Business Insurance for
Virginia Small Business Insurance
In total, Virginia has about 674,256 small businesses. If you happen to own one of them, it may be helpful to get to know how a Virginia small business insurance policy can assist you. In particular, you should know the coverage you need to protect your firm in case the worst occurs. This is especially useful if your business is one of the 144,620 small firms with employees, since it’s up to you to protect not only your company as a whole, but also anyone who works there.
Virginia Small Businesses Need The Following Insurance
Protect your business (GL): Whether your business is the type to attract hundreds of customers per day or rarely gets a visitor, it’s essential that you add general liability to your Virginia small business insurance policy. You need this coverage because it is meant to pay the medical bills after someone gets hurt on your property. For example, if a customer breaks a bone and needs immediate medical help, you can rely on general liability to pay for the emergency room visit, follow-up doctor visits, and even any physical therapy that may be necessary in the future. Plus, this coverage is committed to fixing or replacing any personal property that gets destroyed in any way at your business. So if a customer’s car is damaged from driving through your parking lot, for instance, general liability will pay for repairs.
Insure Your Property (BPP): If an act of vandalism, sewer backup, or storm damage would be too costly for you to fix right away – and therefore avoid having to interrupt your business for long – you need business personal property coverage as part of your Virginia small business insurance. This is the part of your policy that you can depend on to pay for repairs. It will also replace any items that are damaged or stolen from your business property.
Employee Protection (WC): About 1,453,384 people are employed by Virginia small businesses. If any of these employees work for you, it’s time to get workers compensation. The purpose of this coverage is to provide employees with a way to pay their medical bills if they are injured at work. So if they cut themselves while opening a box or slip on a wet floor at work, they will not have to pay out of pocket for any bills related to the injury. The same goes if they become extremely ill due to their work environment, such as after years of breathing in dangerous chemicals.
Umbrella/Excess Liability: Though general liability is a necessity, there’s a chance it won’t be enough to pay for the medical expenses of people who are hurt on your business property. If you want to feel confident that your coverage will be sufficient to pay for most claims, you need excess liability when you obtain Virginia small business insurance.
Cyber Crime Liability: Data breaches, identity theft, and computer viruses are just a few examples of cyber crimes that most businesses are susceptible to at some point. That’s why it’s a good idea to make sure your Virginia small business insurance policy includes cyber crime liability.