GENERAL LIABILITY INSURANCE
General Liability Insurance
About Commercial Liability Insurance For GA Businesses
Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your Georgia business from financial loss resulting from claims of injury or damage caused to others by you or your employees. A policy typically covers:
- Bodily Injury – physical damage to a person other than an employee at your place of business and injuries caused by you or an employee at a client’s home or workplace.
- Property Damage – damage caused by you or an employee to someone else’s property.
- Personal Injury – libel, slander, copyright infringement, invasion of property or privacy, wrongful eviction, false arrest and similar acts that cause damage to a person’s reputation or rights.
- Advertising Injury – losses caused by your advertising
- Legal Defense and Judgments – costs to defend against real and frivolous suits and judgments up to the limit of your coverage. Note this generally does not include punitive damages for negligence or willful misconduct.
Georgia Minimum Business Insurance Requirements
Commercial Liability Insurance is not mandatory for businesses operating in Georgia. Georgia is an entrepreneur-friendly state and was ranked fifth-best U.S. business climate in a 2011 survey of CEOs. However, accidents and lawsuits (legitimate and frivolous) still happen and Georgia currently has no cap on the number of compensatory damages that can be awarded. Punitive damages are capped at $250,000 unless the claimant can show that the defendant intended to cause harm. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your Georgia business to limit your risk exposure.
How Much Georgia Liability Insurance Should You Carry?
Each situation is unique, but as a general guideline, the type of Georgia business you operate or products you manufacture should determine how much Georgia commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss.
How Are Premium Costs Assessed?
Georgia commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you’ve been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.
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