Business Insurance in Virginia FAQ - Quick Answers

Each small business will have unique insurance premiums based on their individual factors and quotes are needed for pricing. Some key items Virginia carriers look for when rating are below:

  • Type of industry
  • Number of employees
  • Gross annual sales
  • Location of business
  • Number of company vehicles
  • Safety practices in place
  • Past claims reported
  • Number of years in operation

You'll be required to carry the below business policies in Virginia, and everything else is voluntary:

Your Virginia business coverage will vary depending on risk exposures and daily operations. However, some of the most common policies purchased by businesses are as follows:

General liability insurance in Virginia is typically your primary policy and used to protect your business in the following ways:

In Virginia, health insurance plans for your business are required when you have 50 employees or more. If you want competitive pricing and superior coverage, then you can obtain quotes from your same local independent insurance agent.

In Virginia, Hiscox, Nationwide, Travelers, and Hanover are rated among the best for small business insurance. This is because of robust coverage offerings and exceptional claims handling for commercial clients.

Do You Know What Your Business Insurance Covers in Virginia?

Find the Best Business Insurance in Your City

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

CityNo. businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
Alexandria71,5400.722.43
Hampton8,0582.61.87
Lynchburg5,5193.161.92
Roanoke8,3305.22.98
Suffolk5,5042.141.58
Virginia Beach35,3591.181.28
  • Virginia Beach, VA
  • Business Insurance Common Coverage Options
  • 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. 
  • 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. 
  • 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.


  • Chesapeake, VA
  • Business Insurance Common Coverage Options
  • 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. 
  • 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.


  • Norfolk, VA
  • Business Insurance Common Coverage Options
  • Property: You will want to be sure that all of your business property is covered at levels that will allow you to 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. 
  • 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.
  • 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.


  • Arlington, VA
  • Business Insurance Common Coverage Options
  • Property: Hazards like theft, vandalism, and accidental fires can lead to large costly losses 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. 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.


  • Richmond, VA
  • Business Insurance Common Coverage Options
  • Property: Richmond has a relatively high property crime rate. This makes it particularly relevant 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 auto 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.