South Carolina provides a variety of small business opportunities throughout its fine state. South Carolina, nicknamed the “Palmetto State” due to its official state tree, the Sabal Palmetto, is home to three Fortune 500 companies including Domtar and Scana. One of South Carolina’s leading industries is product manufacturing as the state has many large textile and other mills throughout its state, which produce abundant asbestos, pulp, steel, wood, chemicals, machinery, and apparel prduct. Tourism is also a big industry in the state, where visitors enjoy the sandy beaches, many of which are unspoiled. The resorts, attractions, scenery, and large number of golf courses in Hilton Head, Myrtle beach, and other low country areas of the state enable many a small business in South Carolina to be extremely successful. So here’s the lowdown of both standard and supplementary business insurance in South Carolina.
Standard Business Insurance Coverages in South Carolina
Business Owners Insurance in South Carolina is an insurance policy held by an organization, also known as a BOP. It is a comprehensive small business insurance package that offers various types of liability coverages in a single package. A BOP integrates two basic coverages in a single policy: property insurance and general liability. The insurance coverage for business professionals’ transfers risk away from the owner of the business to the insurance company by offering security for various kinds of liability, such as buildings, equipment, and legal liability. Typical indemnity claims that business owners insurance coverage safeguards you from are: income loss, specialized liability claims, important papers, equipment collapse, fire, employee corruption, money and securities, and property claims. Additional components for the South Carolina-based entity may be supplemented from the original BOP coverage depending on the probable risks of the organization.
General liability insurance in South Carolina is formulated to offer superior protection for small business leaders from financial burdens that can surface from careless acts, omissions, or both, caused by the company or their workers that may result in physical injury or property damage. Some types of exposures generally covered under general liability insurance are contractual liabilities, liabilities from merchandise sold, and accidents on the premises of the organization. The injury or damage might be from inattention or not deliberate. General liability insurance for companies in the Palmetto State may be a sole policy or can be part of joint policies.
A package policy is a unique type of insurance policy for a business executive that includes two or more different kinds of insurance into one insurance policy, also called a package. A common package policy in the deep south of South Carolina will combine general liability insurance (chronicled above) and commercial property (chronicled below); although a package policy may be designed to include virtually any type of coverage, depending on the desires of the business. A package policy is helpful to a small business owner as it allows then a good deal of flexibility to get a policy mostly for the distinguishing needs and risk exposures of the business.
Commercial Property Insurance in South Carolina is accessible protection coverage for a variety of commercial property– whether hotel, restaurant, retail store, or office building — in the state of South Carolina, and includes, important papers, building, materials, gear, furniture, inventory, and personal property. Commercial property insurance provides protection against various types of perils, including windstorm, hail, explosion, fire, theft, wreckage, natural disasters, and lightning strikes. A number of industries may benefit from this sort of insurance, including hospitality businesses, retailers, not-for-profit entities, manufacturers, tourist shops, and service-oriented organizations.
Any company that has employees working for them, will need workers’ compensation insurance to offer coverage against employee occupational injuries or work-related illnesses. Workers’ compensation insurance in South Carolina is a no-fault, state-mandated insurance structure that offers benefits to employees who incurred injuries or an illness while working. Because the state of South Carolina has a requirement for any enterprise with employees to carry workers’ compensation, business owners may be subjected to fines and civil penalties if they fail to carry it, and might even cause the company to be liable for the cost of injuries received by their employees. By having workers’ compensation insurance in South Carolina, workers benefit from medical care and lost pay coverage with the guarantee that they will not sue the company as a result of the injury or illness.
In the state of South Carolina, any company that owns and operates at least one vehicle should be protected by commercial auto insurance. Commercial auto insurance in South Carolina offers financial protection to business executives and their staff by providing coverage for a company’s use of vehicles such as trucks, vans, and cars. Commercial auto insurance provides protection against damages and medical costs that result from vehicle accidents, as well as vandalism and damage from hail storms and similar natural disasters. Coverage for South Carolinian organizations include a variety of vehicles whether they are rented, owned, leased, or hired by the company, along with vehicles owned by the workers and used for work-related duties. For this latter reason, it’s recommended that businesses acquire a commercial auto insurance policy if employees use their own vehicle for deliveries, picking up supplies, or other business-related duties; this is referred to as non-owned commercial auto insurance.
Commercial umbrella insurance in South Carolina fills the gap where your primary liability insurance and your commercial auto insurance or other liability insurance stops. Your enterprise will benefit from umbrella insurance as a result of the coverage limits of your existing liability policies, and because they may not cover all expenses if a regrettable or unanticipated event occurs. Commercial umbrella insurance in South Carolina is a fundamental resource that fills in the gaps in your primary business liability coverage. Umbrella insurance is an excellent way to have extra protection for property damage, bodily damage, or other types of liabilities.
Some Additional Business Insurance Coverages in South Carolina to Consider
Errors and Omissions insurance policies offer South Carolina employers and their employees protection against lawsuits and claims completed by clients or customers for neglectful duties, negligent acts, errors, and oversights made through business operations that resulted in a loss of salary or work on the part of the customer or client. Errors and Omissions insurance in the deep south of South Carolina covers legal defense and court costs, along with settlements which is specified on the insurance contract. Oncologists practitioners often require malpractice insurance, so small business owners that offer services or consulting advice, either directly or with subcontractors, should consider errors and omissions insurance.
Professional liability insurance in South Carolina provides additional protection for professionals, such as financial analysts, auditors, and general contractors, from having to pay the total legal cost of defending against a claim of negligence, error, failure to perform, or omission made by a client as well as damages owed in that claim. The coverage’s main focus is on the financial loss on the part of the client from this type of supposed claim with respect to a product or service provided. Professional liability insurance may provide claim coverage, even if the legal actions turn out to be unsubstantiated. Professional liability insurance in the state of South Carolina is required by law in various types of professional practices, including medical and legal, but is also required by contract in other industries.
Employment Practices Liability Insurance in South Carolina, also known as EPLI, provides small business owners with security against accusations of discrimination, wrongful termination, sexual harassment, breach of contract, pay law violations, false imprisonment, emotional anguish, libel, slander, mental torment, neglectful hiring and promotion decisions, and offensive claims. Employment practices liability insurance is based on the laws, acts, and protection from Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act — which are all enforced by the Equal Opportunity Employment Commission (EEOC).
Fidelity Bonds in South Carolina
Fidelity bonds in South Carolina are a detailed type of insurance offered to small companies in order to protect against losses, like fraud, embezzlement, or thievery by one or more workers. Since reimbursement from employee deceitful practices is typically not available due to the cash already being spent, fidelity bonds are an important type of security for a small business owner who would otherwise have to suffer these monetary burdens. Even if your business has extra security against these kinds of acts such as employee screening, internal controls, and careful supervision, it doesn’t always prevent it. Losses suffered from worker thefts of money, property, or securities are all covered under fidelity bonds insurance in the southern state of South Carolina. There are three chief types of fidelity bonds including business service bonds, standard employee dishonesty bonds, and ERISA bonds.
Surety Bonds in South Carolina
A surety bond is an important agreement or contract shared between three parties: the principal, obligee, and surety (insurance company). It signifies the guarantee they will pay a specified total if a party fails to meet an obligation, like fulfilling the terms of the contract. A surety bond protects the receiver from financial burden if the contract is not fulfilled, while the surety company takes on the liability for nonperformance. A surety bond is usually required for financial compensation. Owners of enterprises in the Palmetto State may require a surety bond to guarantee payment of utility bills or state sales taxes, while a contractor may need to post a bond to secure work or be eligible for licenses. While surety bonds in South Carolina are more commonly used in the construction industry, surety bonds are also used by mortgage brokers, medical suppliers, motorcycle dealerships, workout facilities, notary publics, and others. Since many small businesses need and make use of bonds, a wide array of types and features of surety bonds in the state offer a range of guarantees.
Your small business in South Carolina, whether it is an electrical company in Columbia, a fabric store in Charleston, or an independent restaurant in Myrtle Beach, should be protected with every resource available. If you are operating a business in the state of South Carolina you are in luck because you have a wide variety of insurance options. Go beyond the standard business insurance coverage and purchase additional policies for the best possible safeguard to protect your business and its assets. Risk exposures like fire, theft, employee fraudulent activity, extreme weather conditions, accidents and perils can be covered with a range of business insurance policies.