Business Insurance in Savannah, GA
Business insurance can encompass a wide array of policies aimed at minimizing financial losses arising from different risks. Whether you’re managing a startup or a well-established corporation, having the right insurance coverage can be the difference between survival and devastation when confronted with challenges.
What Does Business Insurance Cover? 
Business (or commercial) insurance comprises various policies aimed at shielding companies from financial losses. It commonly includes coverage for property damage, liability, business interruption and employee-related risks. Property insurance can offer financial protection for physical assets such as buildings, equipment and inventory.
Meanwhile, liability insurance can assist in covering legal expenses in case of lawsuits against a business. Business interruption insurance can compensate for lost income during disruptions (e.g., severe weather). Workers’ compensation and professional liability insurance can also address employee injuries and errors, respectively.
How Much Is Business Insurance?
The following factors can influence the cost of commercial insurance:
- Industry—Different industries may face varying levels of risk, affecting insurance rates.
- Business size—The number of employees and revenue can impact costs.
- Claims history—A history of claims can influence premiums.
- Property value—The value of your business property matters.
- Location—Geographic location typically affects rates.
- Coverage needs—The types and levels of coverage you select can play a role.
- Risk management practices—Effective risk management can help control costs.
What Are Some Common Mistakes to Avoid When Purchasing Business Insurance?
When purchasing insurance, it’s essential to avoid the following common mistakes that could leave you vulnerable:
- Underestimating your coverage needs
- Focusing solely on the cost of coverage
- Failing to review policy exclusions
- Underestimating property value
- Neglecting coverage updates
- Skipping cyber liability insurance
- Assuming personal insurance covers a business
- Overlooking business interruption insurance
How to Get Commercial Insurance
Contact R.M. Bush & Company Inc to discuss your insurance needs today. We can help you avoid common mistakes when choosing coverage.