Insurance for Small Business Owners in West Virginia

Commercial Auto Insurance.

West Virginia’s commercial auto insurance requirements pertain to small businesses owning vehicles. The minimum liability requirements include $25,000 in bodily injury per person, $50,000 in bodily injury per accident, and $25,000 in property damage liability. The penalty for driving without auto insurance in West Virginia is a fine of $200-$5,000 plus a 30-day suspension. 

Workers’ Compensation Insurance.

Small business owners in West Virginia must ensure they obtain workers’ compensation coverage if their business employs one or more people, full- or part-time. Some exemptions to this requirement include employers of domestic services, some agricultural services, churches, pro sports, and volunteer rescue. The fine for not having workers’ comp in West Virginia ranges from $500 for a first offense to $25,000.

Small Business Owner’s Insurance.

West Virginia small business owners may enjoy the convenience of bundling property damage insurance and general liability into one comprehensive Business Owner’s Policy (BOP). BOP policies typically cover losses and damage related to customers’ medical expenses for onsite third-party accidents like a slip and fall, business property damage like fire damage, and advertising damage claims like slander and libel.

General Liability Insurance.

Not all West Virginia small businesses need a BOP’s property coverage. A general liability (GL) policy can be obtained as a separate policy to suit your needs. If your business leases space, the property contract likely requires General Liability Insurance. GL helps ease the financial burden of customer injury and accident and typically covers third-party property damage risks like fire, libel and slander lawsuits, and other claims.

Professional Liability Insurance.

If your West Virginia small business work includes providing expertise and advice like accounting, architecture, design, and technical services, errors and omissions (E&O), Professional Liability insurance is recommended. E&O covers most work mistakes and errors, missed deadlines, incomplete work, and negligence lawsuits.

Cyber Liability Insurance.

Unfortunately, cybercrime is an ongoing concern for West Virginia small businesses. Cyber Liability coverage is recommended to help manage the fallout from a cyberattack like a data breach, including help paying for customer notification and fraud monitoring costs and associated legal fees.