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Do you need commercial insurance for your Virginia business?

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If you own a small business in Virginia, you need to protect your investment, and one way to do that is through obtaining a commercial liability insurance policy for your business. Your business is one of over 640,000 small businesses located in the beautiful state of Virginia and is vital to the overall economy of the state.

Is Commercial Liability Insurance Required in Virginia?

While commercial liability insurance is not a requirement for small businesses or larger ones located in Virginia, the state is one of four in the country that does still utilize a contributory negligence standard. This means that if someone sues you and they win their lawsuit against you and your business, their reward is decreased by the amount that is deemed to be the fault of the plaintiff. In other words, if someone falls at your location then sues you, the jury may find in favor of the person suing you but can reduce the amount of money you need to pay out if the person was also negligent in some way that contributed to the falling incident. Due to this rule, you and your business should obtain a commercial liability policy to protect your business.

What is Covered by Commercial Liability Insurance?

Many incidents are covered under commercial liability business insurance, including bodily injury. If a visitor to your business sustains injuries while there because you were negligent, or an employee is injured while at a customer’s property or in the workplace, they will be covered. Personal injury claims covered are false arrests, invasion of privacy or property copyright infringement, libel, slander, and other things that can damage your rights to reputation. Also covered are advertising injuries and legal defense and judgments against you and your business.

To create a commercial liability insurance policy for you and your business, visit the commercial insurance agents at Cary-Wheeler & Associates Inc. in Richmond, VA.

What You Need to Know about Home Insurance Exclusions

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No matter what type of insurance policy you are buying in Richmond, VA, there are likely some common perils that the insurance company won’t cover. Knowledge is going to be power, so you know if you have a home insurance claim. Knowing what your policy includes and excludes will help you know when it’s best to purchase some extra coverage. 

The only way to know what is excluded in your policy in Richmond, VA is to read your policy carefully or speak with an agent at Cary-Wheeler & Associates, Inc. However, there are a few things that are generally excluded from most policies. 

  • Building Code Upgrades: If you have suffered damage and want to upgrade while rebuilding, this is usually not covered since the policy pays for what is initially insured. However, you can get a rider for this coverage to give you an amount toward upgrade costs. 
  • Flooding: If your basement floods or there is a natural disaster that causes flooding, you won’t have coverage under your home insurance and will need to purchase flood insurance if you want protection. 
  • Home Business Accidents: If you run a business out of your home, this needs to be insured separately. A small business may only need a rider to your current policy, but other businesses require separate business insurance. 
  • Earth Movements: If you have a home on a cliff, it’s essential to be aware of the risk. A standard policy won’t pay for landslides or other house slides. This is considered earth movement and will be excluded. Other things under earth movement include sinkholes or earthquakes.  
  • Intentional Loss: If you did something on purpose with the intent to cause a loss, then you won’t be able to file a claim. 

Contact Cary-Wheeler & Associates, Inc. to get a quote on home insurance.