Question 1

What type of insurance is required by Virginia laws?

Accepted Answer

Virginia requires business owners to obtain workers compensation insurance for their employees and commercial auto insurance if they rent, own, or use any car for business purposes.

Question 2

How do I get business insurance in Virginia?

Accepted Answer

You can obtain business insurance in Virginia from a wide range of insurance companies in the state.

Question 3

What business insurance do I need in Virginia?

Accepted Answer

The Virginia Small Business Administration (SBA) advises business owners to buy several different business insurance coverage options. They include getting property insurance, home-based liability insurance, and business income insurance.

Question 4

How much does business insurance cost in Virginia?

Accepted Answer

You can expect the business insurance cost in the state to be between $300 and $5,000 per year. The cost can vary based on different factors.

Question 5

Does every small business have to pay unemployment insurance in Virginia?

Accepted Answer

If your small business has employees working in the state, you will need to pay the unemployment insurance (UI) tax. The rules for unemployment insurance tax liability in Virginia has a few regulations. You’ll be liable to pay unemployment insurance if you have one or more workers employed at any part of the day in 20 different weeks each year. You would also pay insurance if your total gross payroll each quarter is $1,500 or more, or you run a business that’s liable for UI taxes.  That said, the rules differ for domestic or in-home workers, workers for some nonprofit businesses, agricultural and farmworkers.

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