When you run a business, there’s always a chance something can go wrong. Whether it’s a fire in your office or an employee being injured on the job, accidents can happen when you least expect them to. Protecting your business from unforeseen incidents is one of the most important things you can do as a business owner. After all, you worked hard to build your business; it would be devastating to lose it due to something entirely out of your control. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in Virginia?
The Virginia State Corporation Commission recommends that any business owner purchase the minimum business insurance requirement. Virginia has two requirements:
Commercial General Liability Insurance: Most businesses are required to have general liability insurance to protect the company from lawsuits brought by individuals who have been injured on their property or by their product.
Workers’ Compensation Insurance: Any business employing three or more employees must purchase worker’s compensation insurance to protect its employees. This rule has some exceptions, including small agricultural and domestic enterprises.
What are the types of business insurance in Virginia?
The most common types of business insurance policies:
General liability
This policy provides coverage for third-party claims of bodily injury, property damage, and personal injury.
However, it doesn’t cover everything. Some of the most common exclusions of general liability are damage to your property, Bodily injury to your employees, and Professional errors and omissions.
Workers compensation
If you have employees, you are legally required to carry workers’ compensation in most states. It will cover medical bills, lost wages, and more if an employee is injured on the job.
Most workers’ compensation policies exclude coverage for injuries sustained while employees are traveling outside of their home state unless they have explicitly been granted permission to do so by their employer.
Professional liability
Also known as errors and omissions insurance (E&O), professional liability protects companies from claims of negligence or failure to perform.
Professional liability insurance excludes specific claims from coverage. These may include bodily injury or property damage related to your services, bodily injury related to your products, financial losses incurred by your clients, or violations of intellectual property rights (IPRs).
Commercial property insurance
This policy covers damage to your company’s building and equipment, inventory, furniture, and fixtures that are kept inside the building.
Commercial Property insurance excludes Water damage unless otherwise provided under an applicable coverage form. Earth movement includes earthquakes regardless of other causes or events contributing concurrently or in any sequence to the loss.
Commercial auto insurance
covers vehicles used for business purposes, including company cars and company trucks. Coverage can include bodily injury liability, property damage liability, and physical damage coverages on cars used for business purposes.
Commercial Auto insurance excludes collision coverage for a hired auto, such as a limousine, unless the vehicle is already covered under your policy. Unless the car is already covered under your policy, comprehensive coverage for a leased automobile, such as a limousine.
How much does business insurance cost in Virginia?
The cost of business insurance is based on several factors:
Company size: A small office with two employees will pay less than a large distribution center with 500 workers.
Your business location: if your office building is located in an area that has experienced frequent flooding or other weather events in the past, you might pay more for flood insurance than someone who operates in another location. Run a company out of a large metropolitan area. General liability rates will likely be higher than those for a business operating in a rural area simply because there’s more overall activity in larger cities.
Claims history: Many insurers consider any claims filed against commercial insurance policies when calculating premiums. If you have filed claims in the past, expect to pay more for coverage than someone with a spotless claims history.
Coverage limits: The more coverage you need due to the size and type of your business, the higher your premium will be.
Business Activities: If your business activities are considered a higher risk, then the potential damage caused by those activities is higher, and therefore, so is the cost of your business insurance.
How to choose the best business insurance in Virginia
Here are some tips to help you find the right insurance for your business:
Consider how much coverage you need: Do you frequently work with clients or customers? If so, look into professional indemnity insurance. You’ll want to protect yourself against potential lawsuits from clients who may claim that your work has caused loss or harm.
Check on your local laws: Every state has different laws about the type and amount of insurance businesses must-have. For example, if you operate a vehicle for business purposes, your state may require commercial auto insurance.
Shop Around: You might be tempted to stick with the same insurance company that covers your home and auto or even your health plans. But you might find a better deal elsewhere. It pays to check out several options, including those from specialty insurers that only cover small businesses. In addition to price, look for an insurer with plenty of experience in your industry and a track record of paying claims quickly and fairly.
Experience: If you own a small business, you’re probably not an expert in liability insurance or property coverage. When choosing an insurer, ask about the training or experience of the sales reps and adjusters who will be handling your policy. Also, check out their reputation online and through business groups like the Better Business Bureau (BBB). Look for companies rated “A” or higher by the BBB — and be wary if they don’t have a rating at all (they may not be in good standing).
Know what’s included and what’s excluded: Make sure you understand which types of events are covered under your policy and those that aren’t so you can determine which optional coverages may be necessary for you to purchase in addition to the basic policy. For example, flood damage isn’t typically covered under standard commercial property policies, so you may want to consider purchasing additional coverage if this is a risk for your business.
