Non-Residential Building Operators Insurance South Carolina

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Non-Residential Building Operators Insurance South Carolina Policy Information

SC Non-Residential Building Operators Insurance

Non-Residential Building Operators Insurance South Carolina. As the operator of a non-resident building, you face unique challenges that require you to purchase a specific level of insurance to protect your business and its assets. Perhaps you manage high-value real estate properties, and you're responsible for those properties, their contents, and the tenants and employees operating inside them. These specialized risk are already in addition to the other issues you face each day as a business owner, including the loss of important information, property damage, and more. All business owners, including those that operate non-residential buildings, should maintain a business owner's policy at minimum and other coverages as warranted by their particular needs.

A non-residential building operators insurance South Carolina business owner's policy can provide you with protection if you find yourself on the receiving end of a lawsuit.

Non-Residential building operators insurance South Carolina protects your properties from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.

What Is An Non-Residential Building Operators Insurance Business Owner's Policy?

This non-residential building operators insurance South Carolina is a type of policy that rolls three insurance types into one. For non-residential building operators, this type of policy protects not only the building that you own or manage, but also the contents of the building, much like your homeowner's insurance protects your home and things inside it. The three coverage types that are combined in a BOP policy safeguard the business that you've worked steadily to make successful. These coverage types include:

  • Business liability coverage. When damage occurs to the building or things inside the building, this coverage is a godsend to the business owner. The same holds true for lawsuits that arise due to injuries on the property. For example, if a potential tenant becomes injured at your office, or if an employee damages property belonging to a tenant, then this policy kicks in to handle the financial fallout. Keep in mind that this policy does not cover any liability that you face in the rendering of any services.
  • Business liability coverage. Your business location and the tools and equipment used in your trade are covered under a business property coverage rider in a BOP policy. This includes the physical location and the equipment inside, file cabinets, computers, furnishings, and so on. This includes both owned and leased items.
  • Business income coverage. If your business experiences a covered peril, then this policy can keep you afloat while your business location receives repairs. For instance, if you have a fire that destroys the inside of your building, this policy pays for the income you lose while your business is non-operational and repairs are being done.

Other Non-Residential Building Operators Insurance South Carolina Coverages

Although standard business owner's policies offer the above coverages, you can always add additional coverages to your non-residential building operators insurance South Carolina policy to customize it to your business' needs. Some of the most common add-ons include:

  • Valuable papers coverage. Coverage for valuable records and papers is a type of rider policy that protects your documents from damage or loss. In your role as a non-residential building operator, you likely have change orders, service agreements, leases, and other types of important documents that are safeguarded in your care. If these documents become damaged due to a covered event, then this coverage protects you from the costs of duplicating the info, including research costs.
  • Utility outage coverage. Off-premises utility services coverage, also known as OPUS, insurance covers your business from the loss of income that may result from interruptions to your utilities when the situation is beyond your own control. For instance, if a storm passes over and downed powerlines cause outages, then any loss of service you experience as a result is covered.
  • Computer coverage. Cover media and computers with this type of rider. You likely depend on your computer system to email contractors and tenants, manage and create documents for lease and service, do accounting, and more. With computer and media insurance coverage, you can protect your expensive computer equipment fully, insuring that your business is not out a lot of money if your computer is damaged or destroyed due to a computer virus.
  • Commercial auto insurance. Protect the vehicles you use in your line of work with commercial auto insurance. This coverage is different from your personal auto policy, which does not cover personal vehicles used for business purposes.
  • Insurance for non-owned autos. If you rent, lease, or borrow a vehicle for use in the business, then you need this type of coverage. It is slightly different from a commercial auto policy, but comes with many of the same benefits.
  • Worker's compensation. Cover your employees with worker's compensation insurance. This coverage provides payments for missed work due to injury or illness related to the job as well as medical coverage.

Your business is as unique as you are, and your needs are likewise unique. Work with an independent insurance agent to determine which insurance coverage options you need and which BOP policy fits your specific business model.

South Carolina Economic Data, Regulations And Limits On Commercial Insurance

Made In South Carolina

If you are an entrepreneur and you are either thinking about starting a new business or you are considering expanding an existing company to a new location, you know how important it is to choose the right area for your operation. In order to achieve as much success as possible, the location must offer favorable conditions and a market that will benefit from your products and services, and that those products and services will appeal to.

There are several aspects that indicate whether or not a specific state offers favorable conditions for business operations. Two of the most crucial aspects include the unemployment rate of the state, as well as the industries that are seeing the most activity in the state.

Additionally, it's also vital for prospective business owners to be aware of the different types of commercial insurance policies they will need to carry within a particular state to ensure that they are properly covered and complaint with the law.

If you're thinking about conducting business operations in South Carolina, read on for an overview of the economic trends and commercial insurance requirements in the Palmetto State.

Economic Trends For Business Owners In South Carolina

Unemployment rate is a telltale indicator of the economy of a state. The lower the rate, the healthier the economy is, and in turn, the more opportunities there are for businesses. As per the Bureau of Labor Statistics, the unemployment rate in the state of South Carolina was 2.3% in December, 2019.

Compared to the national average of 3.5% during the same time period, the economy of SC is booming. The health of the economy is further illustrated by the steady decline in the state's unemployment rate, which was 3.4% in July, 2019 and fell steadily until reaching the above-mentioned 2.3% in the last month of the year.

As in most states, large metropolitan areas are the best places to start a business in South Carolina; however, there are also several smaller cities and suburban locals that are also seeing an uptick in business ventures. Some of the destinations that companies might consider include:

  • Beaufort
  • Charleston
  • Columbia
  • Fort Mill
  • Georgetown
  • Greenville
  • Greer
  • Hilton Head Island
  • Mauldin
  • Myrtle Beach

The industries that are seeing the most activity in SC include:

  • Aerospace and aviation
  • Alternative energy
  • Automotive manufacturing
  • Biotechnology and life sciences
  • Hospitality and tourism
  • Logistics, transportation, and distribution
  • Recycling
Commercial Insurance Requirements In South Carolina

The South Carolina Department of Insurance regulates insurance in SC. South Carolina mandates very few forms of insurance coverage by law. They enforce worker's compensation.

South Carolina requires you to have worker's compensation insurance if you hire four or more employees on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.

South Carolina also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

Additional Resources For Commercial Property Insurance

Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.


Commercial Real Estate Insurance

Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.

Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.

The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.

The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.

This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.

There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.

These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.

Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.


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Also learn about South Carolina small business insurance requirements for general liability, business property, commercial auto & workers compensation including SC business insurance costs. Call us (803) 500-9096.

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