No matter the size of your business, you need insurance to cover your assets. Common coverages include liability, property and equipment insurance policies. The agents at Burke & Burke Insurance Agency are determined to help you find the coverages your business needs.

The price of small business insurance depends on many factors. This includes the location, size and industry of the business, claims history, credit score of the insured, payroll, type of insurance, amount of coverage and deductible. Bundling coverages is often a good way to save money on business insurance.

A business owner's policy (BOP), for example, is a customizable policy that combines general liability, commercial property and other coverages. The average cost of a BOP is about $1,200 a year.

Various types of business insurance policies are designed to protect a business against different risks. The most common business insurance (that may also be required) includes:

• General Liability Insruance: This covers accidents of bodily injury and property damage that occur on the business property.
• Commercial Auto Insurance: This insurance provides car insurance for vehicles used or owned by the business. It can also include Hired or Non-Owned Insurance, which covers vehicles rented or borrowed by the business for work purposes.
• Workers Compensation Insurance: This covers medical expenses and legal fees if an employee is injured on the job.

The qualification of a "small business" varies depending primarily on the industry. A small business in one industry may reach the maximum at 250 employees while another industry may consider 1,000 employees as a small business.

A good rule of thumb is that, if you employ any workers, you should have insurance.

Any business with two or more employees must carry workers compensation in Virginia. In Maryland and Washington DC, even having one employee necessitates business insurance. Virginia also requires commercial vehicles to carry a certain amount of commercial auto insurance:

• $25,000 in bodily injury liability per person
• $50,000 in bodily injury liability per accident
• $20,000 in property damage liability

These requirements may change depending on the vehicle and cargo. Commercial trucks, for example, have different laws and regulations to follow in Virginia.

As with other insurance policies, business insurance is purchased through monthly or annual premiums. After a claim is filed, an underwriter from the agency will investigate the claim to discern how much compensation the business will receive.

Business insurance may be paid through monthly or yearly premiums.

Business insurance prices vary wildly depending on location, industry, size of the business and other factors. In Virginia insurance, general liability insurance costs an average between $40 and $416.66 a month.