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.
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
| 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
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
The per occurrence coverage limit is typically $1 million and the aggregate coverage limit is $2 million.
| 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.
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.
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
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
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| 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.
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
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.
| 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.
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
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
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.
| 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.
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
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
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 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
Road assistance coverage–This add-on exempts you from incurring any costs in the event your commercial vehicle breaks down on the road
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.
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.
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.
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.
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
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
There are no coverage limits for workers comp insurance for South Carolina contractors.
| 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 |
Get all the best quotes from leading providers in a click of a button!
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.
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
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
Compare quotes online
HNOA coverage automatically added to general liability insurance
Free automatic risk assessment/analysis
File and report claim online
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
Added auto insurance benefits
Top-notch customer services
Long-standing insurance experience
Availability of smartphone app
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
User-friendly online platform
Time saving-matches you with coverage that suits your commercial needs
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
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
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
Founded 120 years ago
Provides coverage in 49 states
Offers multiple coverage options
Provides worldwide coverage
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
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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