What Business Insurance Requirements Are in Place in Georgia?

Starting a business in Georgia involves more than just a great idea and a solid business plan; it also requires understanding and complying with various business insurance requirements. These insurance policies can protect both the business and its employees from potential risks and liabilities.

Business Insurance Requirements in Georgia

Businesses in Georgia may need the following coverage:

• Workers’ compensation insurance—Georgia law requires businesses with three or more full-time or part-time employees to carry workers’ compensation insurance. This coverage can help protect employees from loss of wages or medical expenses due to work-related injuries or illnesses. Its employer liability component can also shield businesses from potential lawsuits related to workplace accidents.
• Commercial auto insurance—Any business that owns or operates vehicles must have commercial auto insurance. This insurance may cover liability claims resulting from accidents involving business vehicles. It can help ensure that businesses can cover costs related to property damage or bodily injury caused by their vehicles.
• General liability insurance—Although not always mandated by law, general liability insurance is strongly advised for all businesses. This coverage can safeguard against financial losses from claims of bodily injury, property damage and personal injury (such as slander or libel) that may arise on business premises or due to business activities.
• Industry-specific requirements—Certain industries in Georgia have additional insurance requirements. For example, construction companies often need extra liability coverage due to the high-risk nature of their work. Similarly, health care providers typically require medical malpractice insurance to protect against professional negligence claims.
• Optional coverage—Beyond the mandatory insurance, businesses may opt for additional coverages such as property insurance, which can financially protect against damage to business property from events like fire or theft, and business interruption insurance, which may cover lost income during periods when the business cannot operate due to covered events.

Learn More

Contact Esquire Insurance Services of Georgia today to discuss your business insurance portfolio.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.