Workers’ compensation insurance is required by law in Georgia for most businesses with three or more employees.
Workers’ compensation insurance is also a mandatory requirement for some professional licenses and contracts. For example, for a general contractor license in Georgia you must provide proof of insurance for workers’ comp and general liability insurance.
In addition, many clients require a certificate of insurance (COI) for workers’ comp and other coverage before they’ll work with you.
Even if workers’ comp isn’t a requirement, almost every business can benefit from the financial protection of workers’ compensation insurance.
Workers’ comp can help your business pay for expenses related to work-related injuries for your employees or yourself if you have owner’s coverage with your policy.
Typically, workers’ compensation insurance in Georgia includes coverage up to the policy limit for:
Workers’ compensation does not cover incidents that are not job-related or situations when the injured person violates company policies, commits misconduct or uses drugs or alcohol.
Georgia income benefits under workers’ compensation kick in if an employee cannot work for more than seven days due to work-related illness or injury.
According to the Georgia State Board of Workers’ Compensation, the maximum annual amount of benefits depends on one of three worker classifications:
Once the state board reviews and approves a workers’ comp claim, there are two options for settlements:
Settlements in Georgia can either be a lump-sum single payment or a structured settlement paid out monthly or annually for a specific period of time.
If an employee dies after an accident at work, workers’ compensation provides two-thirds of the deceased worker’s average weekly wage to dependents, up to $675 per week and capped at $270,000.
Dependents are defined as:
Workers’ comp death benefits in the state also cover burial expenses up to $7,500.
Workers’ compensation costs vary across industries. Factors that influence price include:
The best way to determine the insurance rate for your business is to get a free instant quote from NEXT.
Failing to have workers’ comp insurance when it’s required under Georgia law can result in:
Though your small business may not be required to provide the insurance under Georgia workers’ compensation laws, employees can still file a lawsuit after a workplace injury and ask you to pay for medical expenses and lost wages.
If your business is structured as a corporation, up to five officers can be excluded from a workers’ comp policy, but they won’t be eligible to receive benefits after an injury.
You should be aware that if you’re the CEO you can exempt yourself from coverage. However, you would still count as an employee for the state requirement to carry workers’ comp for three or more workers at your business.
NEXT strives to resolve every claim quickly. Learn more about our claims process and how our claims advocates will work with you after an employee injury.
General liability insurance protects your business from common mistakes or accidents, such as customer injury or damages to someone’s property.
In Georgia, all business-owned vehicles must be covered by commercial auto insurance. If you drive or use your personal vehicle for work, commercial auto insurance helps protect your business from accidents.
Commercial property insurance can provide financial help if your business structures, goods, gear or inventory are damaged or destroyed by a covered event.
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