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Small Business Insurance in Georgia
Why Small Business Insurance in Georgia is Necessary
Companies need business insurance because these are policies that are designed to protect them from any costs that may be associated with property damage, liability claims and similar situations. Especially for small businesses with thin profit margins, having to pay for these costs out-of-pocket can be an enormous burden. Small business insurance removes this stress, so owners can focus more on running their business and can spend less time worrying about what might happen if something goes wrong.
Types of Small Business Insurance in Georgia
Running a small business in Georgia is a difficult task. Not only do you need to start that business and put it on a path to success, but you're also exposed to risk from nearly all angles every day. Thankfully, a number of insurance policies are designed to help relieve some of that risk, at least from a financial perspective. Examples of the types of small business insurance Georgia policies you'll want to invest in include ones like the following.
General Liability Insurance
This is a type of insurance designed to protect businesses that operate in Georgia from financial loss due to a wide range of different reasons. Just a few examples include but are certainly not limited to bodily injury, property damage, or even personal injury. Keep in mind that while there is no law that expressly requires you to carry general liability insurance in Georgia, it's still a good idea for all the aforementioned reasons.
Workers’ Compensation Insurance
This is a type of policy that is mandated by law that any Georgia business with employees must carry. It is designed to offer financial compensation if any one of your employees should become sick or injured while on-the-job during the performance of their required duties.
Commercial Auto Insurance
Think about how damaging it would be to your operations if
one of your work vehicles were to suddenly become unavailable for whatever reason, like if it were in a car accident. Commercial auto insurance not only provides protection in that scenario, but also against liability and other risks associated with your work vehicles as well.
Commercial Property Insurance
This is a type of insurance policy that protects your business' property. Not only would this include your physical place of operation, but it would also include any essential equipment contained inside, too. Some of the risks that you're constantly exposed to that people just don't think about include fire, theft, vandalism, and more.
Professional Liability (E&O) Insurance
This is a type of insurance policy that people often don't realize
is critical to their long-term success. Should you make a mistake in one of your services that results in a financial loss for a client, this will cover not only those damages, but also legal fees as well.
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Required Business Insurance in Georgia
In the state of Georgia, the following forms of small business insurance coverage are required:
- Commercial Auto Insurance: Usually involves some type of liability coverage, along for protection against any damages that are related to an accident.
- Workers' Compensation Insurance:
Required for any small business in Georgia that employs more than three people.
Recommended Business Insurance in Georgia
In the state of Georgia, the following forms of small business insurance coverage are recommended:
- Business Owner's Policy: This is a convenient way to bundle both property and general liability insurance together in one straightforward package.
- Cyber liability insurance:
Protect your business from the potentially devastating impact of a data breach.
How Much Does Business Insurance in Georgia Cost?
The amount you'll pay for business insurance varies depending on the organization. A large business of 100+ employees will obviously pay more than a smaller organiation with under 5 workers. Likewise, some industries are simply far riskier than others. Having said that, most companies can expect to pay around $40 per month, or in the area of $500 per year, for the coverage they need.
The BIS Benefits Approach
In the end, the team at BIS Benefits understands that not all businesses are created equally - which is why there is truly no "one size fits all" approach to putting together the right business insurance plan to meet your needs. From workers' compensation insurance to property and building coverage to general liability, errors and omissions, cyber insurance and more - we'll work directly with you to put together a package that will absolutely meet your needs, regardless of what they happen to be.
To find out more information about the benefits of small business insurance in Roswell, GA, or to talk with an expert about your own requirements in a bit more detail,
please contact the team at BIS Benefits today.
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