Protecting small businesses in the Peach State
Small businesses have a big impact in Georgia, where the state's one million small businesses make up 99.6 percent of all businesses. That number is growing due to Georgia's commitment to helping small businesses. The Georgia Department of Economic Development offers numerous opportunities for growth and provides assistance with licensing, export, suppliers, certification, federal grants and more.
These growing small businesses employed 1.6 million people, or 43.2% of Georgia's private workforce, in 2015, when Georgia's small businesses created more than 73,000 new jobs. But with stringent workers compensation regulations and an increasingly litigious business environment—it’s essential for small business owners in Georgia to protect their investments through comprehensive small business insurance coverage.
Are you in need of Georgia business insurance? Hiscox can help, learn about Georgia liability insurance and Atlanta business insurance policy options.
Top covered industries in Georgia
Small businesses in Georgia's diverse set of industries can find coverage with Hiscox, which tailors each insurance plan to the specific needs and risks of each business. Some of the Georgia business owners who most frequently insure with Hiscox include those who work in the personal training, cleaning services, lawn care, business consulting and cosmetology industries.
More professions we insure in Georgia
Georgia Small Business Insurance
Hiscox offers a range of business insurance coverage for small business owners in Georgia in need of the right insurance for their business, tailored to their needs. Hiscox small business insurance products available in Georgia include:
Federal Regulations and Requirements
Across the country, the federal government requires all employers with at least 15 employees to guarantee freedom from discrimination based on race, color, national origin, sex, religion and disability. Employers with at least 20 employees must guarantee freedom from age discrimination, and employers with at least four employees must guarantee freedom from discrimination based on citizenship status.
State protections are a little stronger in Georgia, which requires freedom from age discrimination from employers with at least 15 employees and prohibits gender-based wage discrimination at all businesses with more than 10 employees.
Like most states, Georgia is an at-will employment state, meaning that employment can be terminated at any time for any reason. But fired employees can still sue for breach of contract if their employment contract promises job security, and GA recognizes implied employment contracts. In other words, if oral promises, statements in an employee handbook or employer conduct create an impression of job security, a fired employee can sue for breach of contract.
Of course, careful business practices can mitigate the risk of wrongful termination and discrimination lawsuits. But a lawsuit can be costly even if there is no basis, so all small business owners can use the protection and peace of mind of a comprehensive insurance policy.
Georgia workers compensation laws and Requirements
According to the National Federation of Independent Businesses, any GA business with three or more employees—including regular full- and part-time workers—is required to carry workers compensation insurance.
However, there are exceptions. As many as five officers of an incorporated business may choose to waive coverage on themselves; however, officer exemptions do not reduce the number of employees counted in the "three or more employees" rule. On the other hand, sole proprietors and partners in an LLC are considered to be employers, not employees, so they have to opt in to workers compensation coverage.
In addition, contractors who subcontract any part of their work may wish to obtain workers compensation insurance, as they can be held liable for coverage for a subcontractor's employees if the subcontractor lacks coverage.
Georgia small businesses can obtain workers compensation from a commercial provider, such as Hiscox, or self-insure by becoming a member of the Georgia Self-Insurers Guaranty Trust Fund. This process includes a $500 application fee and an initial assessment fee of $8,000 with an annual assessment that can range from $2,000 to $8,000; members must also provide a security that will vary depending on the company's financial status and risk level but is a minimum of $250,000.
Employers who fail to obtain workers compensation coverage face a civil penalty of $100 to $1,000 per violation, and any employer who willfully neglects to maintain workers compensation coverage may face misdemeanor charges, which bring a fine of $1,000 to $10,000 and/or a year's imprisonment.
How can Hiscox help your Georgia small business?
At Hiscox, there's no such thing as a one-size-fits-all insurance policy. Our expertise across a variety of industries helps ensure that each client's coverage—from liability insurance to a business owner's policy to workers compensation and beyond—meets their particular needs. We offer a range of benefits:
- Flexible payment options: Our monthly payment schedule, which comes with no added fees, can help you manage your cash flow.
- Tailored insurance: With Hiscox, you'll only pay for the coverage you need.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claims representative to assist you.
- Worldwide coverage: A Georgia business insured through Hiscox is covered for work done anywhere in the world, as long as the claim is filed in the U.S., a U.S. Territory or Canada.
- Claims responsiveness: When a covered claim is reported, Hiscox will appoint an attorney if one is required.
Get a fast, free quote now and get the protection you need for your Georgia business. If you have questions, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET.
Hiscox Customer Reviews
Steven Bryan, Evans Georgia
"Great company and customer service"
It was awesome customer service and support was great and I got the coverage I needed. After talking to several other companies I finally found in a small professional fitness magazine. I had never heard of Hiscox before then and I have been in the industry over 25 years. Thanks for all the help.
Rebecca, Atlanta, Georgia
"Great Customer Service I felt like my Agent really Cared about my needs."
Fast, Easy, Friendly, & Knowledgeable
"Outstanding customer relations."
The agent was eager (but not too much) to serve by providing information and making suggestions. Answered questions; clarified the various sections. Responded immediately the next day. Very respectful. Gave reasons for including or excluding versions sections
Lewis, Atlanta Georgia
"My service feedback with Hiscox"
Very good policy was received in a very timely manner.
I have never had a problem with this company. They are just awesome!
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverage is subject to underwriting and may not be available in all states.
Administered by Hiscox Inc., a Delaware corporation that is a licensed insurance producer in all states and Washington, D.C. 5 Concourse Parkway, 21st Floor, Atlanta, GA 30328.