Business Insurance in Fairfax, VA

Experts break down Fairfax, VA business insurance costs, coverage, companies, and more.

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Fairfax, VA, is a bustling suburb of Washington, D.C. There are over 4,700 businesses in Fairfax. Many Fairfax residents work in government, but professional services, construction, and hospitality are other prominent industries.

If you own a business in Fairfax, you need business insurance to help protect your assets when something goes wrong. An independent insurance agent can help you compare business insurance quotes in Fairfax, VA, to choose the best coverage for you.

How Much Does Business Insurance Cost in Fairfax, VA?

Many factors, including the following, influence business insurance costs in Fairfax, VA:

  • The size and physical location of your business
  • Your number of employees
  • Your gross sales and payroll
  • The nature of your business (what do you do?)
  • The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
  • Your prior claims history

Some businesses may be more susceptible to property losses depending on their location. If you live in an area with a high property crime rate or experience frequent severe weather, you’ll likely pay more for your business insurance. There have been 69 federally declared disasters in Virginia since 1953. The leading causes of property losses in the state are:

  • Severe storms and lightning
  • Flooding and water damage
  • Hurricanes and tropical storms
  • Fires
  • Burglary and other property crimes

A local independent insurance agent can help you understand all of your risks and get quotes for affordable business insurance.

Is Business Insurance Required in Fairfax, VA?

Business insurance is a package of insurance policies covering various property and liability risks. Most types of business insurance are not required by law in Fairfax. But if your business owns even a single vehicle, you have to buy commercial auto insurance that complies with Virginia law.

Business vehicle owners in Virginia must buy commercial auto insurance with liability coverage up to the following minimum limits:

  • Bodily injury liability: $30,000 per person/$60,000 per accident
  • Property damage liability: $20,000 per accident

Bodily injury liability insurance covers you if you are at fault in an accident and someone other than yourself is injured. Property damage liability insurance covers damage to another person's vehicle or property in an accident that is your fault.

In addition, workers' compensation insurance is required for any business in Virginia with more than two employees. Workers' compensation insurance helps injured workers pay for the costs of medical care and lost wages if they are injured on the job.

State law does not require other types of business insurance in Fairfax, but most business owners will need commercial property insurance and general liability insurance to protect their assets adequately.

What Does Business Insurance Cover in Fairfax, VA?

Business insurance in Fairfax, VA, will typically include the following types of coverage:

  • Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
  • Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
  • Business interruption coverage: Protects your earnings if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close your doors for some time to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
  • Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
  • Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury. 

Your business insurance program will be different from your neighbors'. It's important to work with an agent who understands your unique business risks and who can recommend policies that provide the proper coverage.


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What Does Small Business Liability Insurance Cover in Fairfax, VA?

Lawsuits against businesses are common. You can be sued by someone who trips and falls on your premises or someone who's been injured by one of your products. In any case, the costs to defend yourself and pay the injured party can be devastating if someone accuses you of negligence.

Small business liability insurance protects you from the financial losses associated with lawsuits. A commercial general liability (CGL) policy provides broad coverage for third-party bodily injury and property damage claims. It pays for court costs and legal fees if you're sued, as well as any court-ordered settlements or judgments that you must pay.

CGL insurance also pays for medical expenses for injured parties and provides coverage if you're accused of advertising liability, slander, or libel.

But be aware that a CGL policy does not cover every kind of liability risk. If you're at risk of other types of lawsuits, you'll need to purchase additional liability policies.

Talk to your independent insurance agent about why you might need cyber liability insurance, environmental liability insurance, professional liability insurance, or other types of liability coverage.

Are There Any Small Business Health Insurance Plans in Fairfax, VA?

Employee benefits are essential to round out any business insurance program. Group health insurance and other employee benefits don't cover your physical assets or protect against lawsuits. But they do play a role in ensuring that you have a healthy and satisfied workforce.

What’s more, you’ll be eligible for certain tax benefits if you offer a health insurance plan to your employees.

There are many different small business health insurance plans in Fairfax, VA. A local independent agent can help you find an affordable small business health insurance plan that meets your needs.

Who Are the Best Small Business Insurance Companies in Fairfax, VA?

Finding the best small business insurance companies in Virginia can be simple. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Fairfax, VA?

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of business insurance quotes in Fairfax so that you can make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.

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