Sumter Business Insurance

There are thousands of businesses located in Sumter, SC.  Some of the top industries in this city include textiles, manufacturing, biotechnology, retail, and health care. Regardless of industry, however, any business that meets the growing needs of the community has the potential to thrive here. As a business owner in Sumter, you can benefit from having a comprehensive business insurance plan. Independent insurance agents in Sumter can help you identify your company’s various exposures and can recommend the right insurance products to cover against them. Contact an insurance agent near you to learn more.

Why Do Businesses in Sumter Need Liability Insurance?

If your business ends up on the wrong end of a liability lawsuit, having the right liability insurance in place is crucial in order for it to avoid large financial losses. Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your business is sued for a covered event.

All business insurance policies include, at a minimum, commercial general liability insurance (CGL). It is designed to cover a number of common liability risks faced by businesses. It provides:

Most businesses have liability risks that go beyond what CGL insurance can cover. A local independent insurance agent can help you identify your business’s other liability exposures, and can recommend the right policies to cover against each of them. Examples of some of the many commercial liability insurance policies you may want to consider include: 

Talk to your insurance agent to learn more about these and many other commercial liability products that may be a good fit for your Sumter business.

What Are the Property Damage Risks in Sumter, SC?

Every business insurance policy also includes commercial property insurance. This is designed to cover loss or damage to your company’s assets, including merchandise, inventory, furniture, computers, tools, outdoor signs, and more. Businesses in Sumter are most likely to experience loss or damage due to hazards such as accidental fires, property crimes, hurricanes, tropical storms and hail. Also, the risk of tornadoes in this area is 24% higher than the national average. Your commercial property insurance is designed to cover all of these hazards.

Because independent insurance agents live and work in your community, they are aware of the risks your business faces and they will be sure to recommend all the policies necessary to keep it fully covered against large financial losses. Floods also pose a significant risk in Sumter, particularly for businesses located near Turkey Creek, Green Swamp, and the Shot Pouch, Long and Powder Horn Branches. Unfortunately, flood damage is not covered by commercial property insurance. For that, you will need to add a flood insurance policy through the National Flood Insurance Program (NFIP). A local independent insurance agent can help.

How Does Business Interruption Insurance Help Companies in Sumter, SC?

Occasionally, businesses in Sumter are impacted by catastrophic events like accidental fires. This city also has an elevated risk of hurricane and tornado activity.

Disasters in South Carolina

Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event like a structure fire. Major damage to your business could potentially force it to remain closed for weeks or months while repairs are made. Without an ongoing stream of revenue, many small businesses can be financially devastated.

Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance provides the funds your company needs to continue paying monthly bills, loan installments, and salaries until you can resume normal operations.

Talk to a local independent insurance agent to learn more about business interruption insurance for your Sumter business.

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Are Employers in Sumter Required to Carry Workers’ Compensation Insurance?

Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages and other related expenses if they suffer a work-related injury or an occupational illness. This insurance can also offer survivor benefits to family members in the unfortunate event that a workplace injury is fatal.

In South Carolina, all businesses that have at least four employees and have paid at least $3,000 in total annual payroll during the previous year are required by law to carry workers’ compensation insurance. There are a few exceptions.  It is not necessary to buy coverage for:

The cost for workers’ compensation coverage is based on your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do.

What about Insurance Products to Include in Employee Benefits Packages?

Some businesses stay competitive by offering their employees great benefits packages that include health insurance, life insurance, paid vacation and sick time and other perks. If you are looking to build a benefits package for your workers, you may need some help finding affordable insurance products to include in it.

While there is no denying that healthcare coverage is expensive, providing it to your employees can actually save your business money. Studies by human resource experts have shown that workers who have health insurance tend to use fewer sick days and that when companies offer good benefits packages, they are better able to attract and retain ideal employees.

When it comes to health and life insurance products, there are many different policy types and options available to you. You may therefore find it beneficial to have the guidance of an experienced independent insurance agent when you are shopping for coverage.

Why Work with One of Sumter’s Independent Insurance Agents?

There is no such thing as a one-size-fits-all business insurance policy. Insurance companies offer a wide variety of products and options so that business owners can fully customize their insurance coverage portfolio. Independent insurance agents in Sumter can help you choose the right policies and options to meet your company’s specific coverage needs.

Because they don't work for a particular insurance company, independent agents can shop around for the best business insurance policies at the most competitive prices. Find an insurance agent near you to get started.