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Which insurance policies are recommended for Virginia businesses?
Small businesses in Virginia most often buy these types of insurance.
General liability insurance
A general liability policy covers common third-party risks, and it's required by most commercial leases. This type of business liability insurance is important for all Virginia businesses.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Libel and other advertising injuries
Workers’ compensation insurance
Workers’ comp insurance is required for Virginia businesses that have more than two employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Commercial auto insurance
Commercial auto insurance pays for medical care and other damages in accidents involving business-owned vehicles. It also covers vehicle theft, vandalism, and other types of damage.
BEST FOR
- Accidents involving commercial vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Virginia business.
BEST FOR
- Slip-and-fall injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects Virginia businesses that provide professional services or advice. It covers legal costs related to work performance.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
E&O, sometimes called professional liability insurance, is common with professional services in Virginia. It can cover the cost of lawsuits related to your work performance.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
This policy covers financial losses from data breaches and cyberattacks. It's recommended for Virginia businesses that handle credit card numbers and other sensitive data.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Data breach investigations
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
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Which business insurance policies are required in Virginia?
State laws affect which business insurance coverage you need. These policies are required everywhere in Virginia, from Richmond to Virginia Beach.
Workers' compensation insurance
Virginia state law requires businesses with more than two employees, full-time or part-time, to carry workers’ compensation coverage.
This policy covers medical bills for work-related injuries and illnesses, such as a cleaning company employee becoming sick from cleaner fumes. It also provides disability benefits to injured Virginia workers.
Most policies include employer's liability insurance, which covers legal bills if an employee claims their injury was caused by the employer's negligence.
Commercial auto insurance
Commercial auto insurance covers the cost of accidents involving business-owned vehicles. Until recently, Virginia did not require auto insurance.
As of July 2024, Virginia law requires auto liability insurance in the following amounts, at a minimum:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $20,000 property damage liability per accident
Starting in January 2025, these limits will increase to:
- $50,000 bodily injury liability per person
- $100,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Trucking companies and motor carriers may need additional coverage to comply with regulations.
Personal, leased, and rented vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner's policy.
How much does small business insurance cost in VA?
Commercial insurance can be affordable for small business owners. Average costs in Virginia are:
General liability: $36 per month
Workers' comp: $39 per month
Professional liability/E&O: $64 per month
Factors that influence business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
How to get insurance for your Virginia business
View video transcript.
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When you are ready to get insurance for your Virginia business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.
FAQs about Virginia business insurance
Review answers to frequently asked questions about Virginia insurance.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Virginia's requirements and match your unique business needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Virginia's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Does my industry affect state business insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance (also called professional liability insurance) to get licensed in their state.
Attorneys, while not required to carry legal malpractice insurance, must report their coverage status to the state every year.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Virginia small business insurance?
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated insurance carriers by filling out a free online application.
Other ways to save include bundling insurance products for a discount, and choosing less expensive coverage options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.