Small businesses are an essential part of Georgia’s economy, employing 1.7 million people and accounting for more than 42% of the state’s labor force.1
Whether you’re a sole proprietor or a small business owner with employees, you’ll want Georgia business insurance to protect your livelihood.
The right business insurance in Georgia can provide a financial safety net by helping you to pay expenses after unexpected events, such as:
NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.
Georgia business insurance typically comes in customized packages with several different types of coverage, which insurance carriers call policies. Each type of coverage can provide assistance when different types of accidents happen.
For example, general liability insurance can help protect against financial losses if you’re accused of causing physical injury to a non-employee or damaging their property. Whereas, if one of your employees gets hurt on the job, you would need Georgia workers’ compensation coverage.
Whether you’ll want some or all of these types of coverage will depend on your business operations. Every small business is unique and has different business insurance needs. For example, a Savannah construction company probably requires more policies than an Atlanta accountant.
Many small businesses carry Georgia general liability insurance. If someone who doesn’t work for you claims that your business caused an injury or property damage, it can help cover related expenses, including legal fees.
For instance, a landscaper in Augusta forgets to remove bags of mulch from a walkway at a client’s office, and a visitor trips over them. General liability insurance could help the landscaping firm pay for medical bills and legal costs if the visitor is injured and needs treatment.
Clients may request to see proof of general liability insurance (this is known as a certificate of liability insurance) before they commit to working with your company, and commercial leases may require this coverage to reduce landlord liability if a person is hurt at your business.
Georgia requires businesses with three or more employees to carry workers’ compensation insurance.
This kind of coverage can help your company cover medical bills and lost wages for employees who get hurt on the job.
For example, an employee of a Macon-based retail store falls from a ladder and suffers a back injury, which results in a trip to the hospital, missed days at work and physical therapy. Workers’ comp insurance could help cover the employee’s medical expenses and missed wages.
Georgia requires small businesses that own vehicles to carry commercial auto insurance. This kind of coverage can help pay for medical expenses and property damage that happen while driving for business purposes.
For instance, a general contractor in Augusta is driving a work truck to a job site, runs a red light and hits another driver. Commercial auto insurance could help the contractor pay for the damage to both vehicles, as well as help cover any related medical care for the contractor and other driver.
Georgia commercial property insurance can benefit your business by helping to pay for damaged or destroyed business property that after covered water-, fire- or wine-damage events.
For example, a real estate agency in Columbus experiences a sprinkler malfunction that destroys their furniture and equipment. Commercial property insurance could help pay to clean up the damage and cover replacing damaged items.
It’s important to note that commercial property insurance can have exclusions, such as for flooding or hurricane damage. Be sure to read your policy documents carefully so you know exactly what your coverage includes.
What if a client claims you made a professional mistake, missed a deadline or delivered an incomplete project that hurt their bottom line? They could pursue legal action because of your alleged negligence.
If this happened, professional liability insurance could help offer crucial protection. Also known as errors and omissions insurance (E&O), this kind of coverage can help cover attorney and court costs, as well as any damages if you are held liable.
For instance, an accounting firm in Atlanta forgets to file an important tax form for a client, who gets hit with an IRS fine. E&O insurance could help the accountants to reimburse the client if both parties agreed to settle out of court.
The cost of business insurance can vary significantly based on your business operations. Keep in mind that the following factors will influence the cost of your Georgia business insurance.
You may have the option to choose coverage limits for your policies. In general, as limits increase, so will the level of protection and the price you pay.
The amount of risk your business faces will impact your insurance costs. Restaurants in Georgia, which are more likely to experience injuries and property damage, usually pay more than real estate agents, who have fewer risks of bodily injury.
Your payroll is used to determine the cost of some types of insurance, such as workers’ compensation. That means it’s important to have an accurate count of your full-time and part-time employees when you get your business insurance quote.
The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.
You can also use our insurance calculators for a general estimate of insurance costs in Alabama:
We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.
You can also chat with our U.S.–based licensed insurance agents if you need help or have questions.
Learn more about insurance options in the states where you work.