Business Insurance
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Business Insurance Plans in Monticello, Georgia

interior of restaurant that has business insurance

If you are a business owner, chances are that you’ve already run into unexpected accidents and expenses. Our Insurance Agency can protect your business from potential threats and lawsuits all for an affordable price, so you can have the confidence in the safety of yourself, your employees, and your customers.

Business insurance is a type of insurance that protects businesses from financial loss in the event of unforeseen circumstances. Having a business insurance plan can protect your business from circumstances such as:

  • Claims and lawsuits
  • Theft
  • Damage to property and vandalism
  • Injured or ill employees
  • Loss of income

Overall, business insurance is an important tool for protecting a company’s assets and ensuring its financial stability in the face of unexpected events. By choosing the right policy, a business can have peace of mind knowing that it is well-protected against potential risks.

Sometimes, with certain professions and contracts, you could be forced into getting business insurance. Having the correct insurance policy can make a huge difference for your business, but how do you know which policy your company should have?  When choosing a business insurance policy, it’s important for a company to carefully consider its unique needs and risks.  It’s also important to work with a reputable insurance provider that has experience working with businesses in the company’s industry.

There are many different types of business insurance, each of which provides protection against specific risks. Some common types of business insurance include:

Small Group Insurance

Small group insurance is a type of health insurance plan that is designed for small businesses, typically having from 2 to 50 employees.  These insurance plans are typically purchased by the employer and offered to employees as a benefit of employment.

Small group health insurance plans are regulated by state and federal law and are typically required to cover a set of essential health benefits, such as preventive care, hospitalization, and prescription drugs. These plans are advantageous because they allow the employer the option to choose a plan that fits the needs and budget of their business and employees.

Small group insurance plans may be purchased by the employer through a broker or directly from an insurance company.  Employers also many times have the option to purchase a plan through a state or federal small business health insurance exchange.

It’s important to note that small group insurance is different from individual health insurance.  Individual health insurance is insurance that is typically purchased by an individual rather than small group insurance that is typically purchased by an employer.  Small group plans are typically less expensive per individual, and offer greater levels of coverage, than Individual health insurance plans.

Business Owners Policy (BOP)

man wearing suit who has a business owner's policy in monticello georgia

Business Owners Policy is an insurance plan designed for small and medium-sized businesses. It is the most sought-after insurance policy by business owners, because it combines some of the commonly needed liability coverages into a single policy, including General Liability, Commercial Property Insurance, Business Interruption Insurance and Cyber Insurance.

BOP plans can also be tailored to your business, by adding and customizing more policies.  In one standard package, a BOP plan can protect your business from being sued, as well as protecting your inventory, assets, and property from being damaged or stolen. Getting a BOP policy saves money and time, and is a great start for small businesses.

Commercial Property Insurance

Commercial Property Insurance protects a business’s physical assets, such as buildings and equipment, against damage or loss, as well as covering large expenses that result from needed repairs.  It can also cover other expenses that may result from a covered event that causes the business to temporarily shut down.

Commercial Property Insurance is designed to protect against risks such as fire, windstorm, theft, and other types of damage that could result in financial losses for the business.  If your business is located in an area that is prone to having natural disasters, vandalism, or attempted robberies, getting a property insurance policy can protect both your owned or rented properties.

Commercial property insurance is usually sought by businesses that own their own buildings or by businesses that lease commercial space.  It is also typically required by lenders as a condition of providing financing for a business.

There are many different types of commercial property insurance policies available, and its coverage can vary depending on the specific needs of the business.  It’s important for businesses to carefully review their insurance needs and to choose a policy that provides adequate protection for all of their assets.

General Liability Insurance (GLI)

local storefront that has general liability insurance

General Liability Insurance (also known as Business Liability Insurance or GLI) is an essential type of liability insurance for business owners, because it protects their businesses from claims, lawsuits, or financial losses that result from customer injuries or property damages.  General Liability Insurance can protect your business from allegations, including:

  • Damage done to a customer’s property by yourself or an employee. 
  • High costs due to having to defend your business from claims and lawsuits. 
  • High costs due to copyright infringement resulting from your advertising. 
  • Customers slipping, or injuring themselves in other ways, while on your company’s premises.

Professional Liability Insurance

Also known as “Errors and Omissions Insurance”, this coverage protects a business against claims of negligence or wrongdoing in the performance of their professional services.  If the owner or an employee makes a mistake, or are even wrongfully sued, this insurance policy will cover the costs of legal action and defenses for a specified period of time. 

Worker's Compensation Insurance

Workers’ compensation insurance, (also known as Workers Comp), is a legally required policy in most states. With Workers Comp, the business be financially covered for any loss of income that has been caused by an employee who becomes ill or injured as a result of his duties, including even an accidental death that occurs at the business.  It can cover medical benefits, temporary disability benefits, permanent disability benefits, and vocational rehabilitation benefits.

Workers Comp is typically paid through premiums.  The employer is typically responsible both for paying the premiums and for providing coverage for all of the eligible employees.

Even at a business that is considered “safe”, employees can still be injured on the job, which can lead them to sue the company.  A Workers’ Compensation policy  is important because it protects the company from lawsuits and high expenses, while also helping employees recover faster by covering their medical bills.

Builder's Risk Insurance

corporate skyrise construction owner who has builder's risk insurance

Builder’s Risk Insurance, (also known as Construction Insurance), is a very important insurance policy to have if your company specializes in constructing or renovating buildings.  This policy protects the property, covers materials and supplies needed for construction, and covers the costs of damages to structures.

Business Interruption Insurance 

Business Interruption Insurance, (also known as Business Income Insurance), covers financial losses that are caused by your business being closed for an extended time.  If your business location is forced to temporarily close, Business Interruption Insurance will cover expenses, including payroll, taxes, rent or mortgage costs, and your company’s profits that you’d regularly make if it wasn’t closed.

Cyber Liability Insurance

professional office company with cyber liability insurance

Cyber Liability Insurance is an essential insurance policy for your company to carry if your business faces risks of hacking, data breaches, and cyber attacks.  Having this policy will protect your company’s and your customers’ personal data and information that are digitally stored.  If a customer’s sensitive information is leaked,  it could lead to a lawsuit.  It also covers computer repairs due to viruses or malware.

Contact Us Today

Call our agency today to get the Business Insurance that you need at affordable rates!  We are eager to hear from you, and are always happy to answer your questions. 

Frequently Asked Questions

As a local business in Monticello Georgia, while also serving the South-eastern US, we get asked many questions by our clients regarding the Insurance plans we provide.  Our agency strives to help our clients as much as possible.  Here are some of our most-asked questions about Business Insurance. 

Due to the requirements of some states, and due to different business types, businesses require vastly different insurance packages.  The insurance that a company carries depends on the type of business, and typical risks of businesses in the industry.  The best way to decide what policies you need for your business is to reach out to a professional who understands your particular business type, to find out the insurances you require, and to get a quote.

The cost of business insurance depends on several different factors, such as the size of your business, what type of business you have, the amount of workers employed, and the level of coverage needed.
For small businesses, the average cost of business insurance ranges from a few hundred dollars to several thousand dollars per year, while larger businesses with more complex operations and higher levels of risk may pay much more for business insurance, even as much as tens of thousands of dollars.   Whether or not worker’s compensation is required in your state will also affect your costs.

The type of insurance you need for your business will depend on the specific nature of your business and the level of risk involved.  Being a home-based business or renting/owning a location, the type of company you have, the number of people who are covered, and the property or products that will need to be protected, are all important questions to ask yourself before you begin researching insurance policies.  It’s advisable to speak with an independent business insurance agent to determine the specific insurance coverage that is appropriate for your business.  An independent agent has more freedom to help you assess your risks and determine the types of insurance that are most suitable for your business.

Although being a small business may mean there won’t be as many mandatory insurance policies in comparison to a large corporate business, having insurance may still be a wise choice.  Having insurance will protect your business from potential risks, financial losses, and lawsuits, and could make an important difference in the endurance of your business.  It’s free and worthwhile to carefully assess your business’s insurance needs with an experienced independent insurance agent.

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Brad has been providing insurance services as an independent insurance agent since 2013, after having been in the industry since 2000.

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