Insurance Tips for Small Business

Success in business depends on many variables. Good people, good service, expertise, dependability, etc. An important variable to protecting your business is a solid insurance plan to cover the many risks you encounter. At Morgan & Associates, Inc. we provide insurance coverage for hundreds of business owners, and we pattern each policy to the specific needs of that business.

Some factors to consider when buying business insurance:

• Property Coverage: businesses need to protect the physical property on which their livelihood depends. Inventory, equipment, buildings - all should be protected from loss. Property must also be covered for natural disasters such as fire, lightning, windstorm, etc.
• Liability and Premises Coverage: These are important because nearly all businesses depend on customers who physically visit the premises or have employees provide a service where customers are present. Liability insurance experts suggest liability coverage of no less than $1,000,000. At Morgan & Associates, Inc. we can help you determine appropriate liability limits.
• Auto Insurance: If you use your car or commercial vehicles in your business, you will need liability coverage for yourself and other employees authorized to operate vehicles. If there are many company vehicles you may qualify for fleet insurance discounts.
• Key Person Coverage: The loss through death or disability of a Key member of the business can devastate a small business. Coverage can cover costs of replacing the person, as well as lost profits specific to the loss of that person. Many small businesses carry life insurance on principals as a way of protecting the business.
• Workers’ Compensation: Morgan & Associates, Inc. personnel can help you determine if South Carolina requires you to provide Workers’ Compensation Insurance for your employees. We can also assist you with certificates of insurance.

Morgan & Associates is a full service insurance agency providing all lines of business and personal insurance, life and health insurance for groups and individuals. Come see us at 104 Hamilton St. Lexington, SC or 103 A Beaufort St. Chapin, SC. Please call us at 803-996-2910 (Lexington) or 803-345-3452 (Chapin).