Virginia Business Insurance

Choose The Hartford for Your Virginia Small Business Insurance Needs

Business Insurance Virginia Small businesses in Virginia need insurance for a variety of reasons. Virginia’s economy is in a healthy state with the unemployment rate below the national average in both 2014 and 2015. Small businesses in the Old Dominion state created 26,105 net new jobs in 2015. Virginia small businesses make up 97.7% of all Virginia businesses with over 650,000 small businesses in total.1 It is vital that the owners of these small businesses are educated about the different types of business insurances available to help protect their businesses and employees. The Hartford has been providing small businesses with insurance for close to 200 years; learn how The Hartford can help protect your business.

Types of Virginia Business Insurance Offered

Virginia Business Owner’s Policy

A Business Owner’s Policy (BOP) is very convenient for business owners because it combines business property insurance and business liability insurance into one policy. The Hartford highly recommends that all business owners consider obtaining a BOP to ensure that their businesses and employees are protected in the event of an accident. A BOP can protect against claims from a fire, stolen or damaged property, lawsuits, and more. A BOP with The Hartford is designed for business owners to tailor their policy to meet the unique needs of their business. A BOP with The Hartford typically includes:
  • Commercial Property Insurance – helps protect the property of the business including merchandise, equipment, furniture, and the physical location.
  • General Liability Insurance – helps protect your business if your business is sued for damaging a customer’s property or if they get injured at your place of business
  • Business Income Insurance – helps protect your business if an accident happens that suspends business operations, it can help cover payroll and rent by replacing lost income while you are getting back on your feet.

Virginia’s Workers’ Compensation Insurance

Workers’ Compensation Insurance, also known as workers’ comp, is a mandatory insurance requirement for Virginia businesses.2 The state wants to ensure that employees and businesses will be protected in the case of a workplace related accident. Workers’ Comp provides an employee who has received a workplace-related illness or injury with medical benefits to cover their lost wages, prescriptions, physical therapy, hospital fees, and more. Workers’ Comp insurance also protects the business owner by covering the cost of legal fees if the employee or their family decides to file a lawsuit. The Hartford has workers’ comp policies that can help protect you and your business for example, in the event:
  • An employee slips on water from a leaking pipe and needs to go to the emergency room for possible head trauma.
  • An employee loses their life due to an illness received from work and their family sues your business.
  • Your employee throws out their back while lifting heavy equipment at work and requires weeks of recovery time and physical therapy.

Data Breach Insurance

Cyber Liability Insurance and Data Breach Insurance help protect your Virginia business by covering the costs that accrue from a data security breach for things like legal fees, crisis communication management, public relations, and solutions for identity protection. When a data security breach takes place, it is critical to respond to the issue swiftly to reduce the impact of the breach on customers and employees. The Hartford includes in our Data Breach Insurance policy, access to services that can help your business put the right security measures in place before an incident takes place, as well as get through a data breach should one happen. Consider Data Breach Insurance with The Hartford if for example:
  • Your business keeps customer records that contain sensitive information like credit cards, social security numbers, or medical histories.
  • Your business operates off a database where employees save files or a server where sensitive information is stored.
  • Your business holds intellectual property that could be stolen or copied.

Virginia Commercial Auto Insurance

The State of Connecticut requires that businesses carry Commercial Auto Insurance if their company has vehicles (owned or rented) that are used to conduct business. Commercial Auto Insurance protects your business by helping to cover the financial costs resulting from a work-related automobile accident you or your employees are involved in. The Hartford understands that each Virginia business has unique needs and faces different risks, so we help you to customize your policy to best protect your business in the case of an accident. Commercial Auto Insurance with The Hartford can help cover these expenses related to automobile accidents:
  • Towing coverage, rental reimbursement, downtime lost for employees, vehicle damage loss, glass repair, legal fees and medical expenses.

Virginia Minimum Business Insurance Requirements

In the state of Virginia, business owners are required to carry workers’ compensation insurance on their employees, in addition to commercial automobile insurance if your company rents, owns, or uses vehicles to conduct business.3 The Virginia Small Business Administration (SBA) is a great resource for small business owners. The SBA encourages business owners to purchase a number of insurance policies – the ones they have identified as most valuable for small business owners are: Property Insurance, Business Income Insurance, and Home-Based Liability Insurance.4 The Hartford has been a reliable business insurance provider for nearly 200 years and can help you navigate what insurance to purchase to best protect your business and employees.

Additional Virginia Business Insurance Links

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The coverages and services described herein are summaries only. All policies should be read carefully to determine exclusions, limitations and other terms and conditions. In the event of a conflict, the terms and conditions of the policy will govern. All coverages and services may not be available for all businesses or in all states. Please contact your agent or broker for details.

Coverage is underwritten by Hartford Fire Insurance Co. and its property and casualty insurance affiliates. In California, this insurance is written by Sentinel Insurance Company, Ltd. (CA license #8701). In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In WA, this insurance is written by Hartford Fire Insurance Company, Hartford Casualty Insurance Company, Hartford Accident and Indemnity Company, Hartford Underwriters Insurance Company, Sentinel Insurance Company, Ltd. and Hartford Insurance Company of the Midwest.