Best General Liability Insurance in Virginia (2024)
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MoneyGeek looked into different companies’ costs, customer service and financial stability to find the best general liability insurance in Virginia. We found that Nationwide offers the best overall coverage, offering affordable rates of $34 per month for limited liability companies (LLCs) and sole proprietors. The cheapest company is Next, with an average monthly premium of $25 for LLCs with 20 employees and sole proprietors.
The best or the cheapest company for you depends on several factors, like your industry, number of employees, location and more. It’s best to know what your business needs and how much protection you want when looking for a policy.
Best Overall General Liability Insurance in Virginia
The overall best company for general liability insurance in Virginia is Nationwide, receiving a MoneyGeek score of 89 out of 100. It has an average premium of $34 per month for both LLCs and sole proprietors. The table below shows the rates and MoneyGeek scores of all the companies we ranked in Virginia.
Excellent ratings for customer satisfaction
Affordable option for LLCs with 20 employees
Good financial stability
Expensive rates for sole proprietors
Takes a while to get a quote
Nationwide received the best rating for customer satisfaction out of all insurers we reviewed. Based on the national complaint index from the National Association of Insurance Commissioners (NAIC), this company received the least number of complaints among the companies we analyzed for Virginia.
It’s one of the cheapest options for LLCs with 20 employees. This means you can get excellent customer service without breaking the bank. However, the same cannot be said if you’re a sole proprietor, as this company is the most expensive option for you.
Cheapest General Liability Insurance in Virginia
The cheapest company for general liability insurance in Virginia is Next, with average monthly rates of $25 for LLCs with 20 employees and $25 for sole proprietorships. To rank the companies, we prioritized affordability, weighing the cost for both LLCs and sole proprietors for 50% each. Next might not have the lowest rates for both types of businesses.
Cheapest rates for LLCs with 20 employees
Fairly quick quote generation
Financial stability rating is low
Not the cheapest for sole proprietors
Next is the most affordable option for LLCs with 20 employees. You can find cheaper rates from other companies if you’re a sole proprietor. This company has one of the fastest times to obtain a quote for your policy. It only takes a little over a minute to get a quote, which can be helpful when you’re shopping around and comparing rates. One important disadvantage of choosing this company is its financial stability, as it scored the lowest out of all the insurers we evaluated in this area.
Best General Liability Insurance for Employers in Virginia
Employers can find the best general liability insurance from Nationwide. It received a MoneyGeek score of 94 out of 100 based on our analysis of its average monthly cost for LLCs with 20 employees. On average, the cost of a Nationwide general liability insurance policy is $34 per month. Employee count can influence your premiums, as having more employees can cost you higher rates.
An affordable option
Good customer satisfaction
Financially stable
Slower quote processing times
Nationwide combines affordable premiums and quality customer service. It’s one of the cheapest companies for employers in Virginia, with an average cost of $34 per month. It also has the best customer satisfaction rating of the insurers we evaluated based on the NAIC customer complaint index. This means it receives the least number of complaints compared to other companies. However, getting a quote can take a little over two minutes. This is the longest time out of all the companies we analyzed.
Best General Liability Insurance for Sole Proprietors in Virginia
The best general liability insurance for sole proprietors is biBERK, receiving a MoneyGeek score of 97 out of 100. With an average cost of $23 per month, biBERK came out at the top after we analyzed the average cost of a policy for sole proprietors with no employees. Sole proprietors may pay more for their policy if they are in riskier industries, like construction.
Affordable rates
Excellent financial stability
Good customer service
Takes a while to get a quote
biBERK is one of the cheapest companies for sole proprietors, with an average monthly cost of $23. It also scored best for financial stability, so entrepreneurs can feel confident that their insurer can pay out claims. This company also received a good customer satisfaction score, so you’re less likely to have a complaint regarding their services. It might take a couple of minutes to get a quote from biBERK, but other than that, you have a great chance of getting an affordable policy with good service.
Do You Need General Liability Insurance in Virginia?
General liability insurance is not required for a business to operate. However, you might need it for business licenses or for winning contracts in some industries. It can also be your business’ financial safety net in case of unforeseen events.
This insurance can cover legal fees and judgments, medical bills and property damage, all of which can cost your business thousands of dollars.
Even though you’re not required to purchase general liability insurance, you might need other types of business insurance. In Virginia, businesses with more than two employees need workers’ compensation insurance. Businesses should also purchase commercial auto insurance with the following coverage limits:
- $25,000 per person
- $50,000 per accident for bodily injury
- $20,000 for property damage
The Business Development and Outreach Services (BDOS) provides business counseling, conferences and aid in licensing to small business owners. One of their programs is Scaling4Growth, a seven-month program for business development training.
How Much Is General Liability Insurance in Virginia?
The average cost of general liability insurance in Virginia is $41 per month for LLCs with 20 employees and $27 per month for sole proprietorships. These average rates are based on policies with a $2 million aggregate limit, $1 million occurrence limit and $0 deductible.
Your aggregate limit is the maximum amount your policy will cover for the policy period. The occurrence limit is the amount your insurance will cover for each claim. The deductible is the amount you pay from your pocket before your insurance starts covering a claim.
Factors That Impact General Liability Insurance Costs in Virginia
The cost of general liability insurance depends on many factors, such as your industry, policy limits, number of employees and more. Here’s how they affect your premiums:
Frequently Asked Questions About General Liability Insurance in Virginia
Shopping for an insurance policy can leave you with a lot of questions. To help you figure out what you’re looking for, we answered frequently asked questions about general liability insurance in Virginia.
About Melissa Wylie
Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.
Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.
Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
Melissa's other work can be read on LendingTree and Bizwomen.
sources
- Virginia Department of Small Business & Supplier Diversity. "Business Development and Outreach." Accessed May 11, 2023.