The 5 Types of Insurance You Need to Protect Your Georgia Business
Business owners face certain risks from the very start. That’s why it’s so important to for you to have the right insurance before hiring your first employee or making that first dollar. All it takes is one damaging lawsuit or tragic event and your small business could be wiped out before you even have the chance to grow.
Luckily, Georgia businesses have access to several insurance varieties meant to protect against any such event:
1. Professional Liability Insurance
Professional liability, or errors and omissions (E&O) insurance, covers your company against claims of negligence or failing to perform your professional duties. There is no universal policy for E&O insurance. Every industry has its unique set of concerns that will be addressed in a custom business policy.
2. Property Insurance
It doesn’t matter if you rent or own, property insurance is a complete must. With this type of insurance, your business’s equipment, signage, inventory, and furniture is covered in the event of a storm, fire or theft. Note that mass-destruction events such as a flood or earthquake are not typically covered under standard property insurance policies. If this is a concern, ask your insurer to price a separate policy.
3. Workers’ Compensation Insurance
Workers’ compensation insurance should be added to your policy once the first employee is hired. This policy covers medical treatment and disability. Workers’ compensation also covers death benefits in the situation of an employee who is injured or dies as a result of their work with your business. Even if the work appears to have a low-to-zero risk factor, minor slip-and-fall injuries can result in pricey insurance claims.
4. Product Liability Insurance
Product liability insurance is necessary to protect your business if you manufacture products for sale on the general market. You can take every possible measure to make sure your products are safe and still find your business named in a lawsuit due to damages caused by your products. For further protection, product liability can even be tailored to cover a specific product type.
5. Business Interruption Insurance
If a disaster or tragic event were to take place, your business operations would likely halt. In that period, your business would suffer from lost income. Business interruption insurance matters most for companies that require a physical location to do business. If you own a retail store and have questions about coverage with this policy, ask your insurer to explain the options.
When you have the right insurance in the right place, your business can be protected from major financial loss. At Shopbenefits.com, you’ll work with an agent who knows your industry inside and out – and will always be there to lend a helping hand when you need one.
The protection plans listed above require a property and casualty insurance license. Shopbenefits.com is not licensed to sell these products but perhaps we can assist you in finding a qualified agent to help you. Shopbenefits.com is owned by Schiebel and Associates, LLC, and it is an insurance agency that works primarily in the area of health and life insurance and is licensed in the state of Georgia
Contact us for your complimentary review or call (404) 256-2171 and ask for Al Schiebel to see what option is best for your business. Get your affordable quote today!