"Your Full Service Insurance Solution"
"Your Full Service Insurance Solution"
There are two types of Virginia Business Insurance policies. The Virginia Business Owners Policy or BOP and the Virginia Commercial Package Policy or CPP. These two types of Virginia Business Insurance policies are explained below.
On the right sidebar of this page, we have links to a number of Virginia business insurance resources. Click on any of the different business types to learn more about the Virginia insurance coverages for that type of business. Please call one of our Virginia business insurance agents at Insurance & Financial Services for any assistance.
This policy is intended for main street businesses and combines building, personal property, and liability insurance coverage with other attractive options into one package. The BOP is an efficient way to provide the Virginia commercial insurance coverages that most small businesses need.
The two keys to BOP eligibility are type of business and square footage. General examples:
Square footage guidelines can relate to overall building space or a business’s rental space. Generally, the cutoff for BOP eligibility is 25,000 square feet; however, this varies between Virginia business insurance companies. We will determine if a business is eligible for a BOP and if the BOP option is the best value.
Virginia Business Insurance personal property coverage can include:
When you own a building, the same BOP must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.
The Virgnia BOP named peril form will:
The Virginia Special peril form will:
By nature, the Virginia Special form has more coverages built in. The Virginia Standard form has approximately a dozen additional coverages. Among these are:
Don’t worry, we’re not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don’t ignore loss of income protection!
* Virginia Commercial Insurance Tip. Business interruption coverage is not a luxury.
Recall that extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:
The ISO BOP’s make provisions for the following:
Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.
Exclusions and conditions are common in Virginia commercial insurance policies. BOP’s are no exception. You’ll find some exclusions and conditions from policy to policy, regardless of the type of Virginia business insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.
Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.
“One policy does not fits all Virginia business insurance needs.” Virginia Business insurance needs are all different. Everyone has a different type of property, amount of property, location, ownership, and so on. Your insurance coverage protection should closely reflect your risk of loss. This customized approach allows you to save money– you pay for only the Virginia commercial insurance you really need.
The Virginia commercial insurance package policy can be issued to include almost any type of coverage offered, from property and liability to auto, crime, inland marine and professional liability. When your business risks goes beyond the coverages in a BOP, the flexibility offered by a Packaged Policy provides the opportunity to design a policy specifically for the needs of an organization. It also enables you to have almost all your Virginia Business insurance coverage in one convenient package.
Most Virginia Commercial Insurance Package policies offer expanded coverage endorsements. These endorsements provide additional coverages or increase your current coverages for lower premiums than purchasing each coverage separately. After assessing your business risks and determining that a package policy is what you need, we will design a custom Virginia Commercial Insurance Package policy with specific coverages.
Here are a few main coverages included in most packages:
Your Virginia business personal property insurance doesn’t stay in one place, and neither does your coverage. Most policies cover your business personal property while in transit, at trade shows, or temporarily at locations you don’t own or lease.
After a covered loss, your policy may pay for the extra costs of:
A property loss can slow down or even stop your operation until repairs are made – and that may mean lost income. You receive several business income coverages that can reimburse your loss of income and necessary extra expenses you incur to keep your business operating after a covered loss.
Insurance and Financial Services, Inc is a full service Virginia Independent Insurance Agency that represents many top-rated companies. We assess risks and shop companies to find the best Virginia Business Insurance coverage for the price. Our clients get the best value for the Virginia Commercial insurance they need.
A few Virignia Insurance Companies we represent include: AIC, Allied, Amtrust, Anthem, Arrowhead, Augusta Mutual, Blue Cross Blue Shield, BTIS, CNA, Dairyland, Donegal, Encompass, Foremost, Grange, Hagerty, Humana; Kemper, Main Street, Lincoln Financial, Liberty Mutual, Mass Mutual, Mercury, MetLife Auto & Home, Mutual of Omaha, NetComp, Ohio National, Safeco, Starr DoveTail, State Auto, Tapco, The Hartford, Titan, TransAmerica Life, Travelers, and many more.
Call, request a quote by email, or visit us at our office today for a free, no obligation risk assessment and Virginia Commercial Insurance quote. Let us do the research and find the best value for the Virginia Business Insurance you need.
Located in Midlothian Virginia, we’ve proudly insured our neighbors with quality strategies for nearly three decades. Whether you’re in the market for an auto insurance policy for the family car, an individual health insurance plan because you’ve started your own freelance business, or you’re interested in a fixed annuity to help supplement your eventual retirement income, at Insurance and Financial Services, we have the resources to provide the solutions you seek.
Insurance and Financial Services is growing! We are dedicated to strengthening our foundation as an insurance and financial services provider through continual growth and development. In 2017, we added joined the Smart Choice Agents Network to provide many new carriers and markets. This Smart Choice partnership has allowed us to broaden our service markets.
A few of the insurance companies we represent include: Aetna, American Modern, Anthem, Blue Cross Blue Shield, BTIS, Cigna, CNA, Dairyland, Foremost, Gainsco, Grange, Liberty Mutual, Mercury, National General, Progressive, Starr DoveTail, State Auto, Stillwater, Tapco, Travelers, and many more.
Insurance and Financial Services provides Business Insurance for Midlothian Virginia businesses and businesses located in distinct communities within Chesterfield County Virginia including:
Bel Bridge, Bel Crest, Belmont, Bermuda Hundred, Bexley, Bon Air, Brandermill, Brandermill, Charter Colony, Chesdin Landing, Chester, Chesterfield, Collington, Colonial Heights, Courthouse, Deer Run, Enon, Ettrick, Fort Lee, Founders Bridge, Fox Creek, Genito, Gordon, Hampton Farms, Harrowgate, Hening, Highlands, Hopewell, Jefferson Davis North, Magnolia Green, Manchester, Matoaca, Meadowbrook, Midlothian, Moseley, Petersburg, Prince George, Reeds Landing, Richmond, Robious, Rockwood, Salisbury, South Rockwood, Spring Run, Summer Lake, Summerford, Winterpock, Woodlake, and Woodland Pond.
In addition to Chesterfield Virginia, Insurance & Financial Services provides Commercial Insurance Services & Insurance Products to residents and businesses in Amelia, Chester, Colonial Heights, Fort Lee, Prince George, Hanover, Henrico, Hopewell, Machanicsville, Manchester, Petersburg, Powhatan, Richmond, and surrounding areas.
Click here for the Glossary of Insurance Terms and Definitions that are commonly used in the insurance business.
The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.
The National Association of Insurance Commissioners offers a complete Insurance Term Glossary for consumers.
On the right sidebar of this page, we have include links to a number of Virginia business insurance resources. Click on any of the different business types to learn more about the Virginia commercial insurance coverages for that type of business. Please call one of our Virginia commercial insurance agents at Insurance & Financial Services for any assistance.