Chesapeake Business Insurance

Your Complete Guide to Chesapeake, VA, Business Insurance

(Find the best deals on business insurance in Chesapeake, VA)

Chesapeake Virginia business insurance

Chesapeake, VA, is in the center of coastal Virginia and is located along the Intracoastal Waterway. The city is known for its cultural and historical significance. Edgar Allen Poe was known to have written part of his poem, “The Raven,” on the Dismal Swamp Canal, which is located along the eastern edge of the Great Dismal Swamp in Virginia and North Carolina in the United States.

The numerous businesses located in the city of Chesapeake, VA, play an important role in the health of the local economy as they provide necessary goods and services to the community. During times of turmoil, business insurance can make sure your company remains lucrative.

Local independent insurance agents can help you build a comprehensive business insurance policy by identifying your business’s risks and the appropriate policies to cover against them.

Contact a local independent insurance agent near you to get started today.

Why Do Businesses in Chesapeake, VA, Need Business Liability Insurance?

One of the most important elements of every commercial insurance policy package is business liability insurance which is designed to cover your business’s court costs, financial damages, and legal fees if your business is ever sued for a covered incident. However, even if the court awards your company benefits, these costs can be very hefty.

As a business owner, you will need to make sure you have the right categories of business liability insurance to cover against the specific risks your business faces. Some of the many business liability coverages available to you include the following:

  • Commercial vehicle liability insurance: If your business owns and operates commercial vehicles, this is required by law. It covers third-party damage or injuries if one of your employees causes an accident.
  • Premises liability insurance: This covers your business in case of third-party injuries, illnesses, or property damage that occurs due to an accident on your business property. 
  • Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by faults in products your business produces, promotes, or sells.
  • Employment practices liability insurance: Incidents such as discrimination, sexual harassment, breach of contract, and wrongful termination are covered by this type of insurance.
  • Cyber liability insurance: Hackers do access business computer systems all the time, and this insurance covers against financial losses and liabilities if sensitive customer data such as financial information or personal data is stolen.

Learn more about these business liability coverages by consulting a local independent insurance agent. Your agent can recommend all the business liability products that are appropriate for your Chesapeake, VA, business.

What Insurance Products Cover Your Chesapeake, VA, Business Property?

Businesses in Chesapeake, VA, are most likely to experience property loss or damage due to hazards such as strong winds, temperature fluctuations, theft, structure fires, property crimes, severe storms, and hail.

A standard part of all business insurance policies, each of these hazards is covered by commercial property insurance, designed to cover your commercially owned property, including computers, furniture, inventory, merchandise, and supplies.

However, sometimes you may need to add specialized property insurance products as necessary. Your insurance agent may recommend adding the following:

  • Inland marine insurance: This covers equipment, materials, and products while they are being transported on land, such as by train or truck, and helps protect business property that is transportable.
  • Flood insurance: Even if the flood is a direct result of a hurricane, business property insurance does not cover flood damage which can become very costly. Businesses located near waterways like the Chesapeake Bay are most at risk, but when rain falls heavily, flash flooding can really happen anywhere, so commercial flood insurance is recommended for most businesses.

A local independent insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace as necessary.

Why Is Business Interruption Insurance a Good Idea in Chesapeake, VA?

A major disaster such as a hurricane can damage your business property, and if the damage is severe enough, it could force you to temporarily close your business for an extended period while you have repairs made. If you must close your business for an extended period, business interruption insurance can provide a solution by providing your business with a continuation of income until you can resume normal business operations.

Most common reasons for natural disasters in Chesapeake, VA, are severe storms, heavy winds, and hurricanes.

Do Businesses in Chesapeake, VA, Need Workers’ Compensation Insurance?

As a business owner in Chesapeake, VA, any employer who has three or more employees must provide workers’ compensation, at no cost, to the employees. Unfortunately, even when all precautions are taken, sometimes employees get hurt. Workers’ compensation insurance is designed to provide this coverage. 

Workers’ compensation insurance rates are based on the types of jobs your employees perform and how likely they are to get hurt performing that job. For example, it would cost more to insure a race car driver than to cover a cashier at a restaurant.

By using a local independent insurance agent, you can get matched up with an insurance company that specializes in covering your type of businesses.

Why Work with a Local Independent Insurance Agent in Chesapeake, VA?

Working with a local independent insurance agent can save your business time and money when it comes to business insurance. Insurance companies offer fully customizable business insurance coverage for each business and its unique needs. A local independent insurance agent can offer your business guidance and help to find you the best coverage options.

Find a local independent insurance agent with an office in or near Chesapeake, VA, to learn more. Discover how easy it can be to build your business a comprehensive business insurance policy package.

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