Once reputed as the “Textile Capital of the World,” Greenville has long thrived as an Upstate economic hub. While developers have reimagined the now-abandoned textile mills as trendy condos and quirky office buildings, take one look at Greenville’s downtown, and there’s no doubt the local economy is still thriving. In the 1970s, mayor Max Heller started the work of revitalizing Greenville’s city center, turning it into an attractive space with tree-lined streets, wide sidewalks, and beautiful park spaces. Today, his legacy continues. Walk down Main Street, and you’ll find a flourishing city center teeming with local restaurants, shops, and small businesses.
Even though Greenville is a great place to do business, it doesn’t diminish the challenges of running your shop. From managing relationships with clients to balancing cash flows to enduring long hours, it takes a lot of hard work to keep your small business going. And even if you plan for everything, an unanticipated hurdle like a lawsuit or a natural disaster could wipe your business out in one fell swoop. Whether you own a beauty shop or law firm, it’s essential to protect the company you’ve work so hard to build with a small business insurance policy.
SC Small Business Insurance Requirements
Workers’ Compensation Insurance
By law, South Carolina business owners with four or more part- or full-time employees are required to carry workers’ compensation insurance. This insurance provides coverage in the event that an employee is hurt on the job. Even if you have fewer than four employees, you may want to consider purchasing a workers’ comp policy to protect yourself from potential litigation.
Commercial Vehicle Insurance
Vehicles registered in the state of South Carolina must carry minimum liability and uninsured motorist coverage in the following amounts:
- $25,000 bodily injury coverage per person
- $50,000 bodily injury coverage per accident
- $25,000 property damage
When purchasing a commercial auto policy, you may also want to consider buying underinsured motorist coverage, comprehensive and collision coverage, and medical payments coverage for more comprehensive protection.
Additional Types of Business Insurance Policies in South Carolina
In addition to the insurance required by law, you may want to consider other insurance coverage to protect your personal and business assets. These are the most common types of insurance purchased by Greenville small businesses:
- Commercial General Liability Insurance: General liability insurance protects your small business from multiple claims of injury or damage including bodily injury, personal injury, and property damage. Commercial liability insurance covers the cost of your defense and the resulting settlement (except for punitive damages).
- Product Liability Insurance: An essential coverage for businesses that manufacture, distribute, or sell products, product liability insurance protects your business from bodily injury and property damage claims that arise from the use of your product.
- Professional Liability/Malpractice Insurance: Also referred to as errors and omissions insurance, professional liability insurance protects professionals from claims of negligence not covered by a general liability policy. Professionals that most commonly purchase this type of insurance include doctors, lawyers, consultants, contractors, and other service providers.
- Commercial Property Insurance: Whether you rent office space or own a commercial building, it’s essential to have protection for your business assets. Commercial property insurance policies can be tailored to meet your business’ specific needs, with protection for furniture and equipment, the building and landscaping, inventory, and more.
- Home-Based Business Insurance: Even if run a business from your home, you may need coverage beyond your homeowners’ policy. Consider adding a rider to your current home insurance policy, or purchase a business owners’ policy for additional coverage.
- Business Owner’s Policy (BOP): Frequently purchased by small business owners, a business owner’s policy includes comprehensive coverage for property, business disruptions (loss of income from named events), and general liability protection.
- Commercial Umbrella Insurance: An umbrella policy provides additional coverage when claims exceed the limits of your general liability policy.
Small Business Insurance Greenville SC
At Upside Insurance, we understand the unique needs of small business owners. Whether you have a team of two or a group of fifty, work from your home or rent an office, we can help structure the perfect business policy for you. To get started, fill out the form or give us a call to speak with a licensed agent, and let us make protecting your business from the unknown one less thing you have to worry about.