Find the Best Business Insurance Options in Georgia
Businesses in every industry in Georgia need the right business insurance policy to protect them against many hazards. Georgia is an attractive place for business owners to set up shop thanks to its thriving tourism appeal from its roots in the film industry, among other factors. However, businesses in Georgia are vulnerable to threats like vandalism, shoplifting, cybercrime, and more.
Georgia is currently home to 1.1 million small businesses. Also, the 1.6 million small business employees working in the state deserve to be protected against injury or illness caused by their jobs or work environments. An independent insurance agent in Georgia can help your business get equipped with all the coverage it needs. But for starters, here's a deep dive into Georgia business insurance.
Best Business Insurance Companies in Georgia
Many insurance companies in Georgia offer coverage for businesses of all kinds. But not all of these business insurance companies are created equal. Some offer a better blend of coverage and cost than others. That's why we've selected just a few of our top picks for the best business insurance companies in Georgia.
- Liberty Mutual: Liberty Mutual offers many types of coverage, including several forms of business insurance. Liberty Mutual is also a Fortune 500 company with great ratings from AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- Nationwide: Nationwide offers business insurance and many other insurance products. Nationwide also has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.
- Progressive: Progressive offers many types of coverage, including business insurance. Progressive also has excellent financial strength ratings, a lot of discount options, and offers 24/7/365 customer service.
- Travelers: Travelers also offers business insurance along with many other kinds of coverage. Travelers also provides excellent customer service and offers many discount options.
A Georgia independent insurance agent can help you browse business insurance options from one of these top-rated local carriers.
Georgia Business Insurance Requirements
Georgia state law requires all businesses that regularly employ at least three workers to carry workers' compensation coverage. This is the only type of business insurance mandated by state law. However, most businesses will want to add more coverage to their policies. Commercial property insurance is a great option to consider to protect your business's structure and inventory against a number of perils. If your business has company vehicles, you'll need to be equipped with commercial auto insurance to protect against theft, damage, or lawsuits caused to or by those company cars.
Georgia law states that your business must have workers' comp if it regularly employs at least three workers. So, the only state-mandated business coverage in Georgia is:
Some optional forms of business insurance coverage in Georgia are:
- Professional liability insurance
- Commercial property insurance
- Cyber liability insurance
- Business income insurance
- Commercial auto insurance
- Commercial general liability insurance
A Georgia independent insurance agent can help you build a business insurance policy that includes all the coverage your company needs.
What Business Insurance Covers in Georgia
All Georgia business insurance policies can be customized. This means that what one business insurance policy covers isn't necessarily what another does. It depends on which coverage you select to go into your policy at the time of purchase. All Georgia business owners may want to at least consider getting more than just workers' comp, and perhaps adding business income insurance, commercial auto insurance, cyber liability insurance, commercial property insurance, and others to their policies. However, a Georgia independent insurance agent can recommend the exact types of coverage that would work best for your unique business depending on its operations.
Liability Coverage Options for Small Businesses in Georgia
Your Georgia business must be protected against all kinds of lawsuits in order to avoid bankruptcy. Any third party can sue your business at any time, which can lead to devastating financial setbacks without the proper coverage. The three major types of business liability coverage to consider in Georgia are:
- Cyber liability insurance: Covers costs of lawsuits related to data breaches and other cybercrimes that may expose or distribute private data like customer credit card numbers.
- Professional liability insurance: Covers costs of lawsuits related to claims of incorrect advice given or services performed by your business.
- Commercial general liability insurance: Covers costs of lawsuits related to third-party claims of bodily injury or personal property damage caused by your business in some way.
A Georgia independent insurance agent will help your business get set up with the right kind of liability coverage.
Property Coverage Options for Small Businesses in Georgia
Businesses in Georgia also need protection for their property, including inventory and physical buildings like storefronts or offices. Consider this type of coverage for your Georgia business:
- Commercial property insurance: Covers costs of theft, damage, or destruction to your business's property, like buildings and inventory.
A Georgia independent insurance agent will help your business get set up with the right amount of property coverage.
Other Insurance Options for Small Business Owners in Georgia
Your Georgia business may require additional forms of coverage to be fully guarded against many types of risks. Here are some additional types of Georgia business coverage to consider:
- Commercial auto insurance: Covers costs related to losses with company vehicles, such as if theft or accidents occur.
- Business income insurance: Covers costs related to temporary closures after a covered event like a fire by providing a continued income stream and employee payroll for your business while it's shut down.
A Georgia independent insurance agent will make sure you get set up with every type of business coverage you need.
Average Cost of Business Insurance in Georgia
The cost of business insurance in Georgia varies based on many different factors, like your business's size and industry. The number of workers you employ will also affect your need for coverage, and therefore, how much you pay for it. The business insurance policy options and limits you select will also impact your premium amount. But one of the biggest factors impacting your business insurance cost is your business's niche and risk level. Businesses that are generally lower-risk, such as clothing stores, will pay much less for their coverage than higher-risk businesses, such as those in the construction industry. Your exact location will also impact premium rates based on your area's risk of storm surges and crime.