Insurance Coverage Every Virginia Beach Small Business Needs

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Insurance Coverage Every Virginia Beach Small Business Needs

With the wide variety of insurance products available, selecting the right coverage for your small business can be difficult. Determining the right insurance for your small business depends on your industry, structure, activities, location, business loan, and whether or not you hire employees. As a result, there is no one size fits all approach. You should always discuss your individual business insurance needs with an insurance agent.

Business Insurance Requirements for Virginia

Whether you are starting a new business or reviewing your current coverage, it is important to understand Virginia State Laws that affect your decision. The state of Virginia requires businesses to have the following insurance:

  • Workers Compensation: Virginia requires that anyone who employs three or more persons, whether full or part time, carry workers compensation insurance.
  • Automobile Insurance: If you use your car or truck for business, your are required to have automobile insurance, and it is also recommended that you purchase a commercial vehicle policy.

However, you will need to go beyond the minimum requirements in order to protect your small business. Business insurance minimizes the financial risks associated with unexpected events, liabilities, and losses.

Recommended Insurance For Your Small Business

Business Insurance protects your business assets and financial health in situations such as death of a partner, a natural disaster, or injury and damage claims. In general, most small business insurance coverage includes the following:

  • Property insurance: protects your building, equipment and inventory
  • Business income insurance: covers lost income if your operations are suspended because of a covered loss
  • Equipment breakdown insurance: protects you if your equipment is damaged from power surges, mechanical breakdown, burnout or operator error
  • Personal and advertising injury coverage: covers copyright infringement, libel and slander
  • Bodily injury and property damage liability: covers those instances when your employees, products or services cause harm to other people or their property
  • Medical payments coverage: covers medical expenses resulting from injury to others on property you own or rent
  • Rented vehicle coverage: provides liability coverage for autos that you lease or borrow

Customizing Your Business Insurance For Your Small Business

Not all coverage will be appropriate for your business. Depending on your industry, you may want to consider other forms of insurance. To customize the types of business insurance you will need to provide your insurance agent the following information in order to make the best decision:

  • Type of business.
  • Whether your business is based in your home or at a commercial location.
  • Projected revenues and the financial stability of your company.
  • Contractual agreements, such as any property, building, automobile or equipment loans or leases, as well as merchandise and franchise agreements.
  • Details about any prior losses.
  • Details about your building, such as whether you rent or own, age of building, number of floors, construction type, square footage, are other tenants, and are any hazardous materials on-site.
  • Employee information, such as annual payroll, the number of full-time versus part-time employees, any subcontractors or consultants, and a list of company’s officers and positions.

When To Review Your Business Insurance Coverage

In most cases you should review your policy annually. This ensures you have the proper coverage as your business grows and you take on addition markets or provide new products and services. However, if your small business experiences significant change such as rapid expansion you will want to conduct a mid year review. By working with your insurance agent, you might find that you can obtain better coverage and even lower premiums.

At Virginia Beach insurance company WBR Insurance we offer a full portfolio of policies, including business insurance. We pride ourselves in establishing personal relationships with our customers to assist you in protecting what matters most. To get a free quote for your Virginia Beach business insurance needs, give us a call at 757-340-0028 or visit our website www.WBRInsurance.com.

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