Owning a business is a big investment. Business insurance is a promise. It promises you to get you back into your business, if your business is wholly affected by a catastrophic loss or vandalism or theft or by any means of natural disaster. Business insurance keeps your business moving. Apart from granting peace of mind, business insurance ensures family and business stability.
General Liability Insurance:
Commercial insurance in Virginia has many types and one among them is commercial general liability insurance. This protects your business from other person’s or other business claims of damages of properties, bodily injury, associated medical costs and related expenses. Some of the important coverages are as given below.
Bodily injury: Suppose a client visits your office on a rainy day and slips and falls on the floor and injures himself or herself badly. The general liability insurance could meet the necessary medical expenses of the injured person including the loss of wages, if any.
Property Damage: Suppose your business is a cleaning company and one of your workers is cleaning a high window using a step ladder. Suddenly the ladder slips and breaks a costly article of the client. This insurance coverage will help replace the broken item and you can thereby avoid a lawsuit.
Lost Wages: Suppose a client visits your business office for a consultancy and he or she is hit on his or her strongly after falling accidentally. Let us assume that this accident keeps the client out of work for four weeks. Naturally the client would lose income during this period. This insurance coverage will cover the lost wages of your client as well as his or her medical expenses for treating the injury.
There are many commercial business insurance companies in Virginia and they offer commercial general liability insurance quotes along with other types of business insurance rates to be analysed by the prospective business owners. You can utilise this opportunity and get the best general liability insurance that suits the nature of your business.
Commercial Business Property Insurance:
The commercial property liability insurance is one of the common types of business insurance which provides a wide range of coverage for tangible assets owned by all types of businesses. This policy provides protection to your business properties such as your building, inventory, contents, equipment, machineries, tools and more. In addition to this coverage, it also compensates the loss of income to be incurred by you, if your business is temporarily suspended due to a covered peril.
Commercial property liability insurance covers the losses due to
● Windstorm or hail
● Sprinkler leakage damage
Commercial property liability insurance premiums are determined by the insurance providers on the basis of the following factors.
● Type of construction
● Plinth area
● Fire protection arrangements
● Sprinklered or not sprinklered
● Loss prevention efforts
● Other safety measures installed in the building and the like.
The insurance providers are very much interested to address the specific needs of all types of businesses. They take hard efforts to assess your risks and current insurance program .This is to decide whether two or three insurance types can be combined and given to you as a single package, as this would be easily affordable and cheaper.
There are many business insurance agencies, who have developed contact and rapport with many leading insurance companies. These agencies will provide you commercial insurance quote of those providers and guide you to get the right coverage that is suitable to your business and the risks faced.
Commercial Vehicle Insurance:
Most of the businesses will be owning trucks, cars, vans and the like to be used for business purposes. These vehicles are being used for commercial purposes to transport goods from one place to the other and these vehicles are absolutely necessary. It is necessary to buy commercial vehicle insurance for all such commercial vehicles.
Commercial vehicles are also prone to accidents often. In these accidents your drivers may be injured or they may damage some of the public and private properties. Commercial vehicle insurance will meet the resulting medical expenses and repair of property damages. When your employees drive their cars for business purposes and got injured, this insurance will cover the related expenses. Personal auto insurance will not work in the place of commercial vehicle insurance.
Professional Liability Insurance:
There are professionals like advocates, IT consultants, accountants, auditors, contractors, architects and more, who offer technical advice when approached by their customers and receive fees. This is also a business and needs professional liability insurance. Why this is necessary? Read below.
These professionals will always tend to provide proper advice to the customers. Some of these advices may not work for the customers and they may incur financial loss or mental agony due to implementation of the suggestions. Sometimes these professionals may fail to perform their duties and responsibilities by negligence. Naturally, these aggrieved customers will approach the court and file lawsuits for the damages done to them.
The professional liability insurance will protect these professionals from court expenses, damage claims, legal fees and the like.
Workers Compensation Insurance:
For any business, workers contribution is great. Without these workers’ sincere work, no business will succeed. It is needless to say that the welfare of these workers are to be taken care of. It is common for these workers to get sick or injured while discharging their work in their premises of work. These injuries may keep some workers out of work for a temporary period and as a result, they will incur loss of income.
Workers compensation insurance will provide cover to the employer by meeting the medical expenses of the injured and sick employees. Further, this insurance will make good the loss of income incurred by some of the injured workers. If these workers are not given proper attention, they will sue the employer in the court of law resulting in unnecessary waste of time and money. Workers compensation insurance will avoid such unnecessary happenings and the workers will also be happy for getting genuine medical attention.
By running a business, the business owners are serving the public in a great way. If they run their businesses with the help of business insurance, they can do better service and they will be appreciated by the people. Therefore, business people should not fail to avail business insurance facilities available in Virginia.