The Peach State has been crowned the number 1 state for business for eight years in a row (2013-2020) by Site Selection magazine. This means that if you’re thinking about starting a business in Georgia, you’ve already ahead of the game location-wise.
But there are many other factors that you need to consider when it comes to helping your business run smoothly and efficiently, not only regarding the law but with your clients, too.
And these ‘must-have’ types of insurances are sure to help you with that.
#1 Licences and Business Owner’s Policy
A business owner’s policy, also known as a BOP, covers all of the basics you might need as a business owner. It’s essentially a package that can cover crime insurance, property insurance, and personal vehicle insurance, among others. This can help you pinpoint what you are looking for in a business plan or insurance policy you might need.
In Georgia, it is also legally required to have a business license, which can take anywhere from 3 to 5 weeks to get. It is also good practice to know all deadlines for purchase and renewals, and also what times the office opens and closes.
#2 Workers’ Compensation
Workers’ compensation ensures that your staff is well covered and looked after if anything goes wrong on your premises. It helps cover costs that can be very expensive, for example, covering sick pay if a worker is injured on-site or to help with emergency treatment and medical bills.
It is recommended that you check all laws when it comes to your workers’ compensation, as you may get caught out. Research tailored policies online to find ones that may help you and make your workplace safer for everyone.
#3 Data Breach Policies
A data breach policy can help if you are storing non-public information about your clients and staff. Data insurance policies can help protect your data and sensitive files from data breaches or crime. They cover both paper and electrical files, and the policy will help cover the costs of any loss.
#4 Property Insurance
This is insurance for the building you are working in. It will help you cover costs when it comes to your property if it is damaged by a member of staff or by environmental issues, such as flooding or wind and snow. It can also help with repairs and general maintenance and helps ease the cost of general upkeep of the building.
#5 Commercial Vehicle insurance
Commercial vehicle insurance is insurance that covers the vehicles rented or brought under the business that is used for commercial or delivery services. These can be trucks, automobiles or motorcycles, anything that can be used for advertising your business. These vehicles do not belong to you, they belong to the company, so any costs will be taken out as a business expense. Commercial vehicle insurance helps curb the cost of these expenses and helps your business cope with losses.
With these five steps, you’ll be covering the main bases and positioning your firm for future success.