Home to the Norfolk Naval Station, Norfolk, VA is a waterfront city in southeastern Virginia. Norfolk lies on the Elisabeth River in the Tidewater region at the mouth of Chesapeake Bay. Businesses located in the city of Norfolk provides the local community with necessary goods and services. They also play a pivotal role in the health of the local economy so when times are less than ideal, having business insurance helps businesses remain profitable.
Although building a comprehensive business insurance policy package may seem daunting, you can get help from professional agents. Local independent insurance agents in Norfolk, VA can help your business to identify your business’s specific risks and recommend the appropriate policies to cover against them.
Contact a local independent insurance agent near you to get started today.
Why Do Businesses in Norfolk, VA Need Business Liability Insurance?
Business liability insurance is an important aspect of every business insurance policy bundle. It’s designed to cover court costs, damages, and legal fees if your business has issues with accidents, injuries, or neglect if sued for a covered event. The costs arising from a lawsuit can be very steep even if the courts rule in your business’s favor.
Your business faces specific risks, unique to your line of work, so you need to make sure you have the right coverage to cover them. The following are some liability insurance options available to you:
- Premises liability insurance: This covers accidents that take place on your business property.
- Product liability insurance: This protects your business from the consequence that occurs if a product causes injury or other damage to third parties.
- Commercial vehicle liability insurance: If your business owns and operates vehicles, this is required by law. If one of your employees causes a collision, which results in third-party injuries or damage, this liability insurance will cover it.
- Employment practices liability insurance: In case of accusations of discrimination, breach of contract, sexual harassment, this liability insurance will cover it.
- Cyber liability insurance: This covers against financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
A local independent insurance agent can tell you more about these and many other business liability coverage options. Ask your agent about all the business liability products that are appropriate for your Norfolk, VA business.
What Business Insurance Options Cover Your Norfolk, VA Business Property?
Many businesses in Norfolk, VA are likely to experience property loss or damage due to risks such as structure fires, property crimes, hurricanes, severe storms, and hail.
Each of these hazards is covered by commercial property insurance and is a basic element of all business insurance policies. It covers your commercially owned property, including computers, furniture, supplies, and inventory.
At times, it is necessary to add specific property insurance products. Your local independent insurance agent may recommend adding the following:
- Bailee's insurance: This protects valuable property owned by others when in your business’s possession, such as when you are performing maintenance or repair on it.
- Equipment breakdown insurance: This covers the cost to repair or replace damaged equipment and can also cover any business losses associated with machine malfunctions.
- Inland marine insurance: Unlike “marine insurance”, inland marine insurance covers portable business property while in transit or in storage away from your place of business, such as at a worksite.
- Flood insurance: Be conscious of the fact that business property insurance does not cover flood damage, even if a hurricane was the direct cause of the flooding. Flood damage can lead to extremely expensive financial and property losses. Businesses located near waterways such as the Chesapeake Bay and the Elisabeth River are most at risk, but when torrential rains fall, flash flooding can happen almost 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 holdings are suitably covered, and that your coverage limits will enable you to rebuild, repair, or replace, as necessary.
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Why Is Business Interruption Insurance a Good Idea in Norfolk, VA?
A major catastrophe such as an oil fire can do more than just damage your business’s property. If the damage is especially severe, it could force your business to remain closed for an extended period while repairs are made.
- Number of federally declared disasters in Virginia in 2019: 3
- Most common reasons for declared disasters: Severe tropical storms and hurricanes.
For a small business, a closure that lasts for several weeks can be economically devastating. Business interruption insurance provides a solution by providing your business with an extension of income until your business can resume normal operations.
When you have business interruption insurance, your business can afford to pay regular monthly expenses such as employee salaries, utility payments, and loan repayments, even though your business is temporarily unable to generate income. Talk to your local independent insurance agent today to learn more.
Do Businesses in Norfolk, VA Need Workers’ Compensation Insurance?
The state of Virginia requires most employers to carry workers’ compensation insurance in the event of a work-related injury. If an employer has three or more regular employees, they must carry workers’ compensation insurance. Workers’ compensation provides relief for both the employee and the employer. For the injured employee, it provides rapid but limited benefits. For the employer, it provides protection for a civil suit.
All employers in the state of Virginia are required by law to cover their full-time and part-time employees with workers’ compensation insurance. There are a few exceptions. It is not necessary to buy coverage for:
- Sole proprietors
- Corporate partners
- LLC members
Insurance companies base the rates for workers’ compensation insurance principally on the types of jobs your employees perform and the chances they will be injured on the job. For example, it would cost more to insure a high-rise steelworker than a clerk at a department store.
Why Work with a Local Independent Insurance Agent in Norfolk, VA?
Insurance companies know every business has it is own specific risks and experiences. For this reason, they enable business owners to tailor their business insurance coverage. Find a local independent insurance agent with an office in or near Norfolk, VA to learn more, as they can go over the pros and cons of each option, so you can make an informed decision.
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