Richmond is the state capital of Virginia and is one of the oldest major cities in the US. The many businesses located in the city of Richmond, VA, provide necessary goods and services in the community, as well as play a vital role in the health of the local economy. During troubled times, business insurance helps businesses remain profitable.
Putting together an all-inclusive business insurance policy package can be baffling, but you do not have to do it alone. Local independent insurance agents in Richmond, VA, can help by identifying your business’s particular risks and recommending the appropriate options to cover against them.
Contact a local independent insurance agent near you to get started today.
Why Do Businesses in Richmond, VA, Need Liability Insurance?
Business liability insurance, which is also called commercial liability insurance, is one of the most important aspects of your business insurance policy package. It protects your business from financial loss resulting from claims of injury caused to others by you or your employees. Although the courts may rule in your favor in a lawsuit, the costs can still be enormous. Most insurance policies cover the following:
- Bodily injury: This is physical damage to a person other than an employee at your place of business, and injuries caused by you or an employee at a client’s home or workplace.
- Personal injury: This is damage such as copyright infringement, invasion of property or privacy, slander, wrongful eviction, and false arrest that cause damage to a person’s reputation or rights.
- Property damage: This is damage done to another person’s property by you or an employee while conducting your business.
You will also need to make sure you have the right kinds of liability insurance to cover against the specific risks faced by your business. Some of the many business liability products available to you include the following:
- Product liability insurance: This covers another person’s injuries, illnesses, or property damage caused by defects in your products in which your business produces, sells, or promotes.
- Advertising injury: These are losses caused by your business’s advertising and/or marketing methods.
- Legal defense and judgments: This covers the costs to defend your business against lawsuits and judgments up to the limit of your coverage.
- Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your employees causes an accident that results in harm to others.
Other Required Insurance for Your Richmond, Virginia, Business
Richmond, Virginia, minimum business insurance requirements:
- In the state of Virginia, business liability insurance is not mandatory. Virginia is one of four states that still use a contributory negligence standard in which the plaintiff is prohibited from recovering any financial losses if they acted negligently and contributed to the accident in any way.
- The state of Virginia does require employers with three or more employees, whether full- or part-time, to carry workers’ compensation insurance. The following are exempt:
- Partners and sole proprietors with no employees.
- Members of a limited liability company.
- Corporate officers may reject coverage for accidents but not for work-related diseases.
- Virginia also requires all drivers to carry minimum car insurance. If you use your car or truck for business, it is recommended that you purchase a commercial vehicle policy.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent. Your agent can recommend all the business liability products appropriate for your Richmond, VA, business.
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What Specialized Property Insurance Products Do You Need to Cover Your Richmond, VA, Business Property?
Businesses in Richmond, VA, are most likely to experience property loss or damage due to hazards such as structure fires, property crimes, hurricanes, severe storms, and hail.
Every now and then it is necessary to add specialized property insurance products. Your insurance agent may recommend adding the following:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
- Equipment breakdown insurance: This covers the repair or replacement of broken-down machinery or a machine malfunction.
- Commercial flood insurance: Be conscious that business property insurance does not cover flood damage, even if the flood occurred during a hurricane. Businesses located near waterways like the James River are most at risk, but when heavy rain falls, flash flooding can happen anywhere, so commercial flood insurance is recommended for most businesses.
A local independent insurance agent can help you make sure all of your business assets are suitably covered, and that you have enough insurance to repair, rebuild, or replace when needed.
Do Businesses in Richmond, VA, Need Workers’ Compensation Insurance?
As a business owner in Richmond, VA, you are required to provide a safe workplace for your employees. Unfortunately, even when you take all precautions, employees do get hurt on the job. Your business is responsible for covering your employees' financial losses in the event of a workplace injury or work-related illness. Workers’ compensation insurance is designed to provide this coverage.
The insurance companies’ rates for workers’ compensation insurance are based mainly on the types of jobs and the likelihood that they will be injured on the job. It would actually cost more to insure a garbage truck driver than to cover a cashier at a convenient store.
A local independent insurance agent will be able to help you review your costs and match you up with an insurance company that specializes in covering businesses in your industry.
Why Work with an Independent Insurance Agent in Richmond, VA?
Every business has it is own specific risks, and insurance companies understand this. That is why they allow business owners to fully customize their business insurance coverage. A local independent agent can make insurance coverage shopping easy by offering advice 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 Richmond, VA, to learn more. You will soon figure out how easy it can be to build a comprehensive business insurance policy package.
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