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Business Insurance in Virginia
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Recommended insurance policies for small businesses in Virginia
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
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
Cyber liability 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
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
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
Looking for different coverage? See more policies.
Virginia small business insurance requirements
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, and 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 work vehicles.
Business vehicles in Virginia aren't required to carry this coverage. However, you must be able to prove you can meet the state's financial responsibility requirements in the event of an at-fault accident.
The financial responsibility requirement in Virginia can be met by purchasing commercial auto insurance, paying an uninsured motor vehicle fee, or obtaining a surety bond.
If you purchase insurance, the state imposes coverage minimums. Virginia's minimum requirements for auto liability insurance are:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $20,000 property damage liability per accident
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal 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 (BOP).
How much does small business insurance cost?
Commercial insurance can be affordable for Virginia small business owners. Factors that influence the cost include:
- Type of business and its risks
- Business operations and location
- Number of employees
- Types of insurance purchased
- Policy limits and other coverage options
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Find the right policies and get your certificate of insurance
Insureon's licensed agents can help you find policies that fulfill Virginia's requirements and your business insurance needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
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.