Small Business Insurance Checklist for Virginia Owners

Business insurance starts with understanding how the business operates. Two companies in the same industry can have different exposures because of their property, contracts, payroll, vehicles, locations, customers, and services.

Describe the operation accurately

Prepare a clear description of what the business does, where it operates, who its customers are, and how it earns revenue. Include all services, products, subcontracted work, online sales, delivery activity, and work performed away from the primary location.

Gather legal business names, ownership details, years in business, addresses, estimated annual revenue, payroll, employee counts, and prior insurance information.

Review property exposures

List buildings, tenant improvements, equipment, inventory, furniture, signs, computers, and property that travels away from the premises. Consider how long operations could be interrupted after a covered loss and what extra expenses might arise.

Review liability exposures

General liability may address certain claims involving bodily injury, property damage, and personal or advertising injury, subject to policy terms. Professional services, products, liquor, pollution, employment practices, cyber incidents, and other exposures may require different coverage.

Contracts can create insurance requirements. Review certificates, additional insured requests, waiver language, and required limits with qualified legal and insurance professionals.

Identify vehicle and employee risks

Disclose owned vehicles, hired or rented vehicles, employee driving, delivery, and use of personal vehicles for business. Personal auto policies may not address every business use.

Workers compensation requirements depend on applicable law and business circumstances. Provide accurate payroll, job duties, locations, and subcontractor information for review.

Consider data and technology

Businesses that store customer information, accept electronic payments, rely on cloud systems, or use email can face cyber and technology risks. Discuss security practices, backups, access controls, vendors, and incident response planning.

Prepare loss history and safety information

Carriers may request prior loss runs, details about past claims, corrective actions, licenses, training, alarms, fire protection, driver controls, and written safety procedures.

Review at least annually

Update the agency when the business adds locations, services, vehicles, employees, equipment, contracts, or ownership changes. Do not wait until renewal if a significant change occurs.

This checklist is general information, not legal, tax, or insurance advice. Coverage and eligibility depend on underwriting and the issued policy.