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.
Business Insurance in Virginia
NEXT tops our Virginia business insurance rankings with a MoneyGeek score of 4.62 out of 5.
Find affordable coverage that protects your small business in Virginia below.
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Updated: August 26, 2025
Advertising & Editorial Disclosure
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 | 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?
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 Virginia Small Business Insurance Reviews
Our research team evaluated business insurance providers across Virginia to identify the top three options for small business owners. Here's what makes each company's comprehensive coverage stand out from competitors.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ of 5
4.4/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$94This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$62This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5Ranked #4 nationallyOur Survey: Likely to Be Recommended to Others
4.8/5Ranked #1 nationally
The Hartford
Best for Affordability
MoneyGeek Rating
4.6/ of 5
4.6/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$74This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$63This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5Our Survey: Likely to Be Recommended to Others
4.5/5
Simply Business
Best for Coverage Availability
MoneyGeek Rating
4.5/ of 5
4.4/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost of General Liability Insurance
$87This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$64This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.7/5Our Survey: Likely to Be Recommended to Others
4.2/5
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?
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.
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?
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.
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:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $30 |
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.
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, and getting business insurance can feel like one more task on your endless to-do list. We've created a straightforward guide to help you understand and secure the 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 keeps business insurance requirements minimal, which means you must choose your coverage carefully. Here's our analysis of the best insurance options for the state's leading industries:
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
Running a small business in Virginia means juggling many expenses, including insurance costs. Here's how to secure the coverage you need while keeping your budget in check:
- 1
Assess Your Actual Risks First
Start by evaluating real business risks rather than accepting standard insurance packages. A Richmond restaurant needs strong liability and property coverage, while a Virginia Beach retail store might focus more on inventory protection.
- 2
Get Quotes from Multiple Insurers
Insurance companies calculate risk differently, leading to varied prices for the same coverage. Contact at least three providers to compare rates, as Virginia business owners often find significant price differences between carriers.
- 3
Choose Providers Based on Service Quality
Look beyond price to examine each insurer's reputation and industry expertise. A Norfolk manufacturing company needs an insurer familiar with equipment coverage, while a Roanoke tech startup requires strong cyber liability protection.
- 4
Maximize Every Discount
Take advantage of multi-policy discounts and safety program benefits. A Virginia construction company could save by bundling general liability with commercial auto insurance and maintaining a strong safety record.
- 5
Review Coverage Annually
Business needs change with growth and market conditions. A small Alexandria consulting firm that expands to serve government contractors may need additional professional liability coverage to remain competitive.
Virginia Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are Virginia's best business insurance providers. However, what's ideal for you depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in Virginia: FAQ
Small business owners in Virginia often face complex decisions about insurance coverage, but we've compiled straightforward answers to your most common questions below.
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?
NEXT leads Virginia's business insurance market with a MoneyGeek score of 4.62 out of 5.0. The Hartford and Simply Business are also excellent choices. Consider comparing multiple providers to match your specific business requirements.
Do small businesses in Virginia need workers' compensation insurance?
Virginia businesses with three or more employees must carry workers' compensation insurance. Companies with government contracts also need coverage, regardless of employee count.
What factors affect business insurance costs in Virginia?
Your industry significantly impacts costs. Construction businesses pay higher premiums than retail stores. Coastal Virginia locations face steeper rates due to hurricane risks. Employee count affects workers' compensation costs, while claim history and safety programs influence rates.
How do I get cheap business insurance in Virginia?
Compare quotes from multiple insurers like NEXT and The Hartford, assess your actual coverage needs and bundle policies for discounts. Look beyond price to consider service quality and claims handling.
What's the difference between general liability and errors and omissions (professional liability) insurance in Virginia?
General liability insurance protects against physical injuries and property damage. Professional liability (E&O) covers financial losses from service mistakes, poor advice or missed deadlines. Service-based businesses often need both coverages.
Can I get business insurance quotes online in Virginia?
Yes, top insurers provide online quotes in Virginia. Have your business information ready for accurate quotes. Complex businesses like contractors may need an agent for specialized coverage options.
How We Scored the Best Business Insurance Companies in Virginia
Small business owners in Virginia need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help 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% of score): We compare premiums across multiple carriers, analyzing rates for various coverage types and limits to find the most cost-effective options for Virginia businesses.
- Customer experience (30% of score): Our analysis examines claims processing speed, customer support quality and digital tools to ensure reliable service when needed.
- Coverage options (15% of score): We evaluate policy customization options, including industry-specific endorsements and coverage packages tailored to Virginia business needs.
- Financial strength (5% of score): We review AM Best insurer stability ratings to confirm that companies can meet their 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. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like 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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- Trustpilot. "NEXT." Accessed August 22, 2025.
- National Centers for Environmental Information. "Billion-Dollar Weather and Climate Disasters." Accessed August 22, 2025.