One lawsuit could wipe out your business—are you covered?
General Liability Insurance protects your business from costly claims like injuries, property damage, and legal fees
Everything You Need to Know About General Liability Insurance in Georgia
When running a business in Georgia, protecting yourself from potential risks is essential. General liability insurance is one of the most important coverages you can have, as it shields your business from financial losses caused by claims of property damage, bodily injury, and other liabilities. Below, we answer some of the most common questions Georgia business owners have about general liability insurance.
Is General Liability Insurance Required for LLCs in Georgia?
While general liability insurance is not legally required for LLCs in Georgia, it is highly recommended. Many clients and partners may require proof of insurance before doing business with you. Additionally, having coverage protects your LLC’s financial health in the event of a lawsuit or liability claim.
How Much Should I Expect to Pay for General Liability Insurance?
The cost of general liability insurance in Georgia varies based on several factors, including:
The size of your business.
The industry you operate in.
Your claims history.
The coverage limits you choose.
On average, small businesses in Georgia can expect to pay around $810 annually, however premiums can range between $400 and $1,500. Higher-risk industries, like construction or manufacturing, may pay more, while low-risk businesses, such as consulting firms, may pay less.
Who Needs General Liability Insurance?
General liability insurance is highly recommended for:
Small Business Owners: Protect your operations from liability risks.
Contractors and Construction Professionals: Safeguard against potential claims arising from job sites.
Retail and Hospitality Businesses: Ensure coverage for customer injuries or property damage.
Service Providers: Protect yourself from liability claims related to professional services or advertising.
If you interact with customers, vendors, or clients in any capacity, general liability insurance is a smart investment.
What Does General Liability Insurance Cover?
General liability insurance provides coverage for:
Bodily Injury: Covers medical expenses if someone is injured on your business premises or due to your business operations.
Property Damage: Covers the cost of repairing or replacing someone else’s property that your business damages.
Advertising Injury: Protects against claims of slander, libel, or copyright infringement in your advertising.
Legal Costs: Covers attorney fees, court costs, and settlements or judgments if your business is sued.
This coverage is essential for handling unexpected events that could lead to significant financial losses.
What Does General Liability Insurance Not Cover?
It’s important to understand that general liability insurance has limitations. It typically does not cover:
Employee Injuries: These are covered by workers’ compensation insurance.
Professional Errors: You’ll need professional liability (errors and omissions) insurance for coverage against negligence claims.
Damage to Your Business Property: This is covered under commercial property insurance.
Intentional Acts: Deliberate damage or harm caused by your business is not covered.
By understanding these exclusions, you can ensure you have the appropriate additional policies to fully protect your business.
Can I Bundle and Save?
Yes! At Safe Harbor Insurance, we offer bundled policies to help Georgia businesses save money. For example, you can combine general liability insurance with:
Commercial Property Insurance: Protect your physical assets and liability in one policy.
Workers’ Compensation Insurance: Provide employee injury coverage while securing discounts.
Business Owners Policy (BOP): A convenient and cost-effective package that includes general liability, property insurance, and business interruption coverage.
Bundling policies simplifies management and often results in significant premium savings.