Business & Commercial Insurance Information
Insuring: Lexington, Staunton, Covington, Buena Vista, Waynesboro, Clifton Forge, Warm Springs, Hot Springs, Rockbridge, Augusta, Alleghany and Bath Counties, Virginia.
Forbes ranks Virginia as having one of the most favorable business climates in America. It’s rated 6th for its overall economic climate, 2nd for its ease of doing business and 5th overall for its entrepreneurship opportunities. For over 50 years, Huffman Insurance Agencies has provided residents of the Shenandoah Valley and the Alleghany Highlands with top-of-the-line insurance services. A dedicated team of agents is ready and able to help business owners find and enroll in targeted commercial insurance options.
How does business insurance work?
You want your business to run smoothly. However, a fire might gut the property; storms might cause a power surge and damage equipment; a burglary might occur, or someone might sue you. These losses could be costly, but if you have the right insurance, you can let the policy pay for your recovery costs. You can then get on with your life knowing you haven’t put your business on the line.
What insurance do you need for a small business?
Most businesses need various types of commercial property and liability insurance.
Property policies covers costs of repairs or new items when your business’s belongings sustain damage.
- Structure coverage pays for damage to your owned structures, like your office building.
- Contents coverage applies to assets within the business, like machinery, stock and furnishings.
- Inland marine coverage insures items in transit, like when you take equipment to a work site.
- Equipment breakdown coverage pays if essential systems fail and need repairs.
Liability coverage is sometimes called at-fault insurance. It pays for settlements and legal costs in cases where your mistakes harm a third party, such as one of your clients or a competitor business.
- Property damage coverage pays when you damage someone else’s belongings.
- Bodily injury coverage applies to third-party injuries, such as client slip-and-fall claims.
- Personal injury coverage pays if someone alleges you committed libel, slander or related acts.
- Errors & omissions (E&O) coverage pays when professional advice or services cause losses.
- Cyber liability coverage pays when a computer breach or loss causes a loss of important data.
You might also need additional policies which don’t fall into these categories:
- Business interruption insurance applies to cases where the business has to shut down following a covered accident. Interruption coverage can help you recoup lost income until you can reopen.
- Commercial auto insurance is necessary if you own a business vehicle or fleet, or if employees drive their personal vehicles on official business.
- Workers’ compensation insurance pays when employees get hurt on the job. It can help you settle with them for their recovery costs and provide a supplementary income. Most employers in Virginia must carry this coverage, by law.
Where can I get coverage for my small business?
There are a lot of different ways to get the numerous coverage elements your business needs. Small business owners can usually get their coverage through a business owners policy, also known as a BOP.
A BOP is a package policy that will automatically offer some of the most-common types of coverage, usually property, possessions, liability and business interruption. By getting covered, you’ll receive tailored, cohesive coverage along with the convenience of being able to pay for multiple policies with only one premium. Additionally, you can add more-specific types of protection into the BOP, (though some you can only purchase separately).
Why do I need business insurance?
The simple reason to get business insurance is that it creates peace of mind. It’s a lot easier to set your business’s budget based on your regular insurance premium, rather than trying to save money for disaster coverage in case problems occur.
Take a look at the average payouts of certain business insurance claims from The Hartford:
- Customer slip-and-fall claims: $30,000
- Fire damage: $35,000
- Burglary/theft: $8,000
Occurrences like these are going to be costly regardless of whether you have insurance. So, why should you worry about paying on your own? The right coverage can take care of a lot of that uncertainty.
Frequently Asked Business Insurance Questions
What insurance does my farm need?
Farmers usually need policies that carefully delineate between their commercial and personal assets. Talk to your agent about the right way to structure your coverage.
What drives the cost of business insurance coverage?
Numerous factors can impact your premiums, such as the types and amounts of coverage you buy, the size of the business, and your industry and business size. Let your agent at Huffman Insurance Agencies comprehensively analyze your risks to help you get the right coverage, but also maximize affordability.
What steps should I take to insure my growing business?
Tell your agent at Huffman Insurance Agencies where you are at now, and where you hope to go during the next year. They can help you determine the right way to structure your commercial coverage to include the necessary protection, but they won’t burden you with non-essential coverage.
To get started, all you have to do is call us at 540-463-7719 or request an online quote right now. We’ve got the best interests of all Virginia entrepreneurs at heart, and we’ll make sure you can always rely on us when insuring your business.
Business & Commercial Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Business & Commercial Insurance Customer Service Options
Self policy service any time of the day, directly from our website. To request a policy change on your account, click any of the following policy service options below.