When starting a new business, it is crucial to understand your state's business insurance regulations, as business insurance is required in the majority of states. Georgia has been voted the greatest state for business for five straight years and is the eighth 8th best state to start a business in the United States. 97% of Georgia's companies are comprised of small businesses. Insurance providers have served thousands of small businesses in Georgia for more than a century and can assist you with meeting Georgia's insurance needs for small businesses.
In Georgia, commercial liability insurance is not required for businesses. Accidents and lawsuits (both real and spurious) continue to occur in Georgia, and there is currently no limit on the number of compensatory damages that can be received. The maximum amount of punitive damages is $250,000 unless the claimant can prove that the defendant intended to inflict harm. If you own property or other valuable assets, it would be prudent to purchase adequate commercial general liability insurance for your Georgia business in order to limit your risk exposure.
The amount of Georgia commercial general liability insurance you need will be determined by the type of business you operate or the goods you manufacture. The optimal revenue range for the majority of small businesses is between $500,000 and $1 million. However, if your business is high-risk or has a large volume of public engagement, such as a restaurant or retail store, you should consider expanding your coverage. Remember that your homeowner's or renter's insurance has limited coverage for business liability and loss if you operate out of your property.
General liability insurance provides coverage for typical third-party liability claims (people outside your business).
If someone sues you for property damage, bodily injury, or advertising injury, commercial general liability insurance will cover your legal fees. Your policy can cover the cost of employing an attorney as well as court-ordered verdicts and settlements.
Georgia consistently has high credit ratings. All three FitchRatings, Moody’s Investors Service, and S&P Global Ratings gave the state AAA bond ratings in 2022. Only nine out of all the states that issue general obligation bonds have it. And in Georgia, the bond will go to projects that improve the local community. These include education, public safety, and economic development.
The aforementioned is partly why small businesses continue to thrive in the state. Below are some relevant statistics related to small businesses in Georgia:
Also, Learn about North Carolina Business Owner's Policy
Here are frequently asked questions related to general liability insurance policies in Georgia:
There are many types of insurance that can help you secure the financial stability of your Georgia small business. For example, commercial general liability coverage shoulders the cost of common third-party risks. Workers’ compensation and a business owner’s policy are other insurance types that you should get. Contact a knowledgeable insurance agent to determine the right coverage.
Commercial general liability is a type of insurance that protects your business from a third party’s claims of property damage, personal injury, and associated medical costs. It’s best to discuss your total coverage amount with an insurance agent; it will depend on your business needs and operations.
Business owners in Georgia are required by state law to provide workers’ compensation coverage. Meanwhile, commercial general liability insurance is not a requirement based on Georgia laws. However, most clients would still require a business to have one before entering a contract. The actual coverage depends on your business assets and client requirements.
The premiums for general liability insurance in Georgia are determined by several criteria, including the services or products you offer, the number of employees you have, the length of time you've been in business, and your claims history. Typically, coverage is limited to a specified financial amount during the policy period.
