Small Business Insurance South Carolina – The small group health insurance market includes small employers with 2-50 employees. Individuals who are self-employed or have no employees generally cannot purchase coverage in the small group market, but they can access coverage in the individual market.
Small businesses have the option of purchasing coverage on the private market or through a small group health insurance exchange called the Small Business Health Options Program, or “SHOP.” Private Market : In the private market, companies buy health insurance the same way they always have—coverage is usually purchased through an agent, but you can also buy it directly from a small group of health insurance providers. Contact information for all health insurance providers currently offering small group coverage is available by clicking here. SHOP: The Small Business Health Options Program (SHOP) is the name of a small group health insurance exchange established by the federal government in South Carolina. Small employers who purchase health insurance through the SHOP may be eligible for federal tax credits subject to federal eligibility criteria.
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Healthcare.gov/small-business or call the SHOP call center at (800) 706-7893, available Monday through Friday from 9:00 a.m. to 7:00 p.m.
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Federal Small Business Tax Credit If (1) you have fewer than 25 full-time employees; (2) pay employees an average annual salary of less than $50,000; and (3) you pay at least half of your employees’ health insurance premiums, you may be eligible for a federal tax credit to offset the cost of your insurance. The Small Business Health Care Tax Credit has been available since 2010. Beginning in 2014, the federal tax credit increased from a maximum of 35% to up to 50% of your contribution to the cost of employee premiums (up to 35% for tax-exempt employers). However, the enhanced tax credit is only available to small employers who purchase coverage through the SHOP. Visit the Tax Credit Estimator on the SHOP website to find out the amount of tax credit your small business may be eligible for.
The Affordable Care Act includes a penalty for certain employers who fail to provide health insurance for employees and their dependents. This is officially called an employer shared responsibility payment, but is sometimes called an employer mandate. “Beginning in 2015, those employers with 100 or more full-time or full-time equivalent employees who do not offer affordable health insurance that provides a minimum value to their full-time employees (and dependents) may be required pay an assessment if at least one of their full-time employees is certified to receive the premium tax credit in the individual health insurance market. According to these rules, a full-time employee is someone who works an average of at least 30 hours per week. For employers with 50-99 full-time/full-time equivalent employees, these rules will only apply in 2016, provided that employers of that size meet certain certification requirements.” (Source: SBA.Gov)
The Kaiser Family Foundation has prepared the following flowchart to illustrate how these requirements work (available online here). Your small business is exposed not only to competition, but also to natural disasters and lawsuits from employees, customers, or other businesses.
A 2017 survey found that at least one-third of small business owners will face a situation that could result in a claim in a given calendar year. This makes small business insurance hassle-free.
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Our guide will help you understand the differences in coverage types and insurance providers, and help you find solutions specific to your country or industry.
How companies buy insurance is changing. The best option is to no longer visit a physical location or spend a long time on the phone trying to find coverage. Instead, the industry has changed due to the rise of on-demand insurance providers, or online business insurance providers, that allow you to select your coverage and purchase a policy immediately without interacting with a broker or agent.
Online insurance agencies generally offer comparable coverage to a traditional insurance company at a lower cost. As a result, more and more small businesses prefer to use online service providers to find personal insurance products and save on costs. They also offer other benefits:
Use our dedicated small business insurance provider to create a fast and accurate online quote specifically for your small business.
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Prefer to talk to someone before taking out insurance? Representatives are online from 8:00 a.m. to 8:00 p.m. ET, Monday through Saturday, to answer your questions and help you find the best coverage.
Small businesses are estimated to pay between $14 and $124 per month for any type of insurance coverage. Below is a table showing the average cost of popular types of coverage:
Some business owners prefer to get multiple quotes to find the optimal coverage. Use our guide to the best small business insurance companies to find the top-rated carriers in the country and start looking for the best coverage.
It’s hard to anticipate every crisis that could affect your business, but according to the Insurance Information Institute, the most common policy for small businesses is a business owner’s policy (BOP).
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BOP combines several types of coverage to cover most property, casualty and liability claims in a bundle that will provide comprehensive coverage for small businesses. Not all businesses will be eligible for a BOP – if you are, your premium will depend on the nature of your industry, existing safety and security features, business location and financial stability.
Our recommended insurance provider uses information about your business to recommend the coverage option that best suits your type of industry.
Below are the most common types of insurance that small businesses may need. Each offers a different set of protections based on the different needs of your business.
While these are not the only types of insurance available, they are the most commonly required by various businesses.
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General liability insurance is the most common form of business insurance because it covers the most basic needs shared by all types of businesses. Things like bodily injury to your company’s property and bodily injury caused by employees are covered under this policy. If you’re not sure what types of insurance your business needs, start here.
Professional liability insurance, also known as errors and omissions (E&O) insurance, is a policy designed to protect professionals in the workplace. Expert advice given to the client by you or your staff may not always lead to the desired result. As a result, you can be exposed to liability if a customer is financially harmed and your company is to blame. This coverage is your protection against this liability.
Workers’ compensation insurance is designed to protect the interests of your employees if they are injured at work. It can also protect your company from a lawsuit if the employee in question needs compensation for their injuries. An employee account is mandatory in most countries if you have employees. Read this page to learn more about the requirements in your country.
Business property insurance is similar to your personal home owner’s insurance. It protects your building and its contents from “named perils” such as fire, theft and bad weather.
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Commercial auto insurance works much like your personal auto insurance. If your company owns the vehicle, the state mandates that you have at least the minimum state insurance for driving on public roads. There are some complexities about what is and isn’t covered if you drive your personal vehicle for business use, so be sure to do your research to make sure you’re fully covered.
A business owner policy is a group of insurance policies designed for small businesses. You’ll typically find these policies include general liability, business property, and business interruption coverage. Because they are packaged and sold as a single policy, managing your protection is simpler and perhaps even at a reduced price.
When starting a new business, the easiest way to protect your personal assets is to form an LLC. Forming an LLC separates your business activities from your personal assets, so having LLC insurance is recommended. The main advantage of this separation is that your personal assets (such as your home and savings account) will be protected if your business is sued. What about your company’s assets? If your company is sued, the LLC does not protect your company’s assets (your company’s bank accounts, property, inventory, etc…). So what will protect your business in the event of a lawsuit? Professional liability insurance for your LLC.
Nonprofits are considered corporations and are therefore susceptible to lawsuits and liabilities just like for-profit corporations. In fact, because nonprofits often work with volunteers who may not undergo comprehensive background checks or operate without formal contracts or agreements, they are at greater risk of being sued for contract disputes and/or harassment. Non-profit insurance is usually a good safeguard for most such liabilities.
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Business umbrella insurance, also known as commercial umbrella insurance, supplements your existing liability coverage and is not a stand-alone form of protection. It will protect you against liabilities that exceed your current protection limit. For example, a customer gets hurt because you use yours