Do You Need Small Business Insurance in Virginia?
Known as the “Mother of States,” Virginia’s establishment is deeply woven into the narrative of the country’s birth and history. And Virginia’s small businesses contribute in big ways to the US economy:
- 1.5 million people are employed by the more than 725,000 small businesses in Virginia
- Small businesses make up over 99% of Virginia’s business landscape
- Retail industry and professional services businesses in Virginia are at the top of the list for employment
And while small businesses continue to make a big mark, Virginia law requires those businesses to maintain certain insurance coverages. Such coverage can help protect small businesses from the financial aftermath of theft, employee accidents, false advertising claims, and catastrophic events.
Required Virginia Business Insurance Coverage
Commercial Auto Insurance.
Commercial vehicles in Virginia must be covered by a commercial auto insurance policy. At a minimum, the policy should include bodily injury liability ($25,000 per person/$50,000 per accident) and property damage liability ($20,000 per accident).
Workers’ Compensation Insurance.
Most Virginia small businesses are required to have Workers’ Compensation insurance based on size. Currently, the law requires this coverage for employers with more than two (part-time or full-time) regular employees.
Recommended Business Insurance Coverage in Virginia
Insurance for Small Business Owners.
By combining coverage—property insurance and general liability insurance—a Business Owner’s Policy (or BOP) provides Virginia small businesses more complete coverage at an affordable cost. The combined coverage of a BOP policy typically extends to damage impacting buildings, machinery and equipment, and business personal property, and it goes beyond to provide businesses financial protection for customer injury claims like accidents, false advertising, etc.
General Liability Insurance.
Virginia small businesses can seek this type of coverage as a separate policy to help ease the financial burden associated with customer injury and property damage claims, as well as slander and libel lawsuits. General liability insurance coverage may be required in the commercial property contract for leasing space.
Professional Liability Insurance.
This type of coverage is more commonly known as “errors and omissions insurance.” With this type of coverage in place, Virginia small businesses providing expert services and consultation can protect themselves from costs resulting from work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits.
Cyber Liability Insurance.
Cyber liability coverage can help Virginia small businesses recover from customer notification, fraud monitoring costs, and associated legal fees stemming from a data breach or cyber attack.
Our Small Business Insurance Company Is Here to Help
- QDoes B2Z offer insurance for business owners in Virginia?
- QHow do I get a quote for small business insurance in Virginia?A
Simply click on the Get Your Quote button and answer a few questions. Complete your profile and purchase your preferred coverage.