Starting a business is a dream come true for many. However, doing so comes with risks. Some of the risks, like competition from savvy competitors, may be unavoidable. You may be able to protect your financial assets from certain risks like severe weather events and criminal activity. If you’re starting a business, set it up for success by getting in touch with South Carolina Federal Insurance Solutions to help you explore commercial insurance options to mitigate your risks.

Entrepreneurs need to generate healthy revenue streams and monitor cashflows. Many businesses fail because of cash flow issues. It’s smart to have emergency funds that can cover unexpected repairs to malfunctioning equipment and vehicles used for your business to get them back in working condition quickly.

Mitigating Risks with Commercial Insurance

Commercial insurance plans can cover many different things. When selecting commercial insurance plans, it’s important to closely study the policy as coverage can vary from plan to plan. Commercial insurance plans can provide coverage to help pay for property or equipment damaged by a storm or if a customer is injured at your place of business. Commercial insurance plans can cover losses as a result of stolen cash receipts, equipment, inventory, and electronic data too.

Of course, individual businesses may have varying needs. It’s wise to closely consider the biggest risks to your business and then select commercial insurance policies that will mitigate those risks.

We Are Here To Help

The experienced insurance advisors at Insurance Solutions can explain coverages, limits, deductibles, and exclusions and help you select the insurance option that best mitigates the risks for your business. Call us toll-free today at (833) 359-0725.

When you own a South Carolina business, it’s important to know which types of commercial insurance may be required for you. There are two types that may be required for your business, so you need to understand each of them. There are also many commercial policies that aren’t required but are very helpful to businesses. If you need any type of commercial insurance, call us at SCF Solutions in Charleston, SC to find out more.

Required Commercial Insurance 

Workers’ Compensation Insurance

If a business in South Carolina has at least four employees, they are required to have this type of insurance. This is the case whether the employees are part-time or full-time. Workers’ compensation insurance pays for the bills that result from someone getting injured on the job or contracting a work-related illness. With this insurance, the medical bills from the injury or illness are covered, but it also pays a number of other costs. It can give disability benefits to the injured worker as well as pay your legal fees related to the case. 

Commercial Auto Insurance

When your South Carolina business owns a vehicle of any kind, that vehicle has to be covered by a commercial auto policy. This policy will cover the bills relating to accidents that your vehicle gets into. However, it’s only liability coverage that is required. If you want damage to your own vehicle covered, you need to get collision coverage. The required auto insurance coverage requires an amount of bodily injury liability for each person injured. It’s also required to have another amount of coverage for all of the injury liability from the accident. There is also a property damage liability amount required. If your business is a trucking company, there will be additional types of insurance that you need for your vehicles. 

Call Us Today

To get your commercial insurance, call us at SCF Solutions in Charleston, SC.

Commercial insurance can mean the difference between your business thriving and closing. So many risks are out there threatening to damage your business. At South Carolina Federal Insurance Solutions, we try to understand your business and the risks that you face. We can recommend coverages for you to select for better protection.

Common Commercial Coverages:

Workers compensation insurance

Workers compensation insurance is required for all employers who have at least 4 employees. Full-time, part-time workers, and family members are also counted.

Commercial liability insurance

Getting sued is one of the biggest fears that business-owners face. It can not only cause a lot of distress, but it can empty your bank account and even put you in debt. Depending on the policy coverages and limits, a Commercial General Liability (CGL) policy can offer your business protection from financial loss should you be found liable for non-professional negligent acts. In most cases, this insurance will cover your legal defense expenses too.

Commercial umbrella insurance

Depending on your type of business, you may want to add an extra layer of liability protection with a commercial umbrella policy. This insurance complements your other liability coverages by taking over when the limits of your primary policy have been reached.

Commercial property insurance

Commercial property insurance protects not only the building that houses your business but other physical assets used to support your daily business operations. This is the content of your business. Depending on the type of business that you have, it can include things like office equipment, furniture, fixtures, and inventory. The quicker you get these things replaced after an unexpected loss, the quicker you can get your business back up and running.

Get Commercial Coverage Today

Contact Insurance Solutions in the Lowcountry, Midlands, and Upstate regions of South Carolina for help with all of your commercial insurance needs.