Your Complete Guide to North Charleston, SC Business Insurance

North Charleston, SC is home to thousands of businesses representing a wide range of industries. From large companies with hundreds of employees to small businesses run out of people’s homes, all play a role in meeting the needs of the community and contributing to the local economy. Business insurance protects these companies’ finances when disaster strikes.

Choosing the right products to include in your business insurance policy package can be confusing, but you don't need to struggle with it alone. Independent insurance agents in North Charleston can help by identifying your company’s specific risks and advising you about the policies that can appropriately cover each of them. Find an insurance agent near you to learn more.

Why Is Liability Insurance Important for Businesses in North Charleston?

Liability insurance is an essential part of every business insurance policy package. It is designed to cover court costs, legal fees and damages if your business is sued for a covered event. All business insurance policies include, at the very least, commercial general liability insurance (CGL). This standard coverage has two main components:

Premises liability insurance: This covers third-party injuries, illnesses and property damage when they occur due to an incident on your business property.
Product liability insurance: This covers third-party injuries, illnesses and property damage when they are caused by defects in products your business produces, sells, or promotes.

In most cases, CGL alone cannot cover all potential liability risks. An independent insurance agent can help you identify any other liability exposures your business may have and can recommend the appropriate policies to cover against them. Examples of some of the many commercial liability insurance products available to your North Charleston business include:

Employment practices liability insurance: This covers lawsuits related to accusations of perceived illegal business practices such as harassment, discrimination, breach of contract, providing a hostile work environment and wrongful termination.
Pollution liability insurance: This covers businesses that use or produce toxic substances. It can pay for clean-up costs and damages if an accident leads to the pollution of the ground, water or air.
Cyber liability insurance: This covers businesses against financial losses and liabilities if hackers access their computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers or personal data.

You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.

Does North Charleston Business Insurance Cover All Your Business Assets?

All business insurance policies include commercial property coverage. This is designed to compensate your business for loss or damage to your commercially owned property, including computers, tools, machinery, merchandise, inventory, furniture, and outdoor signs. In North Charleston, businesses are most likely to experience property damage due to hazards such as fires, hurricanes, tropical storms, hail and property crimes. Fortunately, these risks are all covered by most commercial property insurance policies. You will want to be sure that your coverage levels are high enough to enable you to repair, replace, and rebuild, if necessary.

Sometimes, additional insurance policies are necessary. Depending on the scope of your business, your insurance agent may recommend adding:

Inland marine insurance: This covers your company’s valuable portable 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 broken-down business equipment and can even cover business losses associated with machine malfunctions.
Flood insurance: This is necessary for businesses at risk of flooding since commercial property insurance will not cover flood damage. In North Charleston, businesses near the Cooper River and the Ashley River are most at risk, but flood damage can happen anywhere, especially when hurricanes bring heavy rains to the area.

Talk to an insurance agent in North Charleston for more information about your options when it comes to business property insurance.

How Can Business Interruption Insurance Help North Charleston Businesses?

Major disasters can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended period while repairs are made. This is particularly true when widespread damage hinders repair efforts, like what happened in North Charleston following Hurricane Hugo in 1985. A closure that lasts for weeks, or even months, can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem.

Disasters in South Carolina

Number of federally declared disasters in SC since 1953: 38
Most common reasons for declared disasters: Hurricanes
Average number of tornadoes in SC per year: 27

Business interruption insurance is designed to provide your company with a continuation of income when a covered event leads to a long-term closure. That way, your business can afford to pay regular monthly expenses such as utility payments, loan installments and employee salaries, even though you are temporarily unable to generate revenue.

Do North Charleston Businesses Need Workers’ Compensation Insurance?

Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages and other expenses related to workplace injuries and occupational illnesses. In the event of a fatal work-related injury, this insurance can also provide long-term benefits to surviving family members and dependents.

In the state of South Carolina, all businesses that have at least four employees are required by state law to have workers’ compensation insurance. There are a few exceptions. It is not necessary to cover:

Sole proprietors, LLC members, or partners
Agricultural employees
Railroad/railway employees
Certain commission-paid real estate agents
Textile hall corporation employees
Employees of companies that had less than $3,000 in overall payroll in the previous year

The cost of workers’ compensation is based mainly on the types of jobs your employees do. The higher the risk that your workers will suffer significant injuries, the higher the price for coverage will be. 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 is expensive, subsidizing it for your employees can have cost-saving benefits for your business. Studies conducted by human resource professionals have demonstrated that when businesses offer employee benefits like vacation time, sick time, life insurance, and health insurance, they find it easier to attract and retain ideal 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 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. A local independent insurance agent can help by explaining the pros and cons of each of your various options so you are able to make an informed decision.

Why Work with an Independent Insurance Agent in North Charleston, SC?

Every business has it is own specific risks and exposures. That is why insurance companies enable you to fully customize your business insurance coverage. An independent agent in North Charleston, SC can offer guidance and advice and can also shop around to help you find the best and most affordable commercial insurance policies to cover your particular business.

Set up a one-on-one consultation with an independent insurance agent in North Charleston to learn more. You will soon discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.

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