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FAQs
A car insurance policy in Bluffton will have several different types of coverage. All policies must have minimum liability coverage and uninsured motorist coverage as the law requires.
- Bodily injury liability coverage: Protection if you injure or kill someone else while driving your car. It covers an injured party’s claims for damages, including medical expenses, lost wages, and pain and suffering. It also provides for your legal defense fees if another party involved in the accident sues you.
- Property damage liability coverage: Pays for any damage that you cause to the property of others (e.g., another driver’s car) and for your legal defense if you are sued.
- Uninsured motorist coverage: Protects you if you are hit by a hit-and-run driver or a driver who does not have auto liability coverage. It takes the place of liability insurance that the other driver should have but does not.
In most cases, workers’ comp insurance will pay 66% of lost wages while injured, but most importantly, your medical bills will be covered as they come flooding in after an injury. Every state has different laws when it comes to workers’ comp, including when it’s necessary and how it’s paid out, and an independent agent can help you understand how it all applies to your business more clearly.
Yes. Your liability insurance covers lawsuits. Your company has a duty to provide a lawyer to represent you in lawsuits accusing you of negligence in driving your car. If you receive a summons or notice of a lawsuit, notify your company right away. Although the company pays for the lawyer, the lawyer’s ethical duty is to represent your best interest. There is no policy limit on how much the company must pay the lawyer to represent you. If the case is settled or there is a judgment against you, the company will pay up to the policy limit. But if the court judgment or settlement is more than your policy limits, you will have to pay the difference. The company may refuse to defend you if you are accused of intentionally injuring someone or intentionally damaging property.
A bond is a three-way agreement between the Surety, the Principal (who is the contractor or applicant) and the Obligee. Obligee is a technical word for a beneficiary, who might be the project owner, government agency, etc. The Surety is the party standing behind the performance of the Principal. The Surety has evaluated the Principal’s ability and willingness to perform and is providing their stamp of approval with a bond. If the Principal is unable to satisfy the terms of their agreement, the Surety assumes the responsibility and reimburses the Obligee.
The Obligee is the main beneficiary under the bond, but the Principal benefits too. If the Principal cannot or will not perform, the Surety steps in and makes good on the Principal’s obligation. The Obligee also has an obligation under the bond however. If the Obligee fails to fulfill their responsibilities under the contract or agreement, neither the Principal or Surety has any liability.
Bonds can be required either by law or contract. Bonds can be divided into the following broad categories: Contract, Commercial, Court and Fidelity.
Contract Bonds can be required by statute or by private agreement. Some examples would include:
- Bid Bonds guarantee the bidder’s promise to enter into a contract in the event their bid is accepted.
- Performance Bonds can be required for construction, supply or service contracts, and guarantee the principal will perform in accordance with the terms and conditions of the contract, purchase order, or service agreement.
- Payment Bonds are usually paired with Performance Bonds, and are required to guarantee that all suppliers and laborers on a bonded project will be paid.
Business insurance is a set of individual insurance policies that offer comprehensive coverage for your business. A typical business insurance package in Bluffton, SC will include the following types of coverage:
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Business interruption coverage: Protects your earnings if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close your doors for some time to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
Business insurance is a set of insurance policies covering your commercial property and liability risks. In general, business insurance is not required in Bluffton. If, however, your business owns any vehicles, you must purchase commercial auto insurance that complies with the state’s minimum coverage requirements.
South Carolina commercial vehicle owners must buy liability coverage up to the following minimum limits:
- Bodily injury liability: $25,000 per person/$50,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured motorist coverage: Coverage equal to the minimum amounts of liability coverage (25/50/25)
Workers’ compensation insurance helps protect you and your employees if a job-related incident leaves them injured or ill. One of the most important coverages a business can have, workers’ comp financially covers employees’ medical bills after an accident, replaces wages from lost work time, and even protects a business owner from being sued or paying expenses out of pocket.
The Obligee is the main beneficiary under the bond, but the Principal benefits too. If the Principal cannot or will not perform, the Surety steps in and makes good on the Principal’s obligation. The Obligee also has an obligation under the bond however. If the Obligee fails to fulfill their responsibilities under the contract or agreement, neither the Principal or Surety has any liability.
Bonds can be required either by law or contract. Bonds can be divided into the following broad categories: Contract, Commercial, Court and Fidelity.
Contract Bonds can be required by statute or by private agreement. Some examples would include:
- Bid Bonds guarantee the bidder’s promise to enter into a contract in the event their bid is accepted.
- Performance Bonds can be required for construction, supply or service contracts, and guarantee the principal will perform in accordance with the terms and conditions of the contract, purchase order, or service agreement.
- Payment Bonds are usually paired with Performance Bonds, and are required to guarantee that all suppliers and laborers on a bonded project will be paid.
The biggest property-damaging risk that Bluffton homeowners face is hurricanes. This town has been affected by more than 70 hurricanes since 1930. These storms can bring damaging winds, heavy rains, and general destruction. Property owners can experience damage to their roofs, siding, windows and other property, and repairs can be costly. Your local agent will be aware of this risk and will help you ensure that the policy you choose includes hurricane coverage that can adequately protect the investment you have made in your home.
Insurance for Vacation Homes and Second Homes
If you own additional properties such as rental units, second homes or vacation homes, these properties need to be covered by their own home insurance policies. Rates on these types of properties are influenced by additional factors such as these:
- Whether the property sits unoccupied for long periods of time throughout the year
- Whether the property is located in an area with a high risk for severe weather
- Whether you allow tenants or guests to live in your property when you are not using it
- Whether the property is a condo, beach house, duplex, manufactured home, etc.
Be sure to discuss the insurance needs of your additional homes with your local agent who can make appropriate recommendations and help you find affordable coverage for all of your properties.
Event liability coverage may help protect you if you’re found responsible for property damage or an injury caused during your event, and many venues require you to have it. If the band you hired damages a wall with their gear, for example, this coverage may help pay for repairs. Some policies also cover incidents caused by your guests. So, if someone gets a little wild on the dance floor and trips a waiter as he walks by, event liability coverage may help pay for medical expenses resulting from an injury. Remember, a coverage limit will apply. Keep in mind that while event liability coverage may help protect equipment that you rent from your venue, it likely will not pay for damage to equipment rented from a third-party company that’s not associated with the venue. Again, make sure to read your policy to find out what kinds of situations it does and does not cover.
Event cancellation coverage may help reimburse you for lost deposits and other fees — up to your coverage limit — should something unexpected force you to delay or cancel your function. If your photographer closes shop suddenly, you’ll likely be covered for the cost of the lost deposit and potentially unexpected charges from having to book another photographer at the last minute. If your officiant breaks his leg the day before your wedding and you’re forced to postpone, this coverage may help pay fees associated with rescheduling the venue, caterer and other vendors. Be sure to check your policy to find out what types of situations may or may not be covered.