Owning a business is very stressful and often risky.  Almost 20% won’t survive the first year, and almost 50% won’t make it to 5 years. This is pretty dismal. Having the right types of commercial insurance can help to mitigate those risks to some extent. At Parr Insurance Services in Lynchburg, VA, we have been serving the people of Central Virginia for 30 years. As independent insurance agents, we can offer our customers more choices and find the best possible rates. 

Coverage that most businesses can benefit from

Property Coverage

Business property coverage is not like home insurance. It doesn’t just cover the physical structure of the business, it also covers the things that you use to do business. Depending on your business type, this can include machines, office equipment, display units, inventory, raw materials, and so much more. Being able to rebuild your business after a disaster is important. 

Liability Coverage

Liability coverage is one of the most important types of insurance for your business. Many businesses don’t survive and being sued is all too common. Most businesses can expect to be sued, maybe even more than once. If you don’t have this coverage, it could devastate your business. 

Workers Compensation Coverage

In the state of Virginia, if your business has two or more employees, it is required that they be protected with workers’ compensation insurance. The rules for employees are quite expansive, including full-time, part-time, seasonal, temporary, and even family members. 

Commercial auto insurance

If your business owns any vehicles, they should be covered by commercial auto insurance. Many insurance carriers won’t cover the business use of a personal vehicle, so relying on your auto insurance is risky.

Give Us A Call 

Contact Parr Insurance Services in Lynchburg, VA to discuss all your commercial insurance needs. 

Every state has its own laws about which types of insurance their small businesses must have. In Virginia, there is only one type that is required by the state. However, there are many other types of commercial insurance that are often recommended for small businesses in the state. If you need insurance for your business, call us at Parr Insurance Services in Lynchburg, VA.

Workers’ Compensation

The only kind of commercial insurance policy that the state requires is workers’ compensation, and even that isn’t required for all businesses. If your business has two or more employees, you are required to have this type of insurance for your employees. It 

Cyber Insurance

Cyber insurance isn’t required, but it can be a highly useful type of insurance for many businesses. If there were to be a problem such as a data breach, many small businesses can’t afford to mitigate the situation and to continue on. With cyber insurance, this is made easier for the business. Companies that rely on their computer systems may be perfect for cyber insurance coverage. 

Business-Owners’ Policy

There are several types of coverage that are all contained in a business-owner policy. This insurance type often includes commercial property coverage, general liability insurance, and business income coverage. There are often other options that can be added to this policy as needed by your specific business. These coverage types can be extremely helpful against a number of different accidents and situations. 

Get Your Commercial Insurance

When you have a business in Virginia, it’s important to take the right steps toward protecting it against a number of dangers. In addition to getting workers’ compensation insurance, you can talk to an insurance agent about which other policies might serve your specific business. To find out more, call us today at Parr Insurance Services in Lynchburg, VA.