From South Carolina Workers’ Compensation Insurance to General Liability, Commercial Auto Insurance & More. We Are Your Easy & Stress Free Construction Insurance Provider in South Carolina State!
As a contractor in South Carolina, it is essential to have the right insurance coverage to protect your business and your livelihood. In this article, we will discuss the different types of insurance that contractors in South Carolina should consider, as well as the requirements and regulations related to contractor insurance in the state.
Pricing for contractors in South Carolina usually falls near the national average, with local factors moving individual quotes up or down. These estimates are for general liability insurance only and assume a general contractor carrying commonly requested $1M per occurrence / $2M aggregate limits. Actual premiums vary based on payroll, annual revenue, subcontractor cost, type of work, claims history, location, policy limits, endorsements, and carrier underwriting appetite.
| Annual Revenue | Estimated Annual Premium Range | Estimated Monthly Cost |
|---|---|---|
| $50,000 | $675 – $1,375 | $56 – $115/mo |
| $100,000 | $900 – $2,125 | $75 – $177/mo |
| $150,000 | $1,275 – $3,000 | $106 – $250/mo |
| $250,000 | $2,000 – $4,700 | $167 – $392/mo |
| $500,000 | $3,550 – $8,100 | $296 – $675/mo |
| $750,000 | $5,350 – $11,050 | $446 – $921/mo |
| $1,000,000 | $7,050 – $13,800 | $588 – $1,150/mo |
Disclaimer: These pricing examples are estimates for informational purposes only. General liability insurance is commonly required by project owners, commercial clients, landlords, lenders, and general contractors before work begins.
General liability insurance is a type of insurance coverage that protects contractors from claims related to bodily injury, property damage, and personal and advertising injury that may occur during the course of their business operations. This type of insurance is important for contractors in South Carolina because it can cover the cost of legal fees, settlements, and judgments related to these types of claims.
General liability insurance can provide coverage for a wide range of incidents, including:
In South Carolina, contractors are not required to carry general liability insurance, but it is highly recommended. Without this coverage, contractors may be financially responsible for any damages or injuries that occur as a result of their business operations, which could be financially devastating.
Workers’ compensation insurance is a type of insurance that provides financial benefits to employees who are injured on the job or who become ill as a result of their job duties. In South Carolina, most employers are required to carry workers’ compensation insurance to provide coverage for their employees in the event of a workplace injury or illness.
Workers’ compensation insurance can provide benefits such as:
In South Carolina, contractors are required to carry workers’ compensation insurance if they have four or more employees. If a contractor has fewer than four employees, they may be exempt from this requirement. However, even if a contractor is exempt from the requirement to carry workers’ compensation insurance, it is still a good idea to have this coverage in place to protect both the contractor and their employees.
Commercial auto insurance is a type of insurance that provides coverage for vehicles used for business purposes. In South Carolina, contractors who use their own vehicles for work-related activities may need commercial auto insurance to protect themselves from financial loss in the event of an accident or other vehicle-related incident.
Commercial auto insurance can provide coverage for:
In South Carolina, commercial auto insurance is not required by law, but it is a good idea for contractors who use their own vehicles for business purposes. Without this coverage, contractors may be financially responsible for any damages or injuries that occur as a result of an accident involving their vehicle.
Builders risk insurance is a type of insurance that provides coverage for property under construction, including materials, supplies, and equipment. This type of insurance is important for contractors in South Carolina because it can protect against losses due to fire, theft, vandalism, and other perils during the construction process.
Builders risk insurance can provide coverage for:
In South Carolina, builders risk insurance is not required by law, but it is a good idea for contractors to have this coverage in place to protect against potential losses during the construction process.
Inland marine insurance is a type of insurance that provides coverage for property that is transported over land, such as tools, equipment, and other supplies. This type of insurance is important for contractors in South Carolina who transport their own tools and equipment to job sites.
Inland marine insurance can provide coverage for:
Damage to or loss of tools and equipment
In South Carolina, inland marine insurance is not required by law, but it is a good idea for contractors who transport their own tools and equipment to have this coverage in place to protect against potential losses during transport.
Commercial umbrella insurance is a type of insurance that provides additional liability coverage beyond the limits of other policies, such as general liability insurance or commercial auto insurance. This type of insurance can be important for contractors in South Carolina who want to protect their businesses from large, unexpected losses due to liability claims.
Commercial umbrella insurance can provide coverage for:
In South Carolina, commercial umbrella insurance is not required by law, but it can be a good idea for contractors who want to have extra protection against large liability claims.
An ACORD certificate is a standardized form that provides proof of insurance coverage. In South Carolina, contractors may be required to provide an ACORD certificate as proof of insurance to clients or to fulfill the requirements of a contract. An ACORD certificate typically includes information about the type of insurance coverage, the policy limits, and the effective and expiration dates of the policy.
Business insurance is an important consideration for contractors in South Carolina. Types of insurance that may be important for contractors to consider include general liability insurance, workers’ compensation insurance, commercial auto insurance, builders risk insurance, inland marine insurance, and commercial umbrella insurance. While some of these types of insurance are required by law, others are optional but can provide valuable protection for contractors and their businesses. It is important for contractors to carefully consider their insurance needs and to work with a trusted insurance provider like us to obtain the coverage that is right for their business.
If you want to get the best coverage now, from the best carriers and at the lowest price, call us at (888) 973-0016 or click for a free quote. We can assist you and answer all your questions 24/7!
Get answers to your most common questions from Contractors Liability
Most South Carolina contractors need a $1,000,000/$2,000,000 policy. Local municipal permit offices, the South Carolina Contractors’ Licensing Board, and commercial contracts universally require these limits to win bids.
Work vehicles require a $1,000,000 combined single limit (CSL). This protects your business from catastrophic asset loss during at-fault accidents and satisfies commercial client contracts across South Carolina.
South Carolina law mandates workers’ comp for construction businesses regularly employing 4 or more workers. Policies carry standard $500,000 limits to cover workplace injuries, medical bills, and avoid state regulatory fines.
No. Standard liability policies exclude sub claims unless you enforce risk transfer. Always collect a Certificate of Insurance (COI) making you an Additional Insured with primary, non-contributory terms.
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