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Guide to Insurance for New Business Owners in South Carolina

By September 2, 2022Business Insurance

Convenience is key. The Business Owners Policy (BOP) combines business property and business liability insurance into one policy. Southern Insurance will work with you to design coverage that not only protects your business from a number of risks, but this coverage is created specifically for your business needs.

Business Owner’s Insurance

  • Business faces unexpected and potentially harmful incidents everyday.
  • It’s your responsibility to ensure that your organization is prepared to handle the unexpected.
  • A BOP built with your business mind will help you minimize risks and focus on the future of your business.

Two Coverages – One Policy

BOP is insurance slang for a business insurance policy. This is fitting since it offers a one-two punch; It’s a combination policy that brings two types of coverages together, giving you the best of both.

Property Insurance

  • Commercial property insurance covers risks associated with your company’s premises, equipment, and vehicles.
  • It often includes anything related to loss of business. This is crucial as it protects your business, assets, and income.

Below are a few of the coverages you should consider for your business owners policy:

  • Fire
  • Flooding
  • Theft
  • Accidental Damage
  • Loss of Income
  • Loss/Damage of Property

Liability Insurance Coverage

Liability insurance is the second type of coverage. Business liability insurance covers you if there is any damage to people you deal with and their property. However, it’s critical to remember that liability insurance usually doesn’t cover risks that are related to professional services, such as damages caused by you giving clients inaccurate advice. Liability coverage is essential to your customized BOP, especially if:

  • You often meet your clients at your business or theirs.
  • You regularly have physical access to your clients’ equipment/gear.
  • There is a possible risk of damage to people or their business.

Get Customized Coverage for Your Business

Getting a BOP means covering all your bases and ensuring that business is protected, which will significantly reduce stress and bring you peace of mind. Here at Southern Insurance Group, your policy is custom-made for your business’s specific needs. That means pricing varies depending on your business. But, it’s typically less expensive than buying separate policies for each vital aspect of coverage.

Understanding Your Unique Business Needs

We are dedicated to designing the best business owner’s policy for you and your business. We focus on understanding your company inside and out in order to best develop the right approach to protect your assets, income, and business. Most importantly, Southern Insurance Group wants your business to be a success. Finding the right business owner’s policy coverage to meet your needs is the perfect way to start.

So, no matter what type of business you run, the benefits of business owner’s insurance will help you in the long run. From startups to established companies, we will construct a custom plan for you. If you have any questions or would like to learn more, contact us.