Have you considered what you would do if a customer sued you? How about if severe weather destroyed your commercial property? You worked hard to start your small business and owe it to yourself, your employees, and your customers to protect its assets. Business insurance from a local insurance specialist in Charleston, South Carolina can help.

What is Business Insurance?

Also known as commercial insurance, business insurance is an optional policy you can take out to provide some reimbursement for unexpected events that impact your small business. Lawsuits, theft, vandalism, natural disasters, and fire are just some common examples. You can also take out specific types of business insurance. Below are brief descriptions of the types of business insurance to consider.

Business interruption

When events like worldwide pandemics disrupt your daily operations, business interruption insurance can provide some of your lost income. This is typically written as a rider on a comprehensive business insurance policy.

Commercial property

This type of insurance coverage provides reimbursement for damage to your place of business, along with computers, equipment, furniture, inventory, signs, and other typical items used to operate a small business. An important thing to keep in mind about commercial property insurance is that it does not cover damage from floods or earthquakes. If you do business in a high-risk area, you need to obtain a separate policy for these weather events.

Cyber liability

Most small businesses keep records of inventory, customer accounts, accounts payable, and other essential business functions stored on a computer. With hackers becoming more sophisticated all the time, investing in a cyber liability policy can provide you with valuable peace of mind. Example of things it covers include the expense of notifying customers, defending yourself against a breach of privacy lawsuit, and repairing all your computer systems.

General liability

Businesses of all sizes should obtain general liability insurance. This type of policy provides broad coverage, including the following:

  • Bodily injury, including medical expenses, incurred by a customer or employee
  • Bonds, judgments, and lawsuits against the business or its owner
  • Claims of libel and slander


Your homeowner’s insurance policy does not cover damage to your business property if you operate a business from home. You will need a home-based business insurance rider to cover damage to business equipment or injuries sustained by clients visiting your home.

Product liability

If your business sells, manufactures, or distributes physical products, this insurance policy protects you in case a person using it sustains injuries. Obtaining product liability coverage is a better option than trying to defend an expensive lawsuit.

Professional liability

While general liability coverage is for any type of business, professional liability coverage is for businesses that provide professional services. Accounting, photography, and catering are some common examples.


Any vehicle that you drive for your business needs a separate policy than the vehicle you drive for personal reasons. South Carolina sets a minimum coverage amount that business owners must obtain. The condition of your work vehicles and the driving record of the person operating them factor into the amount of your premium.

Compass HCM Meets the Needs of Small Businesses

Compass HCM is pleased to work with small business owners from Charleston, Hilton Head, Bluffton, Beaufort, and surrounding areas, to protect your assets, provide payroll services, timekeeping, and off-site HR. We invite you to contact us to request a consultation. Our agent will sit down with you and determine the specific types of policies that would benefit your company the most.