The Top 5 Most Important Coverages for Any Small Business

Small businesses are the lifeblood of the American economy, yet they often operate on razor-thin margins. This means that a small mistake can often have devastating consequences. That’s why it’s so important for small business owners to ensure they have the right insurance coverage. While there is no one-size-fits-all solution, some types of coverage are essential for any small business. Higgins & Halloran in Columbia, SC provides you with the top five:

The Top 5 Most Important Coverages for Any Small Business

1. Product liability insurance: If you sell products, you could be held liable if someone is injured by one of your products. Product liability insurance can help protect you from these kinds of lawsuits.

2. Property insurance: This covers the physical assets of your business, including your office or store, as well as any equipment or inventory. If your property is damaged or destroyed, property insurance can help you cover the cost of repairs or replacement.

3. Liability insurance: This covers you if someone sues you for damages, whether it’s due to an injury they sustained on your property or because of something you said or did. If you’re found liable, liability insurance can help cover the cost of the damages.

4. Business interruption insurance: This reimburses you for lost income and expenses if your business has to be temporarily shut down due to a covered event, such as a fire or natural disaster.

5. Workers’ compensation insurance: This is required in most states if you have employees. It covers medical expenses and lost wages for employees who are injured or become ill as a result of their job.

Bonus

Professional liability insurance: If you provide professional services, you could be held liable if someone is harmed as a result of your work. Professional liability insurance can help protect you from these kinds of lawsuits.

Get Business Insurance in Columbia, SC

If you’re a small business owner, it’s essential to have the right insurance coverage in place. Higgins & Halloran can help you find the right policy for your business. Contact us today to get a quote.

 

Read More

Small businesses are the lifeblood of the American economy, yet they often operate on razor-thin margins. This means that a small mistake can often have devastating consequences. That’s why it’s so important for small business owners to ensure they have the right insurance coverage. While there is no one-size-fits-all solution, some types of coverage are essential for any small business. Higgins & Halloran in Columbia, SC provides you with the top five:

The Top 5 Most Important Coverages for Any Small Business

1. Product liability insurance: If you sell products, you could be held liable if someone is injured by one of your products. Product liability insurance can help protect you from these kinds of lawsuits.

2. Property insurance: This covers the physical assets of your business, including your office or store, as well as any equipment or inventory. If your property is damaged or destroyed, property insurance can help you cover the cost of repairs or replacement.

3. Liability insurance: This covers you if someone sues you for damages, whether it’s due to an injury they sustained on your property or because of something you said or did. If you’re found liable, liability insurance can help cover the cost of the damages.

4. Business interruption insurance: This reimburses you for lost income and expenses if your business has to be temporarily shut down due to a covered event, such as a fire or natural disaster.

5. Workers’ compensation insurance: This is required in most states if you have employees. It covers medical expenses and lost wages for employees who are injured or become ill as a result of their job.

Bonus

Professional liability insurance: If you provide professional services, you could be held liable if someone is harmed as a result of your work. Professional liability insurance can help protect you from these kinds of lawsuits.

Get Business Insurance in Columbia, SC

If you’re a small business owner, it’s essential to have the right insurance coverage in place. Higgins & Halloran can help you find the right policy for your business. Contact us today to get a quote.

 

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.

Read More

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.

What Liabilities Are Covered Under South Carolina Commercial Insurance?

When you own or operate a business in South Carolina, you need commercial insurance to cover you in the event of risks. There are a lot of different types of South Carolina commercial insurance available. If you are only getting some minimum coverages, the most common kind of commercial insurance to get is liability insurance.

At Higgins & Halloran, we help Columbia, SC business owners and operators to design the commercial insurance policy that they need. We want you to know what liabilities you could face as a business owner, and we want you to be covered through them.

Bodily Injury 

A bodily injury claim will occur when a third party sustains an injury on your property.  This could be a slip and fall, an accident, or any problem that results in a medical cost or claim to a customer or third party. Bodily injury coverage will cover medical expenses and sometimes lost wages to those that sustain an accident on your commercial property.

Property Damage Liability

Property damage liability is a liability that occurs when something you or someone at your business does, damages another person’s property. You might for example have an accident that damages someone else’s car while you are working, or damage occurs to another business unit in your building because of something that you did. This coverage on your commercial insurance policy could save you thousands in expenses after an accident.

Product Liability Coverage

If you provide a product or service to somebody and your product creates an accident or damage to their lives or business, you would be held liable. If you have product liability insurance, you would be covered for those expenses and losses.

These damages could be considerable. If you provide a product, and it breaks on someone while they are driving, while they are holding a hot beverage, as they are walking upstairs, the costs will be high.

If there is any chance that you could have this problem, get liability coverage.

Get a Quote

When you run a business in South Carolina, there are an infinite number of liabilities that could occur. At Higgins & Halloran, we want Columbia, SC business owners to be covered for every liability. Call us today for a quote, and we’ll help you review your policy today.

Read More

When you own or operate a business in South Carolina, you need commercial insurance to cover you in the event of risks. There are a lot of different types of South Carolina commercial insurance available. If you are only getting some minimum coverages, the most common kind of commercial insurance to get is liability insurance.

At Higgins & Halloran, we help Columbia, SC business owners and operators to design the commercial insurance policy that they need. We want you to know what liabilities you could face as a business owner, and we want you to be covered through them.

Bodily Injury 

A bodily injury claim will occur when a third party sustains an injury on your property.  This could be a slip and fall, an accident, or any problem that results in a medical cost or claim to a customer or third party. Bodily injury coverage will cover medical expenses and sometimes lost wages to those that sustain an accident on your commercial property.

Property Damage Liability

Property damage liability is a liability that occurs when something you or someone at your business does, damages another person’s property. You might for example have an accident that damages someone else’s car while you are working, or damage occurs to another business unit in your building because of something that you did. This coverage on your commercial insurance policy could save you thousands in expenses after an accident.

Product Liability Coverage

If you provide a product or service to somebody and your product creates an accident or damage to their lives or business, you would be held liable. If you have product liability insurance, you would be covered for those expenses and losses.

These damages could be considerable. If you provide a product, and it breaks on someone while they are driving, while they are holding a hot beverage, as they are walking upstairs, the costs will be high.

If there is any chance that you could have this problem, get liability coverage.

Get a Quote

When you run a business in South Carolina, there are an infinite number of liabilities that could occur. At Higgins & Halloran, we want Columbia, SC business owners to be covered for every liability. Call us today for a quote, and we’ll help you review your policy today.