Get the right commercial insurance for your Virginia Beach business
Which policies are recommended for Virginia Beach businesses?
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Virginia Beach often require this coverage.
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber insurance helps small businesses in Virginia Beach recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A BOP is an affordable way to buy general liability coverage and commercial property insurance together. It's recommended for low-risk small businesses in Virginia Beach.
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for Virginia Beach businesses with three or more employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by Virginia Beach businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Virginia Beach business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Virginia Beach, VA?
Workers' compensation insurance
Virginia state law requires workers' compensation for all small businesses with three or more employees, whether they're full-time, part-time, temporary or seasonal.
Workers' compensation helps pay for medical expenses related to work-related injuries.
Most workers' comp policies also include employer's liability coverage, which protects the business from injury-related lawsuits.
Single-person businesses, such as sole proprietors, should also carry workers' comp, though they are not required by state law. This policy can help with medical bills related to work injuries, or may be a requirement for certain contracts.
Commercial auto insurance
All Virginia small businesses with company-owned vehicles are required to carry commercial auto insurance.
This insurance protects your business if you or your employees are involved in an accident with company vehicles while performing work-related activities and errands.
Virginia insurance minimum requirements include:
- $50,000 bodily injury liability per person
- $100,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Certain businesses, such as trucking businesses or those that use utility trailers or cargo trailers, may require higher limits.
In Virginia, personal injury protection (PIP) is not required as an endorsement to your coverage, but it helps provide medical payments coverage if there's an accident, regardless of who was the at-fault driver.
Businesses that use personal, rented, or leased vehicles will need another policy called a hired and non-owned (HNOA) policy.
How much does business insurance in Virginia Beach cost?
Small businesses in Virginia Beach don't have to pay a lot for commercial insurance. Here are a few average costs for Virginia businesses, based on policy data from Insureon customers:
General liability: $42 per month
Workers' comp: $46 per month
Professional liability/E&O: $99 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
Top professions we insure
FAQs about Virginia Beach business insurance
How do I get a certificate of insurance for my business?
With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance option that suits your coverage needs and pay for it online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents will help you get coverage for your Virginia company that matches your specific business needs and your budget.
Most businesses can get their certificate of insurance within a few hours. With this certificate, you can demonstrate proof of insurance for contracts, bids, and other agreements.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Small businesses are a common target of cyberattacks and ransomware attacks since they often have fewer security measures in place.
Virginia data breach laws require Virginia businesses to notify any residents and the Attorney General's office "without unreasonable delay" if they're exposed in a data breach.
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Virginia Beach insurance requirements?
Virginia Beach requires the majority of small businesses to apply for and obtain a small business license before starting operations. There may be additional special requirements for business insurance and bonds, depending on the type of work you do.
Here are a few examples of businesses with other obligations:
- Contractors don't automatically need contractor general liability insurance to operate in Virginia Beach, but many licenses and permits require it. They might also need a surety bond to sign a contract or bid on a project.
- Real estate agents and brokers are not required to carry errors and omissions (E&O) insurance, but the firm where they work may require it.
- Notaries public in Virginia Beach are not required to carry insurance or surety bonds, but it's highly recommended.
- Physicians aren't required by law to carry malpractice insurance in Virginia, but most healthcare facilities require it.
When running a business in Virginia Beach, you need to be aware of laws and regulations for Virginia, the city of Virginia Beach, and Princess Anne County.
How can I get help starting a small business in Virginia Beach, VA?
The City of Virginia Beach provides ample support for new and growing small businesses.
Here's a list of local organizations available to provide guidance and resources:
- Hampton Roads Chamber offers educational opportunities, events, and entrepreneurship counseling.
- The City of Virginia Beach provides business resources, including financing support, technical assistance, and industry-specific guides for small business owners.
- SCORE Hampton Roads works with local Virginia Beach small business owners to provide mentorship and education.
- Virginia Small Business Financing Authority assists small businesses with loans and financing programs.
- The U.S. Small Business Administration Virginia District offers events, guides, and education for small business owners in Virginia and beyond.
Keep in mind that many lenders will require you to first obtain business insurance coverage before they will approve a loan.
How can I save money on Virginia Beach business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies.
With Insureon, you can get free Virginia Beach business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on minimizing workplace exposures and risk management. Fewer accidents mean fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance. You can also speak to one of Insureon's agents to discuss your insurance coverage needs.