A Quick Look at Commercial Insurance Statistics

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.

Three Important Types of Coverage in Your Home Insurance

A home insurance policy comes with several different coverage types. It’s important to have each of these coverage types so that you’re well covered in case of damaging events and accidents. Each of these types of coverage protects you in a different way against certain risks that exist for homeowners. When you get your home policy, call us at Hyman Brown Insurance Agency Inc. in Commerce, GA.

House Coverage

The protection for the structure is one of the most important types of home coverage you need. Every home policy comes with this protection in case of damaging events happen to the house. This coverage pays for the repairs that are needed after something damages it. This may be anything from a calamity to an accident to certain disasters. They can seriously damage a house and cause it to need expensive repairs to be habitable. 

Belongings Coverage

This coverage works much like the coverage for the structure, but it pertains to your belongings at your house. If a damaging event causes serious damage to your things, this coverage can pay for them to be repaired or replaced. A damaging event can cause damage to the home and to your things, and you need this coverage just in case this happens. Item replacement can be extremely expensive without coverage. 

Liability Coverage

If someone comes onto your property and has an accident there, the cost of the injuries would be up to you. That’s what the liability coverage is for. It protects you against what can be incredibly high medical expenses. 

Get Your Home Insurance Policy

If you’re buying a home or want to change your existing home insurance coverage, call us at Hyman Brown Insurance Agency Inc. in Commerce, GA.

Do Two Roommates Each Need Their Own Renters Insurance Policy?

Hyman Brown Insurance Agency Inc., a leading insurance company based in Commerce, GA, provides bespoke renter’s insurance crafted to your unique needs. We leverage our commitment to service excellence and deep understanding of the insurance market to bring you top-rated insurance options.

Understanding Renter’s Insurance

The choice between opting for a single renter’s insurance policy or requiring individual policies for each flatmate is influenced by the specifics of the living arrangement. As numerous tenants share accommodation, the selection of separate policies or joint ones often hinges on personal preferences and the property’s state.

Through the services of our authoritative agency, Hyman Brown Insurance Agency Inc., you can access essential guidance on the right policy. Shared policies are advisable when responsibilities are shared. However, each person’s policy will remain personal and cover individual concerns. Our skilled insurance agents offer advice tailored to each tenant’s unique needs and circumstances, ensuring the overall financial security of your shared living space.

Discover Premier Insurance Coverage Near Commerce, GA

Out of all the esteemed insurance companies in Athens and Commerce, GA, Hyman Brown Insurance Agency Inc. stands out for offering top-tier insurance coverage. Our passionate team at Hyman Brown Insurance Agency Inc. is committed to helping you find the best insurance protection available.

Let us help you achieve peace of mind and financial freedom. With our professionalism and expertise, we aim to guide you through the insurance world. Do not settle for less-than-optimal insurance coverage. Contact our team today to secure the insurance policy that perfectly meets your needs.

Filing Umbrella Insurance Claims

At Hyman Brown Insurance Agency Inc., we understand that many businesses in Commerce, GA find umbrella insurance confusing, especially when making a claim. Here’s a helpful guide to help you navigate the process when submitting your umbrella policy claim.

Evaluating Your Current Liability Coverage

Before making an umbrella insurance claim, it’s essential to ensure your existing liability coverage has been exhausted. An umbrella policy only takes effect if your primary liability coverage reaches its limit. If a lawsuit threatens to max out your basic cover, you can make a claim on your umbrella policy.

Compiling Information About the Claim

The next step is to gather detailed information about your claim to present to your insurance team. This information could include police reports, previous insurance claims, and incident reports. Collating this information before filing your claim facilitates a smoother process.

Remember, this data is crucial to your claim—without it, you won’t be able to file a claim. Simply stating that you need umbrella protection is not sufficient. Consult with your agent to understand the precise details required; they can guide you in collecting all suitable and necessary information.

Submitting Your Claim

Once you’ve collated all the necessary data, you can submit your claim to your insurance agent. Depending on multiple factors, you should typically receive a claim approval notice rather quickly. Remember that you can always lodge an appeal if your claim is denied.

Lean on Our Expertise

Hyman Brown Insurance Agency Inc. has a proven track record of helping several Commerce, GA businesses with their insurance claims. Drawing from years of experience, we are confident in our ability to support you. Don’t hesitate to contact us if you need help.

How Comprehensive Is Comprehensive Coverage?

Comprehensive Auto Insurance: A Layer of Extra Protection

Purchasing a vehicle marks a significant investment, an essential asset for work and family commuting. The right insurance can guard against hefty repair costs following an accident. But vehicle damage extends beyond just road mishaps. It is here that comprehensive auto insurance steps in. Let Hyman Brown Insurance Agency Inc. in Commerce, GA, address all your queries about comprehensive insurance coverage for your vehicle.

Understanding Comprehensive Auto Insurance Coverage

A basic auto insurance policy features collision coverage and various types of liability coverage. Comprehensive insurance caters to the less common hazards that can still cause considerable vehicle damage and incur high repair costs. It is often selected by new-vehicle owners still settling their payments or possessing high-end vehicles known for expensive repair costs. In such cases, comprehensive coverage is an effective tool for reducing personal expenditure on repairs.

The Scope of Comprehensive Coverage

Comprehensive insurance provides coverage for fire, theft, vandalism, animal damage, natural disasters, glass damage, and civil disobedience. However, it excludes the aspects covered by liability or collision coverage. It doesn’t cover deep-pothole damages or rental vehicle costs during your vehicle’s repair period.

While the premium rates for comprehensive auto insurance are higher than basic policies, the financial safeguard it provides makes it a worthwhile consideration. Comprehensive auto insurance shields vehicle owners who prefer not to bear the full damage repair costs independently.

As auto insurance can be complex, our Commerce, GA agents can provide detailed insights into the various coverage levels. Contact Hyman Brown Insurance Agency Inc. for a no-obligation auto insurance quote to protect yourself from expensive losses when mishaps occur.

Artificial Intelligence in Claims Processing for Commercial Insurance

Commercial insurance claims processing is undergoing a revolutionary transformation with artificial intelligence (AI) integration in and around Commerce, GA. This paradigm shift is not merely a technological upgrade but a fundamental reimagining of how insurers handle claims, bringing unprecedented efficiency, accuracy, and customer satisfaction to the forefront.

Accelerating Claim Verification with Machine Learning

AI, particularly machine learning algorithms, is streamlining the traditionally time-consuming claim verification process. These algorithms can swiftly analyze vast datasets to assess the legitimacy of claims, detect anomalies, and identify potential fraudulent activities. Commercial insurers can expedite the assessment phase by automating this aspect of claims processing, ensuring a quicker resolution for legitimate claims.

Enhancing Accuracy in Underwriting Decisions

Insurers can make more accurate underwriting decisions by leveraging advanced analytics and predictive modeling. AI analyzes diverse data sources to assess risk factors comprehensively, leading to more precise pricing and policy terms. This minimizes the likelihood of underwriting errors and enhances the overall risk management strategy for commercial insurers.

Improving Customer Experience through Chatbots

These virtual assistants provide a seamless and instant channel for policyholders to report claims, inquire about the status of their claims, and receive real-time updates. The result is a more responsive and customer-centric claims process that aligns with businesses’ expectations in the fast-paced digital age.

Predictive Analytics for Loss Prevention

AI can predict potential risks and suggest risk mitigation strategies by analyzing historical data and identifying patterns. This forward-looking approach minimizes business losses and positions insurers as strategic partners in risk management.

How Hyman Brown Insurance Agency Inc. Can Help You

At Hyman Brown Insurance Agency Inc., we can help answer questions concerning commercial insurance. We serve the Commerce, GA, area. Call us today.  

If I have homeowners insurance, does it cover everyone who lives on the property?

In general, homeowners insurance covers your Commerce, GA house, its contents, and the property, including other structures not attached to the house. However, there are some limitations, and homeowners need to understand what their policies cover. Hyman Brown Insurance Agency Inc. can help you understand your policy’s limits to ensure you have the coverage you need.

An Insurance Policy Is a Contract

If you ever have any questions about coverage, you should be able to answer them by reading through your policy. We can also review your policy and explain any technical language.

Because an insurance policy is a contract, you can rely on it to know what is covered and under what circumstances. This includes which people are covered.

Who Is Covered Under Your Homeowners Policy?

Most homeowners policies will provide coverage for you, your partner, and your minor children. However, other household members, even relatives, such as adult children, may be limited. It would be best to list everyone you need coverage for when you initially sign up for insurance. Speak with your agent about anyone living in the home and storing possessions there.

If you rent part of the home to another individual, you should have a contract regarding your lease. Someone renting will need their renter’s insurance policy to cover their belongings.

Call Today If You Have Any Questions 

Make sure that your Commerce, GA home has the coverage you need. If you have any questions or would like to discuss additional protection for your family’s home, please call Hyman Brown Insurance Agency Inc. today.

When Does Renters Insurance Cover Additional Living Expenses?

What happens if your rental home suffers storm or fire damage and you can no longer stay there? If you have renters insurance, it may cover your additional living expenses while your home is uninhabitable. That may include your hotel stay, damage to personal belongings, litigation costs, and other costs specified in your policy. Talk to an agent at Hyman Brown Insurance Agency Inc. in Commerce, GA, about how to secure coverage for excess living costs you incur when displaced from your rental. Some policies also help you pay for storage, pet boarding, food, and laundry.

When Does Renter’s Insurance Cover Hotel Stays?

Covered perils are listed on your policy. They typically include natural and other disasters beyond your control. As part of your housing coverage, you may be eligible to stay in a hotel until your apartment or rental home is habitable. This falls under your loss of use coverage. A maximum amount is allowed per claim, so review your needs with your insurance agent. 

Typical Perils Covered Under Rental Insurance

Most policies list fire and smoke damage. However, you may wonder what else is covered by renters insurance. Flooding from burst pipes, water heater leaks, and sewage backups may make your home unsafe. If you have the right coverage, you can find accommodations elsewhere and receive reimbursement once the insurer approves your claim. Hail, ice, snow, windstorms, mold, and freezing weather can also make it impossible to stay in your rental. Talk to your agent about an inclusive policy covering all potential contingencies.

What’s Not Covered by Renters Insurance?

Your insurer can deny coverage for uncovered perils and fraudulent claims. Most insurers won’t reimburse you for temporary inconveniences, such as a power outage. If your hotel stay costs exceed your policy limits, you will not receive full compensation for your stay. 

Contact Hyman Brown Insurance Agency Inc. in Commerce, GA, for a free renter’s insurance quote today!

The Role of Umbrella Insurance in Construction Businesses

The construction industry involves significant risks and uncertainties. Construction companies in and around Commerce, GA face a wide range of potential liabilities, from accidents on construction sites to potential lawsuits and property damage. Many construction businesses use umbrella insurance to navigate these challenges and build confidently.

Enhancing Risk Management

Construction projects can be complex, involving multiple parties and numerous potential risks. Umbrella insurance helps construction businesses manage these risks more effectively by providing coverage for a broader range of liability scenarios. This includes protection against costly lawsuits, bodily injury claims, and property damage.

Cost-Effective Solution

While adding umbrella insurance may seem like an extra expense, it can ultimately save construction companies money in the long run. In the event of a significant claim or lawsuit, the added coverage can prevent the business from paying out-of-pocket for damages that exceed the limits of their primary insurance policies.

Peace of Mind for Project Owners

Having umbrella insurance can also be a selling point for construction businesses when bidding on projects. Project owners often prefer to work with contractors who have comprehensive insurance coverage. It instills confidence that the contractor has the financial resources to address potential liabilities in the event of unforeseen incidents.

Tailored Coverage

Umbrella insurance can be tailored to meet the specific needs of construction businesses. Companies can work with insurance providers to customize their policies based on the scale of their projects, the types of risks they face, and their budget. Higher risk and bigger jobs will demand more coverage, and the premiums will differ between smaller and bigger jobs. 

Hyman Brown Insurance Agency Inc. Can Help You

At Hyman Brown Insurance Agency Inc., we can help answer questions concerning umbrella insurance. We serve the Commerce, GA area. Contact us today.

Four things to keep in mind when you buy commercial insurance

If you run a business, ensuring your business is insured is essential. Business owners in Commerce, GA can get the commercial insurance they need from Hyman Brown Insurance Agency Inc.

The following are four things that you should keep in mind when you buy commercial insurance. 

The coverage limits on the policy that you buy.

Your commercial insurance policy will cover you up to a certain maximum amount. It’s essential to ensure that your policy maximums are high enough to offer adequate coverage to protect your company’s assets. 

The deductible amounts that your company will have to pay if you file a claim

Deductible amounts shouldn’t be so high that your company will have trouble covering them when you need to file a claim on your policy. Research deductible amount options to choose deductibles appropriate to your company’s needs and finances. 

The types of coverage included in your policy

Many types of commercial insurance include liability, commercial property, commercial auto, and business interruption coverage. Be sure to understand all these coverage types when deciding what to include in your company’s policy. 

The benefits that your insurance coverage offers to your employees 

Your commercial insurance can make your company more attractive to potential employees. This is especially true when you have workers’ compensation coverage.

Ensure your employees know about any coverage types on your commercial insurance policy that can work to their advantage. 

Get a quote on a commercial insurance policy in Commerce, GA by calling us. We are here to meet your insurance needs. Get in touch with Hyman Brown Insurance Agency Inc. today!