Business owners in Virginia need commercial insurance to protect their businesses and their employees from unforeseen circumstances. Since every business is different, you need the help of a knowledgeable agency like Insurance Smith Agency LLC to help you understand the kind of risks that your business faces and the coverage options that would suit it.
Commercial insurance also provides the peace of mind you need to successfully run your business without worrying about any risks. It's not mandatory to have commercial insurance, but if you own company cars, then you must have commercial auto coverage, and if you have employees, you are required by law to have workers' compensation coverage. Without proper protection, some risks may render your business bankrupt. Coverage options include:
Workers' compensation: It's meant to offer monetary compensation should employees suffer work-related injuries or illnesses. Keep in mind that this is not health insurance, but it can offer disability income to an employee if work-related injury/illness renders them unable to work.
General liability: We live in a litigious society, and unfortunately for business owners, getting sued has somewhat become a norm. If your business is ever held legally responsible for property damage or injuries to a third party, this coverage option is meant to prevent a legal lawsuit from becoming a financial disaster.
Commercial property: This protects the business' building and the contents in it, including installed machinery, personal property, third party property that you are legally liable to take care for, inventory, and additional structures.
Commercial auto: This coverage is similar to the standard auto insurance, except that it's meant to cover company-owned vehicles from work-related automobile accidents.
Do you own a business in Virginia? Then you need a risk protection partner like Insurance Smith Agency LLC whom you can depend on at all times. We understand that businesses are not the same, that's why we provide customized yet affordable and reliable commercial insurance policies to every business depending on its size, industry, and several other factors. Contact us to find a quote.