South Carolina Commercial Property Insurance

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Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for on a continuous basis and is here with the facts about all your insurance inquiries.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.


When you're trying to get coverage for all your commercial property, there are some things you need to know. As of 2019, South Carolina had 9.95 million square feet of industrial property in one city alone. It doesn't matter whether you own a warehouse building or a piece of machinery, you'll need the right protection.

An independent insurance agent can help with policy and premiums that don't break the bank. They do the shopping for you at zero cost to your business. Connect with a local expert to get started today.

What Does Commercial Property Insurance Cover?

Commercial property insurance can cover several items when it comes to your assets. From buildings to furniture, there is coverage for it all. Take a look at what is covered under a commercial property policy in South Carolina:

  • Commercial equipment: This can be anything from machinery to forklifts. Coverage will for actual cash value or replacement cost. A deductible usually applies.
  • Commercial structure: This covers the actual building you own up to the dwelling amount listed. A replacement cost estimator is used to determine how much your building to replace or repair. Coverage can be on an actual cash value, replacement cost, or depreciated value.
  • Commercial belongings: This will cover any business belongings, such as furniture, office supplies, and more. It will be for replacement cost, actual cash value, or depreciated value.  

There are numerous ancillary coverages that can be included as well. It will depend on your carrier offerings and how much additional cost you want to incur. Things like inventory, business documents, and customer property can be insured under this policy. 

Who Needs Commercial Property Insurance?

If you own any commercial property in South Carolina, coverage is necessary. While you may not be mandated to obtain all business insurances, it is wise to be protected. Take a look at the list below of who may need commercial property insurance:

  • Business owners
  • Commercial property owners
  • If you have commercial equipment
  • If you have a property titled in a business name

If a claim occurs and you are without commercial property insurance, you could be out of luck. Finances can get hit, and it would cause a substantial blow to your investment. In order to protect your interests, consider reviewing your policies for accuracy.

Commercial Property Insurance Cost

South Carolina commercial insurance rates are different for everyone. Carriers look at a variety of exposures when figuring your costs. Check out the risk factors insurance companies use in South Carolina:

  • Local weather
  • Claims history
  • Type of property insured
  • Square footage
  • Value or replacement cost of property
  • If you rent out the commercial property to others
  • Your insurance score
  • If you have other policies in place

Your commercial property insurance policy will be impacted in numerous ways. There will be some areas you can improve for a better rating and others you cannot. Local weather and criminal activity will affect your costs.

Top 5 weather-related risks in South Carolina:

  1. Hurricanes and tropical storms
  2. Ice storms and freezing
  3. Burglary and other property crimes
  4. Wildfires and residential fires
  5. Flooding and water damage

How Much Commercial Property Insurance Do I Need?

The amount of commercial property insurance you'll need depends on your assets. In 2019, South Carolina paid out $5,928,911,000 in commercial claims. You won't know the exact coverages your property needs until you obtain quotes, but adequate protection is necessary. Take a look at the different types of coverage given to commercial property owners:

  • Replacement cost: This will pay in full for your commercial property's current value at the time of loss. When you have a claim, it will restore or replace your property to a like kind and quality. 
  • Actual cash value: This coverage is equal to replacement cost minus depreciation. If your commercial property is damaged, aged, or has natural wear and tear, this will be subtracted from the replacement cost amount. 
  • Functional replacement cost: This meets between actual cash value and replacement cost. It will replace or repair your commercial property with material that is less costly but just as functional. 

Does Commercial General Liability Insurance Cover Property Damage?

Like commercial umbrella insurance, your South Carolina general liability is a separate policy. It can be included in a package or business owners policy form with property coverage. It will, however, still be a different line of insurance. Take a look at the facts:

  • General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, or slander. This is usually the most accessed policy you'll own. 
  • Commercial property insurance: Pays for the replacement or repair of a commercial structure, belongings, or equipment. This does not have its own liability limit but is in addition to your general liability coverage.
  • Commercial package policy: This is just how it sounds, a package. This package will include general liability, commercial property, and more ancillary coverages together in one policy. Typically, lower premiums and more robust coverage options will be included in a commercial package. 

How a South Carolina Independent Agent Can Help

When you're searching for commercial property insurance in South Carolina, consider using a trusted adviser. It can be challenging to know all the ins and outs of commercial insurance. A knowledgeable professional can help you navigate the world of business protection.

An independent insurance agent has access to several markets so that you can save big. Since they work on your behalf at no cost, it's a no-brainer. Connect with a local expert on TrustedChoice to begin.

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