VA Business Owners Guide to Liability Coverage

Key takeaways for Virginia small businesses

• In Virginia, carrying liability coverage is a prudent and often required practice. Many contracts and landlords expect proof of protection, and nearly one third of small businesses will face a professional liability claim at some point—so having appropriate coverage helps shield resources from legal costs and downtime that can follow even unfounded claims.

• Understanding the two main types of coverage is essential: General liability protects against common incidents such as bodily injury, property damage, and related advertising injuries, whereas professional liability (also known as Errors & Omissions) covers financial losses caused by mistakes in the services you provide. General liability is not mandated by law, but it is frequently required by landlords, vendors, and contractual agreements; professional liability is increasingly demanded, especially in government or government-related contracts.

• To determine which coverages you need, assess how clients interact with your business: if clients visit your office or you work on their site, general liability is important; if your services involve giving advice, designing, or managing projects where errors could cost money, you need professional liability. If contracts require both, you should carry both. Bundling options, such as Business Owner Policies (BOPs), can combine general liability with property coverage and may allow adding professional liability for a streamlined solution.

VA Business Owners Guide to Liability Coverage eBook - Flipbook by Fleepit