Georgia business insurance
Known for the city of Atlanta and an up-and-coming film industry, Georgia is becoming a go-to place for many young businesses. Here’s what you need to know about insurance requirements when starting a business here.
If you’re a business owner in Georgia, you need to have insurance to protect your company from various risks. Short-term business is on the rise all across Georgia, especially given the boom in film production brought to the state in the last few years!
But even if you operate in a low-risk industry, you’re still legally required by the Peach State to have certain types of insurance policies. But even these fail to cover the gamut of potential liabilities your business will probably face on any given
You want to be shielded from liability, right? Want to abide by the law? If so, read on as we review both the mandated types of business insurance as well as the policies that you should have in place to protect your business.
Similar to the rest of the country, Georgia state has conditional laws that require employers of a business to have both a workers’ compensation policy as well as a commercial auto insurance policy. We’ll review the stated conditions, so you know whether
or not you’re in compliance with Georgian laws.
Every state in the Union (besides Texas) mandates that a company with a certain number of workers is required to carry workers’ compensation as part of the business insurance policy. In Georgia, if you have three or more people who you employ regularly—whether
part-time or full-time—you must purchase a workers’ comp package for liability coverage.
This policy protects the business and its employees in the event of a workplace injury. It blocks your employees from filing any potential negligence claims and covers all of the following costs resulting from the personal injury, like:
Commercial Auto Insurance Policy
Do you own a vehicle that you use for work purposes? If so, Georgia has a financial responsibility law that orders you to have insurance coverage for any motor vehicle you own or operate in connection to the business. Practices includes:
This type of policy protects the business, the driver of the vehicle, and the damaged third party. In the case of an accident. It would cover:
Georgia business insurance requires that employers obtain a policy that satisfies the following policy limit coverages:
Also, it’s worth mentioning that if you or your employees use your personal vehicles for work purposes, your personal auto policy likely won’t cover you for a work-related mishap. Therefore, it’s wise to purchase a hired and non-owned auto insurance policy,
which would protect your personal vehicle in such circumstances
Despite the fact that there are only two legally required policies for businesses in Georgia, there are several other policies the smartest small business owners also consider:
Commercial Property Insurance
If you rent a building and conduct work from there, you’ll want to purchase property insurance. And if you own the building, it’s an absolute must. Whether you have an office or a warehouse, this form of commercial property insurance protects both the
building and the things it contains, such as inventory and equipment. In most cases, it covers the following circumstances:
Commercial Flood Insurance
Floods, tornados, landslides, and other larger acts of God won’t be covered by an insurance company unless you specifically request such a policy. But in Georgia, it’d be smart to have commercial flood insurance. This would help cover the costs and damages
caused by a flood to:
Whether a heavy rain causes flooding or a flash flood wipes out a building, you’d be protected.
General Liability Insurance
Every single business, big or small, needs a general liability insurance policy. It shields you from the potential liability claims and allegations
that might occur to third parties along the line of duty. A general liability helps cover the following:
Also, it could help pay for the legal fees if a suit goes to court.
Professional Liability Insurance
Professional liability insurance, sometimes referred to as errors and omissions (E&O) insurance, covers damages and defense costs in the event
that you are held liable for bad advice or negligence (in relation to professional service or consultation).
In a litigious world, practically anyone can sue your business so long as they feel wronged by you. They can claim that they suffered financial hardship because of something you did or said. Whether or not there’s merit to their liability claim, an E&O
policy would cover:
Cyber Liability Insurance
The threat of cyber attacks has never been higher. Analysts estimate that by 2021, they will have caused more than $6 trillion worth of damages in just the last two decades alone. And for your business, even one cyber intrusion, hack, or data breach could
be a serious problem. But, if you had a cyber liability insurance policy, you could be protected from the following:
Do you need general liability and professional liability insurance? Thimble offers on-demand, affordable, and flexible business insurance. With our pay-when-you-work structure, your insurance only works when you do. That’s why we’re so affordable.
Choose your desired coverage length by the hour, day, or month, and only pay for insurance while you’re working. Add Additional Insureds free of charge and get unlimited COIs to send to your clients. It’s never been simpler than Thimble.
“Get a quote” or download the mobile app to get started and protect your business in Georgia.