Georgia or also known as GA is a state of the United States of America. The country has a friendly natural charm so it is suitable for those of you who want to live and have a family here. If you are a foreigner and planning to run a business, make sure you know about business insurance in GA.
This one of the states in the United States has laws and regulations that require business owners to purchase business insurance. These regulations also apply to small business owners who meet the criteria for insurance.
To find out if your business meets these criteria, you should consult a licensed insurance advisor. Insurance advisors will analyze to determine whether your business meets the requirements or falls under any applicable exclusions.
As for the considerations, a small business must have insurance such as the number of employees, business size, and industry. Furthermore, you will find many business protection products in Georgia offering varying coverage. Keep reading this article to find out the most common and recommended business insurance.
Recommended Business Insurance in GA
Below are the types of business insurance complete with the coverage provided. Take a closer look at each type of insurance to make it easier for you to decide which one is right for you.
1. General Liability Insurance
GL or general liability insurance is a decent protection that you should choose to protect your small business. This type of insurance provides quite complete coverage because it not only compensates for property damage but also legal protection.
The legal protection referred to is personal injury, slander, defamation, and libel. Furthermore, GL insurance will also protect you from third-party claims that have an accident in your business area that causes bodily injury. If the third party files a lawsuit, GL insurance will cover your company’s legal fees.
Keep that in mind, GL insurance does not cover failing to protect sensitive information, malpractice, employee injuries at work, property damage, and rental business equipment. The range of GL insurance premiums starts at $20 per month.
2. Workers’ Compensation Insurance
The workforce is an important element to support your business continuity. Hence, you also need to pay attention to their safety and welfare. The GA government also issued a mandate for business owners to have workers’ compensation insurance. Workers’ compensation insurance will protect sick workers to get a salary or get treatment.
Additionally, the coverage of this type of business insurance is covering medical expenses due to work accidents and missed salary coverage. Some business insurance in GA also protects if the company gets a lawsuit for allegedly causing an accident or loss.
Buying workers’ compensation insurance means that you are not only concerned about the welfare of your employees but also protect the company’s finances. The company will not be disadvantaged in paying medical expenses because it is the responsibility of the insurance provider.
Other benefits of workers’ compensation insurance for companies are fulfilling mandates from the government, limiting business interruption time, and protecting assets and employees. The monthly premium rate for workers’ compensation insurance is around $20.
3. Business Owners Policy – BOP
Purchasing business insurance that provides comprehensive coverage can make your business run smoothly and safely. Therefore, you can consider BOP (Business Owners Policy). Only by buying a BOP insurance policy, you will get business property insurance and general liability insurance coverage.
Interestingly, you can get BOP premium rates starting from $20 per month. Losses that are included in the BOP coverage include property damage, medical expenses due to accidents that cause bodily harm to clients or consumers in the business area, and lawsuits related to your business.
Another benefit of BOP that is good for the company is that it not only compensates for damage to business property but also compensates for damage to rental properties and all the equipment inside.
But which business owner needs to purchase BOP? Generally, BOP coverage is particularly suitable for business owners who own a building where they work, rent a physical workspace, have employees who are dishonest or have the potential to steal property, and business owners who have a lot of business equipment.
4. Professional Liability Insurance
Business insurance in GA which is also significant for business owners is professional liability insurance. The essential reason why business owners should have professional liability insurance is to protect against lawsuits.
Professional liability insurance also has another name that is E&O (Errors and Omissions insurance) because it protects against negligence, incomplete service, or service failure. If your company does not have this type of insurance, it is vulnerable to large financial losses. The legal process requires a lot of money and is a long process.
Business owners recommended to have professional liability insurance are accountants and tax preparers, consultants, lawyers, home inspectors, real estate professionals, and technology professionals. The premium rate for Errors and Omissions insurance is around $20 per month.
5. Commercial Auto Insurance
You must provide some vehicles to support smooth business operations. Given that accidents can happen anytime and to anyone, you should prepare for them by buying commercial auto insurance. Furthermore, many factors cause accidents such as weather conditions, negligence of other drivers, or even driver negligence.
Commercial Auto Insurance provides coverage for rental or owned vehicle damage, rental reimbursement, property damage, bodily injury, accidents due to negligence of uninsured drivers, medical expenses of drivers and other passengers, as well as vandalism and theft.
Additionally, commercial auto insurance provides coverage for certain types of vehicles such as trailers, passenger vehicles, food trucks, utility trucks, and cargo vans.
What Business Insurance in GA Suits Your Business?
On a final note, business insurance is a mandate that must be met by business owners in Georgia. You can choose the type of business insurance in GA such as GL insurance, BOP, workers compensation insurance, professional liability insurance, and commercial auto insurance.
These five types of insurance are the most common and recommended in Georgia. Interestingly, the monthly premium rate is pretty affordable, starting from $20 on average. So let’s choose the best protection for your business right away!