{"id":8112,"date":"2023-03-13T22:21:00","date_gmt":"2023-03-13T22:21:00","guid":{"rendered":"https:\/\/veloxinsurance.com\/?p=8112"},"modified":"2023-10-31T21:09:11","modified_gmt":"2023-10-31T21:09:11","slug":"7-commercial-insurance-tips-for-ga-entrepeneurs","status":"publish","type":"post","link":"https:\/\/veloxinsurance.com\/blog\/7-commercial-insurance-tips-for-ga-entrepeneurs\/","title":{"rendered":"7 Commercial Insurance Tips Every Georgia Entrepreneur Needs to Know"},"content":{"rendered":"\n<p>Your goals as a new entrepreneur include building a profitable business, accomplishing product-market fit, and building sustainable operations that can contend with diverse economic conditions.&nbsp;<\/p>\n\n\n\n<p>Another important decision is getting the right kind of <a href=\"https:\/\/veloxinsurance.com\/business-insurance-policies\/\" target=\"_blank\" rel=\"noreferrer noopener\">business insurance<\/a>. Even experienced owners may see this as a daunting topic!&nbsp;<\/p>\n\n\n\n<p>To help you better understand the rationale for protecting your personal and company assets with these policies, we have compiled this list of 8 commercial insurance tips every Georgia entrepreneur needs to know.&nbsp;<\/p>\n\n\n\n<p>Read on to gain insight into the differences between insurance types and what you may need to protect your business!&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Understand the Risks Your Company Faces&nbsp;<\/h2>\n\n\n\n<p>Every company has a unique risk profile. For example, a lawncare operator may incur risks associated with damaging a customer\u2019s property or on-the-job employee injuries. A bookkeeping business, on the other hand, may have risks associated with financial pitfalls.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Identify the Types of Commercial Policies Available&nbsp;<\/h2>\n\n\n\n<p>The State of Georgia has assembled a comprehensive <a href=\"https:\/\/oci.georgia.gov\/insurance-resources\/business\" target=\"_blank\" rel=\"noreferrer noopener\">68-page guide<\/a> to business insurance, and it\u2019s a must read!&nbsp;<\/p>\n\n\n\n<p>The main types of products include:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Builder\u2019s Risk: Construction firms and property owners will typically have one of these policies. Protections include fire, wind, theft, lightning, hail, vandalism, and more.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/veloxinsurance.com\/business-owners-policy\/\" target=\"_blank\" rel=\"noreferrer noopener\">Business Owners Policy<\/a> (BOP): BOP acts as a type of umbrella insurance that provides protection against multiple types of risks, including property, business interruption, and liability.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/veloxinsurance.com\/commercial-auto\/\" target=\"_blank\" rel=\"noreferrer noopener\">Commercial Auto<\/a>: If you plan to use vehicles in your operations, a commercial auto insurance policy not only meets legal requirements but also protects vital capital assets.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/veloxinsurance.com\/general-liability\/\" target=\"_blank\" rel=\"noreferrer noopener\">General Liability<\/a>: This essential type of protection helps to cover your business against claims such as property damage, bodily injury, and other types of liability.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/veloxinsurance.com\/professional-liability\/\" target=\"_blank\" rel=\"noreferrer noopener\">Professional Liability<\/a>: General liability policies typically do not cover the risks that professional liability coverage does. This type of coverage applies to businesses such as accounting firms, legal offices, and physician private practices.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3. Make Use of Bundling to Save Money&nbsp;<\/h2>\n\n\n\n<p>Most insurers will allow you to bundle distinct types of commercial policies. In return for your loyalty, the company will typically reward you with a discount.&nbsp;<\/p>\n\n\n\n<p>This discount differs from company to company, but in many cases, it can make sense to engage in bundling with a trusted and large insurer.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><picture><source srcset=\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1.webp 730w,https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-300x171.webp 300w,https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-281x160.webp 281w,https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-563x320.webp 563w,https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-246x140.webp 246w\" sizes=\"(max-width: 730px) 100vw, 730px\" type=\"image\/webp\"><img src=\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1.webp\" height=\"415\" width=\"730\" srcset=\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1.webp 730w, https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-300x171.webp 300w, https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-281x160.webp 281w, https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-563x320.webp 563w, https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1-246x140.webp 246w\" sizes=\"(max-width: 730px) 100vw, 730px\" class=\"wp-image-8787 sp-no-webp\" alt=\"A man delivers flowers for his flower company.\"decoding=\"async\" loading=\"lazy\"  > <\/picture><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">4. Read the Fine Print&nbsp;<\/h2>\n\n\n\n<p>Insurance contracts can have significant complexity. Commercial policies may also have unique language or features that new entrepreneurs may struggle to understand.&nbsp;<\/p>\n\n\n\n<p>While your agent can work with you to better understand the fine print, we have also compiled a helpful guide that can help you better understand the <a href=\"https:\/\/veloxinsurance.com\/what-is-the-difference-between-commercial-and-personal-auto-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">differences between commercial and personal insurance<\/a>.&nbsp;<\/p>\n\n\n\n<p>The main differences between these two types of policies include:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Coverage of your assets, including passengers of vehicles.&nbsp;<\/li>\n\n\n\n<li>Additional coverage of employees via \u201cadditional insured.\u201d&nbsp;<\/li>\n\n\n\n<li>Higher limits associated with commercial claims.&nbsp;<\/li>\n\n\n\n<li>Protection of assets used for enterprise purposes.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">5. Ensure Each of Your Policies Remains Up to Date&nbsp;<\/h2>\n\n\n\n<p>If one of your <a href=\"https:\/\/veloxinsurance.com\/the-dangers-of-going-without-liability-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">policies lapses<\/a>, dire consequences could ensue. Your business may face the following consequences in this scenario:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Loss of Coverage: The immediate problem associated with a lapse in one of your business policies is the possibility your company may be exposed to the risks that the policy intended to cover.&nbsp;<\/li>\n\n\n\n<li>Legal Issues: State licensing requirements may apply to some types of businesses, and these requirements may include a dictate to hold insurance.&nbsp;<\/li>\n\n\n\n<li>Increases in Premiums: Insurers may also raise your insurance rates if you fail to make a payment or allow your coverage to lapse.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>To avoid a lapse in coverage, ensure that you pay premiums on time. An automatic payment via your business checking account or with a credit card may help to avoid late payments.&nbsp;<\/p>\n\n\n\n<p>You should also designate someone in your business (or take on the responsibility yourself) to monitor updates from the insurance company about the status of your policy, as well as any upcoming deadlines.&nbsp;<\/p>\n\n\n\n<p>You may also want to set reminders via a project management tool to remind yourself to double-check your insurance status. This will help to keep your <a href=\"https:\/\/veloxinsurance.com\/5-tips-for-your-business-to-run-smoothly-in-ga\/\" target=\"_blank\" rel=\"noreferrer noopener\">business running smoothly<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Know What to Do If You Need to Make a Claim&nbsp;<\/h2>\n\n\n\n<p>If you have multiple types of policies spread across different insurers, you will want to know exactly how to file a claim if necessary.&nbsp;<\/p>\n\n\n\n<p>Delays in filing claims can result in the claims adjuster rejecting your claim. The very survival of your enterprise may depend on your timeliness in properly filing a claim.&nbsp;<\/p>\n\n\n\n<p>Regardless of whether you run a <a href=\"https:\/\/veloxinsurance.com\/protecting-your-home-based-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">home-based business<\/a> or a larger operation, you want to ensure that you have the necessary information to file a claim as soon as you need to.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. Still Unsure of How It Works? Check Out the SBA\u2019s Website&nbsp;<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.sba.gov\/business-guide\/launch-your-business\/get-business-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">SBA<\/a> website provides ample guidance about commercial insurance to new entrepreneurs across the US along with a host of other important topics.&nbsp;<\/p>\n\n\n\n<p>This site explains how to pick the right type of policy, the most common types of insurance offered to businesses, and the steps you need to take to purchase the right plan for your business needs.&nbsp;<\/p>\n\n\n\n<p>The SBA also offers resources for new entrepreneurs who want to acquire financing and capital to develop their operations.&nbsp;<\/p>\n\n\n\r\n<div class=\"c-section\" id=\"get-callout-block_80b62648d2cfdc9f5af2ce6e282fea4a\">\r\n        <div class=\"c-get-callout\">\r\n                            <h2 class=\"c-section__title c-section__title--blue\">Find Affordable Commercial Insurance in Georgia Today <\/h2>\r\n                                        <div class=\"o-component s-cms-content s-cms-content--center\">\r\n                    <p>At Velox Insurance, we have the knowledge and experience to assist you in making good decisions on the amount and type of business coverage you should hold to protect your valuable assets.<\/p>\n<p>Call us at\u00a0<a href=\"tel:1-855-468-3569\"><span class=\"white-space\">855-468-3569<\/span><\/a>, get a\u00a0<button class=\"js-quote-modal-button\"><span>quick quote online<\/span><\/button>, or\u00a0<a href=\"https:\/\/locations.veloxinsurance.com\/\">find a nearby Georgia location<\/a>\u00a0to get started today!<\/p>\n                    \r\n                <\/div>\r\n                                                            <ul class=\"o-component o-list-bare c-get-callout__list\">\r\n                                                                                                                            <li class=\"o-list-bare__item c-get-callout__item\">\r\n                                <button class=\"c-get-callout__link js-quote-modal-button\" aria-expanded=\"false\" aria-controls=\"modalQuote\">\r\n                                    <img decoding=\"async\" class=\"c-get-callout__img\" loading=\"lazy\" src=\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/06\/Group-625427.svg\" alt=\"Computer screen.\" width=\"80\" height=\"80\" aria-hidden=\"true\">\r\n                                        <div class=\"c-get-callout__text\">Quote online<\/div>\r\n                                    <\/button>\r\n                            <\/li>\r\n                                                                                                                                                        <li class=\"o-list-bare__item c-get-callout__item\">\r\n                                <a class=\"c-get-callout__link\" href=\"tel:1-855-468-3569\">\r\n                                    <img decoding=\"async\" class=\"c-get-callout__img\" loading=\"lazy\" src=\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/06\/Group-625577.svg\" alt=\"Hand holding a phone.\" width=\"80\" height=\"80\" aria-hidden=\"true\">\r\n                                    <div class=\"c-get-callout__text\">Over the phone<\/div>\r\n                                <\/a>\r\n                            <\/li>\r\n                                                                                                                                                            <li class=\"o-list-bare__item c-get-callout__item\">\r\n                                <a class=\"c-get-callout__link\" href=\"https:\/\/locations.veloxinsurance.com\/\">\r\n                                    <img decoding=\"async\" class=\"c-get-callout__img\" loading=\"lazy\" src=\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/06\/Group-625579.svg\" alt=\"Two hands approaching.\" width=\"80\" height=\"80\" aria-hidden=\"true\">\r\n                                    <div class=\"c-get-callout__text\">Visit us<\/div>\r\n                                <\/a>\r\n                            <\/li>\r\n                                                                                                    <\/ul>\r\n                                    <\/div>\r\n<\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>Your goals as a new entrepreneur include building a profitable business, accomplishing product-market fit, and building sustainable operations that can contend with diverse economic conditions.&nbsp; Another important decision is getting the right kind of business insurance. Even experienced owners may see this as a daunting topic!&nbsp; To help you better understand the rationale for protecting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/8112"}],"collection":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=8112"}],"version-history":[{"count":10,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/8112\/revisions"}],"predecessor-version":[{"id":9893,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/8112\/revisions\/9893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/media\/9501"}],"wp:attachment":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=8112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=8112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=8112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}