Business insurance coverage and requirements in Georgia
Factors that determine your company ’ second indemnity needs include :
- The industry you ’ re in
- The number of employees you have
Reading: Georgia Business Insurance
- risk factors. These could include, but are not limited to, considerations like whether your business owns vehicles and how often you drive them .
business indemnity typically comes in a software with several different types of coverage. Small commercial enterprise owners in Georgia normally bundle together two or more of these policies :
- General liability insurance, which helps protect against fiscal losses if you are accused of causing person physical injury or damaging their property .
- Workers ’ compensation coverage, which assists employees who are hurt on the job and small business owners by paying for medical bills and lost wages .
- Professional liability coverage, besides known as E & O policy, which helps pay for defense costs and damages if person claims that you made a solve mistake that caused fiscal losses .
- commercial car indemnity, which helps pay for damages if you or an employee has an accident in a company-owned vehicle .
General Liability policy
Most small businesses we serve in Georgia carry general liability insurance. If person who doesn ’ thyroxine function for you accuses your business of causing an injury or property damage, general indebtedness indemnity helps cover relate expenses, including legal fees.
Clients much request to see proof of general indebtedness insurance before they commit to working with your company. commercial landlords frequently request this coverage in lease agreements to reduce their liability if a person is hurt at your business .
For example, a freelance landscape architect in Atlanta forgets to remove bags of mulch from a walk at a client ’ mho position, and a visitor trip over them. General liability policy helps the landscape tauten pay for aesculapian bills and legal costs if the visitor is injured and indigence discussion .
houseclean and construction companies can add tools and equipment insurance to their general liability policy coverage. This upgrade helps replace commercial enterprise equipment if it is stolen, damaged or lost .
Workers ’ Compensation policy
Georgia requires you to carry workers ’ compensation indemnity if your business has three or more employees. This law applies to both full-time and part-time workers .
Workers ’ compensation coverage in Georgia helps your company brood aesculapian bills and lost wages for employees who get hurt on the job .
For model, an employee of a Macon-based windowpane washing company falls from a scaffold and suffers a back injury, which results in a slip to the hospital, clock missed at work, and physical therapy .
Workers ’ comprehensive examination insurance would help cover the window washer ’ s medical expenses and pay a assign of the neglect wages .
commercial Auto indemnity
belittled businesses in Georgia that own vehicles must carry commercial car insurance to protect against work-related accidents .
Your personal car insurance is improbable to help pay for medical expenses or property wrong that happen while you are driving for business purposes..
For exemplify, a general contractor in Augusta is driving a exploit hand truck to a job and hits another driver after running a loss light. commercial car insurance helps the contractor pay for damages to both vehicles equally well as any medical care that either driver needs .
Some businesses might occasionally ask employees to drive their own cars for exploit or rent vehicles. These companies will need hired and non-owned car insurance to help cover damages .
professional Liability ( E & O ) insurance
It ’ s possible that a node could accuse you of a professional mistake, a miss deadline or an incomplete project that hurts their bottom line .
If the node pursues legal action because of your allege negligence, professional indebtedness policy offers crucial protective covering. besides known as errors and omissions ( E & O ) policy, this policy helps pay for lawyer and court costs, arsenic well as any damages if you are held liable .
For exemplify, an accounting firm in Columbus forgets to file an crucial tax form for a node, resulting in a hefty fine from the IRS. E & O insurance helps the accountants at least partially reimburse the client if both parties agree to settle out of court .