Find the Best Business Insurance Options in Virginia
The Blue Ridge mountains and other scenery in Virginia make it an attractive place for business owners. Anyone who owns and runs a business in Virginia needs the protection of a business insurance policy. Having business insurance can help your company get reimbursed after a major disaster like a fire, break-in, explosion, etc.
Virginia has nearly 745,900 small businesses currently, and its 1.5 million small business employees also need to be protected. Luckily, an independent insurance agent in Virginia can help you get equipped with the right business insurance policy. But for starters, here's a deep dive into Virginia business insurance.
Best Business Insurance Companies in Virginia
You could find business insurance almost anywhere in Virginia, but some business insurance companies are better than others. Certain carriers offer more affordable rates and better-quality coverage. For your convenience, we've put together a list of some of our top picks for business insurance in Virginia.
- pomi: pomi sells business insurance and personal insurance. The carrier has excellent ratings from both AM Best and the Better Business Bureau (BBB) and provides online claims reporting.
- The Hanover: The Hanover offers a large catalog of business insurance and personal insurance. The carrier also has outstanding ratings from AM Best and the BBB and offers 24/7 claims reporting.
- Liberty Mutual: Liberty Mutual also offers a large catalog of business insurance and personal coverages. The carrier is a Fortune 500 company with excellent ratings from AM Best and the BBB and offers 24/7 claims reporting.
- Nationwide: Nationwide sells business insurance and many types of personal insurance. The carrier has outstanding ratings by AM Best and the BBB and offers 24/7 claims reporting.
A Virginia independent insurance agent can help you find the coverage your business is in need of from one of these top-rated carriers.
Virginia Business Insurance Requirements
Virginia state law requires businesses that regularly employ more than two workers to provide workers' compensation. This is the only type of mandatory business insurance by state law in Virginia. But while other types of coverage are technically optional, they can help prevent your company from going into bankruptcy. For example, having commercial general liability insurance can provide reimbursement for the costs of lawsuits if a third party sues your business. Having commercial auto insurance can pay to repair or replace company vehicles after accidents, theft, and more. Also, having commercial property insurance can help your business repair, rebuild, or replace buildings and inventory after many covered disasters.
The Only Mandatory Business Insurance Coverage in Virginia:
Optional Types of Business Insurance Coverage to Consider in Virginia:
- Cyber liability insurance
- Professional liability insurance
- Business income insurance
- Commercial auto insurance
- Commercial property insurance
- Commercial general liability insurance
A Virginia independent insurance agent can help you get set up with all the coverage your business needs.
What Business Insurance Covers in Virginia
Your business insurance policy in Virginia will cover whatever you set it up to cover. The types of protection you select to go into your policy can set your business up for success after many kinds of covered disasters. You may want to build a policy that includes coverage for your employees, company vehicles, liability, network, commercial property, and more. A Virginia independent insurance agent can recommend all the types of coverage your business needs most.
Liability Coverage Options for Small Businesses in Virginia
Liability coverage can help your small business get reimbursed for attorney, court, and settlement fees if it gets sued. Since lawsuits are almost never expected and certainly not cheap, having liability coverage can be critical. Consider each of the following main types of liability protection for your Virginia small business:
- Commercial general liability insurance: This can pay for third-party claims of bodily injury or personal property damage against your business.
- Cyber liability insurance: This can pay for lawsuits and other costs associated with data breaches and other cyber incidents that may expose or sell private data like credit card information.
- Professional liability insurance: This can pay for third-party lawsuit costs if a claim of improper or inaccurate advice or services performed by your business gets filed against you.
A Virginia independent insurance agent can help you get equipped with all the liability coverage your business needs.
Property Coverage Options for Small Businesses in Virginia
Having protection for company property is key to getting it repaired or replaced if necessary. An unexpected incident like a fire or vandalism can leave your inventory damaged or destroyed. Check into getting this essential coverage for your Virginia small business:
- Commercial property insurance: This can pay for any repairs, rebuilding, or replacement of business property, including inventory and physical structures like office buildings, after a covered incident.
A Virginia independent insurance agent can help your business get set up with the right amount of commercial property coverage.
Other Insurance Options for Small Business Owners in Virginia
Your Virginia business insurance policy may not yet be complete. There are many additional types of coverage your company might require. Look into these options for your business:
- Business income insurance: This can pay for expected revenue and employee wages that would typically be earned and paid out during a temporary covered closure, such as due to a fire.
- Commercial auto insurance: This can pay for incidents involving company vehicles, including accidents, theft, lawsuits, vandalism, etc.
A Virginia independent insurance agent can help you complete your business insurance policy with the right types of coverage for your unique company.
Average Cost of Business Insurance in Virginia
The cost of your business insurance policy in Virginia will depend on many different things, including how much coverage and the types of coverage your company needs, your industry, exact location, company size, and more. Larger companies that have more employees and need more coverage will have to pay more for their policies. Likewise, businesses in industries like construction that are considered risky by nature will also have to pay more for their coverage than their safer counterparts.
How does your city measure up to the national average?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Alexandria | 71,540 | 0.72 | 2.43 |
| Hampton | 8,058 | 2.6 | 1.87 |
| Lynchburg | 5,519 | 3.16 | 1.92 |
| Roanoke | 8,330 | 5.2 | 2.98 |
| Suffolk | 5,504 | 2.14 | 1.58 |
| Virginia Beach | 35,359 | 1.18 | 1.28 |
How Does Your Virginia City Measure Up?
Commercial property coverage: If your Arlington business has any physical inventory or buildings, it needs protection for these elements. This coverage can reimburse for theft, vandalism, fire damage, and much more.
Commercial general liability coverage: Your Arlington business also needs protection against third-party lawsuits for claims of bodily injury or personal property damage at the hands of your company. This coverage can reimburse for attorney, court, and settlement costs.
Workers' compensation coverage: For any Arlington business that regularly employs at least two workers, workers' compensation coverage is mandatory by state law. This coverage can reimburse the cost of medical treatments for injured or ill workers if their ailment or injury was caused by job duties or the work environment.
Commercial property coverage: If your Chesapeake business has any physical inventory or buildings, it needs protection for these elements. This coverage can reimburse for theft, vandalism, fire damage, and much more.
Commercial general liability coverage: Your Chesapeake business also needs protection against third-party lawsuits for claims of bodily injury or personal property damage at the hands of your company. This coverage can reimburse for attorney, court, and settlement costs.
Workers' compensation coverage: For any Chesapeake business that regularly employs at least two workers, workers' compensation coverage is mandatory by state law. This coverage can reimburse the cost of medical treatments for injured or ill workers if their ailment or injury was caused by job duties or the work environment.
Commercial property coverage: If your Norfolk business has any physical inventory or buildings, it needs protection for these elements. This coverage can reimburse for theft, vandalism, fire damage, and much more.
Commercial general liability coverage: Your Norfolk business also needs protection against third-party lawsuits for claims of bodily injury or personal property damage at the hands of your company. This coverage can reimburse for attorney, court, and settlement costs.
Workers' compensation coverage: For any Norfolk business that regularly employs at least two workers, workers' compensation coverage is mandatory by state law. This coverage can reimburse the cost of medical treatments for injured or ill workers if their ailment or injury was caused by job duties or the work environment.
Commercial property coverage: If your Richmond business has any physical inventory or buildings, it needs protection for these elements. This coverage can reimburse for theft, vandalism, fire damage, and much more.
Commercial general liability coverage: Your Richmond business also needs protection against third-party lawsuits for claims of bodily injury or personal property damage at the hands of your company. This coverage can reimburse for attorney, court, and settlement costs.
Workers' compensation coverage: For any Richmond business that regularly employs at least two workers, workers' compensation coverage is mandatory by state law. This coverage can reimburse the cost of medical treatments for injured or ill workers if their ailment or injury was caused by job duties or the work environment.
Commercial property coverage: If your Virginia Beach business has any physical inventory or buildings, it needs protection for these elements. This coverage can reimburse for theft, vandalism, fire damage, and much more.
Commercial general liability coverage: Your Virginia Beach business also needs protection against third-party lawsuits for claims of bodily injury or personal property damage at the hands of your company. This coverage can reimburse for attorney, court, and settlement costs.
Workers' compensation coverage: For any Virginia Beach business that regularly employs at least two workers, workers' compensation coverage is mandatory by state law. This coverage can reimburse the cost of medical treatments for injured or ill workers if their ailment or injury was caused by job duties or the work environment.
Virginia Business Insurance FAQ
Business insurance costs in Virginia can vary based on many different factors, including your company's size, coverage needs, number of employees, exact location, claims history, discounts earned, and more.
All businesses in Virginia that regularly employ two or more workers must carry workers' comp coverage by state law. Other types of business insurance are technically optional but strongly recommended.
Business insurance in Virginia covers whatever you select in your policy. For example, if you need coverage for company vehicles, add commercial auto insurance. If you need coverage against lawsuits, add commercial general liability coverage. An independent insurance agent in Virginia can help recommend the exact types of coverage you should put into your policy.
Commercial general liability insurance in Virginia covers attorney, court, and settlement costs related to lawsuits if your business gets sued for bodily injury or personal property damage.
Small business health insurance plans are available for companies in Virginia with 50 or fewer employees. If you have 25 or fewer employees, your business may also qualify for tax credits on its coverage.
Our research found that pomi, The Hanover, Liberty Mutual, and Nationwide are the best business insurance companies in Virginia this year. We selected these carriers based on financial strength, coverage options, pricing, discounts, customer service reviews, and more.
An independent insurance agent in Virginia can help you find the kind of coverage your business needs at the best possible price. These agents shop and compare policies from a ton of different Virginia business insurance companies and narrow it down to the options that only present the best blend of coverage and cost for you.
Do You Know What Your Business Insurance Covers in Virginia?
https://workcomp.virginia.gov/sites/default/files/documents/Employer-FAQs_1.pdf
https://www.ehealthinsurance.com/virginia-health-insurance/health-plans/group-medical