South Carolina Contractor Insurance: Quotes From $13/mo

Table of contents

The construction industry is inherently filled with uncertainties and dangers that can pose significant financial and legal challenges. However, these hazards can be mitigated through contractor insurance. You can protect your business, your employees and your clients from potential accidents, property damage and legal disputes by acquiring the appropriate South Carolina contractor insurance tailored to your particular requirements.

South Carolina Contractor Insurance Requirements

Below are some of the South Carolina contractor insurance requirements:

  • Must have and maintain a minimum general liability insurance coverage limit of $1 million for each claim and $2 million as the aggregate coverage limit

  • Must have and maintain a minimum professional liability coverage limit of $1 million per claim and $1 million for all the claims within the policy period

  • Must have and maintain a minimum commercial auto liability coverage limit of $1 million combined single limit per accident for bodily injuries or property damages

  • Must have and maintain a minimum employer’s liability coverage limit of $100,000 per accident

General Liability Insurance for South Carolina Contractors

CoverWallet  NEXT (Best) Thimble Hiscox The Hartford
Per occurrence limit  $1,000,000 $1,000,000 $1,000,000/$2,000,000 $2,000,000 $1,000,000/$2,000,000
Aggregate limit  $2,000,000 $2,000,000 $1,000,000/$2,000,000 $2,000,000 $1,000,000/$2,000,000
Products and completed operations aggregate limit  $2,000,000 $1,000,000 $2,000,000 $1,000,000 $1,000,000
Advertising injury coverage aggregate limit  $1,000,000 $1,000,000 $2,000,000 $1,000,000 $1,000,000
Tenant’s legal liability coverage limit  $300,000/$1,000,000 $300,000 $100,000 $100,000 $1,000,000
Waiver of subrogation included? Yes No Included Can be included No
Hired/non-owned auto liability coverage included? Yes No No Can be included Can be included
Equipment breakdown floater included? No  Yes Yes Can be included Can be included
Can you get a certificate of insurance online? Yes Yes Yes Yes Yes
Name additional insureds? Yes Yes Yes Yes Yes
Deductible $0 $0 $0 $0 $0


This is an insurance policy that provides you with financial immunity against the following liabilities and claims leveled against you by your clients or any other legal business entity:

  • Copyright infringement lawsuits

  • Advertising injury lawsuits

  • Personal injury lawsuits

  • Third-party property damage and bodily injuries

Add-Ons for General Liability Insurance for South Carolina Contractors

  • Customer property coverage–This add-on grants further reimbursement to a client’s property that got damaged while in your custody, care, and control

  • Cyber liability insurance–Your business is shielded from any negative financial impact it may be subjected to in the event it becomes a victim of a cyberattack

Coverage Limits for General Liability Insurance for South Carolina Contractors

The per occurrence coverage limit is typically $1 million and the aggregate coverage limit is $2 million.


Professional Indemnity Insurance for South Carolina Contractors

CoverWallet  NEXT Thimble (Best) Hiscox The Hartford
Per occurrence limit  $1,000,000 $1,000,000 $1,000,000/$2,000,000 $1,000,000 $1,000,000
Aggregate limit  $2,000,000 $2,000,000 $1,000,000/$2,000,000 $1,000,000 $2,000,000
Name additional insureds? Yes Yes Yes Yes Yes
Waiver of subrogation included? Yes No Yes Can be included No
HIPAA coverage included? No No No No No
Sexual misconduct coverage included? No No No No Can be included
License defense coverage included? No No No No Can be included
Deductible  $500 $500 $500 $50/$10,000 $500


Also known as errors and omissions insurance, this commercial insurance protects your business from any financial consequence it may be subjected to if your employees make mistakes, errors, or oversight when providing their professional services to your clients.


Coverage Limits for Professional Indemnity Insurance for South Carolina Contractors

Professional liability insurance have a $1 million per occurrence limit and a $2 million aggregate limit. Higher coverage amounts are available if you request the insurance company. 


Incidences When You Can Use This South Carolina Contractor Insurance

  • If your client sues you for providing them with incorrect information

  • If your client sues you for inability to provide your services at the set date or time/deadline

  • If your client sues you for acts of negligence such as oversight, committing an error or a mistake during your service delivery

  • If you are sued for violating your customers’ terms and conditions of service delivery

  • If you are sued for violation of good faith

Add-Ons for Professional Indemnity Insurance for South Carolina Contractors

  • Abuse and molestation coverage–This add-on shields you from any financial liability your business may be subjected to if it gets sued for an alleged or actual abuse and molestation claim. Please note that this policy doesn’t provide coverage to an individual (your employees or you) but only to your business organization

  • Directors and officers’ liability insurance–Under this add-on your executive directors and officers are covered from claims they may be subjected to while undertaking or performing under their professional capacity. Some of the costs covered under this add-on include legal defense and settlement expenses

Compare Cheap South Carolina Contractor Insurance Quotes Online

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Commercial Property Insurance for South Carolina Contractors

CoverWallet NEXT (Best) Thimble Hiscox The Hartford
Building coverage limit (minimum) $50,000 $260,000 $25,000/$500,000 $25,000 $60,000
Contents coverage limit (minimum) $50,000 $22,000 $25,000/$500,000 $25,000 $60,000
Outdoor signs Excluded $2,500 Excluded Excluded Excluded
Accounts receivable  Excluded Excluded $5,000/10,000 Included Excluded
Money and securities Excluded $2,500 $1,000 Included Excluded
Lock and keys  Excluded $2,500 Excluded Excluded Excluded
Business interruption floater Excluded Included Included Included Excluded
Equipment breakdown floater Excluded Included Excluded Excluded Excluded
Inland marine insurance floater Excluded Excluded $10,000 Excluded Excluded
Employee dishonesty floater Excluded $5,000 $2,500 Included Excluded


This business insurance policy confers you with financial immunity if your commercial buildings and their contents are destroyed by fire, theft, vandalism, and some weather-related incidents such as lightning and hailstorms.

Add-Ons for Commercial Property Insurance for South Carolina Contractors

  • Earthquake insurance–In the event your commercial property gets destroyed by an earthquake, then you can use this add-on for compensation

  • Terrorism insurance–Through this add-on you are conferred with financial immunity in the event your commercial property gets destroyed or damaged by acts of terrorism

Coverage Limits for Commercial Property Insurance for South Carolina Contractors

The aggregate coverage limit under this policy is $2M. The level of risk your commercial property is exposed to and your claim history are some of the factors insurers use to determine your coverage limits under this policy.


Business Owner’s Policy for South Carolina Contractors

CoverWallet NEXT (Best) Thimble Hiscox The Hartford
Building coverage limit (minimum) $50,000 $260,000 $25,000/$500,000 $25,000 $60,000
Contents coverage limit (minimum) $50,000 $22,000 $25,000/$500,000 $25,000 $60,000
Outdoor signs Excluded $2,500 Excluded Excluded Excluded
Accounts receivable  Excluded Excluded $5,000/10,000 Included Excluded
Money and securities Excluded $2,500 $1,000 Included Excluded


This is a bundled business insurance that merges three policies into one core comprehensive coverage. The insurance policies that make up a BOP for South Carolina contractor insurance include general liability insurance, commercial property insurance, and business interruption insurance.


Incidences When You Can Use This South Carolina Contractor Insurance

  • If you are sued for copyright infringement by your clients or another legal business entity

  • If you are sued for advertisement injury or personal injury by a third-party

  • If your commercial property is destroyed by an insured peril(s)

  • If you are unable to pay your commercial premises rent or your employees’ payroll following the occurrence of an insured peril that forces you to shut down your business activities temporarily

  • If you lose income due to disruption or interruption of your revenue-generating activities following the occurrence of an insured risk

Add-Ons for Business Owner’s Policy for South Carolina Contractors

  • Employer practices liability insurance–Under this add-on, you are protected from being financially liable to compensate your employees if they sue you for harassment, wrongful termination, or discrimination

  • Inland marine insurance–This add-on provides you with coverage in the event your commercial property gets damaged or lost while being transported or when they are temporarily being used away from your commercial premises

Coverage Limits for BOP for South Carolina Contractors

Commercial property insurance offers $25,000-$60,000 minimum coverage for the building and its contents. On the other hand, the general liability coverage offers $1 million-$2 million per occurrence and aggregate. 


Tools and Equipment Insurance for South Carolina Contractors

NEXT  Thimble Hiscox The Hartford
Aggregate limit $3,000/$10,000 $2,500/$5,000 $15,000/$25,000 $5,000-$10,000
Covers hired and borrowed equipment? $3,000/$10,000 $2,500/$5,000 No Yes
Miscellaneous equipment also covered? $5,000/$10,000 No Yes Yes
Offered as an endorsement to general liability insurance? Yes Yes Yes Yes
Deductible $500 $500 $0 $0


This insurance policy protects you from incurring the cost of replacing or repairing your working tools and equipment that get lost, stolen, or damaged by fire, vandalism, theft, or some weather-related events such as lightning and windstorms while they are on your job site or commercial premises. Insurers only cover tools and equipment that are less than 5 years of age and those that are moveable.

Situations When You Can Use This South Carolina Contractor Insurance

  • When your working tools and equipment get stolen or lost while on your business premises or your working site

  • When your insured items get destroyed or damaged by fire, theft, vandalism, or some weather-related incidences such as lightning

Add-Ons for Tools and Equipment Insurance for South Carolina Contractors

  • Equipment breakdown coverage–If you work with electronic tools and equipment then you should consider purchasing this add-on. Through this add-on, you are protected from incurring the cost of repairing and replacing your insured items if they malfunction due to electrical or mechanical breakdown/failure

  • Rental reimbursement coverage–If you primarily use or rely on rented tools and equipment then we recommend that you purchase this add-on as you can use it to pay for the cost of renting or replacing the insured items

Coverage Limits for Tools and Equipment Insurance for South Carolina Contractors

An insurer will pay you $5,000 as the coverage limit for tools and equipment insurance for South Carolina contractors. Please note that this coverage limit is determined by the level of risks your insured item is exposed to and its current market value.


Commercial Auto Insurance for South Carolina Contractors

Commercial auto insurance exempts you from any financial responsibility you may be liable for if your commercial car causes third-party property damage or property injury. Your employees operating your commercial vehicle and other passengers traveling in it are also covered from incurring any medical expenses in case they get injured upon the occurrence of an accident. This insurance policy will cater to all the costs of repairing your commercial vehicle if gets destroyed by collision with another object, fire, theft, vandalism, and some weather-related incidences such as lightning.

Incidences When You Can Use This South Carolina Contractor Insurance

  • If your designated driver and the passenger traveling in your business car get injured and you are found liable for paying for their medical expenses

  • If you get into an accident with an underinsured motorist

  • If your commercial automobile gets damaged by fire, vandalism, and some weather-related events such as hailstorms and lightning

  • If you get injured while driving your commercial vehicle and you require financial assistance for medical care

  • If your business vehicle causes third-party property damage or bodily injuries

Add-Ons for Commercial Auto Insurance for South Carolina Contractors

  • Road assistance coverage–This add-on exempts you from incurring any costs in the event your commercial vehicle breaks down on the road

Coverage Limits for Commercial Auto Insurance for South Carolina Contractors

The coverage limit under this policy should be at least $1M per accident for bodily injury and property damage. Regulatory changes and requirements directly influence how much an insurer will pay you as the coverage limit for this South Carolina contractor insurance.


Excess Liability Insurance for South Carolina Contractors

This commercial insurance provides you with extra financial support in the event your primary insurance policy coverage limits get exhausted or a claim goes beyond it. For instance, you are required to pay $2 million for third-party property damage, and your general liability insurance coverage limit is $1 million. You can use your excess liability insurance to offset the remaining uncovered $1 million claim.


Coverage Limits for Excess Liability Insurance for South Carolina Contractors

This typically ranges between $1 million to $100 million. Important to note is that this coverage limit is not fixed and you can have your insurer of choice increase or decrease it to suit your business needs.


Workers Compensation Insurance for South Carolina Contractors

This is a state-mandated insurance policy. It’s also known as workers comp insurance. Only employers pay for this insurance. This policy exempts you from paying for work-related injuries or diseases. It can also cover dismemberment, disability, and a percentage of lost salary to your employees.


When Can You Use This South Carolina Contractor Insurance?

  •  If you are required to pay for your employee’s medical expenses following a work-related sickness or injury

  • If your employee demands to be compensated for dismemberment or disability

  • If your deceased employee’s named beneficiary wants to be paid death benefits

Add-Ons for Workers Comp Insurance for South Carolina Contractors

  • Occupational accident insurance–This add-on protects you and your employees from incurring any medical expenses following a work-related disease or injury. Your employee’s lost salary can also be compensated under this policy

  • Catastrophic injury coverage–In the event your employee sustains catastrophic work-related injuries such as traumatic brain injuries, spinal cord injuries, paralysis, and loss of limb then you can use this add-on to pay for their medical expenses and other rehabilitation programs or services

Coverage Limits for Workers Comp Insurance for South Carolina Contractors

There are no coverage limits for workers comp insurance for South Carolina contractors.

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South Carolina Contractors Insurance Cost

Cost per Month Cost per Year Deductible
General liability insurance $30 $360 $0-$500
Professional liability insurance $33 $396 $1,000-$2,000
Commercial property insurance $45 $540 $1,000-$2,000
Business owner’s policy $68 $816 $1,500
Tools and equipment insurance $36 $432 $500-$1,000
Commercial auto insurance $59 $708 $500-$1,000
Workers compensation insurance $87 $1,044 $2,500-$5,000
Excess liability insurance $43 $516 $500-$1,000


General liability insurance for South Carolina contractors is $30 per month or $360 per year. Below is a recently updated table that shows the approximate monthly and annual cost of South Carolina contractor insurance as provided by some of the most financially dependable and capable insurance companies for a $1 million general liability policy:

Cost per Month Cost per Year Best for
NEXT $13 $156 Best overall; Fastest general liability insurance
CoverWallet $17 $204 Small and medium-scale South Carolina contractors who want to compare all the available coverage options as provided by different insurance companies
The Hartford $20 $240 Established South Carolina contractors who have numerous businesses located in multiple areas and are in search of comprehensive coverage
Tivly $23 $276 Comparing contractor insurance quotes over the phone
Hiscox $26 $312 South Carolina contractors who primarily offer professional services
Thimble $29 $348 South Carolina contractors who operate seasonally or those that are in need of short-term or temporary coverage

Compare Cheap South Carolina Contractor Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best South Carolina Contractors Insurance Companies

Below is a recently updated list of some of the best South Carolina contractor insurance companies. In this section, I have highlighted the pros and cons of each of the discussed insurance carriers. We also provided the average rate of their $1 million general liability insurance. 


NEXT

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons

  • Couldn’t find any

NEXT is a privately owned and 100% digitally operated insurance company. Since its establishment in 2016, this A-AM Best-rated insurance carrier has specialized in providing affordable and customizable business policies to small-business owners. It also provides its clientele with a 10% discount on bundled policies.

Best for: Best overall; Fastest general liability insurance 

Average cost: $13 per month

Our rating: 10/10


CoverWallet

Pros

  • Compare quotes online

  • HNOA coverage automatically added to general liability insurance

  • Free automatic risk assessment/analysis

  • File and report claim online

Cons

  •   Not an insurance company but an insurance broker

Through its user-friendly website, CoverWallet facilitates its clientele with the acquisition of competitively priced, easy-to-purchase, and claim commercial insurance policies. You can also use its online platform to compare the available South Carolina contractor insurance options as provided by the different insurance companies.

Best for: Small and medium-scale South Carolina contractors who want to compare all the available coverage options as provided by different insurance companies

Average cost: $17 per month

Our rating: 10/10


The Hartford

Pros

  • Added auto insurance benefits

  • Top-notch customer services

  •  Long-standing insurance experience

  • Availability of smartphone app

Cons

  • Not applicable

The Hartford is a USA-based insurance company whose headquarters are located in Hartford, Connecticut. It was established in 1810 by a group of local merchants. Up to date, this A+ AM Best-rated insurer is ranked as the 13th largest property and casualty insurance carrier in the USA. It sells and underwrites its commercial and personal insurance policies to all 50 states.

Best for: Established South Carolina contractors who have numerous businesses located in multiple areas and are in search of comprehensive coverage

Average cost: $20 per month

Our rating: 10/10


Tivly

Pros

  • User-friendly online platform

  • Time saving-matches you with coverage that suits your commercial needs

Cons

  •  No smartphone app

Tivly is an online insurance agent that connects its clients with a variety of coverage options from its 200 partnered insurance carriers. South Carolina contractors can acquire the following business insurance through Tivly’s straightforward website: workers comp insurance, commercial property insurance, general liability insurance, and more. Call now to compare quotes over the phone. 

Best for: Comparing contractor insurance quotes over the phone

Average cost: $23 per month

Our rating: 9/10


Thimble

Pros

  • Coverage is available by hour, day, and month

  • Fast online quotes

  • You can purchase its policies online

  • You can get its insurance approvals within a minute

Cons

  • Its customer service is only available online

Thimble is a USA-based insurance company that was previously known as Verifly. It’s an accredited member of the Better Business Bureau (BBB). The BBB also rates this insurance carrier an A- grade. This adept insurer specializes in offering its clientele, majorly small business owners, freelancers, or self-employed individuals with affordable and customizable liability insurance policies. 

Despite not selling commercial auto insurance, Thimble together with its partner, the Markel Corporation provides South Carolina contractors with the following business insurance policies: Professional indemnity insurance, GLI, commercial property insurance, workers comp insurance, and business owner’s policy.

Best for: South Carolina contractors who operate seasonally or those that are in need of short-term or temporary coverage

Average cost: $29 per month

Our rating: 9/10


Hiscox

Pros

  • Founded 120 years ago

  •  Provides coverage in 49 states

  •  Offers multiple coverage options

  • Provides worldwide coverage

Cons

  • Not suitable for large-scale business owners

Hiscox is a globally operated online insurance company. It was founded in 1901 and it has its headquarters located in Bermuda, United Kingdom. Despite being rated as an A+ insurer by BBB, Hiscox is not yet an accredited BBB member. It sells its bundled policies at a 5% discount. Its BOP for South Carolina contractors is only available to business owners who have less than 10 employees. Up to date, Hiscox doesn’t provide its coverage to the state of Alaska.

Best for: South Carolina contractors who primarily offer professional services

Average cost: $26 per month

Our rating: 10/10

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