Category: Commercial Insurance

Running a business in Richmond, VA comes with its own risks. While you are burning the midnight oil to ensure that your business dream becomes a reality, risks like theft, fire, and other perils can quickly turn your dream into a nightmare. Even though mishaps can’t be avoided entirely, they can be mitigated with proper planning and the right insurance coverage. 

With this in mind, business owners in Virginia run the below risks when they fail to carry business insurance from Cary-Wheeler & Associates Inc.

Get into trouble with the law.

Virginia businesses are required to carry the below insurance policies by the law.

• Commercial auto insurance: To cover for liabilities and medical expenses arising from vehicular accidents. 
• Workers’ compensation insurance: Pays for medical expenses for injuries sustained in the workplace.

Failure to obtain the above insurance, you are likely to face penalties and fines from the authorities.

Exposure to liabilities

When running a business, there are several liabilities you can face that can lead you into a financial mess. Some include:

• Injuries occurring in your premises
• Lawsuits from alleged negligence
• Third-party property damage
• Libel or slander lawsuits

Depending on the severity, damages from these liabilities can translate into thousands of dollars. In reality, not many small businesses can survive such a financial blow. But you can avoid going this dangerous road by obtaining business insurance.

Property loss

Your business assets, such as the building, vehicles, equipment, and inventory, face many risks that could lead to substantial loss or damage. For instance, theft, vandalism, and fire can cause unspeakable damages to your property, crippling your business. But with commercial insurance, your insurance can repair or replace properties up to your policy limit, lessening your financial burden.

Whether renewing or shopping for new commercial insurance, you can count on Cary-Wheeler & Associates Inc., located in Richmond, VA, for all your business insurance needs. Contact us today, and we shall handle the rest.

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.