Business Insurance

Commercial Auto Insurance

You'll likely need commercial auto insurance if you use a vehicle for business. It's not just about registration - ownership by a corporation, hauling goods for hire, and vehicle weight can also trigger the need for coverage. While small trucks may be insured under personal policies in certain situations, commercial auto insurance is typically necessary. Unlike private passenger policies, commercial auto insurance pricing is not regulated, but competition between insurance companies can help you find the best deal.

Richmond Insurance Group in Richmond, VA, will shop your policy across several reputable insurance firms in search of the most comprehensive coverage for the best possible price. 

Commercial Property Insurance

Commercial property insurance covers both the building and company-owned contents. This includes lost income, business interruption, computers, money, and valuable papers. The policy should also cover the aftermath of damaging events such as fire, burglary, and vandalism.

Commercial Umbrella Insurance

If you are a business owner, you likely have general liability insurance to protect against lawsuits resulting from your negligence. But in some cases, you may need more than your policy limits. A commercial umbrella policy can provide additional liability protection for you and your business.

Business Liability Insurance

Business interruption insurance is critical if your business suffers a property loss that could slow operations or close them down. It can replace lost profits and provide money for necessary expenses until the business is back up and running again.

Business Owner's Package Insurance

A Business Owners Package policy, commonly known as a "BOP," is a comprehensive insurance policy designed for most small businesses. While policies vary from insurer to insurer, there are certain common features. BOP policies typically offer coverage for business property, including buildings and contents, and liability insurance. This liability coverage includes protection for your business operations and products.

Some BOP policies may also cover business income and expenses incurred after a loss. However, it's important to note that BOP policies do not cover all the insurance needs of a small business. For instance, they don't include worker compensation coverage, professional liability, or business vehicle insurance.

Workers' Compensation Insurance

Workers' compensation insurance protects both employers and employees in the event of work-related injuries or illnesses. Employers are shielded from lawsuits, while employees receive compensation for lost wages and medical bills. In most cases, employers must provide coverage for such incidents. For many businesses, the cost of workers' compensation insurance is a significant part of their insurance expenses.

Manufacturer's Insurance

Manufacturing companies face unique risks that require specialized insurance coverage. In addition to workers’ compensation and property insurance, product liability insurance is essential for protecting against harm caused by your products. Business Interruption Coverage and Mechanical & Electrical Breakdown Coverage are crucial for minimizing risks. At our agency, we can help you identify the specific risks of your operations and create a customized insurance plan that is competitive, high quality, and fits your budget.

General Liability Insurance

General liability insurance is essential for businesses and contractors who want to work with proper coverage. This insurance protects owners and operators against claims from a wide range of sources, including accidents, products manufactured by the insured party, and contractual liability. 

The cost of general liability insurance depends on the liability coverage selected, ranging from one to three million dollars. The price is also determined by the type of work undertaken, gross receipts, and total payroll expenses. Like auto insurance, a down payment is required, followed by installments. 

The business owner or general contractor is responsible for ensuring that an insurance policy covers all workers. If a person outside the project gets injured, they can target anyone involved in the project. With more individuals involved, there is a higher chance of a successful lawsuit. Before purchasing general liability insurance, compare quotes to find the best coverage available.

Surety Bonds

A Surety Bond is a contract between three parties. The surety guarantees to the obligee (project owner) that the principal (contractor) will complete the contract as per the contract documents. The performance of the contract decides the rights and responsibilities of the surety and the obligee.

The following is a list of the eight different families of surety bonds:

  1. Fidelity Bonds
  2. Public Official Bonds
  3. Judicial Bonds
  4. Fiduciary Bonds
  5. License and Permit Bonds
  6. Contract Bonds (Bid and Performance Bonds)
  7. Miscellaneous and Federal Bonds
  8. Notary Bonds

Hotel & Motel Hospitality Insurance

Operating a hotel or motel in today's competitive environment is a significant challenge. Finding suitable insurance coverage for your hotel/motel at a reasonable cost can be time-consuming and frustrating.

Hotel insurance offers comprehensive business protection coverage for hotel owners and managers. It covers motels, resorts, spas, ranches, and other establishments. You can learn more about the coverage included in a hotel and motel insurance policy.

Hotel insurance provides a range of coverage tailored to the specific requirements of hotel managers or owners.

Protect your business today with the right insurance coverage. Contact us to learn more about our customized business insurance options that fit your unique needs and budget. Call (804) 270-1115.

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