When starting a new business or entering into a new venture, one of the most important aspects to consider is business insurance. Good business insurance will help protect your business and employees in times of need. Business insurance is vital for every entrepreneur, especially since businesses are vulnerable to several kinds of risks and losses. However, figuring out the right kind of coverage can be a challenge if you have no experience with it. To help you find the right cover, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in South Carolina?
Business insurance requirements are different depending on the type of business you run. South Carolina requires that most businesses carry workers’ compensation insurance, but there are exceptions based on business type and the number of employees.
South Carolina law requires most businesses to maintain workers’ compensation insurance for their employees, although there are some exceptions. In addition, every business owner in the state has the option to purchase liability insurance to protect their business from lawsuits brought by third parties.
What are the types of business insurance in South Carolina?
Here are some of the most common types of commercial insurance policies and what they don’t cover:
General liability
General liability insurance covers your business against property damage or bodily injury claims. This could mean a customer slips and falls on your premises, or someone is injured by one of your products.
It won’t cover any medical bills if you’re injured while working. It also doesn’t cover damage to your property or lawsuits from employees.
Workers compensation
Workers’ compensation insurance covers the medical bills if your employees are hurt on the job. It also pays their lost wages if they can’t work for some time.
Unlike general liability coverage, workers’ compensation doesn’t cover you against lawsuits from employees or anything else that might happen to them outside of work.
Professional liability
Professional liability insurance covers you against lawsuits from clients who claim your professional services caused them harm. If you’re an accountant and make a mistake in a client’s taxes that costs them money, for example, professional liability insurance would cover you against a lawsuit.
It won’t cover mistakes made by someone other than yourself — so if an employee makes a mistake, they’d be personally liable.
Business interruption
Suppose your business is forced to suspend operations due to a covered loss, such as a fire or flood. In that case, Business Interruption insurance can cover income you would have earned and operating expenses you would have incurred during that period of suspension. It also covers the cost of temporarily relocating your business while repairs are being made.
Business interruption policies do not cover losses due to something that doesn’t physically damage the property, like a virus outbreak that shuts down a business altogether. Even if there is physical damage, say, someone breaks into your office and steals computers, there would be nothing to rebuild if everyone was already working remotely because of the coronavirus shutdowns.
Commercial Auto insurance
Whether your business operates one vehicle or a fleet, Commercial Auto insurance can help protect it from losses due to accidents and other covered events. It can cover the damage to your vehicles and the medical expenses of third parties injured in accidents that you or your employees cause.
The following items usually are not covered by Commercial Auto insurance:
Employment-related practices liability. This covers discrimination and sexual harassment, but only if they occur in a business setting.
Criminal acts. If your employee commits a crime, you may be held liable for the damage — but that’s not auto insurance.
How much does business insurance cost in South Carolina?
Every business is different, but here are some of the most common factors that influence how much your premiums will cost:
Company size: The number of employees you have will affect your premium. The more employees, the higher the risk. Premiums can also increase if you have many employees who work in high-risk industries, such as roofing, scaffolding, or electrical work.
Your business location: Insurance companies look at the risks involved in the area in which your business is located. If your business is in an area prone to natural disasters, like earthquakes or floods, or has high crime rates, insurance companies will likely charge more for their policies. Businesses that operate in rural areas with lower crime rates and fewer natural disasters might pay less for insurance.
Claims history: Insurers look at your claims history to assess how likely you’ll claim in the future. If you’ve made several claims over a short period, they may reduce cover or not offer cover at all. This is why it’s important only to make claims when necessary and avoid making small claims unless your insurance policy covers them.
Coverage limits: also known as policy limits, refer to the maximum amount of money your insurance company will pay to repair or replace any items you’ve lost in an incident. You should purchase a business insurance policy with unlimited coverage limits if possible.
Business Activities: Companies in specific industries face different risks than others. For example, if your company has a lot of heavy machinery or works with hazardous chemicals, your costs might be higher than a company that doesn’t.
How to choose the best business insurance in South CarolinaÂ
To help, here are some tips on how to choose the best business insurance and stay protected:
Consider how much coverage you need: When comparing insurance policies, make sure you’re comparing policies that offer similar levels of coverage. It’s okay if the coverages aren’t the same, but you should have a good idea of what your business needs.
Check on your local laws: Some business insurance policies are required by law. Workers’ compensation and unemployment insurance, for example, are state-mandated in most states. Make sure any policy you get meets the minimum requirements in your state.
Shop Around: An excellent way to find the best price for business insurance is by comparing quotes from multiple companies. However, keep in mind that price is just one factor when choosing an insurer; it’s also crucial that you find a company that can provide the type and amount of coverage right for your small business.
Experience: Find out how long your insurance company has been in operation. This will give you an idea of their level of expertise. It’s also a good idea to research reviews from other businesses and customers as this will give you an idea of what you can expect when you sign up.
Know what’s included and excluded: It is essential to understand what is covered under your policy and what is not. These details can make all the difference when it comes time to make a claim, so take the time to read through your policy to ensure you know exactly what is covered by your policy. It could mean everything in the event of an emergency or crisis.
