Home to International Paper and Gulfstream Aerospace, Savannah is an industrious city that can provide many opportunities for its enterprising residents. In addition to the large billion dollar companies, this city hosts several very successful small businesses such as Smoothie King and Roof Crafters, Inc. If you are an entrepreneur in this historical Southern city and have started your own enterprise here, you will want to be sure to protect it properly with a Savannah, GA business insurance policy.
Shopping for the right business insurance policy can be overwhelming if you are not familiar with the many coverage options available. Trusted Choice® agents can make it easier. They can use their relationships with several different insurance companies to provide you with a variety of competitively-priced policies that can meet your business’s unique coverage needs. Find an agent in your neighborhood today to start comparing Savannah commercial insurance quotes.
Savannah Employment Numbers by Industry
- Administrative support services: 19,000 employees
- Specialized fields services: 16,200 employees
- Management: 11,100 employees
- Retail: 9,600 employees• Technology: 4,400 employees
- Sales: 2,700 employees• Agriculture: 2,700 employees
- Construction: 2,400 employees
Only about 20 percent of the jobs in the Savannah area are considered blue-collar jobs. This is a city where the residents gravitate more toward white-collar professional services.
Is Savannah Business Insurance Mandatory?
If your business has employees, the state of Georgia will require you to carry insurance coverage for worker’s compensation, disability and unemployment benefits. Additionally, if your business uses company-owned trucks or cars, the state will require you to have commercial vehicle insurance.
You may be required by your lender to carry a business insurance policy if you have taken out a business loan. Also, if you rent the building in which your business is housed, you may be required to carry this coverage in terms of your lease. The benefits of this sort of coverage cannot be overstated. You have probably invested a lot time and money into your small business, so it only makes sense to protect it.
Chatham County Non-Farm Business Statistics, 2007
- Merchant wholesaler sales: $3.78 billion
- Retail sales: $4.00 billion
- Retail sales per capita: $16,107
- Accommodation and food services sales: $873 million
Many small businesses are set up as an LLC or a corporation. These business structures are designed to protect owners from losing personal assets if the business is sued for liability. These structures do not, however, protect the business in any way. Only a Savannah business insurance policy can fully protect a small company for the financial devastation that can result from a liability suit.
The Make-up of Chatham County’s Small-Business Owners
- There were a total of 23,990 firms in Chatham County
- Percent owned by women: 33.0%
- Percent owned by African-Americans: 23.5%
- Percent owned by Asian-Americans: 4.4%
- Percent owned by Hispanics and Latino-Americans: 1.1%
While not as diverse as many other Georgia cities when it comes to the make-up of business ownership, the number of Savannah’s small business that are owned by minority groups is growing. There is a lot of opportunity within this city for those who can fill a business need.
What Does Savannah Business Insurance Cover?
A business that runs a retail store does not have same liability risks as a company that manufactures products or one that provides medical care. Insurance companies understand this and have created commercial insurance policies that can be tailored to fit the unique coverage needs of any type of business. The most frequently purchased coverage options offered by commercial insurance policies include:
- Liability insurance: This will provide compensation if your business is sued for liability. There are three main types of liability insurance and you can purchase only the types that are relevant to your business:
- General liability: This will provide coverage if someone is injured in your place of business or if employees cause bodily injury or property damage to a third-party while working.
- Product liability: If your business created products, and there is a product defect that causes illness or injuries to others, this insurance is designed to give you coverage.
- Professional liability: This protects those who provide services if they are sued for negligence in provision or malpractice.
- Property insurance: If your business suffers property damage or loss due to causes such as weather, fire, vandalism, or theft, this insurance is designed to provide you with compensation. Flood damage is rarely covered by these policies, so be sure that you are familiar with the exclusions on your coverage and purchase a flood insurance policy if necessary.
- Lost income insurance: If your business faces an interruption in production or sales because of damages or problems caused by a covered event, this coverage can provide a continuation of income so that you can continue to pay your employees and your bills.
Find an Appropriate Savannah Business Insurance Policy
There are many different kinds of businesses and each faces its own unique risks. This is why there is no such thing as a one-size-fits-all business insurance policy. When shopping for a policy, you can benefit from the assistance of a Trusted Choice agent. A local agent can help you asses your business’s unique coverage requirements and can then work with you to build an appropriate business insurance policy.
These agents are independent of any particular insurance company so they can present you with policies from several different providers. Contact a Trusted Choice agent today and you can be comparing Savannah commercial insurance quotes in no time.