West Virginia Business Insurance: Best Companies & Cost (2024)

Find the Best Business Insurance Options in West Virginia

As of one recent year, West Virginia has over 113,000 registered small businesses. There are many reasons professionals are drawn to start businesses in West Virginia, including the state's welcoming and charming landscape and many natural tourist destinations, not to mention Charles Town's huge annual tourism draw. However, every business in the state needs the protection only offered by a business insurance policy to avoid possibly huge out-of-pocket losses. Further, the 270,000 small business workers in West Virginia should be protected by workers' compensation insurance.

Fortunately, a local West Virginia independent insurance agent can help you get the right business insurance policy for your business. They'll get your company matched to all the coverage it needs. First, though, here's a breakdown of West Virginia business insurance.

Best Business Insurance Companies in West Virginia

You can find a business insurance policy from many different insurance companies in West Virginia. When you want protection for your company, you're looking to find only the best. That's why we put together this list of some of the best business insurance companies in West Virginia for your convenience. Start shopping for coverage by looking into one of these top-rated carriers.

• The Hanover: The Hanover dates all the way back to 1852 and has outstanding AM Best and Better Business Bureau (BBB) ratings. The Hanover also offers many different business insurance options in West Virginia, including cyber liability coverage, general liability, workers' comp., etc., as well as providing 24/7 claims reporting.
• Travelers: Travelers also dates way back and has a great reputation for a number of reasons. The insurance company provides tons of discount options and low policy rates. Travelers also provides many different forms of business insurance in West Virginia, including general liability, inland marine, workers' comp., etc.
• Nationwide: Nationwide is also a longstanding carrier with a great reputation and excellent BBB and AM Best ratings. The carrier provides 24/7 claims support. Nationwide sells business insurance in West Virginia for many different niches, including farm & ranch, along with general business insurance options like commercial general liability, workers' comp., commercial auto, etc.

A West Virginia independent insurance agent can help you find all the business insurance your company needs from one of these top-rated carriers.

West Virginia Business Insurance Requirements

West Virginia's state law requires businesses with three or more employees to carry workers' compensation insurance. Having this coverage can help reimburse your business for expenses related to medical treatments, lost wages, etc., if employees get injured or ill due to the workplace or job duties. Coverage also exempts your business from lawsuits filed by affected employees or their families.

This is the only mandatory form of business insurance in West Virginia, but some optional types of coverage to consider for your business include:

• Commercial auto insurance
• Commercial property insurance
• Cyber liability insurance
• Commercial general liability insurance
• Professional liability insurance

A West Virginia independent insurance agent can also recommend the right types of business insurance for your company.

What Business Insurance Covers in West Virginia

The types of coverage you put into your West Virginia business insurance policy affect what it covers. You can customize your business's policy to meet your needs. However, many businesses in West Virginia at least add general liability coverage, commercial auto coverage, and workers' comp insurance if they have three or more employees. However, your business might be required to have commercial property insurance if it rents its building or commercial auto coverage if it has company vehicles. Still, it's strongly recommended to get more coverage for your business beyond what's required by law or a contract.

Liability Coverage Options for Small Businesses in West Virginia

A commercial general liability (CGL) insurance policy can protect your West Virginia business from expenses after lawsuits stemming from third-party claims of bodily injury or personal property damage. Lawsuits against businesses for these claims can be both common and costly. So much as a minor slip-and-fall injury from a customer can lead to a lawsuit against your business.

A professional liability insurance policy can protect your West Virginia business against the cost of lawsuits related to third-party claims of harm done by improper advice given or services rendered. If your business belongs to a niche that offers professional advice or services, such as a law firm or therapy clinic, you might need to get professional liability insurance to protect it. Related lawsuits can be very expensive without the right coverage, which is not provided by a CGL policy.

Property Coverage Options for Small Businesses in West Virginia

Commercial property insurance can reimburse your West Virginia business for repairs or rebuilding necessary for your storefront, office, or other building. It can also repair or replace stolen, damaged, or lost inventory and equipment. Without this coverage, your business could have to pay these costs out-of-pocket after a number of different disasters like fires, vandalism, and more.

Other Insurance Options for Small Business Owners in West Virginia

Your business must carry workers' compensation insurance in West Virginia if it has at least three employees. This coverage can help reimburse your business for expenses after cases of employee injuries or illnesses that were caused by job duties or the work environment. This coverage also exempts affected employees and their families from filing lawsuits against your business for related incidents.

Your West Virginia business might also need commercial auto insurance if it makes deliveries, offers mobile services, or otherwise uses company vehicles. This coverage can help reimburse your business for repairs or to replace these vehicles due to vandalism or theft. It can also help pay for legal expenses if an employee gets into an accident.

Your business could also benefit from having a cyber liability insurance policy to reimburse expenses after cyber incidents like data breaches and other cybercrimes. If your West Virginia business's sensitive or private data like employee records got stolen, it could face lawsuits or worse. This coverage can help pay for the many possible expenses associated with these common incidents.

Average Cost of Business Insurance in West Virginia

It's tough to predict the average cost of business insurance in West Virginia because so much of a policy's costs are determined by specific factors about your business, such as its niche, operations, and exposures. The exact location of your business and the number of employees it has also impact the cost of business insurance. Further, the policy limits and other coverage options, along with the types and amount of general coverage you buy, all impact your business insurance premiums. A West Virginia independent insurance agent can help provide you with a handful of quotes for local business insurance.

How does your city measure up to the national average?

Number of businesses in the US:30,819,176

Burglary rate per 1,000 residents in the US:3.76

Auto theft rate per 1,000 vehicles in the US:2.29

See Also

Business Property Relief And Inheritance TaxNationwide Commercial Insurance Companies - VegansavGet Covered: 5 Must-Have Types of Restaurant InsuranceThe Difference between Your GL Policy and Certificate of Insurance

City	No. of businesses	Burglaries / 1,000 people	Auto thefts / 1,000 cars
Beckley	1,561	8.38	1.91
Bluefield	1,344	3.27	0.51
Charleston	7,006	13.9	5.18
Clarksburg	1,928	6.6	1.38
Fairmont	1,803	2.6	1.68
Huntington	3,430	9.98	4.14
Vienna	930	1.65	0.49
Weirton	1,267	0.11	0.11
Wheeling	2,581	3.02	0.78

How Does Your West Virginia City Measure Up?

1. Commercial property insurance: Businesses in Charleston need commercial property coverage if they have physical buildings or inventory and equipment. This coverage can reimburse your business for repairs or replacement of lost, stolen, damaged, or destroyed property due to a number of causes ranging from theft, vandalism, fire, lightning, and beyond.
2. Commercial auto insurance: Your Charleston business needs commercial auto insurance if it uses company vehicles for any reason. This coverage can help replace company vehicles if they get stolen or totaled, and can also help pay for repairs and possible lawsuits after accidents.
3. Workers' comp insurance: Your Charleston business needs workers' comp if it has at least three employees. This coverage can exempt your business from employee lawsuits and help pay for medical expenses, lost wages, and more if an employee gets injured or ill due to their job or the work environment.

1. Commercial property insurance: Businesses in Huntington need commercial property coverage if they have physical buildings or inventory and equipment. This coverage can reimburse your business for repairs or replacement of lost, stolen, damaged, or destroyed property due to a number of causes ranging from theft, vandalism, fire, lightning, and beyond.
2. Commercial auto insurance: Your Huntington business needs commercial auto insurance if it uses company vehicles for any reason. This coverage can help replace company vehicles if they get stolen or totaled, and can also help pay for repairs and possible lawsuits after accidents.
3. Workers' comp insurance: Your Huntington business needs workers' comp if it has at least three employees. This coverage can exempt your business from employee lawsuits and help pay for medical expenses, lost wages, and more if an employee gets injured or ill due to their job or the work environment.

1. Commercial property insurance: Businesses in Morgantown need commercial property coverage if they have physical buildings or inventory and equipment. This coverage can reimburse your business for repairs or replacement of lost, stolen, damaged, or destroyed property due to a number of causes ranging from theft, vandalism, fire, lightning, and beyond.
2. Commercial auto insurance: Your Morgantown business needs commercial auto insurance if it uses company vehicles for any reason. This coverage can help replace company vehicles if they get stolen or totaled, and can also help pay for repairs and possible lawsuits after accidents.
3. Workers' compensation insurance: Your Morgantown business needs workers' comp if it has at least three employees. This coverage can exempt your business from employee lawsuits and help pay for medical expenses, lost wages, and more if an employee gets injured or ill due to their job or the work environment.

See Also

12 Types of Business Insurance & Tips To Select the Right One

1. Commercial property insurance: Businesses in Parkersburg need commercial property coverage if they have physical buildings or inventory and equipment. This coverage can reimburse your business for repairs or replacement of lost, stolen, damaged, or destroyed property due to a number of causes ranging from theft, vandalism, fire, lightning, and beyond.
2. Commercial auto insurance: Your Parkersburg business needs commercial auto insurance if it uses company vehicles for any reason. This coverage can help replace company vehicles if they get stolen or totaled, and can also help pay for repairs and possible lawsuits after accidents.
3. Workers' compensation insurance: Your Parkersburg business needs workers' comp if it has at least three employees. This coverage can exempt your business from employee lawsuits and help pay for medical expenses, lost wages, and more if an employee gets injured or ill due to their job or the work environment.

1. Commercial property insurance: Businesses in Wheeling need commercial property coverage if they have physical buildings or inventory and equipment. This coverage can reimburse your business for repairs or replacement of lost, stolen, damaged, or destroyed property due to a number of causes ranging from theft, vandalism, fire, lightning, and beyond.
2. Commercial auto insurance: Your Wheeling business needs commercial auto insurance if it uses company vehicles for any reason. This coverage can help replace company vehicles if they get stolen or totaled, and can also help pay for repairs and possible lawsuits after accidents.
3. Workers' compensation insurance: Your Wheeling business needs workers' comp if it has at least three employees. This coverage can exempt your business from employee lawsuits and help pay for medical expenses, lost wages, and more if an employee gets injured or ill due to their job or the work environment.

West Virginia Business Insurance FAQs

Do You Know What Your Business Insurance Covers in West Virginia?