Owning a business is a dream for many people. For those that do own a business, many different business decisions need to be made. One type of important decision that needs to be made is choosing the right insurance policy. For business owners in the Virginia Beach, VA area, there are several types of coverage that need to be in place with a commercial insurance policy.
Depending on the number of employees that you have, maintaining workers compensation coverage is a necessity. Workers compensation will provide you and your employees with coverage in the event they are injured while they are at work. Businesses in Virginia are required by law to carry workers compensation insurance if they have three or more full or part-time employees.
Another important type of coverage that all businesses need to have is liability coverage. If your company produces a product or provides a service, it will be taking on some liability every time a customer uses the product or service. If someone is injured and sues your business, the liability coverage will provide you protection against these potential damages.
If you own your place of business, you will also want to have property coverage. This will provide you with coverage if your property is damaged by a storm or if your property is vandalized. This type of coverage will be required by your commercial mortgage lender as well.
For business owners in the Virginia Beach, VA area, choosing the right commercial insurance policy can be a confusing matter. To ensure you are able to understand all of your insurance needs, meeting with the Armor Insurance Group could be a good option. Armor Insurance Group will walk you through all of your insurance needs and help you get the right policy.