Starting a new business is a thrilling experience, despite its inherent risks. A crucial step along the way to business ownership is mitigating those risks with Commercial General Business Liability—commonly known as general liability insurance.
If you’re embarking upon the journey of entrepreneurship, finding small business insurance in Atlanta should be high priority. Here’s what you need to know about getting the general liability coverage you need.
What Does General Liability Insurance Cover?
General liability insurance protects your assets and covers the medical and legal expenses that you may incur if you or your employees cause damage to your commercial property, or if someone is injured while on your premises.
If you require legal defense or are obligated to pay a settlement, general liability insurance allows you to meet these demands, while also providing financial protection in the event that you cause damage to any commercial property in which you’re a tenant.
Small businesses also need to protect themselves against claims of false advertising. If you’re ever sued for publishing misleading information, or taken to court over accusations of libel or copyright infringement, general liability insurance can cover the associated costs.
How Much Insurance Coverage Do I Need to Protect My Small Business?
Annual premiums for general liability insurance can range from $750 to $2000, depending on the nature of your business and the extent of coverage you require. Given the fact that a single liability claim can easily cost several hundred thousand dollars, taking out a general liability insurance policy is wise investment.
Small businesses that are on the lower end of the risk spectrum may benefit from a Business Owner’s Policy, which simplifies your asset protection by bundling general liability with property insurance together in a single, cost-effective policy.
Businesses that pose greater potential risks for property damage or personal injury may benefit from more comprehensive policies. Add-on features such as umbrella insurance or excess insurance provide additional protection in the case of claims that demand substantial settlements.
Be aware of the maximum amount your policy will cover in the event that you’re held liable for a claim. As your business grows, reviewing this amount periodically will help ensure that you remain protected.
What Other Insurance Coverage Do I Need for My Small Business?
While securing a general liability insurance policy should be on the forefront of your mind as a new business owner, there are other kinds of coverage that are important to consider. Most states require business owners to provide workers’ compensation insurance, as well as state disability insurance, for any employees they hire.
You may also need additional, industry-specific coverage depending on the type of business you own. Businesses that serve or sell alcohol require alcohol liability insurance, while a company that relies on motor vehicles will need to purchase auto insurance.
An experienced insurance advisor can help you determine the type and amount of coverage that’s right for your business. At Atlanta Life General Agency, our insurance advisors will walk with you through the process of protecting your small business. Contact us today at 866-389-4466 to get started.