When it comes to owning a business there are a litany of rules and regulations that must be followed, but few are as important for both the business owner and their employees than adequate commercial insurance coverage. Specific to Virginia, any business that employs two or more part-time or full-time employees are mandated to have workers’ compensation insurance. Should it be needed, workers’ compensation insurance helps pay for the medical costs associated with an employee’s injury or illness at the workplace or while on the job. If your business is in the construction industry, then even having just one employee requires that you carry workers’ compensation insurance.
Unlike many other states, Virginia does not require commercial auto insurance for vehicles that are owned by the business; however, you must have minimum car insurance per state regulations. With that said, the majority of personal auto insurance policies exclude business use from being covered so it is strongly recommended that you purchase hired and non-owned insurance if you require your employees to use a personal vehicle for work purposes.
In addition to the policies outlined above, small business owners may want to consider additional coverage depending on their scope of work. For instance, any business that is susceptible to a cyber-attack or data breach because they store customer data in the cloud or another provider may want to look at cyber liability insurance which helps pay for items such as legal fees, identity protection monitoring service and more. Other optional coverages include the business owner’s policy, general liability, and professional liability insurance.
At Insurance Shopper VA in Virginia Beach, VA our talented team of insurance professionals are ready to assist you in finding the perfect commercial insurance policy. Give us a call today to schedule a no-obligation consultation.