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All businesses face risks, but small businesses, which comprise about 99% of all businesses, are at even more risk. As much as 45% of small businesses won’t survive for 5 years. That is daunting, to say the least, but you don’t have to be one of those businesses. Commercial insurance can help protect your business from many of the bad things that can threaten it. At South Carolina Federal Insurance Solutions, we will find and explain the available insurance options for your business.

If you have commercial property insurance and your business is damaged by a covered peril, you will be able to rebuild. Even if you just rent, it will help you to replace or repair all the things you need to do business. Depending on the type of business you have, it could be machinery, inventory, raw materials, tools, office furniture, electronics, and more. Without insurance, you would have to close your doors, maybe forever.

If you have commercial liability insurance, you will be able to survive legal action against you. One in three small businesses is involved in legal action every year, which makes your chance of being sued pretty good. It can bankrupt your business to have to pay a settlement and legal fees if you don’t have insurance.

Commercial business interruption insurance means the difference between being able to pay your bills and not being able to pay if your business has to close temporarily for a covered reason. It can help to pay rent and utilities, employee salaries, and even your salary. Without this important insurance, you might have to close your doors forever.

Workers Compensation coverage can pay medical bills and lost wages for an injured employee. While the state of S.C. does not require Workers Compensation coverage until you have four employees (which can include volunteers and uninsured sub-contractors), your liability for their injuries on the job begins the date of their first hire.

Cyber liability insurance can protect your business from data breaches and other cyber security issues with a number of coverage options. It can cover costs from business disruption, lost revenue, legal fees, forensic analysis, public relations, and mandated notification expenses.

Contact Insurance Solutions to discuss what commercial insurance products will work best for you. Give us a call or stop by one of our offices in Charleston, Columbia, or Seneca for a no-obligation quote.

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.