Owning a business in West Virginia can provide new opportunities to gain success and build up the community. When you are evaluating the needs and requirements of your business, it can help to purchase appropriate insurance to protect your company from common risks and complications. An independent agency like Fenton Insurance & Associates can help you compare your options and identify the policy that is appropriate for your needs. Recognizing your options is an essential part of protecting your company.
West Virginia Commercial Auto Policies
West Virginia requires auto insurance for every vehicle that is on the road. Although the state standards require liability coverage, a business may need additional coverage to address concerns that are specific to the company. Every vehicle that is owned by the company should have some coverage to protect against liability risks and to pay for damages to the fleet in an unexpected accident.
General Liability Coverage for Businesses
Liability protection is essential for every company, even if it does not seem like a risky business. The coverage will protect against accidents in the workplace or on company property. It also protects against high-cost bills if a product is defective or when the personal data of a client is lost or stolen.
Commercial Property Policies
Commercial property is not the same as a personal property, but there are many similar risks. You will want to purchase a policy to protect any property that your company owns. It will ensure that you can pay for damages if there is a storm, fire or similar risk. It also protects against liability risks that are specific to the property, such as slip and fall accidents or accidents in an elevator.
Workers' Compensation in WV
As a general rule, the state requires workers' compensation coverage for every business that has employees. There are a few exceptions, such as agricultural businesses with fewer than 5 employees, but the exceptions are rare and do not apply to most businesses.
Business Owner Packages
A business owner package, also called a BOP policy, is a type of plan that offers basic protection for most risks. It is focused on liability risks and property concerns, so it may not address all of the concerns that you want to protect against; however, it offers a good place for new businesses to start.
The insurance that you need as a business owner can depend on several factors. To learn more about the coverage options that are available, contact us to speak to an agent today.
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