What Is Commercial Property Insurance?

A woman is cutting a man's hair in a salon -- the salon is protected by commercial property insurance

It doesn't matter what type of business you're running or even the industry that you're operating in - all organizations depend on commercial property insurance. If you own the building where you operate, are currently leasing a space, or even if you work out of your own home, this type of policy is still essential.

What Does Commercial Property Insurance Cover?

Commercial property insurance protects not only your physical place of business, but also its contents and exterior elements like fixtures or signage, from harm. Should the building suffer the unfortunate impact of a fire or sudden storm, the damage can be severe and commercial property insurance can help make sure you have the funds needed to get up and running again.

What Is Not Covered?

Generally speaking, commercial property insurance will not cover any issues that would require additional coverage to pay out. If you're in a business vehicle and cause a car accident, for example, that's not the type of situation this policy is for. Likewise, if a storm rolls through your area and causes a significant amount of flooding, that would be covered by a different type of optional policy that you may or may not have.

How Much Does Commercial Property Insurance Cost?

The amount of money that you'll pay for commercial property insurance will vary depending on a wide range of different factors. Not only does your business location matter a great deal (as an area with higher crime would be more expensive to insure, for example), but other elements like the age/construction of your building, your industry, and any optional coverage will also impact the price.

Factors to Consider in Commercial Property Insurance Coverage

The number one thing to consider when looking into any type of commercial property insurance policy involves making sure that it aligns with what you're actually trying to accomplish. Again, there are a number of things that will not be covered and if you're concerned about them, this doesn't mean you shouldn't get commercial property insurance. It means you should get a supplemental type of coverage, too.

Case in point: flood damage. If your business operates in an area where flooding is a legitimate concern, you'll want to talk to your insurance broker partner about adding this to your overall policy.

Two women are looking at a cell phone in a salon looking at commercial property insurance options

If the area you're in hasn't had flooding in decades, or it is generally very unlikely, this probably isn't something you have to concern yourself with quite as much.

Another great example of this would be something that happens while you're out of the office. If part of your job requires you to travel to a client's location, and you unfortunately damage something while you're there, this type of property damage is not covered under your own commercial property insurance policy. It could be covered by theirs. However, you would be covered under a general liability insurance policy that you've invested in as well.

Some of this may seem inherently complicated, but it's important not to overthink things. This also helps to illustrate why it's so important to choose a knowledgeable, experienced partner like the team at BIS Benefits in the first place. They can help you make the most informed decisions possible regarding what type of coverage you need and where you should be devoting your attention to operate your business free from worry or restriction.

Businesses That Benefit Most From Commercial Property Insurance

In a larger sense, remember that any type of insurance coverage is designed to protect you in the event that something goes wrong. The more likely a devastating event is to occur, or the higher the damage you would be forced to deal with should said event happen, equates to how much you can benefit from a commercial property insurance policy.

Generally speaking, those organizations (specifically small business owners) who have the most to gain from investing in the right type of commercial property insurance include those that:

Own the physical building that their business operates out of.
Those who rent or lease an office, or some type of storage space where important files or other materials are stored.
Businesses that depend heavily on an inventory of products that they sell to customers.
Any organization that relies on certain business assets, like computer systems or specific types of office equipment. If losing access to that equipment means you would be unable to function, you naturally want to protect that as much as you can.
Businesses that store records or documents in one location.

If any of those match the type of business you're running (and it's likely more than one will be true), you should invest in a commercial property insurance plan as soon as you're able to do so.

Looking for a Commercial Insurance Partner in Georgia?

A woman in an apron is standing in front of a counter with her arms crossed -- her salon is protected by commercial property insurance

At BIS, we understand that your business is more than just the sum of its parts. It's something that you've put an incredible amount of time, energy, and money into building - and you don't deserve to see anything happen to that.

Events like fires, storms, theft, and even vandalism do unfortunately occur. If you should lose computers, equipment, furniture, personal property, or other essential assets during that time, it shouldn't bring your business to its proverbial knees. That's why we want to help you find the right commercial insurance policy to protect everything you've worked so hard to achieve. We can also help with employee benefits and other elements to help make sure your successful Georgia business stays that way.

If you'd like to find out more information about commercial property insurance in Georgia and whether your business actually needs it, or if you have any additional questions that you'd like to discuss with a team of professionals in a bit more detail, please don't delay - contact BIS Benefits today.

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What Employee Benefits Do Georgia Workers Want in 2025?

by Drew Holley • 17 January 2025

Key Insights on Employee Benefits for Small Businesses in Georgia Employee benefits play a pivotal role in attracting and retaining talent, particularly for small businesses striving to compete with larger corporations. BIS Benefits has partnered with Mployer Advisor to bring you an exclusive 2025 Employee Benefits Benchmarking Report, tailored specifically for businesses in the South Atlantic region with 25–49 employees. This blog highlights key findings from the report and how they can help you craft a competitive benefits strategy. Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours. Key Findings from the 2025 Employee Benefits Benchmarking Report 1. Medical Benefits: Affordability and Trends 76% of employers in the South Atlantic region offer medical benefits, with 63% of employees enrolling. On average, small businesses contribute $580 per month for single coverage and $707 for family coverage —in line with regional benchmarks. High-deductible health plans (HDHPs) with health savings accounts (HSAs) are gaining traction as cost-saving options. What this means for your business: Offering at least one affordable plan option with employer contributions around regional averages helps you stay competitive in the labor market. 2. Supplemental Benefits: A Strategic Edge Dental and vision benefits are offered by over 80% of employers in this cohort, with high employee enrollment rates of 98% and 93%, respectively. Life insurance payouts are commonly structured as multiples of earnings, with the majority of plans offering 1–2x salary coverage. Voluntary benefits such as critical illness and accident insurance are being increasingly adopted to attract talent without significant cost increases. Takeaway: Supplemental benefits can enhance your overall offering without breaking your budget. Highlight these options to potential hires to differentiate your package. 3. Retirement and Financial Benefits: Securing the Future 91% of employers offer defined contribution retirement plans (e.g., 401(k)), with 74% of employees participating. Employer matching contributions average between 4%–6% , a vital component in employee retention. Auto-enrollment and auto-escalation features are becoming standard, simplifying the process for employees and increasing participation. Action Step: Ensure your retirement plan includes competitive matching and user-friendly features like auto-enrollment to boost engagement. 4. Leave and Flexibility: Meeting Modern Expectations Consolidated leave programs (combining sick, vacation, and personal days) are offered by 69% of employers , reflecting a trend toward greater flexibility. Remote work options and flexible schedules are growing in popularity, with 40% of businesses offering work-from-home arrangements . How to stand out: Consider adding or expanding remote work policies and flexible scheduling to meet employee expectations in 2025. Why Download the 2025 Employee Benefits Benchmarking Report? This comprehensive report provides: Regional and national comparisons to help you understand how your benefits stack up. Detailed insights into cost-sharing, plan designs, and employee preferences. Actionable data on emerging trends like HDHPs, flexible leave policies, and wellness programs. The report equips Georgia small businesses with the knowledge needed to craft a competitive benefits package that aligns with employee needs and business goals. Download the Report Today Don’t miss out on the opportunity to gain insights that can transform your benefits strategy in 2025. Download the full report here by entering your email address and receive actionable data to help your business attract and retain top talent.

HDHPs: How High Deductible Health Plans Can Save Money for Employers and Employees

by Drew Holley • 6 January 2025

High Deductible Health Plans (HDHPs) are transforming how employers and employees manage healthcare costs. By offering lower premiums and pairing seamlessly with Health Savings Accounts (HSAs) , HDHPs provide a strategic way to save money while maintaining access to quality healthcare. In this article, we’ll explore how HDHPs work, their benefits for employers and employees, and how to maximize their potential. To learn more about the benefits of HDHPs and related options, visit our Group Benefits page . What Are HDHPs? HDHPs are health insurance plans characterized by higher deductibles and lower monthly premiums. These plans encourage smarter healthcare spending, as individuals must pay for medical expenses out-of-pocket until their deductible is met. A significant advantage of HDHPs is their compatibility with HSAs. HSAs allow employees to save pre-tax dollars for qualified medical expenses, reducing taxable income and providing a long-term financial safety net. Unlike Flexible Spending Accounts (FSAs), HSA funds roll over year after year, making them an ideal savings tool. To better understand the differences between HSAs and FSAs, check out our detailed guides on Health Savings Accounts and Flexible Spending Accounts . The Employer Advantage: Cost Savings and Competitive Benefits Employers benefit significantly from HDHPs because they reduce overall premium costs while providing employees with greater flexibility. These plans can be part of a larger strategy to attract and retain top talent, especially when paired with proper education about HSAs. Offering HDHPs demonstrates a commitment to cost-effective, forward-thinking benefits management. Businesses can tailor these plans to align with workforce needs, ensuring employees feel supported while keeping costs under control. For help designing a comprehensive benefits package, visit our Group Benefits page for insights on tailoring solutions for your team. The Employee Advantage: Affordable and Flexible Coverage For employees, the main draw of HDHPs is their affordability. With lower premiums, employees can save on monthly healthcare costs while taking advantage of HSAs to manage out-of-pocket expenses. HSAs offer employees tax savings, flexibility, and long-term benefits, making them an excellent choice for those planning for future healthcare needs. This is especially valuable for individuals and families who don’t anticipate frequent medical expenses but want to ensure coverage for unexpected costs. Learn how to maximize your savings with our guide to Health Savings Accounts , a vital companion to any HDHP. Key Differences: HSAs vs. FSAs While both HSAs and FSAs offer tax advantages, they differ significantly in how funds are managed. HSAs allow for funds to roll over indefinitely and are owned by the employee, even if they change jobs. FSAs, on the other hand, are subject to the "use it or lose it" rule, meaning unspent funds may be forfeited at the end of the year. Employees using FSAs should familiarize themselves with rollover and grace period options to avoid losing money. To better understand how these accounts compare, check out our Flexible Spending Accounts overview . Industry Trends: HDHPs Are Gaining Momentum HDHPs are increasingly popular across various industries, from technology to manufacturing. Businesses see these plans as a way to manage rising healthcare costs while still offering competitive benefits. As employers look for cost-effective solutions, HDHPs stand out as a forward-thinking option that balances affordability with quality. Pairing HDHPs with educational resources ensures employees feel confident in navigating their healthcare choices. Key Takeaways For Employers: HDHPs lower premium costs while providing flexibility for employees. For Employees: When paired with HSAs, HDHPs offer significant tax advantages and long-term savings opportunities. For Everyone: Understanding the differences between HSAs and FSAs is essential for making informed benefits decisions. Whether you’re an employer or employee, HDHPs can be a game-changer for managing healthcare costs. To explore how these plans fit into your benefits strategy, visit our pages on Group Benefits , Health Savings Accounts , and Flexible Spending Accounts .

Drew Holley and Jessie Couch Discussing HSA and FSA

FSA vs HSA | Which One is Best for your Georgia Employees?

by Drew Holley • 12 December 2024

Use It or Lose It? Demystifying FSAs and HSAs Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are popular options for managing healthcare expenses while enjoying some tax benefits. However, these two accounts differ significantly in how unused funds are handled at the end of the year. This difference can impact your financial planning and overall healthcare strategy. In this article, we'll delve into the "use it or lose it" concept, explore how it applies to FSAs, and compare it with HSAs, highlighting why it's important to understand these rules when making your benefits choices. For more information on HSAs and FSAs, watch the full episode of the BIS Podcast here or below. FSAs and the "Use It or Lose It" Rule FSAs have traditionally been governed by a "use it or lose it" rule. This means that any unspent funds in your account at the end of the year would be forfeited. This requirement made it crucial for employees to accurately estimate their healthcare costs and spend all allocated FSA funds before the year ended. However, since the introduction of the Affordable Care Act (ACA), things have changed. Today, many employers offer more flexibility with FSAs. Thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Alternatively, some employers may offer a grace period of up to two and a half months after the end of the plan year to use any remaining funds. It’s important to know what rules apply to your FSA so that you don’t leave any money on the table. To learn more about maximizing your benefits options, check out our guide on employee benefits strategy . HSAs: A Different Story Unlike FSAs, HSAs do not follow the "use it or lose it" rule. Funds contributed to an HSA remain in the account year after year, regardless of whether or not you use them. This is one of the key benefits of an HSA—you can build up savings over time to cover future medical expenses. Plus, the funds in an HSA are portable, meaning you take them with you if you change jobs or retire. This makes HSAs a valuable tool for long-term healthcare planning. If you're considering switching to a High Deductible Health Plan (HDHP) to become eligible for an HSA, it’s important to weigh the pros and cons. For more information about HDHPs and their compatibility with HSAs, check out our Health Savings Account service page . Making the Most of FSAs and HSAs Whether you choose an FSA or an HSA, it’s important to understand how to make the most of these accounts. For FSAs, knowing your employer's specific rules about rollover and grace periods can help you avoid losing funds. For HSAs, the focus should be on maximizing contributions, as the funds will continue to grow tax-free, providing a cushion for future medical needs. Both FSAs and HSAs can be used for a wide range of eligible expenses, including medical, dental, and vision care. If you want a comprehensive overview of your coverage options, our group health insurance page is a great resource. Additionally, if you work in a specialized industry like construction or technology, it's beneficial to explore options that are tailored to your needs. Industries like construction and technology have unique challenges that may impact the type of coverage you choose, including how you use tax-advantaged accounts like FSAs and HSAs. Key Takeaways About FSAs, HSAs, and the "Use It Or Lose It" Rule: FSAs : Historically governed by a "use it or lose it" rule, thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Be sure to understand your employer's policies. HSAs : Funds roll over year after year and are portable. HSAs offer significant long-term savings opportunities, particularly for those on HDHPs. Plan Carefully : Knowing how these accounts work can save you money and help you better prepare for healthcare costs now and in the future. To get more insights into how you can make the most of your employee benefits, visit our resources page and discover helpful tools to make informed decisions for yourself and your family.