Popular QuestionsPopular Questions about Business Insurance in Virginia

Why should I purchase Virginia business insurance?

Hazards such as damaging weather events, property crimes, and liability lawsuits are often quite expensive for businesses to deal with. Business insurance is designed to protect your company from the financial losses it may face due to these and other risks.

Virginia business insurance can prove quite beneficial as is evidenced by the fact that in 2016 alone, companies in this state collected approximately $2.8 billion in insurance claims.

A local independent agent can help you build a customized business insurance plan that is suitable to meet the specific needs of your particular company.

How have other business owners used their commercial insurance?

Liability lawsuits are among the most expensive risks faced by businesses in the United States. In fact, statisticians predict that an estimated 40% of all small businesses are likely to experience a property damage or general liability lawsuit setback in the next 10 years.

Lawsuits aren’t the only costly hazard faced by businesses. Here are some other common hazards American companies have been using their business insurance to cover:

  • Theft & burglary: Average cost per claim - $8,000
  • Water damage & freezing pipes: Average Cost Per Claim - $17,000
  • Wind & hail damage: Average cost per claim - $26,000
  • Fire damage: Average cost per claim - $35,000
  • Customer slip & fall: Average cost per claim - $20,000
How does Virginia business insurance help my company?

Business insurance is designed to absorb expenses associated with a variety of potential hazards. That way, your business doesn’t have to experience large financial losses.

If your inventory is damaged, if a severe weather event forces your business to shut down for a month, if a customer files a liability lawsuit against your company, or if one of your employees is seriously injured on the job, a solid business insurance policy package can ensure that won't have to worry about how these disasters will affect your business’s bottom line.

Here’s what you can expect a well-built business insurance policy package to do:

Pay for damage to your business property

  • We call this “commercial property insurance.”
  • Example: An accidental fire gets out of control in the building where your business is housed. You lose a large amount of business property and inventory in the blaze.

Pay for losses sustained due to necessary closures

  • We call this “business interruption insurance.”
  • Example: A major windstorm takes down power lines and seriously damages your business. Repairs take several weeks, and you are forced to remain closed while they are being completed.

Pay for someone else’s medical bills or property damage

  • We call this “commercial general liability insurance," or "CGL."
  • Example: A customer in your store is severely injured when a wall display that was hung improperly falls on them. Their glasses and cell phone are also damaged by the accident.

Pay for accidents involving company vehicles

  • We call this “commercial vehicle insurance.”
  • Example: A company delivery person misjudges a turn and causes an accident with two other vehicles. Your company is sued by the injured parties for property damage, medical bills, lost wages, and pain and suffering.

Pay for employee injuries and occupational illnesses

  • We call this “workers' compensation insurance.”
  • Example: An employee at your construction firm is seriously injured when a scaffold they are standing on malfunctions and they fall several feet.

In addition to the coverages mentioned above, there are many more commercial property and commercial liability products available to business owners. This enables you to fully customize your business insurance policy package to meet the specific coverage needs of your company.

An independent insurance agent can help you identify all of your company’s various exposures so that you can be certain that you do not have any unintended coverage gaps.

Does Virginia require businesses to have insurance?

A business insurance policy is not required by law in Virginia. However, some insurance products that are often included in a comprehensive business insurance policy package may be necessary. For example:

  • Most financial institutions will require you to have business insurance coverage before they will agree to finance a business loan or line of credit.
  • In Virginia, businesses with two or more employees are required by law to carry workers’ compensation insurance.
  • Businesses that do contracting jobs will often be required to show proof of contractors insurance to clients before they are hired to do work.
  • Businesses that have company-owned vehicles will be required by state law to cover these cars, trucks, vans, and buses with commercial vehicle insurance.

To learn more about coverage that your business may need to have, you can talk with a local independent insurance agent.

How do I find the best price for Virginia business insurance?

Business insurance rates are calculated according to a number of factors such as the type of business you have, the value of your company’s assets, the number of workers you employ, the liability exposures faced by businesses in your industry, and the amount and types of coverage you want to purchase. 

Coverage needs can vary significantly from one business to the next, so it is a good idea to work with an experienced insurance agent who can help you build a comprehensive policy package for your company. These agents can help you be sure that you are getting the best and most affordable coverage for each of your business’s potential exposures.

Sometimes, the best way to get the best price for your business insurance coverage is to purchase policies from several different insurance companies. Don’t worry. When you work with an independent insurance agent, you will only have one point of contact for all of your coverage.

Are there any independent agents in Virginia?

Yes! There are currently 463 independent agents in Virginia who are ready to help. These experienced agents can work with several different insurance providers to help you build a comprehensive and competitively priced business insurance portfolio.

Contact an independent agent near to learn more and to get help ensuring that your business is fully covered against all of its potential risks.

InformationFind the Best Insurance in Your City

Let's take a look at some factors that can influence business insurance rates and see how your city measures up.

  • Number of businesses in the US:  27,626,360
  • Number of businesses in Virginia:  706,626
  • Burglary rate per 1,000 residents in the US:  3.76
  • Burglary rate per 1,000 residents in VA:  1.83
  • Auto theft rate per 1,000 vehicles in the US:  2.29
  • Auto theft rate per 1,000 vehicles in VA:  1.27
City Population  Number of Established Firms Burglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Alexandria159,42871,5400.802.41
Arlington231,80321,6650.550.98
Centreville75,4526,2923.762.29
Chesapeake244,83516,2202.461.28
Dale City73,5455,5021.961.27
Hampton134,5108,0581.721.72
Lynchburg82,1685,5192.062.06
Newport News179,22510,8892.762.76
Norfolk242,74215,3223.233.23
Portsmouth94,3986,1123.913.91
Reston60,3357,2413.762.29
Richmond230,43618,5394.875.08
Roanoke99,1438,3304.883.67
Suffolk92,1085,5043.261.67
Virginia Beach449,97435,3591.301.28

Virginia Beach, VA, Business Insurance

Covering your business assets

Property: Most businesses have invested a lot of money in their company assets including such things as computers, furniture, tools, machinery, inventory, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event like a structure fire. Find the policy and rate that works best for your Virginia Beach business by teaming up with a local independent agent.

Commercial auto: Many businesses in Virginia Beach have company-owned vehicles, including cars, trucks, vans, and buses. If yours is among them, you will be required to cover these vehicles with a commercial auto insurance policy. Doing so can prevent your business from facing a financially devastating lawsuit if one of your drivers is responsible for a serious accident.  A local independent agent can help you find a suitable policy at a competitive price.

Workers’ compensation: Workers’ compensation insurance covers expenses like medical bills and lost wages for workers who are injured in the course of doing their jobs. It is required for nearly all Virginia businesses that have at least two employees. Rates for this coverage are assigned according to your company’s overall payroll amount and the types of jobs your workers do.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Virginia Beach, VA, would pay for workers’ comp coverage:

  • Health care Industry: $1,303
  • Public administration industry: $600
  • Professional, scientific & technical services industry: $270

Base rates are set by the state in accordance with the various hazards of each particular job. This means that employees in hazardous professions will cost more to cover than those with fewer risks. For example, construction companies pay an average of $7,488 per $100,000 in payroll to cover their workers. Maintaining a safe workplace and keeping accidents at a minimum can result in lower workers’ compensation premiums. 

Set up an obligation-free consultation with one of Virginia Beach’s many independent insurance agents to learn more.

Chesapeake, VA, Business Insurance

Covering your business assets

Property: Having a sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like hail and electrical storms. You can make sure that all of your business is properly insured by working with an independent insurance agent in Chesapeake.

Commercial auto: If your business owns a vehicle or a fleet of vehicles, you may benefit from having the added liability coverage that comes with a commercial auto insurance policy. This is because liability lawsuits related to collisions often result in higher judgments when they are brought against a business. Your rates will be based on several factors, including the number and types of vehicles you are covering, information about the employees who will be driving them, and the risk of collisions in the areas where they are likely to be driven.

Workers’ compensation: Workers’ compensation insurance can cover the cost of medical bills and lost wages if your workers are injured on the job or if they come down with an occupational illness. Rates are based primarily on your company’s overall payroll and the likelihood that your employees will be injured according to the types of jobs they do.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Chesapeake, VA, would pay for workers’ comp coverage:

  • Health care industry: $1,303
  • Public administration industry: $600
  • Educational services industry: $1,020

The top employers in this city are the Chesapeake City Public School, the City of Chesapeake, and the Chesapeake Regional Medical Center. The actual cost to cover workers at each of these workplaces depends on the number of workers employed and the exact jobs they do. For example, it would cost more to cover an emergency room nurse than it would to cover a receptionist at an orthopedic clinic.

To find out how much it will cost to insure the employees who work for you, contact a local independent agent.

Norfolk, VA, Commercial Insurance

Covering your business assets

Property: You will want to be sure that all of your business property is covered at levels that will allow you rebuild, repair, or replace damaged items as needed. Floods pose a significant risk in Norfolk, especially during hurricane season, but coverage against this hazard is typically excluded from business property coverage. A local independent agent will be aware of this risk and can help you add commercial flood insurance to your business insurance policy package so that your company is fully covered.

Commercial auto: Whether you are insuring a delivery van or a fleet of semi-trucks, commercial vehicle insurance can protect your business against losses related to liability lawsuits and property damage following a collision. If your business engages in interstate commerce, a local agent can ensure that your policy meets all state and federal requirements so that your business is operating within the confines of the law.

Workers’ compensation: Workers’ compensation insurance is required by state law for all businesses with two or more employees in Norfolk. This insurance can cover medical treatments, disability pay, and other costs associated with injuries that occur on the job. Every type of business has specific risks when it comes to employee safety, and some jobs are simply safer than others. That is why worker’s compensation rates often vary significantly from one business to the next.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Norfolk, VA, would pay for workers comp coverage:

  • Health care Industry: $1,303
  • Educational services Industry: $1,020
  • Public administration industry: $600

As you can see, rates tend to vary significantly from one industry to the next. Even within these industries, there can be a wide variance of rates depending on the specific jobs done by your employees and the risks associated with them. For example, within the public administration industry, a politician who travels frequently has a higher risk of being injured on the job than an accountant in a tax office.

Talk to your local independent insurance agent to discover how much it will cost to cover your specific business.

Arlington, VA, Business Insurance

Covering your business assets

Property: Hazards like theft, vandalism, and accidental fires can lead to large costly loss and damage to your business property. So can Arlington’s damaging weather events like heavy winds and severe storms. The risk of tornadoes in this city isn’t especially high, but it does exist. For example, Arlington was hit hard by an F3 twister in 1973. Fortunately, when you have the right business insurance in place, your company will be able to repair damage and continue to function without experiencing a large financial loss.

Commercial auto: Commercial auto insurance can protect your business from facing large liability expenses if one of your drivers causes an accident while driving a company car. Rates are based on a number of factors like your employees’ driving records and the types of vehicles you are covering. For example, it costs far more to insure a large construction vehicle than a company car since the larger vehicle can cause significantly more property damage if involved in an accident.

Workers’ compensation: Workers’ compensation insurance is designed to cover the cost of medical treatments, lost wages, and other expenses related to injuries or occupational illnesses your employees may suffer because of doing their jobs. It is required for nearly all Virginia businesses that have at least two employees. Workers' compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Arlington, VA, would pay for workers’ comp insurance:

  • Professional, scientific & technical services industry: $270
  • Public administration industry: $600
  • Educational services industry: $1,020

White collar occupations, like software development and accounting, tend to present a low risk of employee injuries, and rates to cover workers in these professions reflect this. More hazardous jobs, like roofing, are far more expensive to cover. In fact, Virginia roofing businesses pay an average of $14,500 for every $100,000 in payroll to cover their workers. 

To start comparing quotes for workers' comp coverage for your Arlington business, you can consult a local independent insurance agent.

Richmond, VA, Commercial Insurance

Covering your business assets

Property: Richmond has a relatively high property crime rate. This makes it particularly important for local business owners to ensure that their company assets are sufficiently covered against risks like theft and vandalism. In addition to covering against crime, your policy can also cover loss and damage due to hazards like severe weather and accidental fires.

Commercial auto:  If your Richmond business owns a vehicle or fleet of vehicles, you will be required to carry commercial auto insurance. Rates for coverage can vary according to the number and types of vehicles you are covering, as well as the risk of collisions and of vehicular theft where your and your employees will be driving them. If your company uses these vehicles to engage in interstate commerce, you will need to make sure that your commercial vehicle policy meets federal as well as state minimum coverage requirements.

Workers’ compensation: Workers’ compensation insurance covers medical expenses and paid time off for employees who suffer occupational illnesses or are injured on the job. With few exceptions, if your Richmond business has at least two employees, you are required by state law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

Based on a $100,000 annual payroll, here is an estimation of what businesses in the three leading industries in Richmond, VA, would pay for workers’ comp insurance:

  • Health care industry: $1,303
  • Educational services industry: $1,020
  • Accommodation & food services industry: $1,358

These average rates only reflect broad industry averages. Rates for the different jobs under each industry umbrella can differ greatly. For example, in the medical field, an emergency medical technician has a much higher risk of injury than a receptionist at a chiropractor’s office. Likewise, the receptionist at a hotel’s front desk is far less likely to be injured on the job than someone who works in the hotel’s laundry room.

Talk to a local independent agent near you for help finding the best rates for workers' compensation insurance for your business.