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South Carolina Contractor Insurance

South Carolina has 379,565 small businesses, and 42,995 of them involve construction. That means a good amount of the small businesses in this state are in the construction industry. If you are, too, you should get to know a little about how fellow small businesses are doing. For example, the real gross state product here increased at the fairly slow rate of 1.2 percent, compared to the USA's gross domestic product growth of 2.2 percent in 2013. (Source: BEA). That being said, the private sector employment growth in South Carolina was 2.6 percent, which is better than the national average of 2.3 percent. (Source: BLS). If you're interested in learning more about operating a small construction firm here, take a look at how South Carolina contractor insurance can help you.

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South Carolina Contractors Need the Following Insurance

Coverage for Third Party (GL): All construction sites have some risks, no matter how many precautions are taken. This is particularly true for guests who visit without safety gear. If you are worried about anyone visiting and getting hurt on your property, make sure your South Carolina contractor insurance includes general liability. This will take care of the medical bills that will start adding up when someone is hurt while visiting your workplace. It can also pay to fix or replace any personal property that is damaged at your construction site.

South Carolina Contractor insurance
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Tools & Equipment Coverage (BOP): Whether you use mostly small tools or big machinery, you need to protect any items that are necessary to get your work done. That's why your South Carolina contractor insurance needs to have tools & equipment coverage. This will pay to replace equipment and tools after they are damaged or stolen. This coverage extends to items that you are renting or that you own.

Employee Coverage (WC): In South Carolina, 75,238 small businesses have employees. About 8,481 of those are in the construction field. If you own a company like this regardless of how many people you employ workers compensation needs to be part of your South Carolina contractor insurance. You will be glad to have access to this coverage when an employee is injured or becomes sick while working for you, since it will cover lost wages, medical bills, and any legal fees that you might be facing.

Business Vehicle Insurance: Many South Carolina business owners have to drive all around the state to complete work-related errands or simply go to worksites. If you or your employees have to drive for business reasons, business vehicle insurance is an essential part of your South Carolina contractor insurance. Without it, you might be personally responsible for paying for the damages that result from any collisions you are involved in while driving for business.

Bond: A surety bond is meant to show that your services as a contractor are guaranteed. When you do not have a bond of this kind as part of your South Carolina contractor insurance, you end up having to pay any fines that are assessed when you do not follow through on a contracting job. That's why you need a surety bond in this industry.

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Insurance Products

General Liability (CGL) Workers Compensation Professional Liability Business Owners Policy Commercial Auto Insurance Employment Practices Liability Directors & Officers (D&O) Excess Liability Surety Bonds

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