Do You Need Small Business Insurance in South Carolina?
South Carolina is more than boiled peanuts and pimento cheese. It’s also not just that the state produces more peaches than Georgia (shhh, we won’t tell). It’s the high volume of small businesses supporting the South Carolina economy with their intrepid dedication. Crucial small business industries in South Carolina include the service industry, construction, real estate, retail, healthcare, transportation, and recreation.
- There are over 445,800 small businesses in South Carolina
- 99.4% of businesses in South Carolina are considered small businesses
- Small businesses employ over 830,000 people in South Carolina
South Carolina has exceeded the national small business employment growth rate since 1994. Hilton Head, Myrtle Beach, and Charleston are havens for visitors and small businesses alike. Just watch out for the Lizard Man! And watch out for being underinsured. Small business owners in South Carolina need to know that the state may require certain types of insurance related to specific professions—and some insurance coverages are required for all businesses. Find out more below!
Required Business Insurance Coverage in South Carolina
Commercial Auto Insurance.
South Carolina small business owners whose businesses own vehicles are required to purchase commercial auto insurance coverage. The state requirement includes minimum coverage for business-owned vehicles of $25,000 in bodily injury per person, $50,000 in bodily injury per accident, and $25,000 in property damage liability. If your car is uninsured, you’ll pay a $550 fee, plus additional fines.
Workers’ Compensation Insurance.
Small businesses in South Carolina with four or more employees must carry workers’ compensation coverage, regardless of whether they are full- or part-time. Exemptions include agriculture and railroad workers and certain real estate agents. A workers’ comp policy covers medical bills for work-related injuries and illnesses and provides partial lost wages. In exchange, employers cannot be sued for medical costs.
Recommended Business Insurance Coverage in South Carolina
Small Business Owner’s Insurance.
South Carolina small business owners can bundle property damage insurance and general liability into one comprehensive Business Owner’s Policy (BOP). You get convenience and lower costs! A BOP typically covers losses and damages related to your business property, customer medical expenses for onsite third-party accidents like a slip and fall, and advertising damage claims.
General Liability Insurance.
General Liability Insurance (GL) can be obtained as a separate minimum coverage if your small business doesn’t need property coverage. If you lease space for your South Carolina business, for example, the property contract may require General Liability Insurance. GL helps ease the financial burden of customer injury and typically covers property damage, slander and libel lawsuits, and other third-party risks.
Professional Liability Insurance.
Professional Liability (also called errors and omissions or E&O) insurance helps cover work mistakes and errors, incomplete work, missed deadlines, and negligence lawsuits. Professional Liability coverage is recommended for the South Carolina small businesses that provide expertise as a service, like accounting, design, and technical services, as it can protect them from related damage claims.
Cyber Liability Insurance.
Cybercrime is a growing concern for all small businesses in South Carolina. Cyber Liability coverage is recommended for small businesses to help manage the results of a cyberattack, including help paying for customer notification and fraud monitoring costs and associated legal fees. Cyber insurance helps companies recover from data breaches, phishing, and other common cyberattacks.
Our Small Business Insurance Company Is Here to Help
- QDoes B2Z offer small business coverage in South Carolina?
- QHow do I get a quote for my small business insurance in South Carolina?A
It’s simple! Click on the Get Your Quote button and answer a few questions.