Business Insurance helps protect your business from financial loss due to threats like property damage, theft, lawsuits, and employee injuries or illnesses. Coverage varies depending on what kind of business you own, your industry’s legal requirements, what add-on protections you purchase, and more. Some types of business insurance include, but are not limited, to:
- Property Insurance – A general property insurance policy provides coverage for buildings, contents, equipment, and other real and personal property owned by your business.
- Liability Insurance – A liability policy is designed to help protect your business from financial loss due to a lawsuit related to injuries, deaths, or damage to property of others caused by your products, business operations, or employees.
- Workers’ Compensation – This coverage helps protect your employees from loss of wages or income due to a work-related injury, illness, or disease. Georgia law requires that employers with 3 or more full- or part-time employees carry workers’ compensation coverage.
- Motor Vehicle Insurance – Georgia has a financial responsibility law which requires you to have insurance, or be a qualified self-insurer, for liability claims resulting from motor vehicles you own or operate in connection with your business.
- Life & Health Insurance – Many businesses offer life and health insurance as part of their employee benefits package to attract and retain qualified employees.
Again, these are just a few examples of the types of insurance available for your business. To find out what policies you are required to have, you should speak with an insurance agency or agent who is familiar with your operations and industry. They can also help you explore and determine if there is any additional coverage you want to purchase.
You can learn more about business insurance, coverage options, and more by reading, authored by Georgia’s Insurance and Safety Fire commissioner, John F. King.