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Business Insurance in Virginia
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What are the requirements for small business insurance in Virginia?
State laws can affect which insurance policies you need for your small business. These policies are required for Virginia businesses.
Workers' compensation insurance
Virginia state law requires businesses with two or more employees, full-time or part-time, to carry workers’ compensation insurance. In the construction industry, businesses with even one employee must provide workers’ comp. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
All drivers in Virginia must have a way to pay for injuries or property damage resulting from a car accident even though they are not required to have commercial auto insurance. Minimum car insurance is a way to meet this requirement. Virginia's minimums are $25,000 bodily liability per person, $50,000 bodily liability per person, and $20,000 property damage liability per accident.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
Recommended insurance policies for small businesses in Virginia
General liability insurance
This policy is important for all Virginia businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps Virginia businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a Virginia business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
Workers’ compensation insurance is required for Virginia businesses that have four or more employees. It can cover medical costs for work injuries and illnesses.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
Commercial auto insurance pays for medical bills and other damages in accidents involving business-owned vehicles. It also covers vehicle theft, vandalism, and other types of damage.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small Virginia business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in Virginia business insurance
In Virginia, insurance agents, agencies, and brokers are licensed by the Virginia State Corporation Commission's Bureau of Insurance. Insureon is licensed in Virginia as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance and for surplus lines (license number 128394). You can verify our licensure with the Bureau of Insurance Agency Search by clicking on the "Agency" tab and entering our license number.
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