Purchasing insurance can be overwhelming. Even after you decide which type of business insurance in Virginia to purchase, you still need to decide how much to buy. The truth is there is no easy answer to the question, but there are things you can consider to help you make your decision.
General Liability Insurance
Even though Virginia law does not require a business to purchase liability insurance, it is still a good investment. It will protect you, your property, your employees and your guests in the event of property damage, bodily injury or other serious situations.
If your business uses company cars, auto insurance is a necessity. This includes using company vehicles to make deliveries, transport people or even just to get from one place to another on your property.
You will be required to carry workers’ compensation insurance, which replaces wages for employees injured on the job, if you have any employees. The exact amount you must carry will depend on the type of business you run and how many employees you have.
Commercial Excess Liability Insurance
This insurance will cover anything that your basic liability plan doesn’t. For example, if basic insurance only covers $100,000 in property damage, but you need $150,000 to fix your building, excess liability insurance will handle the difference.
When purchasing business insurance in Virginia, speak to a reputable, experienced and licensed agent. He or she will walk you through the process to ensure you have the best possible coverage for your business and budget.