If you own a home or a company, liability insurance is necessary. In 2019, South Carolina had $5,928,911,000 in commercial insurance claims paid alone. Commercial liability insurance will vary by industry and type.
Fortunately, an independent insurance agent can help you decipher what's needed. They have access to multiple carriers so that you get the best coverage for a low premium. Connect with a local expert for details.
What Is Liability Insurance Coverage?
The assets and risks will determine the type and amount of liability insurance necessary. South Carolina business insurance will have several types of liability coverage for different areas of your operation. In essence, all liability policies will have the same foundational coverages.
- Liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander. It can be obtained for business and personal use.
What Is Commercial General Liability Insurance?
Commercial general liability insurance in South Carolina will be your primary policy. It helps pay for various claims arising out of libel or slander, bodily injury, and property damage. Some losses where it could apply are as follows.
- A customer slips and falls on the premises
- A building catches on fire
- A product is improperly installed, causing a water loss
Adequate business insurance is essential to avoid a significant financial disaster. It will protect your bottom line when a lawsuit arises against your company. If you're a small business, it could be enough to close your doors without proper coverage.
What Is Professional Liability Insurance?
A professional liability policy will help pay for a lawsuit due to misinformation and negligence. This policy type is used for white-collar professions that deal with consulting, advising, and finances. Some industries where professional liability applies in South Carolina are as follows.
- Real estate agent
- Insurance agent
- Financial adviser
- Business broker
- Business consultant
What Is Employment Practices Liability Insurance Coverage?
In South Carolina, there are roughly 794,711 people employed by small businesses. When you have a staff, employment practices liability insurance is crucial. Check out what it covers.
- Employment practices liability insurance or EPLI: Pays for a lawsuit filed by a disgruntled employee due to discrimination or sexual harassment in some form.
Most business owners think they are not at high risk when it comes to their employees. It doesn't matter if the team member is accurate in their claim. It will still cost money to represent yourself. This is where EPLI kicks in and pays for legal and defense fees.
What Is Liability Coverage on Home Insurance?
Your South Carolina homeowners policy will automatically come with liability insurance. This coverage will help protect you and the members of your household from a number of losses. Take a look at some instances where this coverage could apply.
- A guest or trespasser injures themselves on your property
- Your tree falls and damages your neighbor's roof
- You have a pool party, and a guest drowns
What's the Difference between Full Coverage and Liability Insurance?
Full coverage in South Carolina applies to your personal and commercial auto insurance policies. You'll be required to carry the state minimum limits of liability if you use the roadways. However, if you want coverage for your vehicles themselves and more, it will need to be added. Take a look at the difference.
- Liability only insurance: This is just liability coverage at the amount preselected for your auto policy. It will pay for bodily injury per person, per accident, and property damage of another party.
- Full coverage insurance: This will include additional coverages that protect you on the road. Things like comprehensive, collision, towing, and more are among the optional coverages that you can select.
Full coverage will help pay for the other party as well as your vehicle. It can even protect you from an uninsured at-fault driver. Uninsured and underinsured motorists coverage is usually added on for protection against those types of claims.
How a South Carolina Independent Agent Can Help
In South Carolina, the right insurance policy can mean the difference in a claim being paid or not. Review your coverages in detail to avoid financial ruin. A licensed professional can help at no cost to you.
When you work with an independent insurance agent, they have access to several carriers. This gives you coverage options for a fair and affordable price. Connect with a local expert on TrustedChoice.com and get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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