Commercial insurance is essential for businesses in Savannah, GA. It helps protect against unexpected events that can cause significant financial losses. Understanding the most common claims can help businesses take steps to prevent these issues. This blog will discuss the common claims filed under commercial insurance in Savannah GA, and provide tips on how to minimize these risks.
Property Damage Claims
Business notes under this account consist of damages to the business’s fixtures and equipment. This could also be a result of fire outbreaks, vandalism, and natural disasters such as hurricanes and floods. Weather conditions are known to be a cause of property losses and occurrences in Savannah. It is in a coastal region, thus vulnerable to flooding, especially by hurricanes. Also, property crime is not without its effects, which include damages.
In order to minimize the occurrence of losses, the structures should be well maintained and proper assessment for danger should be done often. Proactively protecting against people by having security systems or security cameras discourage vandalism can help minimize the damages done, and similar to protect against physical threats, one can install structures to protect against the weather and have ready ways to act in the case of an event happening.
Liability Claims
Liability claims arise when a business has been named as the party that is responsible for inflicting damage on a person or an object. Examples include a slip and fall accident or a problematic issue with a certain manufactured product. People’s traffic patterns in Savannah, especially in the regions that people frequent a lot; for instance, tourist regions, are likely to cause slip-and-fall accidents. It also works when there is a risk that is associated with the kind of business the organization is running, that is the kind of goods or services it is offering.
Breach of duty of care means the business can be compelled to compensate customers for their losses; thus, it should periodically carry out structural and product safety checkups, provide employees with safety measures and customer service skills, and ensure products’ compliance with industry safety standards.
Workers’ Compensation Claims
Workers’ compensation can be defined as claims made in case employees get ill or injured at work. This insurance is for medical bills and patients’ lost wages. Civil works or mechanized production line companies are another high-risk category of workplace injuries. These sectors are important in Savannah resulting into higher workers compensation cases.
To mitigate these risks, some measures that should be taken by the businesses include the adoption of sound measures and practices, minimal non-adherence to safety measures, provision of proper protective gear and teaching on how to use it, and contract review and updating of safety measures periodically.
Business Interruption Claims
This applies when a business cannot operate as a result of events that are beyond the business owner’s control, for example, calamities and equipment failure, among others. Natural disasters, for example, hurricanes, are major inconveniences since they disrupt day to day operations. Delays in infrastructure also result in interruptions. To reduce the likelihood of business disruptions, one must draw up a business continuity plan, acquire a backup in the form of systems and resources, and ensure that equipment is often serviced and does not fail.
Cyber Liability Claims
Cyber liability claims are those that flow from a business losing data or being the victim of a cyber-attack, including cyber fraud. In these cases, the effects can be financial loss and potentially losing their reputation. As the community advances in online financial operations, companies in Savannah experience higher threats of cyber-attacks.
Entrepreneurs and small businesses are the most at risk because they cannot invest in proper IT protection. The best way to counter cyber threats is by applying high levels of security measures throughout business networks, ensuring constant updates of the present applications and programs in the business systems, and proper enthronement of good security practices among employees.
Savannah Insurance Advisors: Your Trusted Independent Insurance Agency
At Savannah Insurance Advisors, we are an independent insurance agency with a friendly and knowledgeable staff that is always eager to assist you with your insurance needs. Whether you’re looking for a commercial insurance quote or need expert advice on commercial building insurance, our team is here to help. Contact us today to get the personalized service and comprehensive coverage your business deserves.