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INSURING THE BUSINESS
Before opening the business you should consult with an insurance agent to develop a comprehensive insurance plan.
A basic package may include the following types of protection:
Fire Insurance - covering damage to the premises, equipment, and
inventory caused by fire, explosion, wind, riot, or smoke.
Liability Insurance - safeguarding the business from financial loss due to any claims of
bodily injury or property damage connected with the business.
Crime Coverage - reimbursing for losses resulting from robbery, employee dishonesty,
and vandalism.
Workers' Compensation Insurance - covering employee injuries and loss of pay related to accidents on the job. South Carolina requires all employers who employee four or more full-time or part-time persons to obtain this coverage. (certain exceptions apply)
Fidelity Bonds - placed on employees with access to cash and other assets to guarantee
against financial loss from embezzlement.
Business Interruption Insurance - compensating for revenue lost during halt of
business due to fire, theft, or illness.
Automobile Insurance - covering both physical damages and liability caused by
company owned vehicles.
Employee Health and Life Insurance - furnishing financial benefits to workers and
their dependents in case of illness or death.
"Key Person " Insurance - compensating the business if owners or essential management become disabled or die.
Product Liability - protecting the business against claims regarding faulty merchandise.
You should determine which types of insurance are needed for your business and shop around to
determine the coverage available and applicable rates.
If you feel you want to have your company bonded, click here to view names of bonding companies in South Carolina.
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