When your business is just a baby, perhaps with only you working for it, business insurance could be the last thing on your mind. However, as your business grows and grows and employees sign on, you probably do need insurance. After all, a policy can help protect you in a lawsuit or if someone gets injured.

Plus, you may need to carry other types of insurance, such as workers compensation. Georgia generally requires workers comp if your business has at least three employees.

Talk with at least three insurers

When shopping for business insurance, chat with at least three insurers about your needs and goals. As you may have guessed, not all insurers are equally ethical or have your best interests in mind. Some may try to get you to buy unneeded policies and might use jargon to confuse issues. They may also promise that this policy covers a specific need when it does not. Down the road, this may lead to disputes if you file a claim that the insurer rejects.

Understand the types of insurance you may need

You may need general liability insurance, property insurance, product insurance and professional liability insurance. Under the general liability umbrella, you have lots of options for add-ons. You can even opt for coverage to safeguard against clients who do not pay (called accounts receivable protection).

The state may also require you to carry workers compensation insurance and other types of insurance. A lawyer can clarify for you what is legally required.

To keep your insurance costs down (and because it is good overall practice), shore up your programs for risk management to control your potential losses from injury, fire and theft, among other issues.

Review your situation annually

As your business changes, so can your insurance needs. Review your situation every year, and if disputes ever arise with your insurer, take these problems seriously.