A business owners policy packages two coverages that most Georgia small businesses need: commercial property insurance and general liability insurance. Buying them together costs less than buying them separately and simplifies policy management. For most Georgia small businesses with a physical location, employees, and customer-facing operations, a business owners policy is the starting point for commercial insurance.
What a business owners policy covers
Commercial property covers the building if you own it, your business personal property (equipment, inventory, furniture), and in some cases business income if a covered loss forces you to temporarily close. The property portion covers your assets against fire, theft, vandalism, certain water damage, and other named perils. For most small businesses, this is the coverage that protects the physical infrastructure of the operation.
General liability covers your business against third-party claims of bodily injury, property damage, and advertising injury. If a customer slips and falls at your location, if you accidentally damage a client’s property while performing work, or if your advertising is alleged to infringe on another business’s intellectual property, general liability responds. Standard limits start at $1 million per occurrence and $2 million aggregate for most small business business owners policies.
What a business owners policy does not cover
Standard business owners policies exclude several common exposures that Georgia small businesses frequently need. Workers compensation is not included and must be purchased separately. If you have three or more employees in Georgia, workers comp is legally required regardless of whether you have a business owners policy. Professional liability, also called errors and omissions, is excluded from standard business owners policies. If your business gives advice or performs professional services, a separate professional liability policy is necessary. Cyber liability, commercial auto, flood, earthquake, and employment practices liability are also excluded from standard business owners policies. Each requires a separate policy or endorsement.
business owners policy versus separate GL and property policies
A business owners policy is typically cheaper than buying GL and commercial property separately because carriers bundle the two at a discount. The coverage is also often broader in a business owners policy than in standalone GL or property policies because carriers package enhanced terms into the bundle. For most Georgia small businesses under $10 million in revenue, a business owners policy is the right structure. Larger accounts or businesses with complex property schedules sometimes benefit from separate policies written with specialty terms.
Which carriers are competitive for Georgia business owners policies
For most Georgia small businesses, The Hartford Spectrum business owners policy is consistently one of the broadest available with strong default coverage terms. Travelers business owners policy is competitive across professional services, retail, and light manufacturing. Hanover is particularly strong in the $1 million to $10 million revenue range where they compete directly with Hartford and Travelers on pricing. Nationwide is competitive for rural Georgia businesses and agricultural-adjacent operations. For businesses that standard carriers decline, Berkley Aspire and other surplus lines markets are available through our appointments.
What a business owners policy costs in Georgia
For a typical Georgia small business with $500,000 in annual revenue, a professional office location, and no significant claims history, a business owners policy typically costs $1,500 to $3,500 per year. Retail businesses with customer foot traffic run $2,000 to $5,000. Contractors and trade businesses cost more because the liability exposure is higher. The specific premium depends on your revenue, location, building type, number of employees, industry class, and claims history.