If you run a Rock Hill, SC area business, it’s essential to know when you need workers’ compensation insurance. This type of coverage is required by law in many cases. It depends on what kind of employees you have and how many. Even if South Carolina’s rules don’t require coverage for your company, you may still benefit from insuring your staff. 

Legal Requirements

Businesses are legally obligated to sign up for workers’ compensation insurance if they have at least four employees. There are no exceptions for nonprofit workers, members of your family, or part-time staff. On the other hand, South Carolina law exempts most farming, casual, federal, and railway employees. The same goes for real estate agents who earn commissions. Likewise, a company may not need this insurance if it has a very small yearly payroll or only hires independent contractors.

Voluntary Coverage

Even when it isn’t required by law, it’s still wise to insure the business owner and/or a small number of employees. Workers’ compensation generally covers injuries and other medical problems that result from working for your company. This can protect you from employee lawsuits. Keep in mind that regular health insurance often excludes workplace injuries from coverage, so it isn’t an adequate substitute. It also provides fewer benefits. For instance, health insurance won’t compensate for income that a staff member loses due to an injury.

In some situations, it may be difficult to decide if your company truly needs workers’ compensation coverage. A knowledgeable agent at Wil Plyler Insurance Agency can help you determine if this insurance is necessary and who or what it would cover. We’ll take the time to learn about your business and evaluate your specific needs. To get started, please contact the friendly staff at Wil Plyler Insurance Agency in Rock Hill, SC, by calling 803-366-4196 today.

If you own a small business, one of the questions that you should consider is whether you need insurance for your small business. Insurance can help protect businesses from financial risk. Since protecting your business also protects you and the employees who work for your business, it’s essential to give this topic real thought.

At Wil Plyler Insurance Agency, servicing Rock Hill, SC, we help small businesses decide whether insurance is right for them and, if so, how much insurance is appropriate. Here’s what you need to know. 

What Is Commercial Insurance?

Commercial insurance protects businesses from various financial risks, including bodily injury, damage, libel, medical expenses, settlement bonds, judgments, and lawsuit defense. There are different types of commercial insurance, and businesses can pick the right type for their situation based on various circumstances. 

When you’re trying to decide what type of commercial insurance is right for your small business, you should consider factors like your business’s income, whether customers are on your property, your budget for insurance, and whether your business uses vehicles. 

Who Needs Commercial Insurance?

Most businesses benefit from commercial insurance in some way. The real question, if you’re a business owner, is what type of insurance do you need? It would be best to speak to an insurance agent to find the answer to this question. 

How to Get Commercial Insurance?

If you believe that your small business needs commercial insurance, contact Wil Plyler Insurance Agency servicing Rock Hill, SC. We can help you determine what kind of commercial insurance and how much coverage is appropriate. Call today to make an appointment. 

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.