Every state requires that businesses have a specific level of insurance to ensure that their workers and the business are protected during operation. Georgia is no different, with companies in Commerce, GA expected to abide by state-issued insurance requirements. Hyman Brown Insurance Agency Inc. outlines what they entail and other covers that commercial businesses should consider getting.
Compulsory Commercial Insurance Requirements
Workers Compensation Insurance
Workers compensation insurance is one of the mandatory policies for anyone looking to start a business in Commerce, GA. However, it only applies to commercial companies that regularly employ three or more people, whether on a part-time or full-time basis. If any employee gets injured performing work, this insurance takes care of medical bills arising from such an incident. Lost wages and legal fees are also covered.
Commercial Auto Insurance
If your business owns any vehicles, commercial auto insurance will be compulsory. This includes automobiles used for business purposes such as making deliveries and transporting clients or employees. Claims covered under this policy include damage to the vehicle, liability costs, and uninsured or underinsured motorists.
Optional Insurance Policies
Business Owner’s Policy
A business owner’s policy, BOP, combines general liability insurance and property insurance into one. It provides a cost-effective option for businesses, allowing you to get insurance when employees get injured, property damage occurs, or disasters strike.
Cyber Liability Insurance
Increased cyber interactions in today’s world can be attributed to rampant cyber attacks, requiring businesses to safeguard themselves against data breaches. Cyber liability insurance covers costs such as legal fees, data recovery, and ransomware payments. Included is also the repair of damaged computer systems and lost revenue incurred during business interruptions.
Professional Liability Insurance
Also referred to as errors and omissions insurance, this policy covers damages resulting from negligence and violation of good faith. This insurance is mainly used by businesses that deal with consultation and professional services due to their likely encounters with erroneous advice or practices. Areas covered by this insurance include negligence lawsuits, business disputes, and defense fees.
Getting coverage for your business will go a long way in saving your company from any losses that could potentially risk its operation. At Hyman brown insurance agency Inc. we work round the clock to provide a structured policy that is right for your business. Get in touch with us today for your commercial insurance needs.