- Even small firms may be required to carry workers compensation insurance. Georgia requires coverage for PCs, LLC, or other incorporated firms with 3 or more employees and officer are included in this tally of 3. Firm’s comprised of sole practioners or partners must also adhere to the 3 or more employee threshold, HOWEVER, the sole proprietor or partners are NOT included in the tally to meet the number 3.
- You can secure FLOOD insurance coverage regardless of your location in a flood zone if you are in a participating community.
- Firms that suffer a loss due to Employee Dishonesty, Computer Fraud, Forgery and/or Alteration seldom stay in business for more than 90 days if they do not carry Crime Insurance to cover the loss. Additionally, businesses do NOT enjoy the same statutory protections from bank account losses due to criminal acts as those enjoyed by individual consumers. Positive Pay is a great risk management tool for IOLTA accounts. Check out Clark Howard’s website with this link.
- While standard market insurance carriers may be covered by the state guarantee fund, it is not likely to be the same as your policy limits. Financial stability rating, while not perfect, should be closely scrutinized and monitored.
- A Statute of Limitation (SOL) will be tolled in the event of a fraudulent act. The SOL can also be tolled by a judge to begin with the date the injury is discovered in lieu of the time the injury actually occurred.
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