Running a small business can be rewarding both financially and personally. However, starting a business also means assuming many risks. The good news is that some of these risks can be mitigated with commercial insurance. We’re going to cover some important statistics below, but if you are in or near Commerce, GA, and you’re interested in speaking with agents serving this area, feel free to contact Hyman Brown Insurance Agency Inc.
Key Statistics About Commercial Insurance Everyone Should Be Aware Of
There are over 33 million businesses, both large and small, in the United States alone. The Small Business Administration (SBA) points out that the vast majority of these businesses are small companies with a workforce of less than 500 individuals. Given the high level of competition, commercial insurance can often be the difference between a small business’s success and failure.
Surveys have discovered that over 95% of business owners do not fully grasp the basics of small business insurance. Moreover, 90% of small business owners have concerns about being inadequately insured. If you or someone you know has worries about insurance or questions about it, it’s wise to connect with expert insurance agents. These professionals can guide you through various policies and highlight what each covers and why planning for specific risk factors is essential.
Several incidents can negatively impact a small business. Top reasons for insurance claims filed by small businesses include theft and break-ins, damage from wind and hail, and water damage, like a burst pipe. The right commercial insurance policy may help safeguard your business from these threats.
Some industry insiders have found that commercial insurance rates increased by nearly 4% in the first quarter of 2024. This finding underscores the importance of partnering with insurance agents who can assist you in finding the best deals. If you are in or around Commerce, GA, and want to discuss policy options, please get in touch with Hyman Brown Insurance Agency Inc.