Workers’ Compensation Insurance Coverage for Financial Firms in Georgia

Workplace liability insurance is required for the majority of companies in Georgia. This includes financial firms that employ three or more workers.

Insurance is typically mandatory for financial firms that operate out of Georgia. Financial firms without Workers’ Compensation can be held liable for all damages incurred by a worker injured on the job. You can estimate the cost of Workers’ Compensation for your company by assessing its size, history of claims, and industry. While there are some Workers’ Compensation exemptions that pertain to financial firms, such as exemptions for LLC members and corporate officers, using those exemptions might leave certain employees vulnerable. Instead of taking such risks, financial firms can source affordable Workers’ Compensation plans from the get-go by seeking help from our brokers.

To get a policy that covers your company and its workers, call the Georgia Workers’ Compensation insurance brokers at NPN Brokers now at (561) 990-3022.

Why Financial Firms in Georgia Need Workers’ Compensation Coverage

Any company with three or more employees, even if they are part-time workers, must secure a Workers’ Compensation policy in Georgia. This law pertains to all companies, including financial firms.

Financial firms are not exempt from needing Workers’ Compensation insurance in Georgia. They must have coverage, just like any other business. Financial firms can face criminal and civil penalties if they do not adhere to coverage requirements, whether non-compliance is willful or not. Such penalties typically include fines, which can add up to several thousands of dollars.

Furthermore, financial firms will be held liable for certain damages incurred by an injured worker. While workers cannot sue their employers for injury in Georgia, even if their employers do not have Workers’ Compensation, financial firms will have to compensate the State Board of Workers’ Compensation for benefits recovered by injured workers.

Fortunately, it can be easy for financial firms to find a policy when they partner with our Workers’ Compensation insurance brokers. Our brokers can source quotes within a day of receiving the necessary information about your financial firm and its employees. Generally, going without Workers’ Compensation is a considerable risk, typically resulting in costly fines and other serious consequences for financial firms located in Georgia.

If your financial firm operates out of other states in addition to Georgia, it might need separate Workers’ Compensation policies. This goes for financial firms with out-of-state employees who work remotely. To confirm your out-of-state insurance requirements, speak to our brokers.

Estimating the Cost of Workers’ Compensation Coverage for Financial Firms Located in Georgia

Workers’ Compensation is a necessary expense for all companies. Despite being mandatory, Workers’ Compensation does not necessarily have to be expensive. Our brokers can help you take your financial firm’s risk factors into account so that you can estimate the cost of Workers’ Compensation for your business.


Workers’ Compensation premiums are based on a few things. The first risk factor that is assessed when calculating insurance premiums is a company’s industry. Financial firms are low-risk, as like most office workplace environments, as there is not a high chance that employees will be hurt at work. Compared to companies in the construction or manufacturing industries, financial firms are relatively safe work environments for employees.


Payroll is also taken into account when estimating Workers’ Compensation premiums for financial firms. The general rule is that the more workers on a company’s payroll, the higher its Workers’ Compensation premiums are. So, larger financial firms might see higher premiums. Pay-as-you-go Workers’ Compensation might be preferable to a traditional policy for financial firms with fluctuating payrolls.

Claims History

It is uncommon for financial firms to have extensive histories of Workers’ Compensation claims. Still, your company’s history regarding past workplace accidents will be taken into account by insurance carriers. If a company has had many Workers’ Compensation claims filed by employees, its premiums might be higher. The longer your financial firm goes without a workplace injury, the lower its premiums might become. Insurance carriers typically reward companies that see fewer workplace accidents with less expensive Workers’ Compensation premiums.

Georgia’s Workers’ Compensation Coverage Exemptions for Financial Firms

Georgia allows for certain individuals to exempt themselves from a financial firm’s Workers’ Compensation policy. Using exemptions will not eliminate a financial firm’s responsibility to maintain a Workers’ Compensation policy.

Up to five LLC members or corporate officers of a financial firm can elect to exempt themselves from Workers’ Compensation. This can be done by filing Form WC-10 with the State Board of Workers’ Compensation. If a financial firm is a partnership or a sole proprietorship, the partners or sole proprietors will be automatically exempt from Workers’ Compensation. Partners and sole proprietors can elect to be covered by a financial firm’s Workers’ Compensation by filing Form WC-10.

If the corporate officers or LLC members of a financial firm choose to file for an exemption, the financial firm will still need Workers’ Compensation if it employs other workers. That said, the financial firm’s premiums might decrease as number of workers covered by its policy does. Do not expect Workers’ Compensation exemptions to eliminate a financial firm’s insurance liability in Georgia. Doing so might make a financial firm vulnerable to penalties from the State Board of Workers’ Compensation.

When LLC members or corporate officers are exempt from Workers’ Compensation, they cannot file a claim for benefits in Georgia. This can put these individuals in a compromising situation if they are hurt on the job. Because of that, it may be best to find an affordable policy that covers all workers instead of filing for exemptions. Because financial firms are low-risk, especially compared to most other industries, Workers’ Compensation costs are relatively low for these businesses in Georgia.

Call Our Georgia Brokers to Get Workers’ Comp Coverage

You can call our Workers’ Compensation insurance brokers at (561) 990-3022 to learn more about NPN Brokers today.