Insurance for Small Business Owners in West Virginia

Do You Need Small Business Insurance in West Virginia?

West Virginia is unique in its serenity, with winding country roads and wide-open spaces. It offers something for every interest, including some serious whitewater rafting opportunities! Small businesses are also key to what makes West Virginia so attractive. Small business industries vital to West Virginia include retail, professional services, construction, healthcare, real estate, transportation, and recreation.

  • There are over 113,100 small businesses in West Virginia
  • 96.8% of businesses in West Virginia are considered small businesses
  • Small businesses employ over 272,000 people in West Virginia 

West Virginia ranks 10th for best business climates in the US! The state’s economy is improving, thanks in part to the small business owners in West Virginia. Small businesses are worth protecting. Business insurance is the best way to protect small businesses! West Virginia may even require business insurance related to specific professions—and some insurance coverages are required for all businesses. Find out more here!

Required Business Insurance Coverage in West Virginia

West Virginia requires the following insurance coverage for small businesses:
  1. 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. 

  2. 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.

Recommended Business Insurance Coverage in West Virginia

The following insurance coverage is recommended for West Virginia small businesses:
  1. 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.

  2. 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.

  3. 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.

  4. 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. 

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in West Virginia?

    Yes. We currently offer the following types of insurance policies to small business owners in West Virginia:

  2. Q
    How do I get a quote for my small business insurance in West Virginia?

    It’s simple! Click on the Get Your Quote button and answer a few questions.