Rising Insurance Rates in Athens, GA: Why Now Is the Time for a Policy Review (Copy)
Top 5 Insurance Mistakes Local Businesses Make in Georgia
Running a business in Georgia—whether it’s a small shop in Athens or a growing company across the state—comes with its fair share of risks. Insurance is one of the best tools business owners have to protect their hard work, yet many companies unintentionally leave themselves vulnerable. Here are five common insurance mistakes we see local businesses make, and how to avoid them:
1. Relying on Personal Policies for Business Needs
Many entrepreneurs start out small and assume their personal auto or homeowners policy will cover business activities. Unfortunately, most personal policies exclude business use, leaving you exposed if there’s an accident, theft, or liability claim. If you’re using your car, home, or equipment for business purposes, you likely need a commercial policy.
Tip: Review your current policies with an independent agent to make sure your business activities are truly covered.
2. Choosing Price Over Protection
It’s natural to want to save money on expenses, but going for the cheapest insurance option can backfire. Low-cost policies often have limited coverage, high deductibles, or exclusions that leave you paying out of pocket when something goes wrong.
Tip: Focus on value, not just price. The right coverage can save you thousands in the long run.
3. Forgetting About Liability Coverage
General liability insurance is one of the most important policies for any business—it protects you if someone is injured on your property or if your products/services cause harm. Yet, many small businesses underestimate their risk and skip it altogether.
Tip: Even home-based businesses need liability coverage. If a delivery driver slips at your front door, you could be held responsible.
4. Not Updating Coverage as the Business Grows
Businesses evolve quickly—whether you’re adding new employees, purchasing equipment, or moving into a bigger location. A policy that worked when you started may no longer fit your needs.
Tip: Schedule an annual insurance review to make sure your coverage grows with your business.
5. Overlooking Cyber Liability Insurance
Data breaches and cyberattacks aren’t just a big-business problem. Small businesses in Georgia are increasingly targeted because they often lack strong security systems. Standard liability policies typically don’t cover cyber risks.
Tip: If your business stores customer data, credit card information, or even relies heavily on email, consider cyber liability insurance.
Final Thoughts
Avoiding these common mistakes can mean the difference between a minor setback and a financial disaster. As an independent agency here in Athens, we work with local businesses every day to design coverage that fits their unique needs.
If you’re unsure whether your business is protected, let’s set up a quick coverage review. A short conversation today could save you major headaches tomorrow.
📞 Call us: 706-353-8444
📧 Email: dustin@baumwald.com
🌐 Visit us: www.baumwald.com