Business Insurance

Why Get Business Insurance in Virginia
In 2009, Virginia was ranked as the number one state for business for the fourth straight year by Forbes. Balance and diversity are big reasons for this success. The state’s businesses include government, the military, farming, and the service sector. Virginia also has a booming wine industry. Northern Neck and Blue Ridge Mountain wineries create superior vintages and attract many tourists. And in the popular Chesapeake Bay, oysters have always been a delectable and sought-after treat. Virginia also is a large and significant exporter of computer chips.

All of these companies, both large and small, need to be protected with business liability insurance. Lawsuits and the resulting settlements can take a heavy toll on any company’s financial reserves. Small businesses are especially at risk since being forced to pay one big settlement could literally bankrupt them. With the proper insurance coverage, business owners can have one less thing to worry about. If an accident ever happens involving an employee, a customer, or even a visitor, you can be assured that the insurance policy you have will pay for the damages, including medical expenses and lost wages. Why risk losing everything you have worked so hard for by cutting corners with your insurance coverage?

Worker’s Compensation in Virginia
In accordance with Virginia’s system of worker’s compensation, it is mandatory for employers to provide worker’s compensation insurance to their employees. There are a few exemptions, as listed below. Worker’s compensation insurance is paid for by the employers and can be obtained from private insurance carriers or through self-insurance. Waivers may be allowed. Full medical benefits, disability and death benefits are provided to entitled workers under the provision of the Worker’s Compensation Act.

The following are excluded from the Worker’s Compensation Act in Virginia:

  1. Domestic helpers or servants
  2. Employers in a non-agricultural industry with less than three employees

Agricultural employers who regularly hire two or more full-time employees must still provide worker’s compensation coverage to their employees.

Coverage for Virginia Business Insurance
Virginia business insurance offers protection to all businesses, old or new, big or small. In Virginia, many older established businesses are covered by Indiana business liability protection. However, some new businesses still don’t have adequate coverage or worse no coverage at all. In many ways, new businesses are considered more vulnerable than older ones. One reason for this is that many older companies in Virginia already understand the importance of liability coverage through first-hand experience. So if an accident or weather-related event happens, these businesses are fully protected from having to pay out-of-pocket for any damages or a lawsuit. Every company should include liability insurance as an important part of its financial and business plans.

Business liability insurance should be considered as the small business owner’s best friend. It offers protection against a lot of potentially devastating financial hardships. Most business owners invest enormous amounts of time on developing products, designing advertising campaigns and recruiting the best employees. But they give little thought to their insurance policies. Without adequate insurance coverage, a business and its owner can be financially ruined in the event of an accident or storm. Virginia business insurance provides business owners with financial protection and shields them from the terrible prospect of losing their business due to inadequate insurance coverage.

In today’s tough economic climate, many small business owners make the decision not to purchase business liability insurance because of their companies’ low profit margins. Many also see it as way to save money. But business owners who make this decision are taking an enormous risk. If there is an accident and your business does not have proper insurance coverage, you can be sued for damages and forced to come up with the money personally. The court can order the funds to be taken from the business itself or from your private assets. Don’t risk losing your hard-earned business by not having adequate financial protection. A comprehensive Virginia business liability insurance policy is well worth the cost!