Do I Need Commercial Insurance If I Have A Home-Based Business?

If you own a home-based business and need to protect it from fire, theft, or other perils, you can buy homeowners or renters insurance. However, if you don’t own a business but earn income from freelance gigs, consulting, or other activities considered ‘passive,’ you may not need to purchase commercial insurance. You can seek advice from Benefit Insurance Services, an agent serving in Myrtle Beach, SC. 

What to Know More About Commercial Insurance and Home-Based Business 

The coverage you need depends on your business. If you are opening a coffee shop, purchasing commercial insurance probably won’t be necessary. However, if you are operating a bar, a bakery, a landscaping business, or a construction company, you would most likely need a large amount of commercial insurance. 

You can buy commercial insurance through your homeowner’s or renter’s policy, but it’s usually better to purchase a standalone policy to protect your business. You may want to consider purchasing business ownership coverage to protect your assets. This type of insurance typically costs around 35 percent less than regular commercial coverage, so shop for the best price. 

If you own a premise, such as an office or warehouse, through a lease or contract, you may want to look into umbrella coverage. This type of insurance typically costs around 10 percent less than regular commercial insurance, so ensure to shop for the best price. If you own your home and use it as your primary residence, there is a very high likelihood that you have enough liability coverage to protect yourself from any lawsuits that may arise from your business. 

Key Takeaways 

You may want to consider purchasing a commercial insurance policy and a personal umbrella policy to protect yourself from any business-related claims that may arise from your home-based business. Benefit Insurance Services serving in Myrtle Beach, SC can guide you. 

What is commercial insurance and who needs it?

Commercial insurance is also known as business insurance. It’s designed to protect your business financially from many different kinds of risks and liabilities. Not unlike other types of insurance, commercial insurance is designed with business owners and their assets in mind. Our team at Benefit Insurance Services is committed to helping Myrtle Beach, SC business owners understand commercial insurance and get the coverage they need.

What is Commercial Insurance Designed to Do?

Logically speaking, insurance is generally designed to provide financial protection against any damage, injury, or liability that would be difficult to pay for out of pocket. Commercial insurance is also designed to provide liability protection. Commercial insurance specifically provides coverage for business risks like lawsuits, property theft, property damage, and customer and employee injuries. Commercial insurance offers protection for other unexpected situations as well. Business owners can benefit from various forms of protection that many business owners couldn’t pay for out of pocket. They also receive legal protection as one of the many benefits of commercial insurance. 

Common Types of Commercial Insurance

Workers’ compensation, liability, and property insurance are common types of commercial insurance. Each form of coverage provides specific protection for a company, employees, customers, or all three. Property insurance covers damage to your business property, while liability compensates for third-party damage. Commercial insurance provides protection and coverage for financial loss, medical expenses, libel/slander, settlements, bonds, judgments, etc. Also, worker’s compensation insurance is designed for employees who suffer on-the-job injuries. Our team at Benefit Insurance Services is standing by to answer any questions our Myrtle Beach, SC business owners may have. Give us a call. We’re here to help.

Business Interruption Insurance Overview

Benefit Insurance Services is an independent agency. We serve the Myrtle Beach, SC community. We have relationships with multiple carriers throughout South Carolina. This allows us to offer our clients a wide array of policies. We want to help our clients protect their most valuable assets.

Business Interruption Insurance Overview

Commercial insurance protects you against the perils of operating a business. The Myrtle Beach, SC economy relies on the success of small businesses. Having a strong commercial insurance plan can give you an advantage over the competition. Commercial insurance policies cover your business if your equipment is damaged or stolen. You are also protected if one of your customers is injured while they are visiting your business.

You can add business interruption insurance to your commercial insurance policy. Imagine a scenario when an accidental fire starts and your business suffers significant damage. Inclement weather frequently comes through South Carolina. It’s not hard to imagine a scenario when a tropical storm passes through the area and tears the roof off of your building. Business interruption insurance protects you in those situations. You are covered if your business has to shut down for an extended period of time, or you’ll have to relocate temporarily to continue operating your business.

Keep in mind that there is a waiting period before your coverage starts. Generally, the waiting period is 2 to 3 days. The type of policy you need depends on the industry that you are working in and the number of employees that you have. Business interruption coverage can prevent you from losing everything if an emergency occurs.

Benefit Insurance Services Will Help You Protect Your Investment

Visit our website to learn more information about commercial insurance.

4 Commercial Insurance Add-ons to Consider

From small-scale ventures to large-scale businesses, no business is immune to unforeseen dangers and lawsuits. However, investing in the below commercial insurance coverages from Benefit Insurance Services based in Myrtle Beach, SC, can lessen your financial burden when disasters strike.

Umbrella Insurance

When mishaps happen to your business, you could face expensive lawsuits. If you have standard commercial property insurance, covering the associated costs will be a breeze. Unfortunately, in some instances, the charges are high for your regular policy to manage, and that’s where umbrella insurance steps in. It covers perils such as 

  • Property damage
  • Bodily injury to people outside your business
  • Liabilities such as slander and libel

Besides, umbrella insurance covers legal costs, settlement claims, and other legal-related costs. 

Flood insurance

If you live in Myrtle Beach, SC, you better understand that you require flood insurance to shield your commercial property. According to Federal Emergency Management Agency (FEMA), this region is considered a flood-prone area, hence the need for flood insurance. 

Since your typical commercial insurance doesn’t cover flood damage, flood insurance covers your building’s structure and its contents. 

Cyber liability

If you are in a business where you store your customers’ and clients’ crucial information, you better secure cyber liability coverage. The technology has evolved dramatically, and hackers are spending sleepless nights trying to commit cybercrimes. If they access such data, you may face huge costs that you can only manage with cyber liability coverage.

Business interruption insurance

When disasters occur at your business, normal operations are cut short. And when there are no operations, you accrue losses. Amid such moments it’s the business interruption insurance coverage that steps in to cover for:

  • Lost income
  • Payrolls
  • Taxes
  • Temporary locations where needed etc.

As you can see, subscribing to the above insurance coverage is a rewarding financial asset that you can’t simply overlook. Contact your trusted agencies at Benefit Insurance Services based in Myrtle Beach, SC, and get commercial insurance coverage that suits your budget and other needs.  

Why South Carolina Business Owners Should Consider The Benefits Of Workers Compensation

Based in Myrtle Beach, SC, Benefit Insurance Services helps the local community find coverage. We offer our clients multiple types of policies so that they will be protected regardless of the circumstances that may arise. We proudly serve as an independent insurance agency.

Why Business Owners Should Explore The Benefits Of Workers Compensation

Operating a business is a major investment that takes a lot of commitment and dedication. As a Myrtle Beach, SC business owner, you face a lot of responsibilities operating your business on a day-to-day basis. Commercial insurance is an asset. The coverage helps alleviate some of the stress that you may feel by protecting your business if your property is damaged or destroyed. Another important part of your commercial insurance policy is workers compensation. Workers compensation allows you to take care of your employees while protecting your business. Here is a closer look at the benefits of workers compensation.

Covers Your Employees

Workers compensation covers your employees if they are injured on the job. The policy also takes care of their treatment and rehabilitation, which prevents you from having to deal with a potential liability dispute.

Enhances The Reputation Of Your Business

Adding workers compensation shows that you care about your employees and you value their contributions. This can help your business improve its customer retention rate and help you attract the top talent in the industry.

Covers Disability

If one of your employees suffers a serious injury, workers compensation covers them if they become disabled. You can opt to provide temporary or permanent coverage to your employees. This allows you to help make the best out of a terrible situation.

Benefit Insurance Services Will Help You Protects Your Assets  

Visit our website today to learn more information about commercial insurance.

How is a Myrtle Beach business protected by commercial insurance?

In the Myrtle Beach, SC area, there continues to be a strong level of demand for small businesses. In this area, there is always a consistent population base as well as visitors and tourists. For companies that are looking for a place to grow, this can make it a great place to be. While there is a lot of opportunity for those to be successful business owners here, there are risks as well. Fortunately, you can protect your business with a commercial insurance policy. 

Insurance Protects Company Assets

One way that you can be protected by commercial insurance is by receiving coverage for your business assets. If you are looking to grow a company, you will need to invest in some assets including equipment and inventory. These core assets need to be protected as well as possible. When you get commercial insurance, you can receive the protection to repair or replace your assets when necessary.

Liability Risk Protection

As a business owner, you are also going to take on liability risk at all times. Whenever you sell a product or service, you could be found at fault for any damages that are incurred through the use of what you provide. Since these expenses can be significant, it is important that you protect against this risk as much as you can. With commercial insurance, you will receive an appropriate amount of business liability protection.

When you are shopping for commercial insurance in Myrtle Beach, SC, you should call Benefit Insurance Services. The team at Benefit Insurance Services knows very well how an insurance policy can protect a business. When you work with them for your commercial insurance needs, the team will help you choose a policy that is ideal for your organization. 

How can commercial insurance protect me and my business?

If you have a dream of being your own boss, are willing to sacrifice and work hard and have a good idea, starting your own company could be a great option. One place that can provide plenty of opportunities to small business owners in Myrtle Beach, SC. This area of the state continues to have high demand from consumers and a great local economy. If you are going to start a small business, it is important to protect it as well as you can. One of the best ways to do this is through a commercial insurance policy. 

Gives Liability Coverage. 

One of the main reasons to get a commercial insurance policy is that it will provide you with liability protection. Any business owner is going to consistently take on some level of liability risk whenever they sell a product or service. If a customer becomes injured through the use of your product, you could be found liable. Fortunately, you can be protected by having commercial insurance.

Protects Assets

Additionally, you will receive protection for your business assets. When you start a company you will likely need to invest a lot of capital to buy assets to get the company off the ground. With a commercial insurance policy, you can receive protection for all business assets. This will give you the capital to repair or replace these assets if they are stolen or damaged.

As you are looking for business insurance in the Myrtle Beach, SC area, you should contact the team at Benefit Insurance Services. The insurance team at Benefit Insurance Services can help you to find an insurance policy that will provide your company with the protection you need. This is done by fully assessing the needs and risks presented to your business. 

What Types of Businesses Need Commercial Insurance?

If you have a business, or you’re thinking about starting one up, one of your biggest questions might be whether you need a commercial insurance policy. Most businesses should have this type of policy to protect themselves and their employees and customers. But there are also some types of businesses that really don’t need a policy. At Benefit Insurance Services, we can give you the answers you’re looking for when it comes to insurance policies for your business needs. If you’re in the Myrtle Beach, SC area, we’re here to help you find the policy you need so you can get back to focusing on running your business.

Generally speaking, most home-based businesses that are operated online don’t need an insurance policy. That’s because they don’t have a separate location or customers coming through the door. But if you work out of your home and clients visit you, asking about a commercial policy can be the right thing to do. Your liability issues may be different at that point, and that means you need someone to advise you on the right course of action to protect your interests and your clients, as well. For companies that have a separate location (not a home), commercial policies are almost always necessary.

The type of policy, what it covers, and the level of coverage can all be different based on the kind and size of the business and plenty of other factors. With that in mind, Benefit Insurance Services can help you get the protection your business needs. We’re happy to help all of our Myrtle Beach, SC clients get the coverage they want and deserve. Peace of mind comes with a good commercial insurance policy, and we’re here to make sure you can get the policy that’s right for you.

Give Your Grand Strand Business a Quality Reputation with Commercial Insurance

The industry in Myrtle Beach, SC is booming, especially with the growth coming to the area. For businesses who have been in the Grand Strand for a significant amount of time, they know the benefits of carrying commercial insurance and how it protects them and gives them a quality reputation that keeps their clientele strong. Choosing Benefit Insurance Services for their policy has been significant for their businesses. 

Contracting and Customer Property

Any industry or business that requires you to perform a service at the customer’s personal property will have the customers questioning your coverage. In order to obtain a quality reputation, your business will be insured to cover any damages to your property and employees, as well as the customer’s property. 

Storing Data and Cyber Crime

Does your business require sensitive and private information from your clients? With the ongoing use of digital databases, the appeal to hack and steal this information is on the rise. Although you may keep your cybersecurity updated, there is always a risk of hacking and information being stolen. Showing you have commercial insurance to protect against this type of crime shows responsibility to your customers and increases your reputation. 

Cover Your Hospitality Business

With guests and tourists flocking to Myrtle Beach, SC annually, it is critical that these businesses protect their guests from accidents and damages as a result of those. You are not only protecting your property with this coverage, but also your guests who could be put at risk due to another’s negligence. 

Secure Your Local Reputation

Let your customers know that you are responsible and equipped to take on the Grand Strand. Contact Benefit Insurance Services today about the different types of commercial insurance and get the policy you need.

Does Commercial Insurance Cover Injury to the Business Owner?

Commercial policies are a great idea for any business owner that is going to have inventory, customers, and employees. That being said, your commercial insurance may cover more than you think. For those that live in the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help you find the policy that works best for you.

Commercial policies cover the business, injury to employees on the premises, and injury to patrons at the premises as well. Your policy may also cover damage that is associated with vandalism, with theft, and may also cover fire damage. On top of all of that, you can also make a claim against your own commercial policy if you are injured on the property. There are some considerations to make, however. If you are injured in your own business it may be better to just use your own health insurance to help cover costs and it may not be completely beneficial to use your commercial policy.

A commercial policy is in place to protect the business and the business owner but is often better used to protect those that come to your business and those that work there rather than yourself. You can always use your own personal health insurance to help cover costs and can then use money from this type of policy to help cover any costs associated with losses that are a result of your being injured on your own property. It is always best to take the time to find the best solution possible before you make any sort of claim against your commercial policy. For those in the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help you to find the policy that works for you and your needs.