Best General Liability Insurance in South Carolina (2023)

MoneyGeek analyzed the top providers of general liability insurance in South Carolina by evaluating various factors, including financial stability, cost, customer satisfaction and the time needed to obtain a quote online.

The Hartford outshines other insurers as South Carolina's best option for general liability insurance. LLC owners with 20 employees pay an average of $55 per month for a policy from this insurer, while sole proprietors without employees pay only $27 monthly.

For small business owners interested in the cheapest policies, we also rated insurers based on affordability. Next stands out as the most affordable insurer, with policies for LLCs costing an average of $26 per month, while sole proprietors pay around $25 per month.

The Hartford overshadows other companies as the best overall general liability insurance provider, with a MoneyGeek score of 92 out of 100. The following table demonstrates how costs stack up between the companies in our study, showing how The Hartford ranks compared to its competitors.

Next has the most affordable general liability insurance in South Carolina, with a MoneyGeek score of 96 out of 100. The company provides the lowest average monthly rate for LLCs, costing $26 monthly. Its average monthly premium for sole proprietors is $25.

To determine average cost estimates for these companies, Moneygeek utilized an affordability score derived from monthly costs for LLCs and sole proprietors. Each business type contributed to 50% of the total score.

Although Next has the cheapest overall cost, certain companies may feature different rates for LLCs and sole proprietors.

Nationwide is the top provider of general liability insurance for employers in South Carolina, with a MoneyGeek score of 96 out of 100. The company's average monthly rate for LLCs is $36.

Rates for this category represent LLCs with 20 employees. Individual premiums may differ depending on your number of employees. For instance, larger companies with an employee base of more than 20 may pay higher premiums than the average rates, while smaller companies may expect to pay less.

If you are a sole proprietor in South Carolina, biBERK may offer you the best general liability insurance coverage. The insurer earned a MoneyGeek score of 97 out of 100, with an average monthly premium of $23.

Rankings and the average cost for this category were derived using quotes for a sole proprietorship with no employees. However, actual rates are likely higher for companies in riskier environments, such as construction, mining or manufacturing industries. Such industries are more prone to liabilities and accidents, explaining the increase in premiums.

General liability insurance safeguards your business from financial liabilities resulting from injuries, accidents and property damage caused by your services, products or business operations. By purchasing a general liability policy, you also build credibility among your clients, especially those who request this coverage as part of the contracting or licensing process. Typically, your policy covers the following:

• Bodily injury: Pays for medical costs and other expenses for third parties hurt within the scope of your business
• Property damage: Covers property damage costs resulting from the services offered by your company
• Legal costs: Covers the costs associated with legal defense, judgments and settlements if a third party accuses you of negligence

In South Carolina, you must adhere to specific business insurance guidelines, such as having worker’s compensation insurance for companies with four people or more. This coverage pays for medical costs relating to the injury or illness of your employees. Additionally, commercial auto insurance is mandatory for business vehicles, with the following minimum coverage limits:

• $25,000 per person
• $50,000 per accident for bodily injury
• $25,000 for property damage

This insurance protects your business from the financial burden resulting from car accidents.

Purchasing general liability insurance in South Carolina is prudent for LLCs and sole proprietors who wish to safeguard their businesses from unnecessary financial burdens. The average monthly cost of coverage for a policy with a $2 million aggregate limit, $1 million occurrence limit and a $0 deductible is $55 for LLCs and $27 for sole proprietors.

General liability coverage features two policy limits. One is the aggregate limit which signifies the highest amount an insurer will disburse for all claims within the policy period. The second limit is the occurrence limit, referring to the highest sum the insurer will pay for a single claim. The deductible is what a business owner pays out of pocket before the insurer settles a claim.

South Carolina’s general liability insurance rates differ significantly between businesses based on various factors. We’ve included a detailed list of these subjects and how they impact premiums for a business.

Finding the ideal general liability insurance provider in South Carolina for your business relies on several factors, including your needs and preferences. We answered some commonly asked questions to help you with the process.