Expert Advice On Small Business Insurance Richmond VA


It is essential to insure your investment in your business that fits you most.
This is because all businesses have to face challenges and risks besides the great efforts and investment put in. There are various options and cost structures that cause severe headache to a business owner. It is, therefore, essential to get a proper business insurance coverage in Richmond, Virginia.

Approach by Insurance Companies:

Many insurance companies come forward to educate small businesses of Richmond on how important it is to have the right and proper insurance coverage for their businesses. Most of the businesses do not have enough knowledge on what type of small business insurance Richmond VA should be purchased. These insurance companies are aware of the needs of small businesses and what are the risks exposed to them. They are ready to tailor the insurance coverages that are required by your business.

Types of Business Insurance:

Business Owners Policy:

A business owners policy or BOP is a combination of property, commercial general liability and crime insurance and provides as a single package to businesses. This policy can also be customized to add additional coverage types, based on your needs. This policy will provide covers with options such as

● Products and completed operations
● Premises liability
● Bodily injury to a visitor
● Fire liability
● Business income insurance
● Building and business property protection
● On-site equipment insurance
● Inventory loss coverage
● Crime insurance.

BOP is applicable to some special types of businesses and therefore, you can consult your nearest agent to find out whether you are eligible to avail a BOP or not.

Commercial General Liability:

Besides running your business smoothly, you have to take care of your employees from injuries and damages. Insurance companies offer this policy to safeguard the interests of your business to enable you to concentrate on your business without worrying for expected risks. With this policy, you can get insurance coverages for medical fees, attorney fees, lawsuit expenses and related settlements and reimbursements. The coverages include products and completed operations, premises liability, medical expenses on the injured people in your premises and the like.

Commercial general liability also include employment practices liability and garagekeepers liability. If you are in the business of repairing and servicing of cars, trucks, etc.then you may have to keep them in garages. If they are destroyed by any means, then this insurance will come to your rescue in meeting the resulting expenses. Similarly employment practices liability will protect your business, if an employee's legal rights are violated.

Commercial Umbrella Insurance:

Business insurance Richmond VA is available in many forms and one of the important forms is this policy. When your business is sued for a larger amount of liability that goes beyond your coverage limits now available, then commercial umbrella policy will meet your requirements.

When major accidents occur on or off your business premises, you will be sued for higher damage liability. This policy will cover the resulting expenses and cover when there is

● A fall and slip in your premises
● Libel or slander
● Product injury
● Fire damages
● Your business vehicle is involved in an accident.

Commercial Property Insurance:

Commercial property insurance will protect your business building and the personal property from accidents or from major financial losses. This policy covers your building, business properties, on-site equipment and your inventory.

Professional Liability Insurance:

This policy is essential for professionals including doctors, advocates, accountants, engineers, architects IT consultants and the like whose profession is to provide advice and ideas in their fields. If your advice fails, say for improving a business, you are likely to be sued by the affected party. This policy will take care of the resulting lawsuits, judgements and damage claims.


Apart from the above types of business insurance, there are many more types which may suit many different types of businesses. It is better to get the advice of an experienced agent in the business insurance field and buy the business insurance that suits your business. Investing on business insurance is not a waste at all.