South Carolina Retailer Insurance
Anyone with a business in South Carolina will be glad to know that the economy of this state has improved immensely in the last few years. Just one example is the fact that in 2010, 65.9 percent of the 7,007 small firms that opened that year remained open in 2012. What’s even better is that in 2013, 81.5 percent of the 7,929 small firms that opened that year remained open in 2014. (Source: BLS, BED). If your business is one of the 37,312 retail firms in this state, you need to get South Carolina retailer insurance. Here’s the coverage you need when you get this type of policy.
South Carolina Retailers Need The Following Insurance
Business Liability Insurance (GL): General liability is a necessity for businesses of all kinds. This is particularly true when you have customers coming to your retail store nearly every day, because you need a way to pay for the medical bills that will occur when someone gets hurt on your business property. You also need a way to pay for repairs when a customer’s personal property is damaged at your store. If you don’t want to have to pay out of pocket when a customer breaks a leg or damages their car going over a pothole in your parking lot, your South Carolina retailer insurance policy needs to include general liability.
Business Personal Property Insurance: If your store is ever damaged by a storm, robbery, or vandalism, you deserve a way to pay for the damages as soon as possible. That’s why you need business personal property insurance. This coverage not only pays to fix broken windows and damaged inventory, but it also pays for expenses like electronic data loss, sewer backup, and equipment breakdown. If you want some peace of mind when the worst happens to your business, having this coverage on your South Carolina retailer insurance policy is a good idea.
Workers Comp Protection: Of the small retail businesses in South Carolina, 10,090 of them have 1 to 499 people working for them. This means all of those businesses need workers compensation, and so does yours if it has any employees. The purpose behind workers compensation is to ensure that the medical bills of your employees are paid for if they are injured at work. When you get workers compensation as part of your South Carolina retailer insurance policy, you can also rest assured that the income your injured employees miss out on will be paid for by your insurance.
Umbrella/Excess Liability: If you have a South Carolina retailer insurance policy with general liability coverage, you can rely on it to pay for repairs or medical treatment after an accident of some kind occurs on your business property. But once your policy’s limits are reached, you will have to pay for the remaining costs on your own. To avoid this scenario, you need excess liability, which will extend your general liability coverage.
Cyber Crime Liability: Several large companies have been in the news after being victims of one or more cyber crimes. If you want to avoid consequences that might affect your business for years to come, make sure your South Carolina retailer insurance policy includes cyber crime liability.