South Carolina Business Insurance

Why Get Business Insurance in South Carolina
The popularity of South Carolina business liability insurance is increasing due to the fact that more and more business owners are examining what business liability insurance in South Carolina can provide to their companies. Any liability issues that may arise against your company will be taken cared of with your South Carolina business liability insurance. For instance, you don’t have to worry about paying out of pocket when faced with medical bills for someone who is injured by one of your employees on the job. Every company should include liability insurance as an important part of its financial and business plans.

Worker’s Compensation in South Carolina
South Carolina’s worker’s compensation law operates in a system known as state-mandated and “no-fault” insurance that pays benefits to workers injured on the job. All employers who have at least 4 or more employees need to obtain worker’s compensation insurance before their employees start their first day of work.

Employers who carry worker’s compensation insurance are protected from civil lawsuits filed by employees over workplace injuries. If employers fail to comply with the requirements of the worker’s compensation act in South Carolina, they are at risk of severe civil penalties and fines. Furthermore, the employer can also be held liable for the costs of any injuries experienced by their employees.

Under the provisions of the South Carolina worker’s compensation law, some types of businesses are exempt from providing worker’s compensation insurance. However, the owners of these businesses are still responsible to provide benefits to any injured workers. They also remain exposed to civil lawsuits brought by employees who are injured while on the job.

Coverage for South Carolina Business Insurance
It is important to keep in mind that insurance policies generally have maximum amounts of coverage available. However, if your business needs more than the set limit, you may opt to obtain an umbrella policy. This means that you are going to spend money for the extra premium to have the additional coverage up to the limits that your company needs to ensure adequate protection.

Basic insurance requirements required by South Carolina state regulations are South Carolina commercial insurance and South Carolina worker’s compensation. However, always keep in mind that two these insurance components may not be sufficient to fully protect all businesses. The packages for a budget-friendly South Carolina business insurance policy can include a combination of the following coverage options:

  • Business Owners’ Policies
  • Worker’s Compensation
  • General Liability Insurance
  • Professional Liability
  • Errors & Omissions
  • Commercial Auto and Property
  • Group Benefits

In order to determine which policy is best for a specific company, careful evaluation of your business risks is needed so that the appropriate coverage options can be added to your South Carolina business insurance policy. Adequate coverage means complete financial protection in the event of loss or damages due to an accident, weather-related event, or other natural disaster. Proper coverage also means having peace of mind. This allows you, as a business owner, to focus your energy and time on the important things- growing your company, meeting your clients’ needs, and taking care of your employees.