Business insurance is a critical part of a successful company’s financial plan. There are a variety of business insurance coverages available depending on your organization’s unique needs. Contact Lord & Associates today to start building your company’s customized business insurance plan.
What Business Insurance Is Required By Law?
Generally, if your company uses vehicles for business activities, you must maintain minimum amounts of commercial auto insurance to comply with Georgia laws. Your agent can help determine how much commercial auto insurance is appropriate for your situation. In general, commercial auto insurance may help cover your company’s legal liability for third-party accident-related injury and property damage claims.
Additionally, worker’s compensation insurance is required in Georgia under certain circumstances. This coverage may help pay for medical expenses and lost wages if employees suffer work-related injuries or illnesses.
Other insurance coverage may be required depending on your industry, type of business and other factors. Your agent can help assess your insurance requirements and may suggest further coverage that suits your needs.
What Does Business Insurance Cover?
Business insurance may help provide coverage for various risks that can impact a business. While some policies combine lines of coverage into packages, this type of insurance is generally customizable depending on business needs. Therefore, specific coverages included within a policy may vary between companies.
A typical business insurance policy may include commercial property insurance, designed to help provide financial protection for your company’s physical assets, such as buildings, equipment and inventory.
Liability insurance is also typically included, which may help cover legal obligations and expenses in case your business is sued for bodily injury or property damage caused by your products, services or operations.
Additionally, business insurance may include coverage for business interruption, which may help compensate for lost income and ongoing expenses if your company is temporarily unable to operate due to a covered event.
Depending on the type of business, professional liability insurance may be added to a business insurance policy. Sometimes called errors and omissions insurance, this coverage may help provide financial protection against claims of negligence, errors or omissions in professional services.
How Much Is Business Insurance For an LLC?
Business insurance premiums are set by insurers, who determine the criteria. In general, insurers consider the following when setting business insurance premiums:
- Your company’s size, location and the type of work performed
- The policy types, limits and deductibles
- Your claims history
Working closely with your agent to compare business insurance quotes from multiple insurers can help your company get the best possible rates on the coverage you need to help safeguard your company.
Contact Lord & Associates in Covington, Georgia, to start evaluating your business insurance options. Our team can help you get the coverage you need to comply with state and federal regulations at a great rate.