If you are one of the 746,000 Virginia small business owners, entrepreneurs, freelancers, or sole proprietors, you must purchase enough small business insurance for your company.
The business world is brutal, and it can be hard to find the proper insurance needs.
Small enterprises face many risks and dangers that larger companies with bigger budgets for general liability coverage do not typically encounter.
We made this quick and easy guide to assist you in finding small business insurance quotes online in Virginia. You'll learn about costs, what's covered, exclusions, and more.
Best Overall
Simply Business is an online small business insurance broker, offering customers general liability and professional liability insurance coverage. Their primary focus is on professionals who need affordable business coverage, fast and online.
More Of The Best Cheap Small Business Insurance Companies In Virginia Below...
Best For Workers Comp Coverage
Huckleberry is best for small business owners in need of worker's compensation coverage (worker's comp) and is our second pick.
Click below to get an accurate quote.
Best For Any Business Size
Coverwallet is a one-stop-shop for business coverage regardless of size. Their low rates and online application, earned them 3rd.
Click below to get an accurate quote.
Best For Cyber Insurance
Cyber Policy is an insurance marketplace for business insurance. Their primary focus is cyber insurance and they are our fourth pick.
Click below to get an accurate quote.
How Much Does Small Business Insurance Cost In Virginia?
Customers pay an average of $35 per month for small business insurance in Virginia. But—and this is crucial—the average costs can't tell you what your premiums will be. Insurance rates can vary significantly depending on the industry, where you live in Virginia, and how much your insurance needs change. As a result, your premium might be higher - or drastically lower.
Who Has The Cheapest Small Business Insurance In Virginia?
Cover Wallet has some of the cheapest Virginia business insurance rates.
They provide one of the simplest and quickest methods to obtain liability coverage for your company in Virginia.
However, small business owners should compare rates and policies with multiple companies to ensure they get the best deal for themselves.
What Factors Impact Virginia Business Insurance Premiums?
The cost of policies in Virginia is determined by various factors, including the types of services or goods you offer, the number of employees you have, how long you've been in operation, and your claims history.
Typically, your policy's maximum coverage is restricted to a specific amount throughout the term. The following are some of the most important factors that influence Virginia business insurance costs:
THE SIMPLY INSURANCE WAY
Small Business Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. However, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get small business insurance within minutes of getting your quotes and applying online.
What Are The Most Common Types Of Business Insurance In Virginia?
You might only need one policy for your company; however, it's best to know about the common options and what is or isn't covered in your policy. These policies can protect your company from all sorts of things including advertising injury.
Below we detail the most common coverage types:
General Liability
In Virginia, general liability insurance protects small company owners from financial losses and lawsuits that occur if someone suffers a physical injury because of your actions or you damage someone else’s property.
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Professional Liability (Errors & Omissions)
This policy is also called errors and omissions insurance or e&o coverage, and it protects experts whose work is based on their expertise. It covers claims filed by clients against professionals for mistakes and missed deadlines.
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Workers Comp Insurance
Workers' compensation coverage may be a lifesaver if you or an employee suffers an injury on the job since it covers medical treatment and lost income. If you don't have workers' comp, your out-of-pocket costs could rise dramatically after a workplace accident.
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Cyber Insurance
This insurance policy helps Virginia companies recover from data breaches and cyberattacks by reimbursing costs for client notification, legal fees, and other associated expenses.
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Contractor Insurance
Construction businesses and general contractors operate in hazardous environments and face high risks. Contractor liability policies help pay expenses related to third-party injuries and property damage.
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LLC Insurance
Limited Liability Company Insurance (LLC insurance) is a specialized form of individual insurance protecting LLCs from liability claims. It protects LLCs against various liabilities, including bodily harm and property damage caused by your business, employees, or products.
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Business Owners Policy (BOP)
This policy bundles property insurance and a general liability plan into one product. It's often the most cost-effective type of commercial insurance for a Virginia small business owner.
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Home Business Insurance
Home-based business plans cover the expenses of property and liability risks incurred by business owners that operate out of their homes. Consider purchasing this coverage if you maintain supplies, equipment, or other company assets at your house or have clients visiting.
Best For:
Which Industries Buy Business Policies In Virginia The Most?
Below is a list of industries that most often purchase insurance for their new company or startup:
What Are The Minimum Requirements For Business Policies In Virginia?
Workers Compensation Insurance
Virginia's workers' compensation insurance requirement applies to businesses with two or more employees, full-time or part-time. Companies with even a single employee in the construction sector must have workers' compensation coverage. Medical expenses for workplace injuries and sicknesses are covered by this plan.
Commercial Auto Insurance
Although drivers in Virginia are not required to have commercial auto insurance, they must have a method to pay for injuries or property damage caused by a vehicle accident. To fulfill this requirement, you can purchase minimal car insurance. The minimum amount of automobile insurance in Virginia is $25,000 for each person.
INSURANCE WHERE YOU LIVE
Small business insurance by state.
Great businesses carry great responsibilities - keep yours safe with a Business Insurance Policy.
Business insurance policies protect you against lawsuits, employee injuries, cybersecurity attacks, and property damage. Click on your state to get a free quote today.
What Does Small Business Insurance Cover In Virginia?
There are a few things your business liability insurance can cover, depending on your policy type and needs. Starting off, most Virginia small businesses may need a professional liability policy or general liability policy.
If you plan to use vehicles for your business, you will need more coverage than just your auto policy via a commercial auto policy.
General Liability Insurance
Also known as Commercial General Liability (CGL), it protects your business from third party claims, another person or business’s claims of bodily injury, associated medical costs, property damage claims, and against personal and advertising injury.
Below are some Virginia business insurance coverages you can find in a policy:
Professional Liability (Errors and Omissions) or E&O insurance
Professional liability insurance, also known as errors and omissions (E&O), is a form of liability coverage that protects your firm from allegations that you made mistakes (errors) or didn't perform personal services (omissions) while providing professional services.
Professional liability can reimburse legal defense costs for defending your business in a civil lawsuit and compensation if won. If your company offers a professional service, advises clients, or is obligated by contract to do so, you should probably purchase an errors and omissions policy.
Workers Compensation (Worker's Comp)
Workers' compensation is a state-regulated insurance policy that provides medical care for people who have suffered work-related injuries and illnesses. Workers' compensation insurance covers injured or ill employees on the job, allowing them to obtain medical treatment.
For example: Suppose one of your staff hurts their back while lifting a heavy box at work. That employee would be eligible to receive workers' compensation payments for the cost of seeing a doctor (as well as any physical therapy they require). In addition, in the state of Florida, your staff may get paid two-thirds of their weekly wage while healing
Business Owners Policy (BOP)
A business owner's policy (BOP) combines general liability and commercial business property insurance. BOP is often utilized to provide comprehensive protection for small businesses while also safeguarding their assets.
The following are some examples of what might be covered:
Commercial Auto Insurance
Automobiles must have commercial auto insurance, such as cars, trucks, and vans used for business. Because commercial vehicles are generally exposed to more risk than personal vehicles, they require a separate policy.
Commercial auto insurance isn't only for big trucks like semis or roll-off dump trucks. Businesses that use a vehicle to run errands, transport tools, or transport customers may require a commercial auto policy, for example.
Cyber Liability Insurance
Cyber insurance is a type of coverage that protects small Virginia businesses from the high costs of data breaches and malware attacks. It covers things like consumer notification, credit monitoring, attorney fees, and fines.
What Does Business Insurance Not Cover In Virginia?
Standard commercial property insurance does not often cover losses sustained in certain circumstances, such as floods and other significant weather incidents. Customers' belongings kept at your company are also affected by this.
Standard professional liability coverage typically does not cover things like deliberate and intentional actions.
Standard liability insurance does not cover automobile accidents; for that, you'll need commercial auto coverage. Traditional plans do not provide comprehensive protection, but it is feasible to add coverage riders to cover the increased hazard.
How Much Virginia Liability Insurance Should You Carry?
Most small businesses in Virginia will probably only need between $500,000 to $1 million in coverage. However, each situation is unique, but as a general guideline, the type of business you operate or products you manufacture should determine how much Virginia commercial general liability insurance you need.
THE SIMPLY INSURANCE WAY
Small Business Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. However, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get small business insurance within minutes of getting your quotes and applying online.
Virginia Department Of Insurance & SBA Information
How To Reach The Small Business Insurance Virginia Department Of Insurance?
The best way to contact the Virginia Department of insurance is by phone at 802-828-330 or toll-free at 833-337-4685
You can reach the Virginia Department of Insurance at the below mailing address:
Department of Financial Regulation
Consumer Services
89 Main Street, Montpelier, VA 05620 - 3101
For more information about the Virginia Department of Insurance, you can visit their website at:
https://dfr.Virginia.gov/industry/insurance
How To Reach The (SBA) In Virginia?
You may access the Virginia SBA's website at https://www.sba.gov/offices/district/va/richmond
Can I Buy Small Business Insurance Online In Virginia?
Yes, you can buy insurance for your small company instantly online in Virginia from most companies. Most of the top A-rated companies have an application process that is 100% online where you can get quotes, apply for coverage, and make payments, all without speaking to a licensed agent.
Here's how:
- 1Get Your Personal Information Together. You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you live in and what coverage you need.
- 2View Your Instant Quote. Once you have your info, you want to click here or any of the above buttons to start the quote process. Once you have your quotes and pick the coverage option that works best for you, it's time to get covered.
- 3Start Your Online Application. Once you have all of your personal information together, your next step will be to start the application. Again, this will be easy by just following the prompts after you complete your quote.
- 4Pay For Your Policy & Print Your Proof Of Insurance. Once your policy has been approved and paid for, simply print out your proof of insurance, and you're covered.
Taking Action
Small Business Insurance is a necessity for business owners who want to protect themselves from the unexpected.
Business owners who do not carry the proper coverage could end up paying out of pocket for any mishaps that occur while operating their small businesses. It covers you for general or common liability as well as property damage and loss.
All you need to do is click here to get some instant quotes and get covered today.
Frequently Asked Questions
How much is insurance for a small business in Virginia per month?
In Virginia, the average cost of Small Business Insurance is $35 per month; however, the typical price of a policy may differ based on your specific requirements. So you could discover that your plan is less expensive if it protects assets worth less than $100K or more costly for those with properties valued at more than $400K.
Which Small Business Insurance is best in Virginia?
Coverwallet is the top Small Business Insurance firm in Virginia since they provide some of the best coverage choices, low rates and can submit paperwork quickly. Coverwallet provides Small Business Insurance in Virginia for as little as $35 per month.
Do I need insurance for my LLC?
Anyone who starts their own small business and operates as an LLC will need small business insurance mainly because there are risks involved with owning a small business that cannot be predicted. Therefore, it is always good to get small business insurance even if your small business isn't required to have insurance in your state.
How much does a 1 million dollar business insurance policy cost in VA?
On average, your business may pay between $25 and $83 per month for $1,000,000 of basic professional liability insurance in Virginia. For small business insurance, the cost largely depends on your small business's location and coverage choices.
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