Small Business Insurance Virginia

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The nearly 800,000 small businesses headquartered in Virginia employ almost all of the state’s workers.1  Whether they’re located in Alexandria, Richmond or Roanoke, they can benefit from the protection of Virginia business insurance.

Insurance can protect your Virginia small business by helping to pay for damages caused by incidents like:

  • Personal injury and property damage claims
  • Employees getting hurt on the job
  • Damage to business property
  • Accusations of work mistakes
  • Business-related auto accidents

NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.

Continue reading to learn about important types of business insurance in Virginia. Or get a free instant quote to see customized coverage options for your business.

Small business insurance in Virginia

Because every small business is different, Virginia small business insurance can be purchased in customized packages.

Your insurance package will be based on your specific business needs, determined by factors including your:

  • Industry
  • Employee count
  • Value of business property
  • Other risk factors

Most small businesses will want several types of coverage, called policies or insurance products by insurance companies, to cover different kinds of situations.

For example, Virginia general liability insurance, also known as liability coverage or commercial general liability, can protect your business if you’re accused of causing bodily injury to someone other than an employee or damaging their property.

While Virginia workers’ compensation insurance is essential to help cover situations when your employees are hurt on the job and need medical care.

Whether you’re an auto repair shop in Chesapeake or a real estate agent in Virginia Beach, you can choose a combination of policies to meet your insurance requirements.

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What business insurance is required in Virginia?

Most small businesses need more than one type of Virginia business insurance to stay safe, and it some cases it might be required. For examples, clients, commercial landlords and licensing agencies might ask for a certificate of liability insurance. And most businesses with employess are required to have Virginia workers’ compensation. Below you can explore all the different kinds of policies that you may want to ensure that your company is protected in all the situations you may encounter.
General Liability insurance
Virginia General Liability insurance

General liability insurance, also known as business liability insurance, is a prudent purchase for all small businesses in Virginia. It can help protect your company if someone says that you caused an injury or property damage.

For instance, a building owner in Norfolk accuses a construction company of improperly fixing a steel column during renovations, which requires expensive repairs to remediate structural damage.

General liability insurance in Virginia could help the construction company pay to repair the damage. If the owner sues, it could also help cover court costs, legal fees and any damages for which the construction company is held responsible.

Owners of cleaning and construction businesses in Virginia can also add optional tools and equipment coverage to their general liability policy. This upgrade can help pay to replace or fix business gear that is stolen, damaged or lost.

Workers' comp insurance
Workers’ Compensation insurance

Virginia requires most businesses with employees to carry workers’ compensation coverage. When staffers get hurt in the workplace, this type of business insurance can help pay medical bills and cover lost wages while the employee recovers.

Virginia workers’ comp insurance could provide coverage in the following situation:

A summer employee at a Richmond-based landscaping company needs medical care for heat exhaustion and has to take three days off to recover. Workers’ compensation could help the business owner pay for the employee’s medical bills and lost wages.

Commercial auto insurance
Commercial Auto insurance

Commercial auto insurance is a crucial form of coverage for Virginia-based companies that own vehicles. That’s because personal car insurance won’t cover business-related auto accidents.

Here’s an example of how commercial auto insurance could benefit a small business:

A shuttle driver at a small hotel in Charlottesville has a minor accident while dropping off guests at a restaurant. Commercial auto insurance could help the hotel owner pay for damage to its shuttle and other vehicles, and help cover any related medical expenses.

Small businesses that ask employees to drive their own vehicles for work or use rental cars will want to add hired and non-owed auto coverage to their commercial auto policy. This optional insurance can help cover accident damages in these situations.

Commercial Property
Commercial Property insurance

Virginia commercial property insurance can help pay to replace or repair business property that’s damaged or destroyed after a covered event, such as water, fire or wind damage.

For example, an electrical fire at a Tysons fast casual restaurant damages the storage and prep area in the kitchen. Commercial property coverage could help pay to repair the damage and replace any food inventory that was ruined.

It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Some locations prone to flooding or hurricane damage might have limited coverage.

Errors & Omissions
Professional Liability (E&O) insurance

Small businesses, especially those in professional services fields, may want professional liability coverage, which is also known as E&O or errors and omissions insurance.

This type of policy can help protect business owners if they face claims of poor or incomplete work that causes a client or other party financial losses. It can help pay for damages even if the accusations are unfounded.

For example, a high-profile government contractor claims that an Arlington-based accounting firm made a tax error, which resulted in lost revenue and negative publicity. Professional liability insurance could help the accounting firm cover damages and pay legal defense costs if the contractor sued.

How much does business insurance in Virginia cost?

How much does business insurance in Virginia cost?

Your business insurance cost will be based on the package of coverage you select for your insurance needs. How much you’ll pay to protect your Virginia company will vary based on several factors, which include:

Your company’s exposure to risk

Expect to pay more for coverage if you own a business that’s more prone to injuries. For example, auto body repair shops are places where bodily injury and property damage can happen. Their coverage often costs more than that of desk workers like accountants.

Your employee headcount

The more people you employ, the more you’ll pay for workers’ compensation coverage. Be sure to have your exact number of employees ready when you get your business insurance quote.

The policies you choose

Business insurance will cost more as you add policies to your coverage package. It’s common for Virginia businesses to require more than one type of insurance coverage.

The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.

You can also use our insurance calculators for a general estimate of insurance costs in Virginia:

How NEXT can help you with business insurance in Virginia

How NEXT can help you with business insurance in Virginia

We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.

You can also chat with our U.S.–based NEXT licensed insurance agents if you need help or have questions.

Resources for Virginia small businesses and self-employed workers

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* To the extent permitted by law, applicants are individually underwritten, not all applicants may qualify. Individual rates and savings vary and are subject to change. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only.
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Issuance of coverage is subject to underwriting. Not available in all states. Please see the policy for full terms, conditions and exclusions. Coverage examples are for illustrative purposes only. Your policy documents govern, terms and exclusions apply. Coverage is dependent on actual facts and circumstances giving rise to a claim. Next Insurance, Inc. and/or its affiliates is an insurance agency licensed to sell certain insurance products and may receive compensation from insurance companies for such sales. Policy obligations are the sole responsibility of the issuing insurance company. Refer to Legal Notices section for additional information.

Any starting prices or premiums represented before an actual customer quote are not guaranteed and are representations of existing premiums of active policies as of December 6, 2023. To the extent permitted by law, applicants are individually underwritten, not all applicants may qualify. Individual rates and savings vary and are subject to change. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only.