Insurance Requirements for Businesses in Virginia
If you have employees, you rely on them to keep your business running smoothly on an ongoing basis. Your people are one of your business' most valuable assets, and ensuring their safety is likely one of your top priorities. However, preventing a workplace accident, illness, or injury may not always be in your control. That's where workers' compensation insurance kicks in.
The state of Virginia requires most business owners with two or more employees to offer workers' comp coverage. Workers' compensation insurance is an essential insurance policy designed to assist you and your employees in multiple ways. In the event of a work-related accident, illness, or injury, workers' comp can protect your small business and the injured employee by helping to mitigate the following costs:
- Medical bills, including hospitalization, required surgeries, treatment from specialists
- A portion of the employee's lost wages until he or she has recovered enough to return to work
- Additional costs associated with the claim or essential treatment, including retraining
If your business owns vehicles, the state of Virginia also requires you to carry commercial auto insurance. With commercial auto insurance, your business could be safeguarded against the costs of medical expenses, property damage, and liability claims if you or one of your workers is involved in an auto accident.
What Additional Insurance Coverage Do I Need in Virginia?
While workers' compensation helps cover medical expenses for employees who suffer a workplace accident and the costs surrounding a claim, it's important to protect your small business against other injuries or legal expenses that could occur. For that reason, most business owners opt to have additional coverage, including some or all of the following policies:
- General Liability Insurance: can protect your business and your assets if you're faced with a lawsuit resulting from third-party property damage, advertising injury, bodily injury, and more.
- Commercial Property Insurance: can protect the property you own, along with your equipment and inventory, against theft, vandalism, fire, and certain types of damage. Property insurance can help you reduce your out-of-pocket payments for property repairs or replacement in the event of a loss.
- Cyber Liability Insurance: can safeguard your business from liability claims and the costs associated with cyber piracy and data breaches. In today's technological world, cyber crimes have become an increasingly serious threat to small business owners and their customers, and this kind of policy can help mitigate some of the financial loss associated with that risk.
What Does a Businessowners Policy Cover?
Many small business owners in Virginia opt to carry a businessowners policy (BOP) rather than separate general liability and property insurance policies. This type of insurance plan bundles many of the benefits of these individual policies together, while adding business interruption coverage to help protect you in the event that you have to shut down temporarily. By bundling policies, you may be able to save on the overall costs of your insurance coverage.
Find the Right Small Business Insurance in Virginia
If you want to help ensure your small business is covered against a variety of uncertainties you can be most at risk of facing, AmVenture is here to help. We focus on bespoke insurance solutions for the small businesses we serve. To receive your quote, give us a call or fill out our brief form to get started.