Known as the birthplace of George Washington and for its rich colonial history, Alexandria, VA, is a lively center of local boutiques, extraordinary arts and culture, and award-winning restaurants. Business owners need to know their options when it comes to business insurance.
You can find the best deals in Alexandria, VA, on business insurance. A robust business insurance policy can help protect you from a huge financial loss if an accident should happen on your property.
Contact a local independent insurance agent near you to get started today.
Why Do Businesses in Alexandria, VA, Need Liability Insurance?
Alexandria, VA, businesses need business liability insurance as it helps to cover the costs associated with liability claims and property damage. Business liability insurance is one of the most basic and important parts of any business insurance policy package. This is designed to pay your business’s court costs, financial damages, and legal fees if it is sued for a covered episode.
However, these costs can increase exponentially, even if the courts rule in your business's favor. But without business liability insurance, you may pay out of pocket for expensive damage and legal claims against your business. Make sure you have the right liability insurance to cover against the specific risks you face with your unique business. Available commercial liability products include the following:
- Premises liability insurance: This protects you and your business involving matters such as third-party injuries, illnesses, property damage, and negligence related to your business activities and that occur on your business property.
- Product liability insurance: This protects against bodily injury and property damage occurring from a defect in a product that your business distributed, manufactured, or sold. It may also cover damage from inadequate instructions and/or labeling for product use.
- Commercial vehicle liability insurance: If your business owns and operates vehicles, this insurance is required by law. It covers your business in case one of your employees gets into a car accident that results in third-party damage or injuries.
- Employment practices liability insurance: This provides protection against lawsuits of breach of contract, discrimination, sexual harassment, wrongful termination, and wage law violations.
- Cyber liability insurance: This provides protection from the theft of financial information or personal data in case hackers breach your business’s computer systems.
- Pollution liability insurance: This provides bodily injury and property damage protection against claims from third parties arising by the release of hazardous waste materials during business operations.
Learn more about the above coverages and many other commercial liability insurance options by consulting a local independent insurance agent. Your agent can recommend the appropriate business liability options available for your Alexandria, VA, business.
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What Other Insurance Options Cover Your Alexandria, VA, Business Property?
Businesses in Alexandria, VA, are most likely to experience property loss or damage due to threats such as hail, hurricanes, property crimes, severe storms, tornadoes, and structure fires. Alexandria-area historical tornado activity is above the Virginia state average, and it is 9% greater than the overall US average.
Each of these threats is covered by the standard part of all commercial business insurance. It is constructed to cover your commercial property and includes computers, furniture, inventory, merchandise, and supplies.
- 2002-2018 data shows the average number of fires per year is 659 in Alexandria, VA. Looking into fire subcategories, the most incidents belonged to structure fires at 55.2% and outside fires at 27.9%.
- Air pollution and air quality is measured by the Air Quality Index (AQI). In 2018, Alexandria, VA, was 87.8, and was a bit higher than the US national average of 74.2.
At times you may need to add a specialized property insurance coverage. Your local independent insurance agent may recommend adding the following:
- Bailee's insurance: Bailee's insurance protects businesses from damage, destruction, or loss of customer property while in their control. A bailee can be any business or person that has temporary custody of someone else's property.
- Flood insurance: Most basic commercial property insurance does not cover flood damage, even if it was the direct result of a hurricane. Flood damage can result in awfully expensive financial losses. Businesses located near waterways like the Potomac River are most at risk, however, when torrential rains fall, flash flooding can happen just about anywhere.
By utilizing a local independent insurance agent, you can be sure that you have enough commercial business insurance to cover all of your business assets, and that your coverage limits are high enough to allow you to rebuild, repair, or replace, as necessary.
Do Businesses in Alexandria, VA, Need Workers’ Compensation Insurance?
Generally, a business with three or more employees is required to carry workers’ compensation coverage. As a business owner, you are responsible for covering your employees' financial losses in the event of a workplace injury or occupational illness. Workers’ compensation insurance is designed to provide this coverage. Unfortunately, even when your employees take all precautions, sometimes they get hurt or sick.
All employers in the state of Virginia are required by law to cover three or more full-time or part-time employees with workers’ compensation insurance. There are a few exceptions. It is not necessary to buy coverage for the following:
- Sole proprietors
- Corporate partners
- LLP or LLC members
Insurance rates for workers’ compensation are usually based on the types of jobs that your employees perform daily and the risk of getting hurt or becoming sick. For example, it would cost more to insure a race car driver than to cover a cashier at a Mexican restaurant.
Why Work with an Independent Insurance Agent in Alexandria, VA?
Insurance companies know that every commercial business has it is own unique perils and risks. Because of this, they enable business owners to completely customize their commercial business insurance coverage. An independent agent can offer direction and help you find the best and most affordable policies to cover your business insurance needs.
Find a local independent insurance agent with an office in or near Alexandria, VA, to learn more. Discover how easy it can be to build a comprehensive business insurance policy package.
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