TUESDAY, MAY 23, 2023
The types of coverage required can vary based on several factors, such as the type and size of a business. For example, commercial auto insurance and workers’ compensation insurance may be required depending on the details of a business’s operations.
The agents at Dixon Blackwood Insurance can help you build a business insurance plan that complies with applicable laws and is appropriate for your company.
Commercial Auto Insurance
Commercial auto insurance is typically legally required if your business owns and operates vehicles. Each state determines its minimum amounts of required commercial auto insurance coverage. However, depending on the size and nature of your business, you may need additional coverage.
Your agent can help you determine how much and what types of commercial auto insurance may be appropriate for your situation.
Workers’ Compensation Insurance
Workers’ compensation coverage may help cover an employee’s medical expenses and provide disability and wage loss benefits if they are injured or become ill due to a work-related accident or incident.
You generally must carry workers’ compensation insurance if you have four or more employees in South Carolina. However, this rule has nuances; before assuming coverage is not required, businesses need to check how the laws apply to their industry. Our agents or a state workers’ compensation authority can provide guidance on this topic.
Other Types of Business Insurance Coverage
In addition to commercial auto and workers’ compensation insurance, your agent may recommend other types of business insurance coverage, including the following:
- Professional liability insurance—If you provide professional services such as accounting or legal services, this coverage may help protect against the financial effects of certain lawsuits alleging errors or omissions in your work.
- General liability insurance—This can provide coverage for claims that your business is responsible for third-party property damage, bodily injury, advertising injury or personal injury.
- Commercial property insurance—This coverage may help pay to repair or replace your company’s property, such as your owned or rented building and equipment, after a covered event like a storm or fire.
- Business income insurance—This coverage may help pay expenses if your business is forced to temporarily close or interrupt its regular business operations after a covered event.
- Cyber liability insurance—As cyber threats become more prevalent, companies may choose to carry cyber liability insurance to cover data breaches and other cyber attacks.
Contact Us
While understanding the types of insurance required by law in South Carolina is crucial, working with an agent who can help your business get appropriate insurance coverage is equally important. Laws and regulations regarding insurance coverage are constantly changing, and it can be difficult for business owners to keep up with the latest requirements.
Contact Dixon Blackwood Insurance today to get personalized quotes for business insurance.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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