Click to CallOwning a small business is not for the faint heart and you’ll want to do everything possible to protect your livelihood. Consequently, understanding the minimum requirements for commercial insurance in West Virginia while also knowing what optional coverages may best safeguard your business are of high importance.
In West Virginia, state law requires that any business with one or more employees – regardless of whether they are full-time or part-time – carry workers’ compensation insurance. Workers’ compensation insurance helps pay the costs associated with an illness or injury that an employee develops while at their place of work. If you employ independent contractors then you are not required to provide workers’ compensation insurance. Additionally, if your business owns any vehicles then they must be covered under a commercial auto insurance policy with at least minimum liability coverage. While not required, if you ask your employees to use their personal vehicles for work related tasks such as deliveries you’ll want to ensure that a hired and non-owned auto insurance policy is taken on their vehicles as personal auto policies typically exclude business use.
Although not required, additional coverage that you may want to consider for your business includes cyber liability insurance and professional liability insurance. Cyber liability insurance protects your businesses from the costs associated with lawsuits and recovery from a data breach or hack. Also known as errors and omissions insurance, professional liability insurance protects West Virginia businesses that provide professional advice or services and covers lawsuits associated with work performance.
For more information on commercial insurance, contact Partners Insurance & Financial Services Inc in Huntington, WV. Our friendly and professional team can answer any questions and help you customize the perfect policy for your business.
