Do You Need Small Business Insurance in Georgia?
Georgia has a little something for everyone: mountains and coast, historical sites and beautiful parks, and much more. Whether you’re traveling to Peach State on business or on a personal escape to a warmer climate, don’t forget to stop by the many small businesses along your journey. According to the SBA, the state boasts:
- Over 1 million small businesses, including healthcare, food services, retails, etc.
- 1.6 million people employed by these small businesses
- Over 350,000 minority-owned small businesses
These small businesses are a vital part of Georgia’s economy—and just like enterprise companies, are required to insure their livelihoods to help ease the burden on liability and damage claims. We’ve done the research below on which coverages are required and which coverages are recommended.
Required Business Insurance Coverage in Georgia
Commercial Auto Insurance.
All drivers—whether traveling for business or pleasure—are required to have active auto insurance coverage. For small businesses, this coverage typically covers liabilities and damages pertaining to an accident. The minimum benefits for Colorado include ($25,000 per person/$50,000 per accident) for bodily injury liability and ($25,000 per accident) for property damage liability.
Workers’ Compensation Insurance.
Whether large or small, all businesses employing three or more full time, part time or seasonal employees must have active Workers’ Compensation coverage in Georgia. This type of coverage helps small businesses recover from on-the-job employee injuries and illnesses. It typically provides relief for medical costs related to treatment for such occurrences and shields the business from lawsuits.
Recommended Business Insurance Coverage in Georgia
Small Business Owner’s Insurance.
A Business Owner’s Policy (or BOP) bundles both property insurance and general liability into one convenient, comprehensive policy for small business owners. It typically covers losses and damages related to buildings used for business purposes. It also covers customer medical expenses for onsite third-party accidents and advertising damage claims.
General Liability Insurance.
General Liability coverage helps small businesses owners manage the financial burden of paying out costly customer injury claims. It also extends to legal expenses related to slander and libel lawsuits. Often commercial leases will require small businesses to carry this coverage.
Professional Liability Insurance.
Also referred to as “errors and omissions insurance," Professional Liability coverage focuses on work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. This coverage is ideal for Georgia small businesses providing expertise as a service, as it can protect them from related damage claims.
Cyber Liability Insurance.
Data breaches and other cyber attacks can be costly even for small businesses, so it is recommended that Georgia businesses carry Cyber Insurance coverage. Typically, this coverage pays for system damages and restoration, related customer notification and fraud monitoring costs, as well as legal fees, associated with breaches, malicious hacking, and cyberattacks.
Our Small Business Insurance Company Is Here to Help
- QHow do I get a quote for small business insurance in Georgia?A
Click “Request a Quote” and confirm and complete some basic information about your business. Once you’ve finished customizing your quote, choose your payment schedule and method to purchase!