Being a business owner is stressful. Times are tough and the risks to your business can keep you up at night. Commercial insurance is designed to help mitigate some of the risks you face. Sitting down with your independent insurance advisor to discuss your business concerns can help. At Insurance Solutions we make it our business to get to know you and your business. With that knowledge, we can let you know about available types of commercial insurance so that you can make a selections that meets the needs of your particular business.
We can make sure you have the correct mandated by the state at a minimum. South Carolina has two requirements for businesses: commercial auto and workers’ compensation insurance.
Commercial auto insurance
If your business owns any vehicles, you need to carry commercial auto insurance. The minimum requirement is 25/50/25 in liability coverage. Liability protects other people from you and your vehicle in the event of an accident where your vehicle is at fault. The coverage means $25,000 for one person injured in an accident with the total payout for the accident of $50,000. An additional $25,000 is allowed for damage to property/other vehicles. Needless to say, those limits are insufficient for many accidents. Our advisors can help you select affordable coverage limits that better protect your business.
If you use your personal vehicle in your business, particularly if you have signage on it, we strongly recommend commercial auto insurance to avoid possible coverage gaps in your personal auto policy. Frequently, we can find a cost-effective commercial option that serves to better protect you and your business.
Workers’ compensation
In South Carolina, you must carry workers’ compensation insurance if you have at least 4 employees. They can be full or part-time, seasonal, adults and minors. If you don’t have workers’ compensation insurance it does not take away your obligation as an employer to pay for work injuries and the reality is, it is probably financially advantageous to have insurance to pay for the medical bills and possible lost time.
While these two types of commercial insurance are required, having other types of commercial insurance makes sense. Commercial property insurance protects your building, inventory machinery, and more. Commercial liability insurance protects you from legal actions that may be taken against you.
Contact Insurance Solutions toll-free at (833) 359-0725 and let us review your current insurance policies. We can advise you of insurance coverage options to help you determine which meets your needs.
