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Should I Get Term or Whole Life Insurance in South Carolina?
By Insurance Content Writer 04 Apr, 2024
Navigate South Carolina flood insurance claims smoothly with expert guidance. Understand coverage, file claims, and handle denials effectively for peace of mind.
What are the Benefits of Life Insurance in South Carolina?
By Insurance Content Writer 04 Apr, 2024
Navigate South Carolina's life insurance tax landscape with ease. Learn how policies are taxed and strategies to minimize liabilities in this comprehensive guide.
Does Life Insurance Count Towards Taxes in South Carolina?
By Insurance Content Writer 04 Apr, 2024
Discover the benefits of life insurance in South Carolina. Protect your loved ones' financial future with peace of mind and unique investment opportunities.
Filing a Flood Insurance Claim in South Carolina: A Step-by-Step Guide
By Insurance Content Writer 04 Apr, 2024
In South Carolina, protect your home from floods with essential flood insurance. Learn to navigate the claims process smoothly with our comprehensive guide.
07 Aug, 2023
Welcome to another in-depth discussion from the Southern Insurance Group in Greenville, South Carolina! Today, we aim to provide an exhaustive exploration into the realm of Builder's Risk Insurance. This topic frequently piques the interest of real estate investors, developers, builders, flippers, and rehabbers. At Southern Insurance Group, we frequently write Builder's Risk policies. We've heard a variety of questions and concerns regarding them, and we understand the intricacies and nuances involved. In this post, we're going to unpack the complexities of what is and isn’t covered under Builder's Risk Insurance. 1. General Liability: First and foremost, the Builder's Risk policy does not encapsulate general liability exposures. Let's delve deeper into what that means. General liability can be visualized as a safety net, a casualty insurance policy, that guards against financial accountability to an external party. In contrast, Builder's Risk insurance zooms in on first-party coverages – this encompasses your assets, machinery, tools, and upcoming installation materials. It's imperative to pair your Builder's Risk policy with a casualty policy to ensure all bases are covered regarding general liability exposures. While Builder's Risk policies might be crafted for a definitive duration (sometimes as short as three months), general liability policies generally stretch across an annual term, providing coverage across all jobs undertaken in that window. For those entrenched in the worlds of rehab, flipping, building, or real estate development, it's paramount to think about procuring a standalone general liability policy. A complementary addition might also be a commercial liability umbrella, effectively covering all construction-linked operations, bodily injuries, and property damages — elements lying outside the purview of the Builder's Risk policy. 2. Business Property and Contents: Sailing into our second point of discussion, the Builder's Risk policy doesn’t blanket business property and contents. Let’s illustrate this: Imagine you've furnished a property with exquisite sofas or stocked up on uninstalled building materials. The Builder's Risk policy wouldn’t extend its coverage to these assets. However, fret not! These elements find their shelter under commercial property policies or homeowners' policies, particularly when we're talking about residential properties occupied by the owner. An essential tip for those in the building sector: If you are storing uninstalled building materials onsite, it could be wise to mull over an installation floater, especially crafted to suit your operations. Remember, knowledge is power. Understanding the ins and outs of what your Builder's Risk policy offers (and withholds) is the key to seamless operations. And that's where the adept team at Southern Insurance Group come to the forefront, illuminating the path for you. 3. Accidents and Injuries to Employees or Subcontractors: Navigating to our third point, the Builder's Risk insurance policy does not provide a safety net for accidents and injuries befalling employees or subcontractors. This is a critical juncture; these exposures are tailor-made to be encapsulated under the workers' compensation insurance policy. Engaging employees or recurrent subcontractors necessitates diving deep into worker’s compensation insurance. Builder's Risk insurance steadfastly remains removed from this area, often featuring a direct exclusion in its clauses. Safeguarding a conducive work environment is not only a marker of a conscientious employer but is frequently a mandated regulatory requirement. Conclusion Builder's Risk insurance stands as a sentinel, a pivotal component of countless construction and developmental endeavors. Knowledge about its scope (and limitations) is the bedrock for securing investments and maintaining legal compliance. Builder's Risk policies require a discerning eye and expertise. David Ashton and the Southern Insurance Group team bring both to the table, ensuring that your coverage needs are matched, and potential pitfalls are identified and avoided. For a deep dive into your specific scenarios, or to untangle any insurance queries, Southern Insurance Group in Greenville, South Carolina, stands ready. Your peace of mind is our business. Reach out and let's ensure you're perfectly covered.
14 Jun, 2023
Liquor liability insurance is essential for businesses in the alcohol industry. In South Carolina, liquor liability insurance provides protection from financial losses due to claims of property damage, personal injury or death caused by an intoxicated person. It’s important for business owners to understand their state laws and regulations regarding liquor liability insurance and what types of coverage are available. In South Carolina, the Alcoholic Beverage Control (ABC) Commission is responsible for regulating the alcohol industry and businesses that sell, serve or manufacture alcoholic beverages. All businesses involved in the manufacturing, sale or distribution of alcoholic beverages must have a valid liquor license from ABC to operate legally in South Carolina. In addition to obtaining a liquor license, businesses must also obtain liquor liability insurance. Minimum Liquor Insurance Coverage In South Carolina, the minimum limits of coverage for liquor liability insurance are $1 million per occurrence and $2 million in aggregate. This type of policy provides protection from claims related to property damage, personal injury or death caused by a business’s negligence. It’s important to understand that liquor liability insurance only covers claims related to alcohol-related incidents. It does not provide coverage for any other type of legal defense or damages, such as those resulting from employment disputes or other types of negligence. In addition to meeting the minimum requirements, business owners may decide to purchase additional coverage that provides protection from a wider range of potential claims. This may include coverage for defense costs, punitive damages and alcohol-related compensation to third parties. Purchasing additional coverage provides more comprehensive protection from financial losses due to claims related to the sale or service of alcoholic beverages. Lastly, businesses must also remain aware of South Carolina’s specific laws and regulations regarding liquor liability insurance. For example, businesses must comply with the Dram Shop Laws which hold them liable for damages caused by an intoxicated person who was served alcohol at their establishment. Failing to follow liquor liability requirements could result in fines or the loss of a business’s liquor license. Why It’s Important to Consider Additional Coverage It’s important for businesses in South Carolina to understand their state’s liquor liability laws and regulations in order to purchase the right type of policy for their operations. Obtaining adequate coverage not only ensures businesses are protected in the event of a claim, but also helps them comply with their legal obligations. Furthermore, obtaining additional coverage can provide extra protection from other types of claims that may arise. By understanding the laws and regulations, businesses can ensure they receive the protection they need and remain in compliance. Ultimately, liquor liability insurance in South Carolina is a necessary part of operating a business in the state’s alcohol industry. Business owners must understand their state laws and regulations regarding liquor liability insurance as well as what types of coverage are available. By obtaining the right type of policy and understanding their legal obligations, businesses can protect themselves from financial losses due to claims related to alcohol-related incidents. That means purchasing liquor liability insurance provides protection and peace of mind for businesses operating in South Carolina’s alcohol industry.
Why Should I Choose an Independent Insurance Agent
02 Jun, 2023
Choosing an independent insurance agent to help you find the right coverage for your needs is beneficial in so many ways. An independent insurance agent stands apart from other forms of agents by being able to offer a variety of insurance options from multiple carriers, rather than just one.
Should You Have Earthquake Insurance in South Carolina
02 Jun, 2023
It’s important that South Carolina homeowners don’t sleep on earthquake insurance. The state has experienced significant earthquakes over the years.
Is South Carolina a No Fault Insurance State
02 Jun, 2023
South Carolina is a no-fault insurance state. That means that if you are in a car crash, your own auto insurance policy will be responsible for paying for damages and/or medical costs.
Guide to Insurance for Vacation Homes in South Carolina
02 Jun, 2023
There is nothing more frightening than coming home only to find it broken into and ruined. From burglary to floods to fire, the unexpected can leave you reeling from the loss of security as well as a hefty bill.
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Should I Get Term or Whole Life Insurance in South Carolina?
By Insurance Content Writer 04 Apr, 2024
Navigate South Carolina flood insurance claims smoothly with expert guidance. Understand coverage, file claims, and handle denials effectively for peace of mind.
What are the Benefits of Life Insurance in South Carolina?
By Insurance Content Writer 04 Apr, 2024
Navigate South Carolina's life insurance tax landscape with ease. Learn how policies are taxed and strategies to minimize liabilities in this comprehensive guide.
Does Life Insurance Count Towards Taxes in South Carolina?
By Insurance Content Writer 04 Apr, 2024
Discover the benefits of life insurance in South Carolina. Protect your loved ones' financial future with peace of mind and unique investment opportunities.
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