Quick Look: The Best Business Insurance in Georgia
The Peach State has ranked number 1 for business for 7 consecutive years — 2013 to 2019. The business landscape has a huge impact in Georgia and the state’s 1.1 million small businesses account for 99.6% of all businesses in the state.
The Georgia Department of Economic Development provides various opportunities for growth while offering assistance with certification, licensing, federal grants, suppliers and more. But with strict workers compensation regulations and a highly litigious business environment, it’s crucial that business owners in Georgia protect their investments through business insurance.
Get started today and explore Benzinga’s favorites for the best business insurance in Georgia.
Best Business Insurance Options in Georgia
Choosing the right insurance isn’t an easy task. There’s no one-size-fits all business insurance policy. Here are some of the best business insurance carriers in Georgia. Their expertise across multiple industries helps ensure all your coverage needs are met.
1. The Hartford
The Hartford offers business insurance solutions that provide coverage for employee-related risks, legal liability and property damage. The insurance provider also stands out for its business owner’s policy (BOP), which bundles 3 coverages — general liability insurance, business income insurance and commercial property insurance — into 1 type of coverage.
The Hartford also simplifies the insurance purchase process through its online quote tool that gives you a customized insurance quote in less than 10 minutes. You’ll need to describe the nature of your business, year established, ZIP code, number of business locations and number of employees.
The company has been recognized as the World’s Most Ethical Company by the Ethisphere Institute 12 times. Whether you’re in the landscaping industry or the personal care services niche, there’s a policy for you.
2. Simply Business
Simply Business is a business insurance comparison tool that lets you compare quotes and coverage options from companies like Hiscox, Travelers and Axis Insurance Company.
You can view policy options online in less than 10 minutes. The Simply Business licensed agents are also available by phone if you need more guidance or have questions.
Simply Business is a perfect resource for small businesses and sole proprietors. Your search can narrow the recommended insurance options based on the type of work you do. Look at specific coverage for the risk of your industry, including landscaping, accounting or photography.
Hiscox is Georgia’s leading small business insurance provider, protecting over 180 professions. Some of its popular coverage options include:
- Professional liability (E&O)
- General liability
- Business owners policy (BOP)
- Short-term liability
- Workers compensation
Unsure about the coverage you need? Take advantage of Hiscox’s 20-second quiz to help you identify your coverage of choice. You can also choose its BOP, which bundles property insurance and general liability insurance.
Request a free quote through its website or call a licensed insurance agent at 866-283-7545 Monday to Friday from 7 a.m. to 10 p.m. EST.
Progressive is America’s No. 1 commercial auto insurer, where first-class service and great rates can suit your business-owned vehicles. Work with its licensed agents through its Progressive Advantage® Business Program to customize a policy with the coverages you need. You can use its product selector tool to identify coverages that best suit your business.
Progressive offers flexible payment plans, including a 15% discount if you pay for your policy in advance. Obtain your quote by speaking to a licensed insurance agent through 888-806-9598 or use its online quote tool.
biBERK’s umbrella policy offers extra coverage to protect your business and assets should a claim exceed your current policy limits. You can also secure umbrella coverage if you have an appropriate underlying policy. The first $1 million of umbrella insurance will cost your business $200 to $400 per year.
Obtaining coverage with this carrier is a 3-step process:
- Answer a few questions.
- Pick a coverage type.
- Pay online and get your coverage.
You can get a quote online or speak to an insurance expert for help with purchasing a policy or answering any questions you may have.
Types of Business Insurance
Business insurance can help protect your business from lawsuits, claims, losses and risks you can’t see coming. You could be sued for anything, even if you’re not at fault. To help protect against specific risks unique to their industry, businesses buy multiple coverages or combine several into a single policy. Whatever your choice, here are the common business insurance coverage options.
General liability insurance provides protection if someone outside of your business sues you for property damage, physical injury or an advertising injury (slander/libel). This coverage isn’t required by law but is needed by contract by individuals with whom you conduct business, including vendors or owners of buildings in which you operate.
Business owners can obtain general liability insurance as a standalone coverage or combine it with property insurance in a BOP. Some clients or employers might require you to have a certain amount of general liability before working for them. This policy only pays for 3rd-party damages.
Product liability insurance protects your business against lawsuits related to your products in case a customer claims a product your business manufactured or sold resulted in injury or property damage. You could also be sued for providing inaccurate instructions or insufficient warnings related to the product.
You can reduce product liability risks by including and double-checking product labels, performing detailed quality assurance and regularly inspecting manufacturing equipment.
Commercial property insurance covers your business’ physical assets from theft, fire, explosions, vandalism, burst pipes and storms. Floods and earthquakes aren’t covered, so you might need a separate policy. You may also need commercial property insurance if your business operates out of its own building.
A workers’ compensation policy covers medical expenses, lost wages, rehabilitation expenses and death benefits resulting from an employee’s illness or injury at work. Some covered medical expenses may include doctor visits, hospital care, surgery, emergency room visits, physical therapy, prescription medication, etc.
This coverage can provide replacement income when an employee is unable to return to or stay at work. This is a state-mandated coverage and benefits vary by state.
Professional liability insurance, also called errors and omissions (E&O) insurance, covers the cost of lawsuits or claims on negligence in the professional services you offer. You are protected against claims that services or professional advice you offered resulted in financial harm. This insurance helps cover common claims including misrepresentation, negligence, inaccurate advice and violation of good faith.
Cost of Business Insurance in Georgia
The cost of business insurance can vary greatly among businesses. This is because different setups have unique coverage needs and the insurance costs will differ widely depending on their level of risk. Progressive reported that the national monthly average cost of a 12-month business insurance policy through its Progressive Advantage® Business Program ranged from $46 for professional liability to $85 for workers’ compensation insurance.
It’s difficult to determine the average cost of business insurance because multiple factors will determine the cost of your policy. Some of the factors that affect the cost of your coverage include:
- Business location. Businesses located in populous neighborhoods have a higher risk of vandalism or crime, which translates into higher insurance rates.
- Profession. Professional services are often exposed to various risk levels. Higher-risk businesses, like contractors and tree trimmers, will pay more for business insurance compared to a home-based financial advisor.
- Number of employees. A business with more personnel will pay more for coverage since the potential for claims is higher than a business with fewer employees. Every additional employee increases the potential of accidents and other mishaps that may result in claims.
- Coverage levels. The types of coverages purchased and their limits determine how much you will pay for business insurance. The more types of coverage and higher limits, the higher your premium. However, choosing a higher deductible may help reduce your monthly premiums.
Fortunately, there are several ways to save money on your business insurance costs, including:
- Bundling coverages with a business owner’s policy (BOP)
- Lowering your business’s risk exposure through workplace safety training and emergency response planning
- Choosing a higher deductible to lower your premiums
- Paying your premiums annually
- Improving your workplace security protocols and procedures
Find the Right Insurance for Your Business
Business insurance is the 1st step toward operating a sound business. The type of insurance you need depends on the business you’re running. Obtain quotes from some of our recommended providers.
It’s as easy as entering your ZIP code through an online quote tool. You may consider increasing your coverage level as your business grows or gets involved in higher-risk projects.