Georgia is home to nearly a million small businesses, and more than 10,000 of them are located in Clarke County. Not all companies are as large as Athens’ own Hill Street Press, but each provides income, growth and advancement opportunities for business owners. If you own a business of any size in the Athens area, you have likely invested a lot of time and a large portion of your own money into it. A good strategy to protect your investment is securing a comprehensive Athens, GA business insurance policy.
TrustedChoice.com has independent insurance agents located in Athens who can help you assess your company’s unique business coverage needs. By using their relationships with several different insurance companies, independent agents can easily provide you with a variety of competitively priced policies tailored specifically for your business. Contact a local independent agent today to set up an obligation-free meeting and start comparing Athens commercial insurance quotes.
- Professional, scientific and technical firms: 26,300 companies
- Retail trade: 22,500 companies
- Construction: 21,300 companies
- Healthcare and social assistance: 17,400 companies
- Accommodation and food services: 13,500 companies
Regardless of which industry your business falls into, you are strongly advised to have a commercial insurance policy in place to protect your company from potential financial losses that may otherwise lead to bankruptcy. If you run a large business or corporation, it’s even more important to protect your venture from ruin with commercial insurance. Investing in the future of your company can help you plan in the short term, and grow in the long term.
Is Athens Business Insurance Necessary?
Most states, including Georgia, require businesses that have employees to carry insurance to cover worker’s compensation and unemployment. If your business uses company vehicles, you will also be required to carry a commercial car or truck policy. Finally, if you have taken out a business loan, your financial institution might require you to have commercial insurance to protect the business for the life of the loan.
No type of insurance is required by law for small businesses that do not have employees, and these make up 80.3 percent of all of Georgia’s small businesses. However, if you are a sole-proprietor or part-owner of a business that required you to make a large initial investment, having a business insurance policy is a very good idea.
Clarke County Non-Farm Industries that Offer the Most Employment
- Government: 31,200 jobs
- Trade, transportation and utilities: 13,100
- Leisure and hospitality: 9,000 jobs
- Professional and business services: 7,200 jobs
When you build your business, contractors and employees are often part of the picture, as are customers, clients, and vendors. Unfortunately, the more people you work with, the more liability you can face. If you are like many new business owners in Athens, you may believe that if your company is an LLC or a corporation that it is automatically protected from liability claims. However, these corporate business structures are designed to protect your personal assets so that they cannot be taken from you if the business suffers a major loss. The company itself remains vulnerable. Only an Athens business insurance policy can fully protect your commercial endeavor from losses.
Clarke County Business Statistics
- Manufacturer’s shipments: $1.97 billion
- Merchant wholesaler sales: $1.78 billion
- Retail sales: $1.67 billion
- Retail sales per capita: $14,711
- Accommodation and food services sales: $293 million
Clarke County industry is a driving force in Georgia’s economy. In fact, it makes up approximately 10 percent of the total sales and shipments in the state. As a business owner in Athens, you can take pride in the role you play in this state’s robust economy.
What Does Athens Business Insurance Cover?
Businesses can differ greatly in industry, type, and size and each faces its own unique potential risks. Business insurance policies offer many different coverage options so you can customize your policy to meet your specific insurance needs. Your Athens commercial insurance policy may provide the following types of coverage:
- Liability coverage: This insures your business against the financial burdens associated with injuries that may be sustained at your place of business, such as if a customer or visitor were to slip and fall in your retail space. This insurance also protects you if you are sued due to a product malfunction or because of perceived malpractice or negligence.
- Property coverage: This insurance can protect your business in many ways. If the building in which your business is housed or any of your company’s equipment is damaged due to fire, water, extreme weather, theft, or other external causes, this coverage is designed to provide compensation for repairs or replacements. This type of coverage is particularly important if your business requires you to be open to the public. Floods are almost always excluded from this coverage, so a separate flood insurance policy may be necessary.
- Loss of income coverage: This provides compensation for financial loss that may occur if you are unable to operate your business for a period of time due to damages caused by a covered event. This way, while your business may not be up-and-running while repairs are made, you will still be able to pay your monthly expenses and your employees.• Other coverage: Some examples include additional liability insurance coverage for contractors who work on other people’s property, more complete coverage for expensive or custom-made equipment, and fidelity insurance to shield you from losses if an employee embezzles funds or performs other illegal activities employed by you.
Find a Top-Rate Athens Business Insurance Policy
There are many different variables that must be taken into consideration when you are shopping for a commercial insurance policy. Before you begin comparison-shopping, it is advisable to fully assess your business’s coverage needs. A TrustedChoice.com independent agent can help you. These agents can also save you time and money by obtaining policy information and rate quotes for you.
Trusted Choice independent agents can be found in thousands of locations nationwide, and many are right here in Athens. Contact an agent in your neighborhood today and start comparing Athens commercial insurance quotes in no time.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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