Small businesses can be exciting, lucrative and rewarding ventures, but the line between profits and deficits can be thin and difficult to navigate. Even marginal losses and unexpected expenses can have a significant impact on your business’s financial situation and future prospects. An adequate insurance portfolio is a necessary investment to help protect you from such damages.  

The insurance experts at Atlantic International Company of Georgia are prepared to help. Our team has served the Atlanta area since 1990 and will work with you to assess your business’s insurance needs and craft optimal coverage. 

What Insurance Coverages Do Small Businesses Need? 
The insurance needs of different businesses can vary significantly, but several core coverages may still be necessary for most companies, including: 

General liability—This coverage is integral to protecting your business from losses and damages arising from incidents for which you were responsible. In most cases, general liability insurance can protect you from losses and damages arising from the following incidents:

• Bodily injury

• Property damage

• Personal and advertising injury (e.g., slander, copyright infringement, false advertising)

• Lawsuits

Commercial property—This coverage may render financial assistance for losses and damages to owned or rented property used to operate your business, including: 

• Buildings

• Equipment

• Tools

• Inventory

• Furniture

• Landscaping

• Signage

Workers’ compensation—This type of insurance is crucial in the aftermath of an employee being injured on the job or developing a work-related illness. Specifically, this coverage can help pay for the following expenses: 

• Medical care

• Lost wages

• Disability/death benefits

• Legal costs

Professional liability—If your business is accused of negligence or providing improper services, this coverage, also known as errors and omissions insurance, can insulate you from losses and damages. 

Business interruption—If your company is forced to pause regular operations temporarily, this coverage can help pay for the following expenses: 

• Rent and mortgage payments

• Lost income

• Payroll

• Relocation costs

Employment practices liability—This coverage protects your business from losses and damages if accused of improper employment practices, such as wrongful termination, discrimination or harassment. 

In addition to these core coverages, it may also be advisable to consider your specific operations and augment your insurance portfolio accordingly. For example, small businesses that regularly rely upon vehicles or technology should strongly consider commercial auto and cyber liability coverage, respectively. 

How Much Does Small Business Insurance Cost? 
Like your insurance needs, the cost of adequate coverage for small businesses can vary significantly. When determining your premiums, providers must consider several factors. In most cases, the following criteria of your business will be considered: 

• Location

• Number of employees

• Business assets

• Annual revenue

Before quoting you a price for coverage, providers may also consider any history or prior claims and specific details of your policy, such as deductibles and coverage limits. 

Get the Right Coverage 
Watching your small business grow and evolve can be a fantastic experience, but a single incident or error could easily stunt these processes. Without adequate insurance, even the most careful and thoughtful companies can face irreparable ramifications. 

The agents at Atlantic International Company of Georgia are dedicated to helping your small business stay on track and reach its potential. Contact us today to begin discussing your coverage needs and compiling an ideal insurance portfolio. 

 

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