If you run a business, you’re not legally required to carry any form of commercial insurance.
That doesn’t mean you can skip it. It only means that it’s not the law telling you that your Spartanburg, SC business needs to carry insurance.
The law mandates liability coverage for drivers because we put everyone else’s safety in our own hands when we go out on the road. When you’re running a business, there are risks, but those risks are rarely as dramatic as the risks that we take on the road. So, legally, businesses are generally allowed to buy, or not buy, insurance at their own discretion.
That said, you may find yourself in any number of situations where insurance is a requisite. If you work as a general contractor, for example, and you’re competing against another contractor for a job, nine times out of ten, the client is going to go with the fully licensed, bonded, and insured contractor. If you’re partnering up with another company in your industry, they may insist that you get fully covered before going forward so that they don’t have to share in your own unprotected liability.
Legally, the only insurance your business is required to carry is going to be on any commercial autos your company operates. But necessity doesn’t begin and end at the letter of the law. Just because you won’t face fines or jail time for going without insurance doesn’t mean you won’t pay for it in the long run.
If you’re looking to get your Spartanburg, SC company insured, get in touch with Allsurance Group. Allsurance Group can get you the coverage that you need to run a safe, successful business.
Surveillance cameras are an integral part of any security system. In some cases, just the sight of a camera on your property can deter a burglar from trying to break in. At the Allsurance Group, agents are often asked about the use of security systems and surveillance cameras by small business owners in Spartanburg, SC who are curious about their benefits.
Eyes On The Property
Surveillance cameras can be monitored by the business owner or a professional monitoring company. With eyes on the property 24 hours a day, it’s easy to see if something is a miss or someone is trying to break into the business. Most cameras now include apps that allow you to view your property from any location.
Include an Alarm
There are times when your cameras will be unsupervised, especially if you choose to monitor them yourself. In situations like this, use a surveillance camera that comes equipped with an alarm. If any motion is detected, the alarm will sound and you will be notified of the disturbance.
If you don’t want to monitor your system yourself, there are third-party monitoring services that will do the job for you for a monthly fee. Do your research. There are several companies that will work on a month to month basis with no contract obligations.
In Spartanburg, SC, the agents at Allsurance Group can help you determine if installing security cameras at your business will be beneficial. Their agents have many years of experience and understand the benefits of being proactive in terms of protecting your business. They have the answers you need. Call them today and set up a consultation.
Do you own a professional services business? This includes engineers, printers, accountants, CPA, architects and software developers. What happens if you make a mistake that results in a financial loss for your clients? Besides feeling bad about the situation, you may be liable for damages. Since there’s no bodily injury and no property damage took place, it’s not covered by general liability insurance. Property insurance won’t help you in this scenario either. As part of your commercial insurance coverage in Spartanburg, SC, you may wish to consider professional liability, also called errors and omissions insurance.
What Is Errors and Omissions Insurance?
Your Insurance Group representative can help you understand how professional liability insurance can protect you from errors and omissions. This brand of liability insurance prevents you from paying the full cost of a negligence claim, which can result in court costs and damage awards if a civil lawsuit ensues.
Errors and omissions insurance covers alleged failure to perform when a financial loss results from mistakes in your service product. Some legal actions aren’t covered by E&O, so it’s best to consult with your insurance agent on how to protect your business and to understand what’s covered by any insurance you purchase. Professional liability insurance sometimes takes on other names in varying professions and may be required under contract by some businesses and individuals.
Who Needs Errors and Omissions Insurance?
Not every business requires errors and omissions insurance. However, if yours provides services for a fee, you may want to learn more. If you are considering E&O insurance for your Spartanburg, SC business, contact Allsurance Group today for the straight facts or make an appointment to obtain a quote.
Though the city of Spartanburg, SC has less than 1% of water, we know a lot of water is to be had in the states of North Carolina and South Carolina which we serve faithfully. As a result, many of our residents make their living in the waters of these beautiful states. There are many factors involved in determining how your commercial policy should look in alliance with your business on the water.
The most important factor is the type of business you are conducting on the waterways of North and South Carolina. If you are involved in fishing or boating tours then you may consider adding recreational insurance as an arm of your commercial insurance policy. If you are merely fishing and selling the proceeds of the catch your commercial insurance policy will look quite different. These subtle differences are why you should always sit down with an experienced insurance agent to ensure that you are protecting your business and your personal assets. Another facet of your concern should be if you split your time between business and pleasure on the water. We would love to sit down with you and clearly outline how Allsurance Group of Spartanburg, SC can part the waters in terms of your newfound understanding of your commercial insurance policy.
Allsurance Group is located at 930 Hospitality Dr. in Spartanburg. Contact us by telephone at 864-641-6371. We take pride in who we are and how much we know about the insurance field. It is our pleasure to serve you and make certain that you have the very best coverage to meet you and your family’s needs. We welcome you to learn more about our auto insurance, homeowners insurance, commercial insurance, life insurance, motorcycle insurance, renters insurance, recreational vehicle insurance, and our umbrella insurance policy. Stop by or call today.
Insurance for your business is much more complicated than a personal or home insurance policy. The main idea behind insurance for your business is to protect you fully against any action that can harm your business if someone sued you for any reason.
Commercial Liability Insurance
Commercial liability insurance policies in Spartanburg, SC cover all the claims against your business from another party. This includes any accidents that occur on the business property in which a third parry is inured. In this case, the injured party may sue your business and your commercial liability insurance will cover it to protect your assets. Commercial liability policies may also cover damages to your products, your property and may even cover independent contractors on your premises.
Fidelity insurance protects you as a business owner from any dishonest employees. For example, a financial institution may allow some employees access to confidential information and employees may leak this information. Your fidelity insurance policy from Allsurance Group will cover the unauthorized actions of employees, protect your assets, protect your technology and protect you from external fraud. The fidelity bond is the portion of a policy that reimburses you as the owner of a business for any damages in these manners. For example, banks cover all their employees from the cashiers and bank tellers to the directors under this type of policy.
Business Interruption Insurance
The purpose of a business interruption policy is to cover losses or damages that occur when your business has to cease operations for some reason. You must prove what it is that caused the interruption for a certain amount of time. This policy compensates you for income that would have been received in the amount of time had the business been operational. This can be used in the event of a tornado or flooding or a hurricane, which all occur at times in Spartanburg, SC.
Sometimes you may need some help building your business insurance policy and at Allsurance Group, we are here to help you to protect your assets. Give us a call or come into the office to find out more about insurance for your business.
Homeowners insurance is not intended to be suitable for everyone. Despite the fact that a typical policy comes with certain coverage, it’s usually tailored to meet the distinctive needs of an individual property holder.
Understanding what is covered and what is not covered before settling down on an option will help you make the right choices. Below are four main areas that a basic homeowners insurance policy will cover.
1. Dwelling and structures protection.
This covers the structure of your home in which you live in, other structures attached to it as well as separate structures on your property.
2. Personal property protection.
This cover protects your personal belongings that are within your home. It will help replace or repair your personal property in case of any damages which are covered by a specific risk. For personal property protection, you may be required to purchase optional coverage which will help protect your expensive and valuable items since they are considered above your basic personal coverage limits.
3. Liability protection.
This is coverage provide when someone who is not living with you gets injured while on your property. It also helps pay for any resulting legal expenses or medical bills in case you are found responsible.
4. The loss of use or temporary living expenses.
If your home is damaged from a covered loss and it becomes inhabitable, this cover will cater for all the bills and expenses incurred in your temporary home before your house is repaired and fit to live in.
At Spartanburg, SC’s Allsurance Group, our homeowner’s coverage, and flexibility to tailor make a policy which best suits your needs is our main focus. We understand that giving our client satisfactory customer service will make our clients happy, and that’s what makes us a good choice. Call us or visit us today for a remarkable experience.
Your car may not be the most valuable asset, but may be one of the most significant assets in your life. It is what takes you to every destination you desire visiting every day. Living without a car in South Carolina can be stressful but worse if you lack auto insurance. With auto insurance, you protect yourself and your vehicle in case of a road accident.
After using almost all your savings to purchase a new vehicle, the last thing you would wish as the owner is taking up another loan to repair it or pay your hospital bills after a crash. At Allsurance Group, we help you stay safe, protect your savings, and lead a more comfortable life with auto insurance. So what coverage options are available in auto insurance?
- Bodily injury: Pays for the expenses associated with other people’s injuries.
- Property damage: Sometimes a car may crash into some else’s business apartment or rental apartment or even a home. This policy repays all losses.
- Uninsured/underinsured: Not all drivers are responsible, and for this reason, you may find yourself in a compromising situation where the driver who hit your car is either uninsured or not insured enough. Irrespective of who is at fault, this policy will take care of all your loss and medical needs.
- Comprehensive: This coverage protects the car and pays for any damages or other issues lie theft.
- Collision: In case you bump into an animal on the road, a stone, tree or even another motorist, collision coverage will help repair or replace the vehicle based on the wreck.
Purchasing auto insurance is one of the greatest and most essential financial decision one could ever make. If you have challenges deciding on premiums, Allsurance Group in Spartanburg, SC will guide you in the selection. For quotes or new policy, discussions visit us or call our customer care agents.
Restaurants in Spartanburg, SC, need insurance just like any other commercial business. There are a number of reasons why restaurants need insurance. Kitchen disasters can happen regularly. One small fire, and you could be forced to shut down until it’s fixed. Injuries can happen at any time, whether it’s a slip and fall from spilled drinks or a waiter having an off day and spilling a pot of coffee on a guest. With liability coverage, you will be protected and avoid a major lawsuit. Liability coverage will also protect you if a guest seeks damages for food poisoning. Not only can guests get injured on the job, but so can staff members, which is why workers compensation insurance is important.
Restaurants should at a minimum have these types of common insurance: general liability, commercial property, workers compensation, and liquor liability. Liquor liability is recommended if your restaurant serves alcohol, so you aren’t held liable of an inebriated person causes damage to another person or property. There are also different types of policies restaurants can discuss with their agent at Allsurance Group. These include food contamination insurance and loss of business insurance. Food contamination insurance can help you if food spoils or is exposed to various types of contamination in a situation beyond your control. Loss of business insurance can help you if your restaurant loses sales under certain circumstances. Many restaurants are also suffering cyber security hacks, so you may want to consider cyber insurance to cover any costs that are associated with a data breach. While there are certain policies that make sense for a restaurant, there is no one-size-fits-all approach to make sure you have adequate coverage, and insurance needs can depend on the size, location, and nature of your restaurant.
Contact Allsurance Group serving Spartanburg, SC, to get a quote on insurance for your restaurant.
Is your Spartanburg, SC business fully protected?
When problems occur, the insurance experts at Allsurance Group want to make sure your business is strong enough to weather the storm. Here are some common problems that business owners encounter and how commercial insurance policies help ease the burden.
- A small neighborhood strip mall is home to a bakery, used car lot, and several retail stores. One night, a baker accidentally leaves an oven on. In the morning, the entire property has been reduced to ashes. The bakery’s general liability policy will cover most of the damage caused by the fire. Each business may receive a payout from their own policies, depending on the unique details of their contract. If the car lot owner has dealer coverage, they can have their entire inventory replaced without risking their personal capital.
- An entrepreneur invents and markets a miracle product. However, it is soon discovered that this product causes a mild yet adverse reaction. Product liability coverage would help that entrepreneur pay for legal defense. It would also provide funds for any court-ordered medical bills or restitution.
- The local pizza shop decides to offer delivery service. They may think it’s a smart move to cover the delivery vehicle under a personal auto insurance policy. However, if an accident occurs while the vehicle is being used for business, they may not be able to recoup their costs. A commercial auto insurance policy protects your business vehicles and workers.
- Slip and falls happen frequently. A general liability insurance policy protects you and your visitors from unfortunate events. These policies pay for medical care and legal fees.
- Even the most comprehensive insurance strategy has holes. Cover them with a commercial umbrella insurance policy. This low-premium coverage ensures you always have enough cash to rebuild, replace, and move forward.
Contact the experts at Allsurance Group in the Spartanburg, SC area for more information on business insurance policies.
From the startup phase to the major corporation phase, commercial business insurance should be included in your budget. Insurance provides you peace of mind and covers you in the event of an incident. In Spartanburg, SC, Allsurance Group can help cover your business and protect it, and your personal liability, from potential litigation.
How can you protect your personal wealth and assets from your company’s liabilities? Here are a few tips:
Have sufficient liability insurance: Forbes suggests personal umbrella liability coverage and business umbrella coverage, depending on the circumstances
Keep your personal assets and business assets separate
Protect yourself personally from renters and liabilities surrounding rental properties
Review all jointly held accounts, and ensure your business name is on all business accounts, but not on your personal ones
Have it in writing: formalize informal partnerships, only hire contractors who are insured & bonded, and get everything under contract and in writing
Ensure you have filed with the correct business entity (i.e. LLC, S or C corporation, sole proprietorship, etc)
The idea behind asset protection is to shield your personal assets and finances from business claims or creditors. Asset protection plans put into place legal strategies before a lawsuit or claim happens, and can help to deter a potential claimant from suing you and/or your business and help prevent seizure of your personal assets after a judgment. Investopedia details two types of claims, internal and external, and how your assets need to be protected from both. In short, you should protect your company from a lawsuit should a liability occur on company property, and you and your company’s property should a liability occur outside company property. Knowing which kind of claims can be filed against you can help to protect your assets.
It is important to talk to an insurance agent to understand what kind of assets you have, what needs to be protected, what kind of claims can be made against you, and what you need to do to ensure your personal property and wages are protected against garnishment and seizure in the event of a suit.
Allsurance Group offers a range of policy options for those around South Carolina. Some of which include:
Insurance for products you sell
If you operate your business out of your home
Insurance for outstanding loans
Umbrella coverage, for that extra piece of mind
If you’re unsure if you’re covered completely, or want to check up on your policy, contact Allsurance Group today, or visit our offices in Spartanburg, SC.