As a business owner, the safety of your employees and your customers is your top priority. Unfortunately, many business owners underestimate the cost that a lawsuit or recall can have on their bottom line. Business insurance policies can help protect your livelihood by safeguarding your income.
You don’t need to own a million-dollar company to protect yourself with business insurance in Virginia. We’ll take a look at a few of our favorite options for affordable business insurance and we’ll give you a crash course on everything you need to know about the best business insurance in Virginia.
Quick Look: Best Business Insurance in Virginia
Best Business Insurance Options in Virginia
You can tap into dozens of insurance providers that offer policies in Virginia. Which type of provider should you choose? The best choice will depend on your needs as an insurance provider. Let’s take a look at a few of our favorite insurance providers in Virginia and what they do best.
1. Best Overall for Business Insurance: The Hartford
No matter what type of business insurance you need, you’ll find affordable and comprehensive coverage options from The Hartford. The Hartford offers 30 years of experience offering business insurance to everyone from small business owners to major corporations — it’s one of the country’s most trusted names in business insurance.
The Hartford’s coverage options are simple and easy to understand and you can get a quote in as little as a few minutes. If you’re looking for a quick business insurance solution, consider The Hartford’s all-inclusive Business Owner Policy. The Business Owner Policy combines general liability, commercial property insurance and business income insurance in 1 convenient package.
- Quote process: Online or over the phone
- Policy purchase process: Online
- States served: All 50 states
- More than 200 years of insurance experience
- Provides online quotes
- Has a solid financial rating
- Offers a wide range of commercial insurance products
- Pricing is entirely quote-based
2. Best for Tailored Coverage: Simply Business
Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business.
Whether you’re looking for construction workers’ insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price.
Tell Simply Business a little bit about your business and you’ll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance that will cover everyone on your team, and you can get covered in accordance with state law without overspending.
Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.
- Quote process: Online or over the phone
- Policy purchase process: Online
- States served: All 50 states
- Quick quote process
- Licensed agents to assist you
- Can choose from top insurance providers
3. Best for Last-Minute Insurance: Thimble
Thimble offers one-size-fits-all policies for your exact work needs. You can buy policies only for the time you need, whether that’s a month, a day or even in an hour. Thimble removes a ton of barriers from hold music to hundreds of previously required questions so you can get a Certificate of Insurance just hours before your next job.
Once you purchase your policy you can extend, change or even cancel it right from the app.
Get Thimble before your next job today.
- Quote process: Online or over the phone
- Policy purchase process: Online or over the phone
- States served: All except Washington and New York
- Strong customer review scores on Trustpilot and Better Business Bureau
- Purchase coverage based on a job or go month-to-month with an insurance policy
- Get quotes in minutes
- Online-only customer support
- Some commercial policies are not available, such as commercial auto
4. Best for Self-Employed: State Farm
If you’re self-employed, you might run your business out of your home. If this is the case, consider a business insurance policy from State Farm.
State Farm is one of the largest homeowners insurance providers in the country and it also offers affordable home-based business add-on coverage. A home-based business add-on is significantly cheaper than purchasing a separate business insurance policy. Your policy will include coverage for up to $5,000 of business property. Need more coverage or lease a commercial space? State Farm also offers standard business and professional insurance policies.
- Quote process: Online
- Policy purchase process: Online
- States served: All except Massachusetts or Rhode Island
- Excellent financial ratings show stability
- Offers a wide range of customizable business insurance policies
- Specialty policies available to small-business owners
- Premiums may be higher compared to other insurers
- Some policy options may have restrictions or limitations
5. Best for Product Liability Insurance: AIG
If your business manufactures or distributes a product, you may want to purchase a product liability policy. Product liability insurance helps protect you against lawsuits resulting from injuries or errors caused by your products, as well as recalls.
AIG’s product liability protections are extensive. When you first get an AIG policy, you’ll receive a liability audit to help you locate potential areas where you might run into a liability. If you do need to issue a product recall, you’ll save time and money with AIG’s RecallResponse protection.
- Quote process: Online or over the phone
- Policy purchase process: Online or over the phone
- States served: All 50 states
- Offers customizable policies to fit specific business needs
- Access to risk management resources and tools to help prevent losses
- Claims process is typically straightforward and efficient
- Limited coverage options for certain industries or businesses
- Requires a thorough understanding of policy details to ensure proper coverage
6. Best for Bundling: Nationwide
Most major insurance providers allow you to save money when you bundle your business insurance with another type of protection. If you’re looking for an affordable and easy way to insure more than just your business, consider working with Nationwide.
Nationwide is one of the largest insurance providers in the country. It offers a vast selection of coverage types and options. You can insure your home, car, motorcycle, RV and even your wedding through Nationwide in addition to your business. Nationwide will take care of all of your insurance needs.
- Quote process: Online or over the phone
- Policy purchase process: Online
- States served: All 50 states
- Nationwide’s insurance agents offer personalized service
- A+ from A.M. Best
- Wide variety of coverage option
- Premiums may be higher compared to other insurance providers
Types of Business Insurance
There are multiple types of business insurance, and each type of insurance offers a specific type of coverage. The type of insurance you need will depend on the business you own, the number of employees you have and where you conduct your work. Here are some of the most common types of insurance and the protections each offers:
General Liability Insurance
General liability insurance protects your business against some of the most common lawsuits you might see as a business owner. If you suffer financial loss from bodily injury, property damage, medical expenses, libel or slander, your general liability insurance will help defend you and cover the cost of any judgments awarded against you. Any type of business can benefit from general liability insurance.
Product Liability Insurance
Product liability insurance helps defend you from financial losses incurred as a result of a defective or dangerous project. If you manufacture a physical product or you manage a wholesale or distribution business, you can benefit from product liability insurance.
Commercial Property Insurance
Commercial property insurance protects the physical location where you conduct your business. If you lease a commercial space, your landlord might require you to have at least some level of commercial property insurance as a term of your lease. If your business has a physical location or you own property as part of your business, you can benefit from commercial property insurance.
Workers’ Compensation
Workers’ compensation insurance is a type of protection that compensates your employees if they’re injured while at work. You’re legally required to have worker’s compensation insurance in Virginia if you employ 3 or more full-time or part-time employees.
Professional Liability Insurance
Professional liability insurance protects you against malpractice claims, clerical errors, libel or slander. If you provide a service to customers, you should consider a professional liability policy.
Cost of Business Insurance in Virginia
The specific price that you’ll pay for your business insurance will vary depending on a wide variety of factors, including:
Your Industry
If you work in a high-risk industry, you’ll pay more for your insurance because you’re more likely to file a claim.
The Types of Coverage You Need
If you need to purchase multiple types of business insurance coverage, you’ll pay more. Some insurance providers offer bundle discounts that package multiple types of insurance together under a single policy.
Your Claims History
If you’ve made a claim with your previous business insurance provider, you may pay more for coverage.
The Number of Employees You Have
The more employees you have, the more likely you are to need to file an insurance claim. This increased risk also comes with higher insurance costs.
Here’s what you can expect to pay for 3 common types of business insurance.
How to Lower Cost of Business Insurance
Business insurance can be expensive. There are a few methods you can do to lower the cost of your insurance, including:
Choosing a Higher Deductible
Your deductible is a set dollar amount you must pay when you file a claim. After you pay your deductible, your insurance “kicks in” and pays out the rest of the damages up to your limit. Some insurance providers will allow you to choose a higher deductible in exchange for a lower monthly premium.
Paying Your Premium in Full
If you can afford to pay a year’s worth of insurance premiums upfront, your insurance provider may be able to offer you a discount.
Bundling Multiple Insurance Policies Together
Major insurance companies (like Nationwide, Progressive and State Farm) offer a wide selection of insurance policies. If you already have home, auto or life insurance, you can usually save money on your business insurance by buying your coverage from the same insurance provider.
Protect Yourself for the Future
If you purchased the first business insurance policy you came across, you might be overpaying for coverage. Like most other types of insurance, business insurance companies each have their own unique formula they use to determine exactly how much you’ll pay for coverage. We recommend that you get a quote from 5 competing business insurance companies in your area to make sure that you aren’t paying too much for insurance.
Frequently Asked Questions
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In Virginia, businesses are typically required to have workers’ compensation insurance if they have employees. Other types of insurance, such as general liability insurance, may be required depending on the nature of the business.
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The amount of insurance coverage needed for your business in Virginia will depend on various factors, such as the size of your business, the industry you’re in, and the potential risks you face. It’s best to consult with an insurance agent to assess your specific needs.
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To file a claim with your business insurance provider in Virginia, you typically need to contact your insurance agent or the insurance company directly. They will guide you through the claims process and help you gather the necessary documentation.
