FROM OUR PARTNERS
Buying a good business insurance policy is not something you want to take lightly. A lot of essential aspects of your life and business are at stake. Even so, it’s hard to know where to start. There are many different types of policies available, each with its own weighting system and exclusions. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Most states have specific requirements for business insurance and Georgia is no exception. Although Georgia does not require businesses to carry Workers’ Compensation insurance, many businesses must insure themselves against general liability risks. This includes businesses that sell alcohol or that provide professional services, such as accounting firms and insurance agencies.
If a business employs a number of workers, the company also needs to consider Workers’ Compensation insurance to protect employees.
Businesses may choose to purchase other types of coverage in addition to the required coverages to protect themselves against risks and losses.
Here are some common types of business insurance and what they cover:
It covers legal expenses related to injury or property damage caused by you or your employees. It also covers claims due to advertising mistakes or plagiarism. Because every business is different, there isn’t one general liability insurance policy that can protect all businesses.
As a result, many general liability policies exclude certain items. Some of the most common exclusions include:
This policy covers legal expenses related to negligence, errors, or omissions on the part of your employees. This type of insurance may be required by law, depending on the industry in which you operate. Each insurance company sets its own coverage, so exclusions can vary across policies.
That said, some common exclusions include:
Combines general liability insurance with property insurance, providing an all-in-one solution for smaller businesses.
Commercial property insurance
This policy pays for damages to your office building or other commercial properties in the event of disasters such as fires, storms, theft, or vandalism. This type of insurance usually does not cover floods and earthquakes, so separate policies should be purchased for those risks.
The policy covers medical costs for any employees who are injured at work.
A workers’ compensation business insurance policy will exclude coverage for the following:
Here are some of the factors that affect the cost of a business insurance policy:
Businesses with more employees and higher revenue may pose a greater risk of liability claims, so they generally pay more for business insurance coverage. The industry you’re in may also affect your rates. This is because some industries, such as construction and manufacturing, carry a higher risk of accidents or property damage than other industries — resulting in higher insurance premiums.
The location of your business may affect what you pay for business insurance. For example, businesses located in areas prone to natural disasters, like hurricanes or earthquakes, may see higher rates for some coverages. Also keep in mind that if your business is located in a state with high liability caps, you may need to buy extra coverage to protect yourself from larger claims (especially if you own a small business).
If your company has a history of filing frequent or expensive claims, you can expect to pay more for your policy.
If you have many employees, there’s a higher chance that one will file a workers’ compensation claim. The more people on staff, the greater the chances of someone getting hurt on the job or needing medical attention for an illness related to their work environment. If employees drive company vehicles or travel to client sites, they may get into accidents that lead to liability claims.
Here are some tips to help you get the right coverage at the best price: