Is commercial insurance required in Georgia

Georgia is one of the most business-friendly states in the union. In September 2020 it was named the "Top State for Doing Business" for the 7th year in a row. Commercial insurance offers very important protection to businesses to help them survive some hazards that could make doing business impossible. In Georgia, two types of commercial insurance are mandated, commercial auto insurance and workers’ compensation insurance. At Wichalonis Insurance Agency in Cumming, GA, we understand the risks businesses face, and we will take the time to help you create a policy to minimize the risks to your business. 

Commercial auto insurance

In Georgia, if your business owns any vehicles they must be covered by commercial auto insurance at the state-mandated rate. You must have 25/50/25 coverage. That means 25,000 for each individual bodily injury with a total of 50,000 for an accident and property damage to 25,000. 

Workers compensation insurance

Georgia law requires almost every employer to protect their workers with workers’ compensation insurance. It doesn’t matter if your workers are full or part-time. If your business has more than 3 employees even if they are seasonal, you need to cover them with workers’ compensation. It makes good business sense; workers stay longer and are more loyal when they care for by their employer. 

Just because it isn’t required, doesn’t mean you should not have additional coverage for your business. Commercial building insurance, commercial liability insurance, and business interruption insurance can all make the difference between being able to stay in business and having to close your doors. Risks are out there every day for every business whether it is weather-related, theft, or legal. Talk to your local independent agent to have a custom commercial insurance policy created for your business. 

Contact Wichalonis Insurance Agency in Cumming, GA for all your commercial insurance needs.