Popular Questions about Business Insurance in West Virginia

Business insurance is designed to safeguard your company against financial losses it may face due to hazards such as damaging weather, property crimes, and liability lawsuits.

This coverage can prove quite beneficial as is evidenced by the fact that businesses in West Virginia collected approximately $1.6 billion in insurance claims in 2019 alone.

A local independent agent can help you build a customized business insurance policy package that is designed to meet the specific coverage needs of your company.

Experts estimate that 40% of all small businesses are likely to experience a liability lawsuit setback at some point in the next 10 years. Fortunately, there are several liability insurance products available to businesses. This insurance can cover court costs, legal fees, and damages for lawsuits related to covered events.

Consider this: simple customer slip and fall injuries cost businesses an average of $20,000 when they occur. Premises liability insurance can absorb these costs so your business can focus on turning a profit.

The following are some other hazards American companies have experienced in recent years as well as the approximate average amount they collected when filing claims:

  • Theft and burglary:  $8,000
  • Water damage and freezing pipes:  $17,000
  • Wind and hail damage:  $26,000
  • Fire damage:  $35,000

Talk to a local independent insurance agent to learn about what business insurance can do for your company.

In West Virginia, business insurance can cover losses associated with a variety of potential hazards. That way, your business doesn’t need to experience large financial losses as a result.

  • Here’s what you can expect a well-built business insurance policy package to do for your company:
  • Cover loss or damage to your business property
    • Example: A severe storm generates a tornado, which destroys the warehouse in which you have your business inventory stored.
  • Cover third-party injuries and property damage
    • ExampleA windstorm causes your company’s outdoor sign to blow loose and it topples onto a car in a neighboring parking lot.
  • Cover accidents involving company-owned vehicles
    • Example: While on the way to a job site, one of your workers accidentally crashes a construction vehicle into a parked car.
  • Cover employee injuries and occupational illnesses
    • ExampleAn employee at your manufacturing plant suffers a significant injury due to an industrial machine malfunction and must take several months off work to recuperate.
  • Cover losses caused by extended forced closures
    • Example: A large portion of your restaurant is destroyed by an out-of-control kitchen fire. It takes several weeks before the building can be fully repaired and brought to code so that you can reopen.

A business insurance policy is not required by law. However, some types of commercial insurance that are often included in a comprehensive business insurance plan may be. For example:

  • Banks will require you to show proof of property and/or liability coverage before they will agree to finance a commercial loan or line of credit.
  • Contracting firms are nearly always required to show their potential clients proof of contractors insurance before they can be hired to do a job.
  • With very few exceptions, all employers in this state are required to carry workers’ compensation insurance.
  • If your business owns a vehicle or fleet of vehicles, you need to carry commercial vehicle liability insurance that meets the state’s minimum coverage requirements.

To learn more about coverage that you may have to have for your business, you can talk with a local independent insurance agent.

Business insurance rates are calculated according to a number of factors such as:

  • The size of your business
  • The value of your company’s assets
  • The number of workers you employ
  • Your company’s various liability exposures
  • The amount and types of coverage you want. 

Coverage needs can vary significantly from one industry to the next, so it is best to work with an experienced insurance agent who can help you build a suitable and comprehensive policy package for your company.

Because independent agents can work with multiple insurance companies, they can search for the best price for each type of coverage you need. Sometimes this means building a business insurance portfolio that includes policies from several different insurance companies. Don’t worry. You will still only have one point of contact with your local insurance agent.

Yes! There are currently 109 independent agencies in West Virginia who are ready to help.

These independent insurance agents can work with several different insurance providers to help you build a comprehensive and competitively priced business insurance portfolio. Work with an agent near you to ensure that your business is fully covered against all of its various exposures.

How does business insurance work?

Find the Best Insurance in Your City

National Business Insurance Stats

Number of businesses in the US: 27,626,360

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

CityNo. businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
South Charleston1,0924.211.78
St. Albans8084.041.97
Teays Valley1,0422.450.47
  • Charleston, WV
  • Business Insurance Common Coverage Options
  • Property: Charleston sees its fair share of inclement weather. Damage caused by severe storms, heavy winds, blizzards, and hurricanes can wreak havoc on business property. Fortunately, when you have the right business insurance in place, your company will be able to repair the damage and continue to function without experiencing a large financial loss.
  • Commercial auto: If your business owns a vehicle or a fleet of vehicles, you may benefit from having the added liability coverage that comes with a commercial auto insurance policy. Your rates will be based on several factors, including the number and types of vehicles you are covering, details about the employees who will be driving them, and the collision rates where these vehicles will be driven.
  • Workers’ compensation: With few exceptions, all employers in Charleston are required to carry workers’ compensation insurance. This insurance can pay for medical bills and lost wages if your workers suffer an occupational illness or are injured on the job. Rates are based on your company’s overall payroll and the potential risks faced by your employees according to their individual job classifications.

  • Huntington, WV
  • Business Insurance Common Coverage Options
  • Property:  Businesses in Huntington are at risk of sustaining damages due to a variety of hazards including accidental fires, severe weather events, and property crimes. As long as your business insurance plan includes a sufficient amount of commercial property coverage, your company should be able to withstand the losses these hazards can cause.
  • Commercial auto: Whether you are insuring a delivery van or a fleet of construction trucks, commercial vehicle insurance can protect your business against financial losses related to liability lawsuits and property damage if a company-owned vehicle is involved in a collision. If your business engages in interstate commerce, a local independent agent can ensure that your coverage meets all federal as well as state requirements.
  • Workers’ compensation: In West Virginia, workers’ compensation insurance is required by law for all employers, with a few exceptions. This insurance not only protects your employees from financial losses related to workplace injuries and occupational illnesses, it also shields your business from potential lawsuits related to these injures.

  • Morgantown, WV
  • Business Insurance Common Coverage Options
  • Property: Your business has likely invested a lot into its assets such as computers, furniture, tools, inventory, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event. Find a policy and rate that works for your Morgantown business by teaming up with a local independent agent.
  • Commercial auto: Commercial auto insurance can protect your business from facing unmanageable liability costs if one of your drivers causes an accident while operating a company-owned vehicle. Rates can be influenced by the types of vehicles you are covering. For example, it will cost far more to insure an 18-wheeler than a cargo van since your liability risks are greater with these larger, heavier vehicles.
  • Workers’ compensation insurance is designed to cover the cost of medical treatments, disability pay, and other expenses related to injuries or occupational illnesses your employees may suffer in the course of doing their jobs. It is required for nearly all employers in West Virginia. Workers' compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.

  • Parkersburg, WV
  • Business Insurance Common Coverage Options
  • Property: With more than 900 thefts reported every year in this small city, the property crime rate in Parkersburg is higher than both the state and the national averages. This makes it especially important for you to ensure that your business assets are sufficiently covered. In addition to covering against crime, your policy can also cover loss and damage due to hazards like inclement weather and accidental fires.
  • Commercial auto: You can't control other drivers, let alone criminals who may decide to take your company car for a joy ride. If your Parkersburg business owns a vehicle or fleet of vehicles, you will need to carry commercial auto insurance that includes, at a minimum, liability and uninsured motorist coverage. Rates for these policies can vary according to the number and types of vehicles you are covering, as well as the risk of collisions and vehicular theft where your employees will be driving them.
  • Workers’ compensation insurance covers medical expenses and paid time off for employees who are injured on the job and need medical treatment and time to recuperate. It can shield your company from liability lawsuits related to workplace injuries and occupational illnesses. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

  • Wheeling, WV
  • Business Insurance Common Coverage Options
  • Property: Floods pose a significant risk to businesses in the Wheeling area. For example, in August of 2020, severe storms led to flash flooding in the area and the Elm Terrace Shopping Center sustained significant damages from flood water and debris. Because the damage caused by a flood can be extremely expensive, it is important that you include a commercial flood insurance policy in your business insurance policy package. A local independent insurance agent can help.
  • Commercial Auto: Many businesses in Wheeling have company-owned vehicles. If yours is among them, you will need to insure these cars, vans, busses, or trucks with a commercial auto insurance policy. Doing so can prevent your business from facing a financially devastating lawsuit if one of your drivers causes a serious accident. A local independent agent can help you find a reliable policy at a competitive price.
  • Workers’ compensation insurance covers medical bills, disability pay, and other related expenses for workers who are injured while doing their jobs. In the worst cases, this insurance can also cover funeral expenses and compensation for surviving family members. Rates for this coverage are assigned according to your company’s overall payroll amount and the types of jobs your workers do.