South Carolina Business Umbrella Insurance

Your Guide to South Carolina Business Umbrella Insurance

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South Carolina Business Umbrella Insurance

In South Carolina, there are 418,031 small business owners. If you're one of them, you may want commercial umbrella insurance. One of the biggest lines of defense for your company is to have adequate protection.   

An independent insurance agent can help find a policy for an affordable price. Since they do the shopping, you'll save time and money. Connect with a local expert to get started.

What Does Commercial Umbrella Insurance Cover?

South Carolina can save your business from a large financial loss. When your company gets sued, you'll be responsible for the expense without proper coverage. Take a look at some things commercial umbrella insurance can provide coverage for.

  • A lawsuit arising out of slander
  • A lawsuit arising out of libel
  • A lawsuit arising out of defamation of character
  • A lawsuit arising out of bodily injury

Once your underlying limits have been exhausted, you'll be financially responsible. If you have a commercial umbrella policy, coverage will be applied. Insurance will kick in for additional protection.

Commercial Umbrella Insurance Quotes and Average Cost

The cost of any business insurance policy will be dependent on a list of items. In South Carolina, your premiums will be subject to personal data and outside factors. Check out the following items companies use to rate.

  • Your insurance score
  • Your claims history
  • Your address
  • Your assets
  • Your gross business income
  • Local weather patterns
  • The industry you are in
  • Your experience level

The average cost of commercial umbrella insurance

  • Commercial umbrella insurance average: $1,000 annually with a $1,000,000 limit of protection

Commercial umbrella insurance premiums are like all your other policies. Your pricing will be different than anyone else's because your business is different. The riskier your operation, the more your insurance will cost.

Commercial General Liability Insurance vs. Umbrella Policy

General liability insurance and your commercial umbrella insurance will be separate policies. Similar to a commercial auto policy, your coverages will work together in some areas, but they will be on their own policy form. 

How they work together

  • General liability insurance: This pays for a lawsuit arising out of bodily injury, property damage, libel or slander.
  • Commercial umbrella insurance: This pays for a lawsuit arising out of bodily injury, property damage, libel or slander. This is a continuation of liability coverage when a larger claim occurs.

Your first line of defense is your general liability policy. Once those limits have been exhausted, your commercial umbrella policy will apply. Coverage typically starts at $1,000,000 and goes up from there. 

Commercial Umbrella Insurance for Rental Properties

If you own a rental property, you will need a specific policy to cover your exposure. Landlord insurance will provide protection for third party tenants and your interest as the owner. A commercial umbrella policy can be helpful, adding extra liability coverage when a loss occurs. 

In South Carolina, you can add your rental properties to your commercial umbrella policy. First, you must have underlying landlord insurance that meets the carrier's criteria. Then you must list each rental property's address on your commercial umbrella policy and provide proof of insurance to the insurance company.

Stand-Alone Commercial Umbrella Insurance

In 2019, South Carolina had $5,928,911,000 in commercial insurance claims paid. To avoid a substantial loss, consider reviewing your protection. A commercial umbrella policy can give an additional layer of coverage when you need it most. 

A stand-alone commercial umbrella policy is not likely in South Carolina. Most carriers require they obtain the underlying commercial insurance policies to write the commercial umbrella coverage. This is so they can keep the claim in house and not have to mitigate back and forth to another company.

How to Connect with an Independent Agent in South Carolina

In South Carolina, you can obtain commercial umbrella insurance through a trusted professional. One that can shop local carriers and rates, providing you with the best outcome. They have the knowledge that is needed to find adequate protection for your business exposures.

An independent insurance agent can access several markets at once so that you can spend your time on more important things. They work on your behalf at zero cost, saving you time and money. Connect with a licensed expert on TrustedChoice.com in minutes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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