Business & Commercial Insurance
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Business & Commercial Insurance Information
Insurance for Virginia and Tennessee Businesses
It seems that starting a business is easier than ever these days with plenty of online, shipping and travel opportunities in nearly every industry. With opportunity comes risk, however. Businesses are expensive investments that should be protected, and one way you can safeguard your investment is with a thorough business insurance policy.
The Yates Agency works with businessowners to discover and tailor policies that are affordable and comprehensive. With access to a variety of top carriers, we’ll find a policy that will protect your business without draining your bank account.
Business Insurance We Offer
Every business benefits from general liability insurance. General liability covers general accidents and acts of non-professional negligence. It covers:
- Bodily Injury: Bodily injury liability can help if a client or customer is injured on the business property. For example, if a customer slips in your restaurant and breaks their wrist, bodily injury will help with the medical and legal costs associated with the incident.
- Property Damage: Property damage liability covers incidents where a third party’s property is damaged as a result of everyday business operations.
- Personal and Advertising Injury: Personal and advertising injury liability covers libel, slander, the use of another’s advertising ideas, copyright infringement and more.
Additional coverages that can be adjusted for specific businesses include:
- Products Liability: Products liability covers claims concerning products sold or made by the company.
- Contractual Liability: Contractual liability adds liability coverage for businesses entering into a contract.
- Products-Completed Operations: Similar to products liability, this coverage compensates for damage and legal expenses caused by a product or service offered by the business.
- Borrowed Equipment Liability: Borrowed equipment liability compensates for accidents involving equipment borrowed and not owned by the business.
There are several other liability coverages available that can be tailored for specific industries and businesses. A business owners policy (BOP) is a policy for small businesses that combines general liability, property damage and other coverages into a more affordable policy. If your business is at particularly high risk for lawsuits, you may also purchase an umbrella insurance policy. Umbrella insurance steps in when your other liability policies reach their limits.
Depending on your industry and location, workers compensation may be required. In Tennessee, construction and coal mining businesses must carry workers compensation, even for subcontractors. Other industries must carry workers compensation if the business has five or more employees. The only exceptions are LLCs, sole proprietors and partners.
Virginia also excludes sole proprietors, partners and LLC members, but they also require all businesses, no matter the industry, to carry workers compensation if they have two or more employees, whether the employees are seasonal, part-time or temporary.
Workers compensation covers medical expenses and other benefits if an employee is injured at work. This can also help prevent lawsuits for work-related accidents.
Commercial Auto Insurance
As with workers compensation, commercial auto insurance requirements vary per state. In general, you must carry a minimum amount of liability insurance in order to operate commercial vehicles legally. These limits can also vary depending on the cargo being transported and the weight of the vehicles.
Personal auto insurance won’t cover vehicles owned, rented or used by the business. Even if you drive your personal vehicle for work, you may not be covered if you have an accident while conducting business. Thankfully, commercial auto insurance policies cover a lot of the same dangers that personal auto insurance policies cover.
- Comprehensive: Comprehensive coverage covers damage to the vehicle due to fire, hail, wind, theft, vandalism and more.
- Collision: Collision coverage covers damage to the vehicle due to collision with another vehicle or object.
- Liability: Liability covers bodily injury and property damage that the driver may cause while operating the insured vehicle.
- Personal Injury Protection: Personal injury protection (PIP) covers medical expenses for the driver and their passengers after an accident.
- Uninsured/Underinsured Motorist: This coverage covers accidents involving other drivers who do not carry insurance.
You can also purchase Hired and Non-Owned Insurance, which covers vehicles that are borrowed, leased or hired by the business.
Insure Your Business Today
One lawsuit could send a company spiraling out of business. Losing money is one of the biggest causes of business failure, especially for new businesses in the first five years of operation. Insure your business today by connecting with a dedicated Yates Agency agent at or get an now.
Frequently Asked Questions
What Insurance Do You Need for a Small Business?
The insurance you need depends on your business’ industry and other unique factors. In general, it’s recommended that all businesses carry some form of liability insurance, property coverage and workers compensation.
How Much is Small Business Insurance?
There are many factors that affect the cost of insurance for small businesses, such as the size of the business, type of insurance and coverage limits. Fill out an online quote form to find out how much business insurance will cost you.
Do I Need Business Insurance for My LLC?
Insurance isn’t typically required for LLCs, but it is incredibly important. LLCs face a large amount of liability risks, and even one expensive claim can drain your LLC’s savings.
What Business Insurance is Required by Law?
In most states, workers compensation and commercial auto insurance are required for businesses.
How Much is Business Insurance for Contractors?
Depending on your location, the size of the business and other factors, contractors insurance could vary wildly. The average cost of a business owners policy for contractors is between $400 and $700 a year.
How Much Business Insurance Should I Have?
You should carry enough business insurance to cover your assets, employees and physical location. An agent at The Yates Agency can help calculate how much coverage you need to protect your business.