Spartanburg Business Insurance

The Complete Spartanburg, South Carolina, Business Insurance Guide

Find the right business insurance policy for you.

Spartanburg, SC is home to 37,647 people, and the home of the University of South Carolina Upstate. This makes it a dynamic and growing part of the Greenville-Spartanburg metro area, which is home to many large corporations. It is a great place for businesses large and small. A business needs to be properly insured in order to protect itself against a number of potential problems. Your Independent Insurance Agent is there to help you get the insurance your business needs. 

Your agent will get quotes from many different carriers to find Spartanburg business insurance at the lowest cost possible. There are many reasons why Spartanburg is a great place to do business. South Carolina was home to 379,565 small businesses, with 728,770 employees, in recent years. The need for reliable commercial insurance is shown clearly by the total claims of $4,518,529 paid out that year in insurance claims. This is why reliable and affordable coverage is so critical for any business.

General Liability for Spartanburg Businesses

General liability insurance is the most important insurance need for any business. It covers claims for injuries to other people and third-party property damage to individuals such as customers or delivery personnel. It also covers any legal defense if your business is sued for any reason. Medical costs drive potential liability for even the smallest of incidents. As shown by the 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. 

Should any nonemployee be injured on your property and you are held responsible, medical costs will be a major concern. Product liability policies work in much the same way but cover incidents related to your products. The same concerns apply to your property. According to an Insurance Information Institute study, 71 percent of product liability awards and 53 percent of medical malpractice awards amounted to $1 million or more. Good coverage is absolutely essential for any business.

Business Interruption Insurance for Spartanburg Businesses

If for any reason you can’t open the doors in the morning and conduct normal business, business interruption insurance covers the costs of not being able to conduct normal operations. This compensates you for lost income in situations such as these:

  • Fire damage
  • Natural disasters, such as hurricanes
  • Riots or other public disturbances
  • Any other reason your business is interrupted that is not your fault

A business interruption insurance policy covers revenue you would have earned based on your financial records had the disaster not occurred. The policy also covers operating expenses that continue even though business activities have been stopped. It's a critical part of good Spartanburg commercial insurance protection.

Property Insurance for Spartanburg Businesses

If your business has to close due to a disaster, you suffer more than just a loss of business – you have to fix the damage that occurred to get fully back up and operating again. Property Insurance is necessary to fix what went wrong and get the doors open once again. There were 119 recognized natural disasters in the U.S. in recent years. Only 61 percent of the losses realized from these disasters were covered by insurance, leaving $9.7 billion in damage not covered by a property insurance policy. While fixing or replacing property is easier than dealing with a liability case, you still need to have proper coverage of your assets to make sure you can get back on your feet.

Workers' Compensation for Spartanburg Businesses

Workers' compensation insurance is required by South Carolina state law. It covers the expenses related to employee injuries on the job whether from one incident or from repeated actions over an extended period of time. Nationally, the cost of this coverage averaged $1.27 for every $100 in wages in recent years, or an average of $612 per employee. Typically known as “workman’s comp,” this insurance is based on the number of claims you have had in the past. 

New businesses are assessed by the kind of work done and the categories of employees they hire. There are often ways of saving money based on the programs and actions that a business takes, 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 Spartanburg Businesses

In addition to workman’s comp, you may need 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 illness is being treated
  • Health plan insurance - Now required by law of 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 premium spending by small businesses. The cost can be very high and it is worth shopping around for the most affordable policy that gives your employees the coverage they need. The average spent for coverage by businesses in South Carolina in recent years was $5,557 for a single employee and $15,506 for a family. Your business needs this kind of coverage under current laws if you have more than 50 employees. But you may want to offer it even if you have fewer employees than this as a service to them. It is important to check with your Independent Agent to understand your options no matter what.

Cyber Crime Insurance for Spartanburg Businesses

In recent years there were 3,540 incidents of identity theft reported in South Carolina, ranking the state 30th overall for this kind of crime. Many businesses aren’t aware of the need or availability to cover losses related to cyber crime. But such insurance is critical to limiting your losses in today’s world. It is just one of the many types of insurance that you may not be considering in order to protect your business. Developing a close relationship with an Independent Insurance Agent is critical to opening up or expanding a successful business in Spartanburg. 

Call an agent today. You'll be able to get multiple quotes from different insurance companies so that you can compare them and find the one with the right price for you.

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