An impressive 962,085 Georgia businesses employed 1,500,510 individuals in 2014. But these businesses were paid $9,636,088 in losses that same year, coming in at the ninth highest payout in the country. Regardless of how experienced or financially stable your small business is, you still face numerous risks and you are required to have specific coverages.
Don't you want to fully protect what you've worked so hard to achieve? TrustedChoice.com independent insurance agents are here to guide you through the small-business insurance process for your Albany company. Our agents aren't tied down to one carrier — giving them the flexibility to compare quotes among various insurance carriers until they find personalized and affordable coverage. Your Albany small business deserves to have 360 degrees of protection against all the risks out there.
Liability insurance is the foundation of coverage every small business needs. Whether a client spills coffee on a client's computer or a product causes injury, you need to have protection. Here are a few of the basic coverages you should keep in mind:
- General Liability Coverage: What happens if a customer trips and suffers an injury in your store? According to the 2015 Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and over 30% said they felt the least prepared to handle this concern. Get comprehensive general liability to protect you from the smallest of incidents.
- Product Liability Insurance: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. If your company sells, manufactures or distributes a product that could potentially malfunction, you need this protection. A Trusted Choice agent can explain how you'll be covered financially from associated legal costs.
- Professional Liability Insurance: Errors & omissions insurance is for consultants, lawyers, architects and professionals who regularly give advice. A negligence claim or lawsuit can impact you tenfold financially, which is why it's essential to have proper coverage.
Business Interruption Insurance for Albany, GA Businesses
Georgia's gross state product in 2014 was 1.8% — 0.4% less than the 2014 gross domestic product at 2.2% — which shows how the success of small businesses impacts the local economy. But what happens when a natural disaster or fire forces you to shut your doors? Ensure you're still receiving the profit you would normally be making by having business interruption insurance. This coverage is built to keep your Albany small business financially stable while you're repairing or rebuilding after a catastrophe.
Property Insurance for Businesses in Albany
Of the 119 natural disasters that hit the U.S. in 2014, only 61% of the losses were covered. In fact, a whopping $9.7 billion of damage was not covered, forcing businesses and homeowners to pay out of pocket for repairs. Proper property insurance coverage helps you get your business back up and running in a timely manner and covers any associated financial costs. Let a Trusted Choice agent walk you through your property insurance options so you know what to expect if you need to repair or rebuild part of your office space.
Workers' Compensation Coverages for Albany Businesses
Did you know that the national average cost of workers' compensation coverage is $1.27 for every $100 in wages, or $612 per employee? It's an expense your Albany small business needs in order to protect both yourself and your employees. If a worker suffers an injury while on the job or suffers an illness as a result of work, these coverages keep all involved parties financially stable. It protects you against any potential lawsuits and ensures employees are compensated for time off or related medical expenses.
Employee Coverages for Albany Businesses
In 2013, the annual cost of health care for small businesses was $5,003 for a single person plan and $14,762 for a family plan — 11% and 8% less than national averages, respectfully. Because your employees work hard for you, give them health care and life insurance that they can afford and that fully protects what means most to them. In 2013, Georgia businesses spent $1,566,186 on premiums, ranking the state 40th for highest premium spent. Talk to a Trusted Choice insurance agent about your employee coverage options so you can learn more and find something that meets your unique needs.
Cyber Crime Insurance for Businesses in Albany
Georgia saw 11,384 identity theft complaints in 2014 — the fifth-highest number of reports in the country. And considering only 22% of small businesses have a cyber and data breach response plan, your Albany small business needs to reconsider the importance of cyber crime insurance coverage. Regardless of how much or what kind of personal information your small business stores, this protection is essential in today's increasingly technological world. A Trusted Choice agent can explain what is and isn't covered when you add cyber protection to your Albany small business insurance.
Find the Right Albany, GA Commercial Insurance for Your Business
Commercial insurance in Albany doesn't have to be complicated — let a TrustedChoice.com independent insurance agent guide you through the process. Our agents are extremely familiar with the risks you face as a small-business owner in Albany. A relationship with us ensures you'll be covered against the hazards in a comprehensive and affordable way — so what are you waiting for? Visit your local Trusted Choice agent today to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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