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The Facts About South Dakota Commercial Insurance

If you are planning on operating any small business in South Dakota, you are going to need to have commercial insurance coverage. You never know when an accident might occur on your property, so it is critical that you are protected in the event of a lawsuit. Otherwise, you could run the risk of losing everything if one of your customers gets hurt and decides to sue your business.

The state of South Dakota does not require businesses to carry any form of commercial liability insurance. However, just because the law does not require it does not mean that your organization shouldn't have this important type of coverage. South Dakota is a comparative negligence fault state, meaning that even if a customer is 99 percent at fault for an accident, you could still be held liable for that 1 percent of the fault that lies with your company and have to pay the customer damages for it. A general guideline for small businesses is to obtain coverage for about $1 million, although that number can vary depending on the nature of your business and the amount of risk that your customers are exposed to on a daily basis while using your facility.

In choosing a commercial insurance policy, look out for the following common types of coverage:

  • Bodily injury – Protects you when a customer is physically injured while on your business property or using your products or services
  • Personal injury – Protects against damage to a person's reputation or rights, like slander, copyright infringement, invasion of privacy and other concerns
  • Property damage – Protects against damage to a customer's belongings while on your premises
  • Legal defense – Protects you in the event of a lawsuit, covering your legal costs up to the limit of your policy

Get in touch with Meyer Insurance today to help you better understand the coverage options available so that you can narrow down your choices.