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5 Types of Business Insurance To Know About
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.
When To Shop for Homeowners Insurance
Like many different types of services you use, it pays off to shop around for better rates and deals every once in a while. This definitely applies to homeowners insurance as well. Here at Wil Plyler Insurance Agency, serving Rock Hill, SC and the surrounding areas, we want to help you make the best possible insurance choices.
Let’s look at some ideal times to shop for homeowners insurance:
When You Buy A Home
When you first buy a home, purchasing homeowners insurance will be a necessary part of the process. If you have a mortgage on your home, you will likely be required by the mortgage company to keep insurance in place. This is to protect the investment the mortgage company has made into the property and to protect the investment you are making as well.
After Home Upgrades
If you make significant upgrades to your home, you will want to consider re-evaluating your homeowners’ insurance. Upgrades can really change the value of your home. Your homeowners’ policy will be based on the value of your home.
Adding A Pool
If you choose to add a swimming pool to your property, this can also drastically change your homeowners’ insurance. If you’ve added a pool or will be adding one, you should consider shopping around to compare rates for a new insurance policy. You want to make sure you are getting the best possible deal even if you do have a pool.
Reach Out To Us
If you would like to learn more about homeowners insurance, please contact us at Wil Plyler Insurance Agency, which serves Rock Hill, SC and the surrounding areas. We will be happy to help you find the right coverage for your needs.
