One important need for businesses is the need for property insurance – coverage on real property such as office buildings, factories, warehouses, and insurance on business personal property such as furniture, fixtures, machinery, and inventory. While commercial property insurance is not required by law, most businesses consider it essential. Without it, a business would be required to pay out of pocket to repair or replace business property in the event of a peril such as a fire or flood. Imagine the setback to the profitability of your business without this type of insurance!

The types of businesses that should consider this type of coverage include those that:

• Own, rent, or lease an office, store, or building
• Own, rent, or lease tools or equipment
• Have inventory
• Depend on computers and equipment
• Have business records and documents

Larger businesses may consider bundling their commercial property insurance with general liability insurance into a Commercial Package Policy (CPP).

A Business Owners Policy (BOP) may be appropriate for smaller businesses that require less customization and complexity.

Almost daily, one hears about a company being fined millions of dollars for damage to customers, the environment, or other people’s property. In the course of doing business, there is constant interaction with employees, customers, vendors, contractors, and many others. Any one of these people could claim that they were injured due to business activities and take legal action for property damage, bodily injury, libel, or slander. If a business does not have commercial liability insurance, it could be at risk for bankruptcy in the event of a judgment against it. A commercial general liability policy protects the assets of a company and provides financial resources to pay for obligations in the event of liability claims.

• Commercial crime insurance provides protection from financial losses related to business-related crime, including theft by employees, forgery, robbery, and electronic crime.
• Employee theft (also known as employee dishonesty) pays for the loss of or damage to money, securities, and other property resulting from theft or forgery committed by an employee, either alone or in collusion with others.
• Forgery or alteration coverage pays for loss resulting from forgery or alteration of checks, drafts, promissory notes, or similar instruments.
• Inside the premises – theft of money and securities coverage pays for theft, disappearance, or destruction of money or securities while inside the premises or banking premises.

Specializing in Errors and Omissions coverage for the finance industry.

When you make a living off of your expertise, you need comprehensive insurance to financially protect yourself and your business from damages or legal expenses that may occur. Professional liability insurance is also known as Errors and Omissions (E&O). E&O insurance provides the coverage you need. Professionals have two kinds of legal duty to their clients. These are to perform the services for which they were hired and to perform them in accordance with the appropriate standards of conduct. Because of their special skills, professionals are held to a higher standard of conduct. Professional liability policies have been developed for many professions, including physicians, surgeons, dentists, lawyers, financial advisors, registered investment advisors, architects, and directors and officers of corporations. Each policy is tailored to fit a specific occupational need.

Because of our background in finance, we understand the risks financial advisors can face from litigious clients. When clients lose money in the markets, they may seek to be made whole by blaming the professional overseeing their investments, instead of market forces. Let us help you understand your exposure to professional liability and protect you against impacts on your business.

Many businesses need commercial auto insurance to protect from accidents involving commercial vehicles. Personal auto coverage generally does not extend to vehicles used for work purposes, and vehicles driven for work purposes, such as making deliveries or visiting clients, require commercial auto insurance. Businesses need both liability and physical damage coverage for losses that arise out of autos owned by or used in the business.

Commercial auto liability insurance will pay for bodily injury and property damage to others for covered autos driven by the owner and employees. It also covers medical payments, no-fault, or personal injury coverage, and uninsured motorist coverage.

Cyber insurance is a rapidly growing specialty insurance coverage intended to protect businesses from internet-based risks. Coverage may include protection against data destruction, theft, extortion (ransomware), hacking, and denial of service attacks. Liability coverage indemnifies companies for losses to others caused by failure to safeguard data, defamation, or errors and omissions.

Other specific coverages include website publishing liability which covers the insured’s liability due to an unintentional error or misstatement posted on the website. Network security liability also covers unintentional transmission of a computer virus to another party. Replacement or restoration of electronic data covers the cost to replace or restore electronic data destroyed due to a virus or malicious computer instructions designed to disrupt or destroy. Business income and extra expense covers loss of business income or extra expenses due to an interruption in business due to a virus, malicious computer instruction, or extortion threat.

Wouldn’t it be great to guarantee that a project will be finished on time? This and other types of guarantees can be accomplished with a surety bond. Surety bonds are written agreements to guarantee compliance, payment, or performance of an act. They can help small businesses win contracts by providing the customer with a guarantee that the work will be completed. There are several different types of surety bonds.

• Bid – ensures full payment and performance bonding from the contract bidder.
• Payment – ensures full payment to the suppliers and subcontractors.
• Performance – ensures full completion of a contract by a small business.
• Ancillary – ensures completion of requirements outside of performance or payment, such as maintenance.

As a general rule, businesses that employ four or more employees in the state of South Carolina are required to carry worker’s compensation insurance. Workers’ Comp insurance protects both your employees and your business if an employee experiences an injury or disease while at work. This insurance includes employer liability which protects your business should an employee sue. It also helps companies comply with state law to avoid fines and penalties.