Why Conway Businesses Need Commercial Insurance

Commercial insurance protects Conway businesses from the financial consequences of accidents, lawsuits, property damage, and unexpected events that can threaten years of hard work. As the county seat of Horry County, Conway has developed a diverse business community that ranges from Main Street retail shops to contractors serving the entire Myrtle Beach area. Each of these businesses faces risks that personal insurance cannot address.

Conway's position as the governmental and commercial center of Horry County creates unique opportunities for local businesses. The historic downtown district attracts visitors, Coastal Carolina University drives economic activity, and the growing residential population supports service businesses of all types. With this growth comes the need for proper insurance protection that matches each business's specific exposures.

The Conway Business Landscape

Understanding what types of businesses operate in Conway helps illustrate why commercial insurance needs vary so significantly. Conway's business mix differs from the tourism focused economy along the Myrtle Beach coastline.

Retail and Restaurant Businesses

Downtown Conway's historic district houses boutiques, antique shops, restaurants, and specialty retailers. These businesses face customer injury liability, property damage risks, and potential business interruption from events affecting their physical locations. Restaurants carry additional exposures including foodborne illness claims and liquor liability if they serve alcohol.

Contractors and Trades

Conway serves as home base for many contractors who work throughout Horry County. Electricians, plumbers, HVAC technicians, roofers, and general contractors operate from Conway while serving customers in Myrtle Beach, North Myrtle Beach, and surrounding communities. These businesses need coverage for work performed at customer locations, tools and equipment, commercial vehicles, and employee injuries.

Professional Services

Attorneys, accountants, healthcare providers, and consultants operate professional practices in Conway. These businesses face professional liability exposures when clients claim their advice or services caused financial harm. Professional liability insurance, also called errors and omissions coverage, addresses these unique risks.

Manufacturing and Warehousing

Conway's inland location and access to Highway 501 and Highway 22 make it attractive for manufacturing, distribution, and warehousing operations. These businesses require coverage for large property values, specialized equipment, product liability, and often significant workers compensation exposures.

Service Businesses

Landscapers, cleaning services, pest control companies, and other service providers base their operations in Conway while serving customers throughout the area. Mobile operations require coverage that follows the business to customer locations rather than protecting only a fixed premises.

Essential Commercial Insurance Coverages

A comprehensive commercial insurance program combines multiple coverage types to address the full range of risks a business faces. Understanding each coverage helps you evaluate whether your current protection is adequate.

General Liability Insurance

General liability insurance forms the foundation of most commercial insurance programs. This coverage protects your business when third parties claim bodily injury or property damage resulting from your operations, products, or premises.

General liability covers situations such as:

• Customer injuries: A customer slips on your floor and breaks their wrist, requiring surgery and physical therapy
• Property damage: Your employee accidentally damages a customer's property while performing services
• Product liability: A product you sell or manufacture causes injury or damage
• Advertising injury: Your marketing inadvertently infringes on another company's trademark or defames a competitor
• Legal defense costs: Attorney fees, court costs, and settlements or judgments against your business

Most Conway businesses should carry at least $1 million per occurrence in general liability coverage, with $2 million aggregate limits. Businesses with higher risk exposures or contractual requirements may need higher limits.

Commercial Property Insurance

Commercial property insurance protects your business's physical assets against damage from fire, theft, vandalism, storms, and other covered perils. This includes the building you own or lease, equipment, inventory, furniture, signage, and other business personal property.

Property coverage considerations for Conway businesses include:

• Building coverage: If you own your building, coverage should reflect full replacement cost
• Tenant improvements: Leasehold improvements you have made to rented space need separate coverage
• Business personal property: Equipment, inventory, furniture, and supplies inside your premises
• Outdoor property: Signs, fencing, and property outside the building walls
• Equipment breakdown: Coverage for mechanical and electrical equipment failure

Conway's inland location reduces but does not eliminate hurricane exposure. Businesses should understand how their property policies handle wind damage and consider whether separate windstorm coverage is necessary based on their building's construction and location.

Business Owners Policy

A Business Owners Policy , commonly called a BOP, packages general liability and commercial property coverage together, often at lower cost than purchasing these coverages separately. BOPs work well for many small to medium sized businesses with straightforward coverage needs.

Standard BOPs include basic coverage for business interruption, which pays lost income when covered property damage forces your business to close temporarily. This coverage helps you continue paying rent, utilities, and employees while your premises are being repaired.

BOPs work well for retail stores, offices, restaurants, and service businesses operating from fixed locations. Businesses with more complex exposures, higher property values, or specialized risks may need individually tailored coverage rather than a packaged policy.

Workers Compensation Insurance

South Carolina law requires most businesses with four or more employees to carry workers compensation insurance. This coverage pays medical expenses and lost wages for employees injured on the job, regardless of fault. It also protects employers from lawsuits by injured workers.

Workers compensation costs vary significantly based on your industry and job classifications. Office workers cost far less to insure than roofers or landscapers. Maintaining a safe workplace and managing claims effectively helps control workers compensation costs over time.

Even businesses not legally required to carry workers compensation should consider voluntary coverage. An employee injury without insurance can result in significant out of pocket costs and potential lawsuits that general liability may not cover.

Commercial Auto Insurance

Businesses that own vehicles need commercial auto insurance rather than personal auto policies. Commercial coverage addresses the higher liability exposures that come with business vehicle use and covers employees driving company vehicles.

Commercial auto policies cover:

• Liability: Injuries and property damage your business vehicles cause to others
• Physical damage: Collision and comprehensive coverage for your owned vehicles
• Medical payments: Injuries to vehicle occupants regardless of fault
• Uninsured motorist: Protection when at fault drivers lack adequate insurance

Contractors, delivery services, and other businesses with vehicles traveling throughout Horry County face substantial auto liability exposure. Adequate limits protect your business when accidents cause serious injuries.

Hired and Non Owned Auto Insurance

When employees drive their personal vehicles for business purposes or your company rents vehicles, hired and non owned auto insurance provides liability coverage. This coverage fills gaps that personal auto policies and rental car coverage may leave.

Businesses without company vehicles often overlook this exposure. If an employee causes an accident while running a business errand in their personal car, your business could face liability claims that their personal insurance does not fully cover.

Professional Liability Insurance

Professional liability insurance , also called errors and omissions coverage, protects businesses that provide professional services or advice. This coverage responds when clients claim your professional services caused them financial harm.

Businesses needing professional liability include:

• Accountants and bookkeepers: Errors in financial statements or tax preparation
• Attorneys: Malpractice claims from clients
• Insurance agents: Claims of inadequate coverage recommendations
• Consultants: Advice that leads to client financial losses
• Technology providers: Software failures or data breaches
• Healthcare providers: Medical malpractice claims

General liability does not cover professional errors. Businesses providing services or advice need professional liability coverage tailored to their specific profession.

Inland Marine Insurance

Inland marine insurance covers business property that moves between locations or is used at customer sites. Despite its name, this coverage has nothing to do with boats. It developed from ocean marine insurance to cover property in transit over land.

Conway contractors rely heavily on inland marine coverage for:

• Tools and equipment: Hand tools, power tools, and specialized equipment used at job sites
• Contractor's equipment: Larger equipment like generators, compressors, and scaffolding
• Installation floater: Materials and equipment being installed at customer locations
• Property in transit: Goods being transported between locations

Standard commercial property policies cover property only at scheduled locations. Inland marine extends protection to property wherever your business takes it.

Commercial Umbrella Insurance

A commercial umbrella policy provides additional liability limits above your underlying general liability, auto liability, and employers liability coverage. When a serious accident results in claims exceeding your primary policy limits, umbrella coverage responds.

Umbrella policies typically provide $1 million to $10 million in additional limits at relatively modest cost. For businesses facing significant liability exposures, umbrella coverage provides essential protection against catastrophic claims that could otherwise threaten the business's survival.

Industry Specific Coverage for Conway Businesses

Certain industries require specialized coverage beyond standard commercial policies. Conway businesses in these sectors should ensure their insurance programs address industry specific risks.

Restaurant and Food Service

Restaurant insurance combines general liability, property coverage, and specialized protections for food service operations. Key coverages include food spoilage coverage for refrigeration failures, equipment breakdown for commercial kitchen equipment, and product liability for foodborne illness claims.

Restaurants serving alcohol need liquor liability insurance to cover claims arising from intoxicated patrons. South Carolina's dram shop laws can hold alcohol serving establishments responsible for injuries caused by visibly intoxicated customers they continued to serve.

Contractors and Construction

Contractors need coverage that addresses job site risks, completed operations liability, and the specialized tools and equipment their trades require. Builders risk insurance covers buildings under construction, while inland marine protects tools and equipment.

Many contractors working in Myrtle Beach and the coastal areas need to meet insurance requirements specified in their contracts. General contractors often require subcontractors to carry specific liability limits and name them as additional insureds. Understanding these contractual requirements helps contractors maintain necessary coverage.

Professional Practices

Conway's professional service providers need coverage combinations that address both general business risks and professional liability. Medical practices require malpractice coverage, while accounting firms need coverage for errors in financial work. Each profession has insurers specializing in its unique exposures.

Cyber Liability for Conway Businesses

Data breaches and cyber attacks threaten businesses of all sizes. Cyber liability insurance covers costs associated with data breaches, ransomware attacks, and other cyber incidents.

Cyber coverage typically includes:

• Data breach response: Notification costs, credit monitoring for affected individuals, and forensic investigation
• Business interruption: Lost income when cyber attacks disrupt operations
• Cyber extortion: Ransom payments and negotiation costs during ransomware attacks
• Liability: Defense costs and damages when third parties sue over data breaches
• Regulatory fines: Penalties from privacy law violations

Any business that stores customer information, processes credit cards, or relies on computer systems should consider cyber liability coverage. Small businesses are increasingly targeted because they often lack sophisticated security measures.

Business Interruption and Income Protection

Business interruption insurance replaces lost income when covered property damage forces your business to close temporarily. This coverage continues paying operating expenses, employee wages, and lost profits while your business recovers.

Consider what would happen if a fire damaged your Conway location and required three months of repairs. Without business interruption coverage, you would lose all revenue while continuing to owe rent, loan payments, and potentially employee wages. Business interruption coverage bridges this gap.

Extended coverage options include contingent business interruption, which covers income losses when damage to a supplier or key customer affects your business, and civil authority coverage, which applies when government orders prevent access to your premises even without direct damage to your property.

How Much Does Commercial Insurance Cost in Conway?

Commercial insurance costs vary widely based on your industry, coverage needs, claims history, and risk management practices. Understanding what drives premiums helps you budget appropriately and identify opportunities for savings.

Factors Affecting Premiums

• Industry classification: Higher risk industries like construction and restaurants pay more than office based businesses
• Revenue and payroll: Larger operations with more employees and revenue have higher premiums
• Claims history: Previous claims increase future premiums, sometimes significantly
• Coverage limits: Higher limits cost more but provide better protection
• Deductibles: Higher deductibles reduce premiums but increase out of pocket costs after claims
• Property values: More valuable buildings and contents cost more to insure
• Location: Building construction, fire protection, and local crime rates affect property premiums
• Experience modification: Your workers compensation experience mod reflects your claims history compared to industry averages

Typical Premium Ranges

A small Conway retail store or professional office might pay $1,500 to $4,000 annually for a basic BOP with adequate liability limits. Restaurants typically pay $5,000 to $15,000 depending on size and alcohol sales. Contractors often pay $8,000 to $25,000 or more based on their trade, revenue, and workers compensation needs.

These ranges vary significantly based on individual circumstances. The best way to understand your costs is to work with a Myrtle Beach commercial insurance agent who can evaluate your specific situation and obtain quotes from multiple carriers.

Managing Commercial Insurance Costs

Several strategies help Conway businesses control insurance costs while maintaining appropriate protection.

Risk Management

Preventing claims is the most effective way to control long term insurance costs. Implement safety programs, maintain your premises, train employees properly, and address hazards before they cause incidents. Businesses with strong safety records pay less over time.

Policy Structure

Work with your agent to structure coverage efficiently:

• Choose appropriate deductibles: Higher deductibles reduce premiums if you can absorb more small claims
• Bundle coverages: Packaging multiple coverages with one carrier often costs less than separate policies
• Review coverage annually: Ensure limits match current values and operations
• Eliminate unnecessary coverage: Remove protection you no longer need as your business changes

Shop Competitively

Commercial insurance rates vary significantly between carriers. Working with an independent agent who represents multiple insurers allows you to compare options and find competitive pricing. Review your coverage every few years to ensure you are not overpaying.

Filing Commercial Insurance Claims

Knowing how to handle claims before they occur helps ensure fair treatment and timely resolution.

Documenting Your Business

Maintain current records of your property, equipment, and inventory. Photograph your premises, keep equipment lists with serial numbers, and store important documents securely offsite or in cloud storage. This documentation proves invaluable when filing property claims.

When an Incident Occurs

Address immediate safety concerns first. Document the incident thoroughly with photographs, witness statements, and written descriptions. Report claims to your insurer promptly. Cooperate fully with the claims investigation while avoiding statements that could be construed as admitting liability.

Working with Adjusters

Your insurer assigns adjusters to evaluate claims and determine coverage. Provide requested documentation promptly and keep records of all communications. If you disagree with a coverage determination or settlement offer, discuss your concerns with your agent and understand your options for dispute resolution.

Why Work with Moore and Associates

Moore and Associates has served Conway and Horry County businesses since 1979. As an independent insurance agency based in Myrtle Beach, we represent multiple commercial insurance carriers rather than a single company. This allows us to compare options and find coverage that fits your specific business, industry, and budget.

Our agents understand the Conway business community and the challenges local business owners face. We help businesses throughout Horry County, from downtown Conway retailers to contractors working across the Myrtle Beach area, build insurance programs that protect their operations and support their growth.

Get a Commercial Insurance Quote in Myrtle Beach, South Carolina

Our commercial insurance agents serve Myrtle Beach, South Carolina and surrounding areas including Conway, North Myrtle Beach, Atlantic Beach, Surfside Beach, Murrells Inlet, Litchfield, Pawleys Island, and Georgetown. Contact Moore and Associates today for a free quote and protect your Conway business with coverage designed for South Carolina companies.