There are roughly 86,550 small businesses in South Dakota currently. When you operate a company, you're responsible for all that could go wrong. Liability insurance can help protect your assets and livelihood.
An independent insurance agent will be able to review your coverage at no cost, saving you time. They do the shopping for you so that you're getting the best deal in town. Connect with a local expert for custom quotes.
What Is Liability Insurance Coverage?
Your South Dakota business will need specific policies to be adequately protected. Liability insurance is a primary piece to having the right insurance for a loss. All liability policies will have the same foundational coverages.
- Liability insurance: Will pay for a lawsuit arising out of bodily injury, property damage, and libel or slander. It can be obtained for business and personal use.
What Is Commercial General Liability Insurance?
In South Dakota, commercial general liability insurance is needed for all businesses. This policy will protect against several types of losses as a business owner. Here are some claims where liability coverage apply.
- A customer slips and falls on your premises
- A building catches on fire
- A product is improperly installed, causing a water loss
What Is Professional Liability Insurance?
If your operation consults on a regular basis, you'll want professional liability insurance. It will provide coverage for a lawsuit out of bad advice or negligence on your part. Some industries where professional liability applies in South Dakota are as follows.
- Real estate agent
- Insurance agent
- Financial adviser
- Business broker
- Business consultant
What Is Employment Practices Liability Insurance Coverage?
Employment practices liability insurance in South Dakota will protect your company from an employee-related lawsuit. A loss can occur at any time and should be considered if you have employees. 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.
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What Is Liability Coverage on Home Insurance?
In South Dakota, homeowners insurance will protect your personal assets and responsibility. Liability insurance is automatically included when you have a policy. Take a look at some instances where liability protection 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 and liability-only refers to your commercial auto policy. Your policy will come standard with the minimum limits of liability required by state law. Anything else needs 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 you can select.
How a South Dakota Independent Agent Can Help
In South Dakota, your commercial insurance coverage can be confusing if you're not a trained adviser. Since there are so many options, it can be hard to know what applies to your business. Liability insurance is necessary for all commercial operations.
An independent insurance agent can help you find a policy that fits your budget. They review your coverages for sufficiency and accuracy. Connect with a local expert on TrustedChoice.com to begin today.