General Liability Insurance (GLI) is an important type of insurance for businesses in South Carolina. It provides protection from claims of bodily injury, associated medical costs and damage to property arising from a business’s products, services or operations. It also covers damages that may arise from a business’s landlord’s property.
South Carolina state law requires businesses with four or more employees to carry workers’ compensation insurance. This policy covers medical bills for work-related injuries and illnesses, and provides disability benefits to injured South Carolina workers, shielding employers from legal costs for workplace injuries. Commercial auto insurance is required for all business-owned vehicles in South Carolina, covering the cost of accidents involving work vehicles. Additionally, businesses should consider Hired and Non-Owned Auto Insurance to cover personal vehicles driven for work purposes, as personal auto policies usually exclude business use. Cyber liability insurance is recommended for South Carolina businesses that handle credit card numbers and other sensitive data, as the state requires businesses to report security breaches to affected residents.
Common types of businesses in South Carolina that need general liability insurance include contractors, lawn care businesses, trucking companies, and companies that own business-owned vehicles. Contractors often need to carry GLI or surety bonds to perform certain types of work, protecting them from lawsuits related to their work performance. Lawn care businesses require general liability insurance to protect against claims of bodily injury. Trucking companies may need additional coverage to comply with regulations and companies that own business-owned vehicles must get commercial auto insurance.
Umbrella insurance boosts coverage on GLI, commercial auto insurance and employer's liability insurance when the underlying policy reaches its limit, while business income coverage helps replace lost income when a business is unable to operate due to a covered loss, such as damage from a fire, theft, or wind. Businesses should also consider getting a Business Owner’s Policy (BOP) which combines business property insurance and business liability insurance into a single policy.
In conclusion, it is important for businesses in South Carolina to obtain GLI in order to protect themselves from financial losses from unexpected events. They should also consider getting additional insurance coverage depending on their industry, size and needs.