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If you own a small business in the Palmetto State, this information will help you understand South Carolina Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Having sufficient general liability insurance is an important part of any small business plan in South Carolina.
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If you own a small business in the South Carolina , this information will help you understand South Carolina Commercial Liability insurance and protect your business and your personal assets from legal claims and settlements that can spell financial ruin. Whether you work in Columbia, Charleston, Mount Pleasant, Rock Hill, Sumter or anywhere else in the Palmetto State, having sufficient commercial liability coverage is an important part of any small business plan in South Carolina.
A small business is defined as any company with fewer than 500 employees. Small business is vital to South Carolina’s economic well-being, accounting for over 97% of all state employers. Of South Carolina’s 363,918 small businesses in 2008 (the latest data available), 81,063 were small employers, accounting for over 49% of the state’s private-sector jobs. Another 282,855 were sole proprietorships with no employees.
Source: SBA South Carolina Small Business Profile 2011.
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your South Carolina business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Commercial Liability Insurance is not mandatory for businesses operating in South Carolina. South Carolina is a modified comparative fault state. A plaintiff can recover damages only if he or she is no more than 50% at fault and any damages awarded are reduced by the percentage of plaintiff fault. There are no award caps in South Carolina. The statute of limitations for any personal injury for negligent conduct is 3 years, and 2 years for intentional conduct. It is 3 years for product liability. Accidents and lawsuits (legitimate and frivolous) do happen in South Carolina. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your South Carolina small businesses.
Each situation is unique, but as a general guideline, the type of South Carolina business you operate or products you manufacture should determine how much South Carolina commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
South Carolina commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
Mandatory
Optional
South Carolina Department of Insurance
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage.
| Visit: | www.doi.sc.gov. |
| Call: | (803) 737-6160 |
| Write: | South Carolina Department of Insurance P.O. Box 100105, Columbia, SC 29202 |
South Carolina Small Business Administration
The SBA is an independent agency of the federal government created to aid, counsel, assist and protect the interests of small business concerns and maintains a District Office in Columbia. Get the link to the South Carolina SBA at www.sba.gov
National Association of Insurance Commissioners (NAIC)
This is an organization of insurance regulators from the 50 states, District of Columbia and the five U.S. territories. NAIC provides a forum for the development of uniform policies when appropriate. It also offers an online form for filing complaints, reporting suspected insurance fraud and downloading key financial information about insurance carriers at naic.org.
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at www.iii.org.
E-Insure
Get competitive quotes for commercial liability insurance and all your business insurance needs at www.EINSURANCE.com/business-insurance.
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