Commercial Insurance Guide for Columbia, SC Small Business Owners

Starting your own business is a fantastic way to make money while forging your own path in the world with your skills and talents. It’s not without its risks, though, which is why most businesses elect to buy commercial insurance to cover those vulnerabilities. If you’re thinking about opening your doors to commerce, you will have to decide what types of coverage you will need.

You will need insurance that covers both your business’s property and your business’s liability.

Property coverage is for the physical assets that your company owns or has in its possession through the course of doing business. The policy will list the causes of damage that are covered by it, including examples like fire and theft.

Liability coverage is for damage that your business causes to others while doing business, such as a restaurant serving the wrong order to a customer and causing an allergic reaction. In Columbia, SC, and the rest of the state, you have some legal obligation to purchase liability insurance depending on your business’s operations. While not required if you’re starting on a one-person venture, workers’ compensation is a required form of liability insurance once you employ multiple people who might get injured while working for you. If your company uses automobiles as part of the job, commercial auto insurance is mandatory.

Most providers offer a packaged policy that has both property coverage and liability coverage included with covered perils that work for a wide variety of businesses. Like personal insurance, the particulars of your business will influence your premium, deductible, liability limits, and other factors in any policy.

To get more information about commercial insurance, call or email us at Higgins & Halloran.

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Starting your own business is a fantastic way to make money while forging your own path in the world with your skills and talents. It’s not without its risks, though, which is why most businesses elect to buy commercial insurance to cover those vulnerabilities. If you’re thinking about opening your doors to commerce, you will have to decide what types of coverage you will need.

You will need insurance that covers both your business’s property and your business’s liability.

Property coverage is for the physical assets that your company owns or has in its possession through the course of doing business. The policy will list the causes of damage that are covered by it, including examples like fire and theft.

Liability coverage is for damage that your business causes to others while doing business, such as a restaurant serving the wrong order to a customer and causing an allergic reaction. In Columbia, SC, and the rest of the state, you have some legal obligation to purchase liability insurance depending on your business’s operations. While not required if you’re starting on a one-person venture, workers’ compensation is a required form of liability insurance once you employ multiple people who might get injured while working for you. If your company uses automobiles as part of the job, commercial auto insurance is mandatory.

Most providers offer a packaged policy that has both property coverage and liability coverage included with covered perils that work for a wide variety of businesses. Like personal insurance, the particulars of your business will influence your premium, deductible, liability limits, and other factors in any policy.

To get more information about commercial insurance, call or email us at Higgins & Halloran.