Insurance must be a part of every well designed business asset risk management plan. A wide variety of types of insurance are available to South Carolina business owners. A brief overview of business related policies is below. For more information, contact an insurance agent experienced in business insurance matters.
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You may want to determine if your business needs property damage insurance. Property damage insurance covers damage to your business property. If your business has real property or valuable equipment you should contact an insurance agent to discuss a policy that suits your needs.
Determining if your business needs commercial liability insurance may be beneficial to your business. Commercial liability insurance covers liability for injury to persons or property caused by the company or its employees. Talking with an insurance agent experienced in commercial insurance can help you determine the insurance needs of your business
You may want to determine if your company needs products liability insurance. Products liability insurance covers liability for injuries caused by the company’s products. If your company manufacturers, distributes, or sells goods destined for consumer use you may be liable for injuries to persons or property caused by defective products. Contacting an insurance agent that is experienced in this type of insurance can help you determine what insurance is required to adequately protect you and your business.
If you use a personal vehicle for business purposes, you might consider confirming with your insurance agent that it is covered during such use. While automobile insurance policies cover drivers going to and coming from work, some do not cover the vehicle for business purposes themselves.
Almost all business owners would agree that shutting down the office or interruptions with the ability to do business for even a couple of days can be a financial setback. Business interruption insurance covers expenses incurred if the business is interrupted by fire or other events. Such interruptions result in lost profits for the business and lost wages for employees. You may wisk to contact an experienced commercial insurance agent and discussing this type of policy is recommended.
The death of a vital employee is heartbreaking to a company’s personnel and can leave a productivity gap. Key person life insurance is a life insurance policy payable on the death of a key employee. Any company with managers, employees, and corporate officers that are vital to the life of the company should consider contacting an insurance agent to discuss this type of insurance
You should consider determining if your business needs Director’s & Officer’s Liability Insurance (D&O). D&O insurance indemnifies officers and directors of the company for liability incurred while acting on behalf of the company. In order to prevent a vital player on your company’s team from becoming personally liable for the company decisions, you should consider consulting with an experienced commercial insurance agent to learn more about this type of coverage.
Although increasingly expensive to do so, most businesses today provide some form of medical insurance for their employees. Providing health insurance benefits to employees is of benefit to both employees and the business. Health & Medical Insurance covers various health and medical needs for employees and their dependents. In the event that an employee becomes ill or injured, the loss of productivity can be compounded if that employee is unable to make ends meet as the result medical costs. Today there are a variety of options available to small and medium sized businesses. Contacting a reputable insurance company to see if there is an affordable plan to meet your needs may be advisable.
Every business must understand its obligations with regard to Workers Compensation Insurance. South Carolina requires businesses with four or more employees (not including any self-employed individuals who are not technically employees) to obtain Workers Compensation Insurance. Workers Compensation Insurance covers employees for work-related matters. As a “no fault” type of insurance, it indemnifies the employer from financial liability for injuries incurred on the job. If your have four or more employees and do not carry this type of insurance, you should contact an insurance company that offers this type of coverage.
Employment practices liability insurance covers various lawsuits brought by employees, such as for sexual harassment and wrongful termination. Regrettably, sometimes employment experiences end in a law suit. Indeed, federal statistics show that an employer is more likely to be sued by an employee than a third party. Being unprepared for this type of eventuality can be disastrous for a business. Contact an insurance agent experienced in these matters for more information.
If your company utilizes a website to reach the general public or carry on transactions, you may want to consider Website Insurance. Website Insurance covers various claims associated with the company’s Website. Many insurance companies are now offering this new type of insurance. You may want to contact and insurance agent to determine if you can benefit from this coverage.
If your company provides professional services to the public, you may need to determine if Errors and Omissions Insurance can protect you from liability. Errors & Omissions Insurance covers claims for malpractice or errors and omissions in rendering services. Contacting an experienced insurance agent can help you determine if you need to carry this type of coverage.
Unfortunately, nefarious characters can target a company’s assets in a variety of ways. Internet theft of corporate credit card accounts or the theft of computers and other valuable equipment are both troublesome and costly to the company. Crime Coverage Insurance covers thefts and disappearances of company assets. Contacting an insurance agent experienced in commercial insurance and discussing applicable policies can help you determine the best way to protect your business against such possibilities
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IMPORTANT DISCLAIMER: This checklist (in whole or part) is not an exhaustive list of legal issues applicable to any business. Its purpose is strictly educational. It is not intended to be construed as legal advice, or a substitute for legal advice, and should not be relied on without consulting a licensed attorney competent in business matters. The federal, state, and local laws and regulations on which this information was originally created are subject to change without notice. No warranty, whether express or implied, is made as to the frequency or timeliness of any corrections or updates to the information provided herein.
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