is Business Interruption Insurance a Good Idea in Hilton Head, SC?

What if a hurricane knocked out area utilities, and your business had to stay closed for two weeks while power was restored? What if an accidental fire destroyed your business location and you had to completely rebuild?

A major disaster can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times.

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

This optional insurance enables you to have the income you need to cover your regular monthly expenses like utility payments, loan installments, and employee salaries until you are able to resume normal operations. Most policies will provide this coverage for up to twelve months.

Talk to a local independent insurance agent to learn more about business interruption coverage.

Do Businesses in Hilton Head Need Workers’ Compensation Insurance?

Workers’ compensation insurance is designed to cover the cost of medical treatment, follow-up care, physical therapy, lost wages, and other expenses related to work-related injuries and occupational illnesses. Rates for this coverage are based on how hazardous the work your employees do is. A construction worker would cost far more to insure than a concierge at a hotel.

The state of South Carolina requires that businesses with at least four employees carry workers’ compensation insurance. There are a few exceptions, however. It is not necessary to buy coverage if your business paid out less than $3,000 in overall payroll in the previous year. Also, it is not necessary to cover:

  • Sole proprietors, LLC members, or partners
  • Agricultural workers
  • Railroad/railway workers
  • Textile hall corporation employees
  • Certain commission-paid real estate agents

A local independent insurance agent help you obtain a competitively priced policy through a commercial provider that specializes in covering businesses like yours.

What about Employee Benefits for Businesses on Hilton Head Island?

As a business owner in Hilton Head, you may be considering offering your employees subsidized health insurance and life insurance benefits.

  • 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 is no getting around the fact that buying health insurance for your employees is expensive. However, many businesses that do so can qualify for tax deductions, and there are other cost-saving benefits as well.

Studies conducted by human resource professionals have shown that when businesses offer attractive benefits packages, they can more easily recruit and retain ideal employees. It has also been demonstrated that workers who have access to health care use fewer sick days than those who do not.

If you are interested in purchasing health or life insurance for your employees, an independent insurance agent can help you find suitable coverage at a competitive price. There are several different healthcare policy types for you to choose from, so you may find it beneficial to receive guidance from one of these local insurance professionals when you are looking for the right plan.

Why Work with an Independent Insurance Agent in Hilton Head, SC?

Every business has its own specific coverage needs, and these can vary significantly from one industry to the next. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options that are available to business owners in Hilton Head makes it possible to fully customize your commercial coverage.

A local independent insurance agent can help you navigate through the many choices you will have to make while you are building your business insurance policy package. That way, you can be sure you are making selections that are well-suited to your particular business. Contact an insurance agent on Hilton Head Island to start comparing customized quotes for business insurance.

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