The U.S. Small Business Administration estimated that small businesses accounted for 99.4% of employers and 43% of employees in South Carolina in 2022, so small businesses play a vital role in our economy. At the same time, commercial insurance plays an essential role in helping small businesses meet their legal and contractual obligations. If you own a small business, the Champion Insurance Agency team, serving the Palmetto State, will help you choose the commercial insurance options that meet your needs.

Commercial Insurance Overview

Small businesses lack the financial resources of large organizations, making them especially vulnerable to unforeseen events. However, like big companies, they can gain protection by insuring themselves against industry hazards and other external factors.

Every small business needs property and liability insurance protection, regardless of its size. Whether it is bundled into a Business Owner’s Policy (BOP) with industry-specific add-ons or handled in other forms that make sense for you, every small business needs appropriate protection. Likewise, workers’ compensation, product liability insurance, and other forms of insurance make sense depending on your business.

It is a common misconception among small business owners that they can rely on their home or personal auto policies for business protection. Small business owners who keep office equipment, inventory, or tools at home must recognize that home policies typically cover only up to $2,500 worth of business assets. Likewise, some small business owners take significant risks by allowing employees to make deliveries using a vehicle covered by the owner’s personal policy rather than a commercial vehicle policy. 

Working with the Champion Insurance Agency 

The Champion Insurance Agency, serving South Carolina’s small businesses, will help you customize an insurance plan to protect your business assets. Call us today at 830-929-0998 to discuss your commercial insurance options.