Virginia General Liability Insurance – VA
Virginia General liability insurance is necessary coverage to have for most businesses big or small.
This kind of insurance covers your business against several claims stemming from harm to third parties or your customers.
The fact is that all businesses face some type of risk, which is why they need general liability insurance.
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This form of coverage can help protect your business against claims related to malpractice or bodily offenses.
General liability insurance in Virginia is offered in many types of coverage, and the one you need will depend on the form of business you have.
For example, if you operate a construction business, then you will require a higher level of general liability insurance coverage.
5 Key Reasons Why You Need General Liability Insurance in Virginia
One of the many common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that operating any size of a business is already risky.
General liability insurance in Virginia not only safeguards your business against claims arising from injury and property damage but also any issues as a tenant if you are renting a property.
Further, it provides coverage for not only your business but also your coworkers against claims originating from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business requires general liability insurance.
Workers’ Compensation Insurance in Virginia
If you are a handy worker, you already should be aware of the cash you can give up if you fall ill.
As a handyperson, you are not covered by government workers’ compensation benefits, therefore you should check out VA handyman insurance.
Research reveals that injuries to independent workers in Virginia were up by a whopping 12 percent.
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When you pay for Virginia general liability insurance, you are shielded financially for medical costs related to the injury at the job.
Depending on the general liability insurance policy you choose, you may also be eligible for cash for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to buy general liability insurance in Virginia.
If your company offers services that can cause harm to others including pets, then investing in general liability insurance should not be an option.
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One good example of this is VA dog walker insurance, which covers your pet sitting business if the animal causes harm to others.
Another example is when you are repairing your client’s drywall, and they trip over your tools, then you will be have to pay for their injury.
If you buy general liability insurance in Virginia, your policy will pay for the fees of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Virginia is to shield your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly break an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance policy.
Virginia General liability insurance can help shield your business against any lawsuits stemming from claims that you poorly deliver services as promised.
Things such as poor workmanship can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agency to check if they offer this form of insurance.
While general liability insurance shields your business against many different kinds of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling products under your own label, then it is wise to have general liability insurance in Virginia, and here is why!
If a person claims bodily injury due to the use of your company’s products, then general liability insurance will cover you against these types of claims.
And if you sell your products on the web, then it is a good idea to check out VA eCommerce insurance to better protect your interests.
Take, for example, your company is selling facial creams, and a customer has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, few things may not be covered under your insurance policy.
The first thing that may not be protected is against incidents not related to your services. Employee accidents may also not be covered under your general liability insurance contract.
As a business, you may be storing several expensive tools in your car or even at your customer’s property.
If these things do get stolen, you will have to get specialized general liability insurance.
In the case of theft of your personal belongings, your auto insurance policy will not replace these tools against theft.
Another area where general liability insurance may not offer compensation is if you make errors in your services.
When investing in general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not cover costs that exceed your policy limit.
Different Types of General Liability Insurance
General liability insurance is a broad term for myriad types of insurances, most notably:
General Liability Insurance
Also dubbed as CGL commercial liability insurance or BL form of insurance shields your company against claims that cause bodily injury or property damage to someone else.
Adding to this, general liability insurance also covers your business against reputational harm or oversight in your advertising.
A few examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes claims against your business that stem from errors in the services you offer.
For example, if you are a financial broker that offers a client incorrect figures, and they sue you, professional liability insurance will compensate the legal expenses.
If you provide professional services to clients, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your business has many workers, opting for employee liability insurance is a good idea.
This form of insurance protects your staff against any injury they may sustain at the work location.
Further, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The cost for general liability insurance is different across insurance providers. It depends on a lot of different factors including the sort of business you are handling.
For example, if you are running a roofing business, then the price for your premiums will be above that of other types of businesses, hence you should have VA roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you select to pay annually.
High-risk industries can expect to pay higher premiums such as landscaping categories.
You can save cash if you pay for your insurance plan in full annually.
Further, you can also save money on your general liability insurance policy if you bundle all your policies under one insurance company.
You should also minimize your company claims on your general liability insurance policy.
How to Locate General Liability Insurance Companies in Virginia?
When finding the best general liability insurance provider in your city, it is important to check the company’s reputation.
You should then choose your coverage limit, where the higher the insurance coverage, the higher the price of premiums.
But you must opt for the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance agent to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.