Virginia Contractors Insurance
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From Virginia Workers’ Compensation Insurance to General Liability, Commercial Auto Insurance More We Are Your Easy & Stress-Free Construction Insurance Provider In Virginia!
Business Insurance for Contractors in Virginia
As a contractor in Virginia, to ensure protection for yourself, your business, and your clients, it is essential to have appropriate insurance coverage. Contractors insurance, also known as “construction insurance” covers various risks, concretely in the construction industry, such as property damage, liability, and workers’ compensation. In the following article, we will go through the different types of insurance coverage we offer so you can make the best decision for your business.
General Liability Insurance for Contractors in Virginia
Having general liability insurance is almost crucial as it provides financial protection for any legal and/or financial liabilities that may come up in the course of your business operations.
It covers various claims a third party can make, such as property damage, bodily injury, personal and advertising injury, legal expenses, and any damages awarded in case of a lawsuit. Some examples of the events this policy covers are:
- Bodily injury: Medical expenses, lost wages, and other costs in case of an injury at your job site.
- Property damage: Pays for repairing or replacing any damaged property as a result of your work.
- Advertising injury: Claims related to defamation, copyright infringement, and other issues that may come up regarding advertising
General liability is often required for contractors in Virginia to obtain and keep a business license. Sometimes clients also require this insurance policy as a condition of doing business with them.
Workers Compensation Insurance for Contractors in Virginia
This policy provides financial benefits to employees who are injured while performing their job at your business. It also protects the employer by covering the costs of medical care and lost wages, shielding them in case of a lawsuit related to a work-related injury. Workers’ compensation covers medical expenses, lost wages, and rehabilitation expenses to follow up and financially support the employee’s recovery.
In Virginia, workers’ compensation is normally required for businesses with five or more employees, regardless of whether they are part-time, full-time, or temporary workers. Contractors must have their obligations clear to ensure they have suitable coverage to protect their business.
Commercial Auto Insurance for Contractors in Virginia
To protect your business and your employees when using a business-owned vehicle, this is the policy you need. Commercial auto covers unexpected events or accidents involving any type of vehicle, such as delivery trucks or company cars as long as they are being used for business purposes. It covers bodily injury, property damage, and physical damage provoked when using the vehicle, for example, to repair or replace any damages done by the vehicle or to the vehicle, as well as paying for medical expenses, lost wages, or other costs if somebody gets an injury involving it.
For vehicles used for work-related matters, for example, vehicles to transport equipment or employees using their cars for business travel, it is mostly required to have commercial auto insurance in Virginia.
Builder’s Risk Insurance for Contractors in Virginia
This type of insurance is designed to protect the contractor and construction workers from any risks a building job may bring. This includes damage to the construction site or materials, delays due to external conditions, or other unforeseen events.
Clients often request builder’s risk insurance as a condition to work with the contractors. Plus, having this type of insurance can protect your financial interests and guarantees the success of the project. Builder’s risk in Virginia covers:
- Damage to the construction site: The costs of repairing or replacing any equipment that may be damaged or lost due to events such as storms, fires, or vandalism.
- Loss of materials: Repairing or replacing materials that might get lost by events such as theft or misplacement.
- Delay in completion: Provides financial support in case the project is delayed due to events such as a natural disaster.
Inland Marine Insurance for Contractors in Virginia
Safeguarding your business’ goods and equipment is vital as these are what you need to work. Our inland marine insurance policy protects your business’s goods and equipment from theft, damage, and other risks, whether they are in transit or storage. This policy can be helpful for Virginia contractors that used specialized equipment to do their job or need to transport their material from one job site to another. Inland marine covers any damages or losses to goods, equipment, or tools when in transit, in storage, and while in use. This policy is not mandatory, but it is a good option especially if you work with high-priced material.
Commercial Umbrella Insurance for Contractors in Virginia
This policy gives you additional coverage for claims that exceed the policy limits of your underlying liability, it is like an extra layer of protection in case of a large claim or lawsuit. It covers things such as medical bills, legal costs, or damage to a third party’s property. A commercial umbrella can be very useful for high-risk projects and contractors in Virginia who have a higher level of liability exposure. You can acquire this coverage to complement your underlying liability policies, such as general liability or commercial auto. The commercial umbrella does not apply to workers’ compensation.
Remember that the commercial umbrella policy for Virginia only applies if the primary liability insurance policy has reached its limits.
ACORD Certificates for Contractors in Virginia
An ACORD certificate serves as proof of your insurance coverage in Virginia. It is a document typically issued by an insurance company or broker. This certificate contains information about the type of coverage, policy limits, and the policy’s effective and expiration dates. Having an ACORD certificate is crucial to provide proof of insurance to clients or government agencies. It also serves as a way to demonstrate the insurance coverage they have to protect their clients and business.
Business Insurance for Contractors in Virginia
When searching for proper insurance coverage for your business, we highly recommend you work with our skilled insurance brokers or agents. They can provide valuable advice and suitable assistance in identifying your business’ particular insurance needs and aid in securing the most favorable rates and terms for coverage.
Your Insurance Questions Answered for Contractors in Virginia
Get answers to your most common questions from Contractors Liability
In Virginia, most of the time you will be required to have a coverage of $1,000,000 per occurrence plus a $2,000,000 aggregate. About 99% of the general liability policies sold in Virginia follow this coverage limit.
To obtain commercial auto insurance in Virginia, you must have $1,000,000 CSL (Combined Single Limit) coverage for bodily injury and property damage caused to a third party. In order to protect your vehicle in the state of Virginia, you need both comprehensive and collision coverage to cover everything, including collision.
In general, contractors in Virginia need $500,000. In about 99% of cases, with this amount, the coverage for worker’s compensation is unlimited and the owner is not liable.
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