If you’re opening up or own a business in South Carolina you’ll likely be required to carry certain forms of business insurance by law. However, this depends on the size of your company and how many (if any) employees you have. Our agents at Wil Plyler Insurance Agency in Rock Hill, SC can explain the most common types of business insurance that entrepreneurs should consider.

5 Types of Business Insurance 

1. Workers’ Compensation Insurance 

Workers’ compensation insurance is required by law in most states if you have four or more full or part-time employees. This covers lost wages and medical expenses should an employee get ill or injured performing job-related duties and protects your business should lawsuits arise from workplace injuries.

2. General & Product Liability Insurance

General insurance covers financial losses that result from property or bodily injuries, medical expenses, slander, libel, defending lawsuits, and settlement judgments. If you manufacture products, product liability protects against financial losses caused by defective products.

3. Loss of Business Income Insurance

Often called business interruption insurance, this coverage is for compensation for ongoing expenses and lost income if your business becomes temporarily unable to run due to a covered event. It helps cover essential expenses, pay employees, and lost revenue.

4. Commercial Property Insurance

If your business has a significant amount of physical assets and property, this coverage protects your assets against loss and damage to company-owned property. Such situations include wind and hail fire and smoke, and civil disobedience and vandalism.

5. Cyber Liability Insurance and Data Breach Insurance

With the increasing sophistication and frequency of cyber threats, this insurance has basically become necessary for companies of all sizes. Cyber liability insurance helps shield businesses from any legal liabilities and financial losses associated with data breaches, privacy violations, and cyberattacks.

Need Insurance for Your Business?

Contact the Wil Plyler Insurance Agency to learn more about business insurance in and around Rock Hill, SC. We also offer other types of policies you may need for your personal or business needs.