South Carolina business insurance can be confusing if you're not a licensed professional. When you own and operate a company, there are many twists and turns that can occur. Retail store insurance comes in several forms and should be reviewed for accuracy.
Fortunately, an independent insurance agent can help with coverage selection at no cost. They work with multiple carriers so that you get the best options in town. Connect with a local expert for tailored quotes and savings.
What Is Retail Store Insurance?
South Carolina has roughly 418,031 small businesses in operation. When you own a company in the retail industry, you'll need to account for all the what-ifs. The proper insurance will cover your property, liability, assets, employees, and more. Check out some common coverage choices for retail stores below.
- General liability
- Business property
- Business inventory
- Business equipment breakdown
- Commercial umbrella liability
- Workers' compensation
- Business auto
- Employment practices liability
What Does Retail Store Insurance Cover?
Every industry will have select insurance options that apply depending on their level of risk. If you're in the retail business in South Carolina, you'll have a few different policies to protect your exposures. Let's look at common retail store coverages.
- Coverage for bodily injury or property damage claim
- Coverage for your business property that is damaged due to a covered loss
- Coverage for your business inventory such as products
- Coverage for business equipment that breaks down due to a covered loss
- Coverage for employees who are injured or become ill on the job
- Coverage for commercial vehicles used to operate the business
- Coverage for disgruntled employees who sue due to discrimination or harassment
Common perils covered under your retail store insurance policies
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How Much Is Retail Store Insurance in South Carolina?
In 2019, South Carolina had $5,928,911,000 in commercial insurance claims paid alone. The amount shelled out for losses in an area impacts the premiums, among several other factors. Take a look at the criteria companies use when quoting.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of retail store
- Local crime rate
- Local weather patterns
There are ways to save that could instantly affect your rates for the better. When you bundle your business insurance policies with the same carrier, you'll save big time. Companies give you a savings of 30% or more on all policies.
Will My Location Impact My Rates?
Where your business is located will affect your coverage and premiums. The carriers account for local crime, weather, past claims paid out, and more to determine your costs. The better the area, the less you will pay for insurance.
Another item that will impact your pricing is the risk of flood. Every location will be assigned a flood zone according to FEMA guidelines. If your retail store is in zone A or V, you will be at a higher chance of flooding and will pay more for insurance protection.
How an Independent Insurance Agent Can Help
The right insurance coverage can mean the difference in your carrier paying for a claim or you. If a significant loss occurs, your business could be on the hook for thousands of dollars. Instead, obtain adequate protection for your South Carolina retail store.
An independent insurance agent can help review your policies for sufficiency and get you matched with a carrier. They have access to several companies so that you will have your pick of coverage. Connect with a local expert on TrustedChoice.com to get started.