Business Insurance in Virginia: Best 2026 Options

Updated: January 6, 2026

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Key Takeaways

Small business owners in Virginia can get the best coverage from NEXT, The Hartford and Simply Business.

The best business insurance in Virginia depends on your specific industry risks, number of employees and preferred coverage limits.

To find the right coverage, evaluate your business risks, get quotes from multiple providers, check customer service ratings and look for available discounts.

Best Business Insurance Companies in Virginia

NEXT tops our analysis of Virginia business insurance providers because of its strong customer service and comprehensive coverage. The Hartford and Simply Business are also reliable options for small business owners across the state.


NEXT	4.62	4	1	2
The Hartford	4.61	1	2	3
Simply Business	4.48	4	5	1
Nationwide	4.46	7	2	4
Coverdash	4.40	5	6	2
biBERK	4.38	8	2	5
Progressive Commercial	4.32	3	7	5
Thimble	4.30	2	8	5
Hiscox	4.27	6	4	6
Chubb	4.26	9	3	4

How Did We Determine These Rates?

These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.

Best by Coverage Type

The Hartford offers the best general liability coverage and business owner's policies (BOP) in Virginia. NEXT provides top professional liability insurance and workers' compensation coverage for Virginia businesses.


Business Owners Policy	The Hartford	4.66
General Liability	The Hartford	4.59
Professional Liability (E&O)	NEXT	4.70
Workers Compensation	NEXT	4.61

How Did We Determine These Rates?

Best Virginia Small Business Insurance Reviews

Three top Virginia business insurance providers emerged from our research team evaluation. What makes each company's comprehensive coverage stand out:

Best Customer Experience

MoneyGeek Rating

4.6/ 5

4.4/5Affordability

4.7/5Customer Experience

4.8/5Coverage Points

Average Monthly Cost of General Liability Insurance
$94
Average Monthly Cost of Workers' Comp Insurance
$62
Our Survey: Claims Process
3.9/5
Our Survey: Likely to Be Recommended to Others
4.8/5

pros
- Leads Virginia in customer service with strong support and claims handling
- Offers comprehensive coverage options for both common and specialized business needs
- Provides a fully digital insurance experience with instant coverage and easy policy management
cons
- Mid-tier financial stability rating compared to other top insurers in Virginia
- Limited physical presence with no local agent network for face-to-face service
MoneyGeek's Virginia business insurance rankings put NEXT first with a 4.62 overall score. Founded in 2016, the company combines technology with comprehensive coverage. An A- AM Best rating demonstrates solid financial stability. Over 600,000 businesses in the customer base indicate strong market acceptance.
Fourth place for affordability goes to NEXT among top insurers. Rates reflect the digital approach and extensive coverage options. Small businesses should compare quotes across providers since rates vary significantly by coverage type.
Data filtered by:
Coverage Type
BOP
Industry
Accountants
$24 $287 3


$24	$287	3

Customer experience ranks NEXT first in Virginia with a 4.7 customer service score. The digital platform earns particular praise (first nationally for digital experience with a 4.8 score). Trustpilot reviews highlight online platform ease, though some users note challenges reaching human support for complex issues.


Overall Customer Score	4.45	1
Claims Process	3.90	4
Customer Service	4.20	4
Digital Experience	4.80	1
Overall Satisfaction	4.40	2
Policy Management	4.30	1
Recommend to Others	4.80	1
Renewal Likelihood	4.60	1

Comprehensive coverage options rank NEXT second in Virginia for coverage breadth. Standard offerings include general liability, professional liability, workers' compensation and business owner's policies. Instant digital insurance certificates and unlimited insureds without extra fees stand out.

The Hartford

Best for Affordability

MoneyGeek Rating

4.6/ 5

4.6/5Affordability

4.6/5Customer Experience

4.7/5Coverage Points

855-961-1962

Average Monthly Cost of General Liability Insurance
$74
Average Monthly Cost of Workers' Comp Insurance
$63
Our Survey: Claims Process
4.5/5
Our Survey: Likely to Be Recommended to Others
4.5/5

pros
- Ranks first in Virginia for affordability, with competitive rates for business coverage
- Demonstrates superior financial stability, ensuring reliable long-term coverage
- Offers excellent customer service with quick claim responses and helpful support
cons
- Coverage options, while comprehensive, aren't as extensive as the top provider
- Online platform could be more user-friendly for policy management
Second position in Virginia's business insurance market goes to The Hartford with a 4.61 overall score. Roots dating to 1810 built a reputation for financial strength (A+ AM Best rating). Competitive rates and proven stability appeal particularly to established businesses seeking traditional service models.
Virginia affordability rankings put The Hartford first with a 4.55 score, demonstrating consistent value across coverage types. The most affordable major provider in the state combined with high stability ratings delivers reliable cost and quality balance to business owners.
Data filtered by:
Coverage Type
BOP
Industry
Accountants
$20 $245 1


$20	$245	1

The second-highest national customer service ranking goes to The Hartford with particularly strong claims processing and customer support. Claims handling ranks first nationally, though digital services lag at tenth place. Customer feedback indicates efficient in-person service but highlights online accessibility improvement opportunities.


Overall Customer Score	4.38	2
Claims Process	4.50	1
Customer Service	4.70	1
Digital Experience	3.80	10
Overall Satisfaction	4.50	1
Policy Management	4.20	4
Recommend to Others	4.50	2
Renewal Likelihood	4.40	2

Its comprehensive coverage options rank The Hartford third in Virginia for breadth. Most standard business insurance needs get served alongside specialized options (employment practices liability, international coverage). State-by-state availability varies, with geographic restrictions on certain specialized products.

Simply Business

Best for Coverage Availability

MoneyGeek Rating

4.5/ 5

4.4/5Affordability

4.2/5Customer Experience

4.9/5Coverage Points

Average Monthly Cost of General Liability Insurance
$87
Average Monthly Cost of Workers' Comp Insurance
$64
Our Survey: Claims Process
3.7/5
Our Survey: Likely to Be Recommended to Others
4.2/5

pros
- Ranks first in Virginia for comprehensive coverage options across common and specialized policies
- Digital-first platform enables quick quote comparisons from multiple insurance carriers
- Offers specialized coverage packages tailored for over 80 different business types
cons
- Customer service response times lag behind top competitors in Virginia
- Limited brick-and-mortar presence may challenge clients who prefer in-person support
A digital insurance marketplace partnering with established carriers to deliver business coverage, Simply Business earned a 4.48 out of 5 overall score (third among Virginia business insurance providers). The platform connects business owners with multiple A-rated insurance carriers through streamlined digital processes.
Fourth place for Virginia affordability goes to Simply Business with competitive rates through the multi-carrier platform. The marketplace model yields cost savings by eliminating traditional agent commissions. Individual business factors and selected carrier determine final rates.
Data filtered by:
Coverage Type
BOP
Industry
Accountants
$21 $248 2


$21	$248	2

Mixed customer experience results characterize Simply Business. Fifth place for Virginia customer service comes with a 4.15 out of 5 score. Digital experience stands out (third-place national ranking), while claims processing ranks eighth nationally at 3.7 out of 5. This variation reflects the broker model where ongoing service depends on selected carrier.


Overall Customer Score	4.14	7
Claims Process	3.70	8
Customer Service	4.00	6
Digital Experience	4.50	3
Overall Satisfaction	4.10	7
Policy Management	4.10	7
Recommend to Others	4.20	8
Renewal Likelihood	4.10	7

The top Virginia coverage rank goes to Simply Business with a 4.9 out of 5 score. The marketplace includes policies from multiple A-rated carriers with coverage from basic liability to specialized industry policies. Businesses get matched with carriers based on industry needs and risk factors.

Cheapest Business Insurance Companies in Virginia

The Hartford leads Virginia's business insurance market with rates of $76 monthly ($914 annually). Thimble and Simply Business follow as affordable options at $86 and $88 per month respectively. You can compare all providers and their rates in the table below.


The Hartford	$76	$914
Thimble	$86	$1,030
Simply Business	$88	$1,054
Progressive Commercial	$90	$1,079
NEXT	$91	$1,091
Coverdash	$92	$1,103
Nationwide	$93	$1,112
biBERK	$95	$1,141
Hiscox	$98	$1,181
Chubb	$107	$1,283

How Did We Determine These Rates?

Cheapest General Liability Insurance Companies in Virginia

Virginia businesses can find the cheapest general liability coverage through The Hartford at $74 per month. Simply Business offers the second-lowest rate at $87 monthly. Compare all provider rates in the table below.


The Hartford	$74	$892
Simply Business	$87	$1,046
Nationwide	$88	$1,059
Progressive Commercial	$91	$1,091
NEXT	$94	$1,126
Coverdash	$94	$1,129
Thimble	$98	$1,173
Hiscox	$104	$1,249
biBERK	$104	$1,250
Chubb	$108	$1,298

How Did We Determine These Rates?

These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.

Cheapest Professional Liability Insurance Companies in Virginia

The Hartford offers the most affordable professional liability insurance (E&O) at $65 monthly ($782 annually). NEXT provides another budget-friendly option for Virginia business coverage.


The Hartford	$65	$782
NEXT	$66	$792
Progressive Commercial	$68	$820
Simply Business	$69	$832
Thimble	$70	$839
Hiscox	$71	$847
Coverdash	$71	$852
biBERK	$72	$867
Nationwide	$75	$898
Chubb	$81	$970

How Did We Determine These Rates?

These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.

Cheapest Workers’ Comp Insurance Companies in Virginia

NEXT offers the cheapest workers' comp coverage in Virginia at $62 monthly ($750 annually). The Hartford and Simply Business also provide competitive rates, making all three solid choices for business coverage.


NEXT	$62	$750
The Hartford	$63	$758
Simply Business	$64	$772
Progressive Commercial	$64	$773
Thimble	$64	$774
Hiscox	$65	$782
Coverdash	$66	$793
biBERK	$69	$822
Nationwide	$74	$882
Chubb	$77	$925

How Did We Determine These Rates?

These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.

Cheapest BOP Insurance Companies in Virginia

The Hartford offers the cheapest BOP rates in Virginia at $102 per month ($1,226 annually). Business owners can also find affordable BOP insurance with Thimble, Simply Business and Nationwide.


The Hartford	$102	$1,226
Thimble	$111	$1,335
Simply Business	$131	$1,568
Nationwide	$134	$1,607
biBERK	$136	$1,626
Progressive Commercial	$136	$1,630
Coverdash	$136	$1,637
NEXT	$142	$1,698
Hiscox	$154	$1,849
Chubb	$161	$1,937

How Did We Determine These Rates?

These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.

How Much Does Business Insurance Cost in Virginia?

Business insurance in Virginia costs between $67 and $134 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.


BOP	$134
General Liability	$94
Professional Liability (E&O)	$71
Workers Comp	$67

How Did We Determine These Rates?

Cost of Business Insurance by Industry and Coverage

Business insurance costs in Virginia vary significantly by industry and coverage type. Our research shows workers' compensation for speech therapists costs just $5 monthly, while pressure washing businesses pay $1,252 monthly for a business owner's policy.

Data filtered by:


Accountants	Business Owners Policy	$30

How Did We Determine These Rates?

What Factors Influence My Costs?

Your Virginia business insurance premiums are influenced by several key factors. Here's what affects your costs:

Industry Risk Level

Your business type determines your insurance rates more than any other factor. Construction companies in Virginia pay much more than consultants because job sites have higher accident risks. A construction company might pay $500 monthly for coverage, while an accounting firm pays just $50.

Geographic Location and Weather Risks

Your location within Virginia affects your rates. Coastal businesses face higher costs from hurricane risks, while inland areas see better rates. According to NOAA data, Virginia experienced 8 billion-dollar weather disasters in 2023 alone. Rising storm damage costs drive up insurance premiums statewide.

Business Size

Your employee count directly impacts insurance costs. Workers' comp rates are calculated per $100 of payroll, while liability costs reflect your revenue and customer volume. A retail store with 15 employees pays substantially more than a solo consultant working from home.

Claims History

Your claims record shapes your rates for years. Filing even one liability claim can increase premiums across multiple coverage types. Insurance companies offer their best rates to businesses that maintain claim-free records.

Coverage Types and Limits

Your choices in coverage types and limits directly affect your costs. Higher coverage limits increase premiums, but bundling options like business owner's policies can reduce overall costs by combining multiple coverage types.

Years in Business

New Virginia businesses start with higher premiums since insurers lack data to assess their risk level. Operating claim-free for several years shows insurers you run a safe business, often leading to lower rates.

Professional Certifications

Safety certifications and professional licenses can reduce your insurance costs, especially in high-risk industries. Many insurers offer rate discounts for OSHA certifications and industry-specific safety training programs.

Virginia Business Insurance Buying Guide

Running a business takes all your focus. Getting business insurance can feel like one more endless to-do list task. Our straightforward guide helps you understand and secure right coverage for your Virginia business.

What Coverage Is Required?

We've researched all Virginia business insurance requirements so you don't have to. Find a complete breakdown of what your business needs below.

Workers' Comp

Virginia requires workers' compensation insurance for most businesses, with some flexibility for small operations. You must carry workers' comp if you have three or more employees regularly employed at the same time. This higher threshold makes Virginia more business-friendly than states requiring coverage with just one employee. Corporate officers can opt out if they own at least 25% of the company, and sole proprietors and business partners are exempt unless they choose coverage. However, construction businesses and those with government contracts may need coverage regardless of employee count.

Commercial Auto Insurance

Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. Virginia requires all vehicles to carry at least $30,000 per person and $60,000 per accident for bodily injury, plus $20,000 for property damage. You'll also need uninsured motorist coverage at the same limits, which protects you if you're hit by a driver without insurance.

Unemployment Insurance

Virginia requires unemployment insurance for businesses that pay wages of $1,500 or more in any quarter or employ one or more workers for 20 weeks during a calendar year. You must register with the Virginia Employment Commission and pay quarterly contributions based on your payroll and experience rating.

Professional Liability Insurance

If you hold a professional license in Virginia for medical, legal, architectural or engineering work, you'll typically need professional liability insurance. Healthcare providers must carry malpractice coverage, while other professionals should check with their licensing boards for specific requirements. The coverage amounts vary by profession and practice type.

FR-44 Certificate Requirement

Virginia is one of only two states that may require an FR-44 certificate for high-risk drivers with serious violations like DUI. This certificate requires higher liability limits than standard insurance and results in significantly higher premiums. Business owners with FR-44 requirements must maintain continuous coverage and notify the state of any policy changes.

Contractor Bonds and Insurance

If you hold a contractor license in Virginia, you'll need to carry liability insurance and may need to post a surety bond depending on your work type. General contractors typically need at least $50,000 in liability coverage, while specialty contractors have varying requirements. This protects customers if you don't complete work as promised or follow licensing rules.

What Coverage Do We Recommend?

Virginia requires specific business insurance. Your business needs include:


Tech/IT Services	Professional liability (E&O), general liability, cyber liability, commercial property, workers' compensation	Virginia's tech corridor creates high exposure to data breaches, system failures and professional errors. Northern Virginia's concentration of government contractors requires specialized coverage for security clearances and compliance issues.
Consulting	Professional liability (E&O), general liability, cyber liability, commercial property	Virginia's proximity to Washington D.C. creates a thriving consulting industry serving government and private sectors. Consultants face high liability exposure from advice given to clients and potential data security breaches.
Construction/Contractor	General liability, workers' compensation, commercial auto, tools and equipment coverage, employment practices liability	Virginia's growing population drives construction demand. Contractors face high injury risks, expensive equipment theft and liability exposure from property damage. Projects near historic sites require additional protection.
Marine Services	General liability, workers' compensation, commercial auto, marine liability, pollution liability, cargo coverage	Virginia's Chesapeake Bay and coastal areas support significant marine industries. Businesses face unique risks from weather damage, environmental liability and specialized maritime exposures requiring industry-specific coverage.
Restaurant	General liability, workers' compensation, commercial property, cyber liability, liquor liability (if applicable), food contamination coverage	Restaurant businesses face burn/cut risks, foodborne illness liability and equipment breakdown costs. Virginia's tourism industry increases customer volume and potential slip-and-fall incidents.
Trucking	Commercial auto, general liability, cargo coverage, workers' compensation, motor truck cargo insurance	Virginia's position on the I-95 corridor and proximity to major ports create heavy trucking activity. Companies face vehicle accidents, cargo theft and specialized interstate commerce regulations requiring comprehensive coverage.

How to Get the Best Cheap Business Insurance in Virginia

Virginia small businesses juggle many expenses, insurance costs included. Secure needed coverage while keeping your budget in check:

1
Assess Your Actual Risks First
Evaluate real business risks instead of accepting standard insurance packages. Richmond restaurants need strong liability and property coverage. Virginia Beach retail stores focus more on inventory protection.
2
Get Quotes from Multiple Insurers
Risk calculations differ by insurer, creating varied prices for identical coverage. Contact three providers minimum to compare rates. Virginia business owners often find significant carrier price differences.
3
Choose Providers Based on Service Quality
Look beyond price to examine insurer reputation and industry expertise. Norfolk manufacturing companies need insurers familiar with equipment coverage. Roanoke tech startups require strong cyber liability protection.
4
Maximize Every Discount
Multi-policy discounts and safety program benefits cut costs. Virginia construction companies save by bundling general liability with commercial auto and maintaining strong safety records.
5
Review Coverage Annually
Business needs shift with growth and market conditions. Small Alexandria consulting firms expanding to serve government contractors may need additional professional liability coverage to stay competitive.

Virginia Business Insurance: Bottom Line

NEXT, The Hartford and Simply Business lead Virginia business insurance based on our analysis. What's ideal depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage fitting your budget.

Small Business Insurance in Virginia: FAQ

We answer common Virginia business insurance questions:

What business insurance is required by law in Virginia?

Workers' compensation insurance is mandatory in Virginia if you have three or more employees. Commercial auto requires minimum liability limits of $30,000/$60,000/$20,000. Contractors need surety bonds based on contract values.

How much does business insurance cost in Virginia?

Our analysis shows that business insurance costs in Virginia range from $67 to $134 monthly. Workers' compensation is the most affordable at $67, while BOPs are $134. Actual costs depend on your industry, business size and claims history.

Which company has the cheapest business insurance in Virginia?

The Hartford offers the lowest rates at $76 monthly in Virginia, with Thimble ($86) and Simply Business ($88) following behind. Compare multiple quotes as rates depend on your business's specific risks.

What business insurance do I need for my small business in Virginia?

General liability insurance provides essential protection for customer injuries and property damage. Add workers' compensation for employees and commercial auto for company vehicles. Retailers need property coverage, while contractors require equipment protection.

What is the best business insurance company in Virginia?

Virginia's business insurance market leader is NEXT with a MoneyGeek score of 4.62 out of 5.0. The Hartford and Simply Business deliver excellent alternatives. Compare multiple providers to match your specific business requirements.

How We Scored the Best Business Insurance Companies in Virginia

Virginia small business owners need reliable coverage protecting operations without breaking budgets. Our methodology helps Virginia entrepreneurs navigate challenges like hurricane risks and the state's optional workers' compensation laws.

We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.

Affordability (50%): Premiums get compared across multiple carriers, with rates analyzed for various coverage types and limits to find Virginia businesses' most cost-effective options.
Customer experience (30%): Claims processing speed, customer support quality and digital tools get examined to ensure reliable service when needed.
Coverage options (15%): Policy customization options get evaluated, including industry-specific endorsements and coverage packages tailored to Virginia business needs.
Financial strength (5%): AM Best insurer stability ratings get reviewed to confirm companies can meet claims obligations.

This approach helps Virginia small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.

About Mark Fitzpatrick

Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

Read Full Bio »

sources

Trustpilot. "NEXT." Accessed August 22, 2025.
National Centers for Environmental Information. "Billion-Dollar Weather and Climate Disasters." Accessed August 22, 2025.