Virginia Beach Business Insurance

Your Complete Guide to Virginia Beach, VA Business Insurance

(How to find the best policy for you)

Virginia Beach Virginia business insurance

Virginia Beach, VA is in the mid-Atlantic area in Virginia’s southeastern corner, with the Atlantic Ocean in the east and the Chesapeake Bay in the north. Virginia Beach is one of the fastest-growing cities on the East Coast and is home to "The Golden Mile," a quickly growing group of new high-technology firms. 

Although the region experiences four mild seasons without climatic extremes, the area has an average snowfall of 8.9 inches, annually. As many businesses are located in the city of Virginia Beach, they provide necessary goods and services to the community. In addition, they play an important role in the health of the local economy. During troubled times, business insurance helps businesses remain productive.

When building a comprehensive business insurance policy package in Virginia Beach, VA, a local independent insurance agent can help by identifying your business's specific risks and recommend the appropriate amount of insurance to cover against them.

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

Why Should Businesses in Virginia Beach, VA Obtain Business Liability Insurance?

Part of every business insurance policy package is a solid business liability insurance policy. As one of the most important aspects of your business, it is designed to cover your business’s court costs, legal fees, and financial damages if sued for a covered event.

Every business has its own individual risks that come with the operation of the business and you will need to have the right kind of liability insurance to protect against them. A few of the many business liability products available to you include the following:

  • Premises liability insurance: This insurance covers third-party injuries, illnesses, and property damage, which occur due to a mishap on your business property. 
  • Product liability insurance: This insurance covers third-party injuries, illnesses and property damage caused by defects in products your business produces, promotes or sells.
  • Employment practices liability insurance: This insurance covers claims related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, or wrongful termination.
  • Cyber liability insurance: This insurance 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 other personal data.
  • Commercial vehicle liability insurance: This insurance is required by law if your business owns and operates any type of vehicle. It can cover your company’s increased liability risks if one of your drivers cause an accident that results in third-party injuries and/or damage.

Learn more about these and many other business liability coverage options by consulting a local independent insurance agent. Your agent can recommend all business liability products appropriate for your Virginia Beach business.

What Insurance Products Cover Virginia Beach, VA Business Properties?

Businesses in Virginia Beach, VA are most likely to experience property loss or damage due to hazards such as structure fires, floods, property crimes, hurricanes, and severe storms.

Each of the before mentioned risks is covered by business property insurance, which is a standard part of all business insurance policies. It is constructed to cover your commercially owned property, including furniture, computers, supplies, merchandise, and inventory.

Sometimes, you may find adding a specialized property insurance product to be needed. Your insurance agent may recommend adding one or more of the following:

  • Inland marine insurance: This insurance option covers transportable business property while in transit or in storage absent from your place of business, such as an offsite workplace.
  • Equipment breakdown insurance: This insurance option covers the repair or replacement of broken-down machinery and can also cover business losses related to machine malfunctions.
  • Bailee's insurance: This insurance option covers valuable third-party property while in your business’s care such as when you are performing repair or maintenance services on the property.

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

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

In 2018, the crime rate in Virginia Beach, VA was 119 (City-Data.com crime index), which was 2.3 times lower than the U.S. average. The crime rate fell by 14% compared to 2017 and in the past five years, Virginia Beach has seen a decline in both violent crimes and property crimes.

However, a major disaster such as a structure fire caused by arson can do major damage to your business’s property. If the damage is particularly severe, it could force your business to close and remain closed for an extended period while repairs are made.

If your business experiences a closure lasting for several weeks, it can be financially devastating, particularly if you own a small business. Business interruption insurance can provide a solution to this issue by providing your business with a continuance of income until your business can resume normal operations.

When you obtain this insurance option, your business can afford to pay monthly expenses such as employee salaries, even though your business is temporarily unable to generate income. Talk to your local independent insurance agent today to learn more.

Do Businesses in Virginia Beach, VA Need Workers’ Compensation Insurance?

In Virginia, if you own a business and employ two or more people, you are subject to carry workers’ compensation insurance. This includes part-time employees, minors, interns, and immigrants to name a few. As a business owner in Virginia Beach, you are required to provide a safe workplace for your employees. Unfortunately, even when you take all precautions, accidents happen, and workers get hurt. Workers’ compensation insurance is designed to provide coverage for those injuries/illnesses.

The rates for workers’ compensation insurance are primarily based on the kinds of tasks your employees perform and the probability they will be hurt on the job. In fact, it would cost more to insure a high-rise worker than to cover a convenient store clerk.

A local independent insurance agent can help you evaluate your costs and outfit you with an insurance company that specializes in covering your industry’s businesses.

What about Insurance Options for Employee Benefits Packages?

Although healthcare coverage can be expensive, offering sponsored coverage to your employees can have cost-saving benefits. Human resource studies conducted by human resource managers demonstrated that businesses offering competitive employee benefits packages, they find it easier to entice and hold on to ideal employees.

  • Employers' health care costs per employee in the U.S.: $13,000/employee
  • Employers' health care costs per employee in VA: $ 12,368/employee

Insurance companies have several different life insurance and health insurance policies available for you to choose from, which can make it tough to determine which policies are best suited to your employee benefits package. A local independent insurance agent can go over the pros and cons of each option so you can make an informed decision.

Why Work with an Independent Insurance Agent in Virginia Beach, VA?

Every business has it is own specific risks and experiences and insurance companies understand this, which is why they enable business owners to totally personalize their business insurance coverage. A local independent insurance agent can make purchasing coverage simple by offering advice and helping you find the best and most affordable policies to cover your business.

Find a local independent insurance agent with an office in or near Virginia Beach, VA to learn more. You will soon be on your way to discovering how easy it is to build a complete business insurance policy package.

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