Independent Contractor Insurance Georgia Policy Information
Independent Contractor Insurance Georgia. Being an 1099 independent contractor can be liberating, but it is not without its own risks, just like a small business. If you work as an independent contractor in GA, you must protect yourself financially; the IRS views independent contractors as small business owners, and as a small business, there are inherent perils involved that can leave you liable and on the receiving end of lawsuit from a disgruntled client or injured customer.
Although the type of work that you do determines your exact risk level, having the right independent contractor insurance Georgia protection in place can prevent personal financial loss, impeding your success.
Independent contractor insurance Georgia protects your 1099 business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types of Insurance for Independent Contractors
Whether your job entails entering data or offering digital marketing services, doing plumbing work, or providing carpentry work in a client's home, you face risks everyday as an 1099 independent contractors. There are several types of coverage that can help to mitigate those risks, and investing in this coverage is a good way to ensure your business stays healthy and productive.
Although a general liability policy is a good place to start for independent contractors, there are other types of independent contractor insurance Georgia you should consider, including:
- Errors and omissions coverage. Contractors often provide advice and consultation services. If this describes some of the services that you offer in your role as an interior designer, financial planner, landscape architect, accountant or other job, then you need to protect yourself from losses a client may experience as a result of your advice or recommendations. This insurance protects you from claims of errors and omissions.
- Bodily injury and property damage coverage. Protect your business from claims of bodily injury and property damage with this type of coverage. If you are a contractor who works with heavy tools and machinery, such as an electrician, plumber or remodeler, then you should be concerned with accidents that might occur from compressed gas, defective machinery or power tools. This coverage protects you from these unexpected accidents and events.
- Liquor or product liability. If you serve food or drinks at events, then product and liquor liability insurance is important. If a client is injured or becomes ill from eating or drinking items you provide, then you can fall back on this insurance for any claim that is lodged.
- Medical and disability coverage. This type of coverage provides medical coverage to you as an independent contractor, since most contractors do not have their own health insurance or disability insurance. If you become ill or hurt, this is coverage that you will appreciate owning.
Who Should Buy Independent 1099 Contractor's Insurance?
There are several types of independent contractors who need to consider contractor's insurance. Some of them are:
- Construction workers working independently
- Independent painters, electricians, carpenters and plumbers
- Dog or horse trainers
- Hair stylists and manicurists
- Writers and editors working as freelancers
- Web designers
- Graphic designers
What is Liability Insurance for Independent Contractors?
Independent contractor insurance Georgia for 1099 contractors is a type of insurance that protects the contractor from third-party damage losses and lawsuits that might otherwise leave their businesses financially devastated. The policy chosen should cover:
- General liability. A general liability policy provides coverage for both bodily injury and property damage. For instance, if you or a sub-contractor falls and gets hurt while roofing a home, this policy would cover the medical costs associated with the fall. If you cause damage to a client's lawn while repairing the roof, it will also provide coverage for repairs.
- Advertising personal injury coverage. If you cause damage to someone's reputation through false advertising, slander or libel, this coverage protects you from claims.
- Completed product/operations. If your failure to complete a project causes damage to the client, this coverage will pay for associated claims.
These are standard independent contractor insurance Georgia coverage types for contractors. Your policy should be tailored to your own unique needs and the risks that you take as an independent contractor and the liabilities that you face. It may be the case that a standard business owner's policy is sufficient for your needs. This policy, also referred to as a BOP, offers property damage and bodily injury coverage and may also offer business income protection or commercial vehicle insurance as well.
You should also consider worker's compensation insurance. This is required by some states if you have a certain number of employees, but working as an 1099 independent contractor, you may want to look into purchasing your own worker's compensation policy to cover medical bills and other expenses if you become ill or injured due to perils on the job.
Work with a knowledgeable insurance agent to determine which policy coverages are right for you. Your agent can assess your risks and help you find the best policy while comparing rates to find an affordable option that you can easily budget.
Georgia Economic Data & Business Insurance Information
Have a great idea for a small business and want to setup shop in Georgia? If so, before you start pursuing a commercial property and hiring employees, you want to make sure that the Peach State will support your industry to ensure your success. It's also a wise idea to familiarize yourself with the rules and regulations that the state has in place for business owners, such as the regulations and limits that pertain to commercial insurance. Below, we offer invaluable information about business development in the state of Georgia so that you venture can be as successful as possible.
Business Economic Trends In The State Of Georgia
In the past few years, there has been a definite uptick in job growth in the state of Georgia; however, in recent months, it seems that growth has become stagnant. In fact, according to the Bureau of Labor Statistics, as of May 2020, the unemployment rate in Georgia was 3.8%; 0.2% higher than the national average during the same time, which was 3.6%.
Despite stagnation in job growth and the slightly higher unemployment rate compared to the national average, more people are employed in Georgia in 2020 than were just a few years ago; in fact, in recent years, job growth has been at an all-time high.
If you're thinking about starting a business in Georgia, you're in luck; according to recent research, the state is one of the most attractive among entrepreneurs in the nation. Atlanta was voted the seventh best city in the US to launch a venture. Low living costs, business-friendly laws, and a wealth of easy to access resources have all made the Peach State a prime location for those business-minded individuals.
There are several industries that offer the potential for great success in the state, including:
- Solar Energy
Commercial Insurance Regulations and Limits in GA
The Georgia Department of Insurance regulates insurance in Georgia. Like most states, Workers' compensation is also mandated in the state of Georgia; for business that employ three or more employees, you will need to carry this type of coverage.
If you use motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- Event Cancellation
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also learn about Georgia small business insurance requirements for general liability, business property, commercial auto & workers compensation including GA business insurance costs. Call us (470) 440-6263.