Contractors Insurance in South Carolina

Why do general contractors need insurance in South Carolina?

The Palmetto State has a thriving construction industry. It is estimated that more than 42,162 sole entrepreneurs are employed in this field. South Carolina tradespeople can be protected by contractor insurance.

Construction sites can be dangerous to be. Small businesses can be exposed to expensive risks if they’re involved in residential or business projects. Insurance for contractors in South Carolina protects your business from accidents and delays, as well as other problems.

Contractor insurance is a variety of types coverage that a General Contractor might consider.

• General Liability
• Business Owner’s Policy
• Workers’ Compensation

Learn more about South Carolina contractor’s insurance and how you can get the most suitable policy for your business with BizInsure.

What insurance policies do contractors need in South Carolina?

South Carolina contractors should think about a variety of kinds. These policies will help you reduce the risks that contractors may face.

General Liability insurance

Construction sites are unstable. Your company could be affected by simple mistakes, such as placing your tools in the wrong spot.

A General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

South Carolina contractors may find General Liability coverage sold as Commercial General Liability (CGL) or referred to by the informal “slip and fall” coverage.

Business Owner’s Policy

Things don’t always go to plan when you work in the construction field. It is possible that you won’t be able to finish your project on time if you have interruptions in the work, or if tools break.

A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.

BOP can provide specific coverage options that are tailored to your company’s needs. It can be an easy and affordable way of protecting your business from the most common risks contractors are exposed to.

Workers’ Compensation Insurance

You are accountable for the health and well-being of your employees as they are working.

Workers’ Compensation insurance provides protection for employers if an employee suffers a work-related illness or injury. This type of insurance typically covers medical bills, a portion of the income lost if they’re unable to work because of the injury, and rehabilitation or physical therapy to help the employee transition back to work.

In South Carolina, Workers’ Compensation insurance is required for businesses with four or more employees.