Having Virginia business insurance is beneficial and important for many reasons. It is wise to protect your assets, and the best way to do this is by guaranteeing you have a quality insurance policy in place.
It Is Required by Law
It is the law for businesses to provide certain types of insurance coverage for their employees. In Virginia this includes the following:
- Workers’ compensation
- Limited liability
- Motor vehicle (if you operate a vehicle for your business)
It Reduces the Risk of Getting Sued
If your business faces a lawsuit or liability claim without Virginia business insurance, this could be enough to destroy the company and cause you to shut down. All it takes is one broken contract or accident for an angry employee to sue. Even if you end up winning the suit, it is still possible to go out of business after paying the costly legal fees involved.
It Provides Protection to Employees
By guaranteeing the company has quality insurance, you are protecting your employees. While it is required by law to have workers’ comp, it is wise to also provide disability coverage if any of your workers get hurt.
These are just a few reasons to consider having Virginia business insurance. It not only protects your business and assets, it also protects your employees who help make your company successful.