Myrtle Beach, SC is known as a vacation spot famous for the Grand Strand beach that draws millions of tourists every year. But it’s also home for 465,391 people and many small businesses that cater to both residents and tourists alike. It’s a great place to open and operate a small business, and in order to do that, you need to have the right insurance. An Independent Insurance Agent is there to navigate the options of coverage and price to find plans that fit your business needs. By obtaining quotes from many different companies, they can find you the lowest cost policy that fits your needs for Myrtle Beach business insurance.
Myrtle Beach is part of a growing state economy. South Carolina was home to 379,565 small businesses during recent years, which employed 728,770 workers. The need for reliable commercial insurance was underscored by the total claims of $4,518,529 paid out that year in insurance claims. That’s why your business needs reliable and affordable coverage.
General Liability for Myrtle Beach Businesses
General liability insurance is critical for any business. It covers claims for injuries to customers and delivery people and any other third-party. It also covers any legal defense if your business is sued over a covered incident. The cost of incidents, no matter how small, can be large because of potential medical costs. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern.
If someone is injured on your property and you are held responsible, you need coverage. If you are selling a product, your business needs product liability coverage. The same concerns apply here, too. According to a national study by the Insurance Information Institute, 71 percent of product liability awards and 53 percent of medical malpractice awards amounted to $1 million or more. Insurance against these claims is vital.
Business Interruption Insurance for Myrtle Beach Businesses
If for any reason you can’t conduct business as usual, you need business interruption insurance to cover the costs of not being able to conduct normal operations. This compensates you for lost income in situations such as the following:
- Natural disaster
- Fire or similar damage to your property
- Civil unrest
- Any other reason for the business interruption that is not your fault
Business interruption insurance is based on your revenue before the interruption and presumes that you keep operating as normal through the event that shuts you down. It also covers ongoing costs such as keeping electricity service on even though you cannot operate. This insurance is essential for any business operating in Myrtle Beach.
Property Insurance for Myrtle Beach Businesses
The same event that causes you to lose business has to be fixed to get you operating again. Property insurance is a different kind of insurance and is also vital for any business. It is necessary in order for you to fix what went wrong and get the doors open once again. There were 119 identified natural disasters in the U.S. in recent years. Of the losses realized from these, only 61 percent were covered by insurance. A total of $9.7 billion in damage was not covered by a property insurance policy. Property is usually much easier to cover because property loss is easy to quantify and not as unlimited as liability concerns. But you still need to have proper coverage of your assets to make sure you can get back on your feet.
Workers' Compensation for Myrtle Beach Businesses
Workers' compensation insurance is the most important employee insurance required by state law in South Carolina. It covers the expenses related to your employees' injuries while they are on the job, whether from one single incident or from repeated actions over an extended period of time. Nationally, the cost of this insurance averaged $1.27 for every $100 in wages in recent years, or an average of $612 per employee.
Usually known as “workman’s comp,” this insurance is based on the number of claims you have had in the past, with new companies assessed based on the kind of employees they have and the jobs the employees do. There are often ways of saving money based on the programs and actions that you take, however; so a solid relationship with an Independent Agent who understands workman’s comp is vital to finding an affordable policy that fits under the applicable laws and regulations for your business.
Employee Coverages for Myrtle Beach Businesses
Beyond workman’s comp, you may want other kinds of coverage for your employees. These include the following:
- Life insurance - For you and key employees. Can also provide for the employees themselves
- Disability insurance - Same as life insurance but for disability. Usually separate
- Critical illness insurance - Similar again but for a distinct period of time while an illness is being treated
- Health plan insurance - Now required by law for companies with 50 or more employees, but you may want to have available for your employees as a benefit no matter what
South Carolina ranked 32nd nationally for health insurance premiums by small businesses. The cost can be very high, and it is worth shopping around for the most affordable policy that gives you the coverage your employees need. The average spent by businesses in South Carolina in recent years was $5,557 for a single employee and $15,506 for a family. Health insurance is a large expense for any business, although it is only required for the employees of larger companies. You may choose to offer a plan even if you are not required to. It is important to check with your Independent Agent to understand your options no matter what.
Cyber Crime Insurance for Myrtle Beach Businesses
Identity theft and other kinds of cyber crime are growing every year. Recently, there were 3,540 incidents of identity theft reported in South Carolina, ranking the state 30th overall for this kind of crime. You need protection in order to limit the expenses incurred by someone using your identity without authorization. It is just one of the many types of insurance that may not be on your radar as you open a business but are critical for protecting you against loss. A close relationship with an Independent Insurance Agent is critical to opening up or expanding a successful business in South Carolina.
Call them today and obtain a quote to keep your business thriving no matter what happens.