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1801 E 3rd St
Farmville, VA 23901

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Key Things to Know about Commercial Cyber Insurance

Few businesses operate today without computers to pay bills, interact with customers and suppliers, and monitor competitors down the street or on the other side of the world. While computers and networks are invaluable tools, they expose businesses to potential cybercrimes that could halt their operations and harm their reputation. If you are in the Farmville, VA area and want to protect your company from the financial effects of cybercrime, our Gantt Agency team is ready to serve you.

What is Cyber Insurance, and Who Needs it?

Cyber insurance protects against cybercrime, which involves using a computer to steal information from others or limit the information owner’s use. Cybercrime is a potential problem for companies that store customer information or rely on computers, networks, and cloud-based platforms to run their business. If your business meets those criteria, you should consider the protection of cyber insurance.

Cyber insurance has three primary elements:

First-party: Covers the cost of investigating issues, notifying customers, and your lost revenues and ransomware payments.

Third-party or cyber liability: Despite being a victim, you may be responsible to others for attorney fees, settlements, and fines and losses others suffer due to the cyber incident.

Errors and omissions: Mostly needed by technology businesses, this coverage protects against losses others suffer due to faulty logic, code, or other issues among those using their products and services.

Some insurance companies require that you take specific preventive steps before they issue a cyber insurance policy, while additional preventive measures may lead to discounted premiums.

Have Questions? Consult With Us

The team of experts at Gantt Agency handles the business and personal insurance needs of many in the Farmville, VA area. Drop by or call us today to build an insurance plan that protects your business and personal assets.

Should all businesses in Virginia need to get commercial insurance?

Being a business owner in the Farmville, VA area could be a great idea. When you are a business owner here, you will enjoy all of the local amenities and a strong economy. When you do start to build and establish a business in this region, getting the proper insurance is very important.

There are various reasons why all businesses in this state need to get a commercial plan:

Protect Business

An important reason for any business in this part of Virginia to get commercial insurance is to protect their business. If you are going to start a company, you will want to know you have support for unexpected situations. When you get a proper commercial insurance plan, it will offer this support. With commercial coverage, you can get support to replace commercial assets if you incur a loss or to cover liability claims in the future. 

Ensure Compliance

It is also helpful to get commercial coverage to ensure you are in compliance. Having insurance is very important, and it is often a requirement for businesses of all sizes. With the right coverage, you can comply with requirements that are often set in loan and lease agreements, investor contracts, and contracts with vendors, suppliers, and customers. This can help to protect your reputation and allow you to avoid penalization. 

Give Us A Call

If you are a business owner in the Farmville, VA area, you will want to be assured that you selected the right type of insurance for your company. When you are ready to start looking for coverage, it would be advantageous to call our team with the Gantt Agency. Our insurance team at the Gantt Agency can help you create a new plan that will protect your business in a variety of situations. 

Does my home business need commercial insurance?

Home-based businesses are increasingly popular choices for those who have a small business. Not having to pay for rent is a great saving. At Gantt Agency in Farmville, VA, we have 8 offices and one of them is likely to be convenient for you to visit or call. We have been growing since 1988 and our team has the knowledge and experience that you look for in an independent insurance agent. 

Simply stated, yes, your home business does need commercial insurance. The fact is, your home insurance is not designed to protect a business, and it can either not cover or have very limited coverage for your business. 

Why Commercial Insurance?

Property insurance

If your property insurance covers any business property, it will be very limited. You could lose all your tools, inventory, office equipment and other things that you use to conduct your business. Having commercial property insurance will protect your business assets when you have them in your home or in your vehicle. 

Liability insurance

Getting sued as a small business is almost a certainty and if you are counting on your home insurance liability to protect your business you will be disappointed. Home insurance will not cover you. If you have customers or clients visiting your home and they are injured, you will be on your own. If a client sues you, you are out of luck. 

Auto insurance

If you are using your personal vehicle for business, you are taking a very big risk. Your personal auto insurance does not cover business use. If you have an accident you could find yourself with a lot of uncovered damage. You could be sued for injuries and damage and that could be very expensive. 

Give Us A Call

Contact Gantt Agency in Farmville, VA when you are in need of commercial insurance information. 

Must-Have Commercial Insurance Coverages in Virginia

If you are trying your hands in business, you must be open to the fact that you have to contend with various risks present in the business environment. Your business is never short of risks from liability claims, fires, and theft to natural disasters. While there are several risk mitigation strategies you can devise, don’t forget about commercial insurance from Gantt Agency in Farmville, VA. Business insurance restores your financial position when perils strike.

But since commercial insurance has numerous policies, you may be confused about the ones you should consider for your business.

Here are must-have commercial insurance policies:

Worker’s comp insurance

If you have more than two employees in Virginia, the law requires you to purchase workers’ comp insurance. This coverage pays for hospitalization costs, ongoing care, and partial loss of wages for the injured employee.

General liability coverage

Regardless of the nature of your business, it’s exposed to liability claims like bodily injury, property damage, libel, slander, and other liability claims. Liability coverage covers the legal hassles when accused by third parties.

Property insurance

Business assets like buildings, computers, furniture, and inventories are susceptible to losses and damage. Perils such as smoke, fire, natural disasters, and vandalism may damage your assets, resulting in significant financial losses. Invest in property insurance to compensate when faced with damage or loss of your assets.

Professional liability insurance

If you provide services, you had better invest in this coverage. This policy protects you when sued for negligence, missed deadlines, and incomplete work by your consumers.

Cyber liability insurance

The proliferation of cyberattacks means you need to protect your business with cyber liability insurance. This coverage cushions you financially by covering PR, notification, and legal costs after a cyberattack. Ready to invest in commercial insurance in Farmville, VA? Please get in touch with Gantt Agency for an affordable quote.

Let’s review your worker’s comp policy

Owning a business comes with a lot of responsibility. One of those obligations is worker’s compensation. Here at the Gantt Agency, we believe that business owners in the Farmville, VA area need to understand their options when it comes to workers’ comp policies. If it’s time to review your current policy, give us a call today.

Understanding your company’s worker’s comp policy

If you are a decision-maker within your company, it’s important to understand your firm’s insurance portfolio. This includes your worker’s comp policy. This type of insurance protection can help you from catastrophic expenses if an employee is injured on the job. Not only do you want to ensure that your coverage levels are adequate, but you’ll also want to check that your policy protection is comprehensive. Having the right protection at the appropriate levels can help you weather most unfortunate situations successfully!

Worker’s comp insurance is in place to protect both you and your workers. As your company grows and changes, so too will your insurance needs. We recommend an annual review to ensure that your policy is keeping pace with your company’s growth. Conversely, if you are getting the job done with fewer employees, you will want to adjust your policy coverage accordingly. Let us help you protect your hard work. As today’s work environment continues to change rather substantially, shouldn’t your insurance also adjust?

Call us today to schedule your review

The entire team here at the Gantt Agency is ready to help you with all of your commercial insurance needs. Contact us today to set up a consultation to review your Farmville VA business’s worker’s comp policy.

The Importance of Commercial Insurance

It can be incredibly exciting to be a business owner. For many reasons, it can also be stressful. Let insurance take some of this stress away by getting your and your business covered against potential financial and emotional burdens.

Gantt Agency in Farmville, VA provides commercial insurance for businesses from small to large. You can discuss commercial insurance with one of our agents if you are a person living in the state of Virginia.

Situations you want commercial insurance for

Your business will need to be insured for a lot of things. This can feel like a minefield, but it gets easier if you imagine some situations your business should be insured for. Some of these are listed for you below: 

  • Ensure your business has liability insurance. Imagine the following: you own a factory, and one of your employees is involved in a horrific factory accident that requires a ton of medical attention, and thereby, costs. Liability insurance can help cover these costs, but it can also help you in case this employee decides to sue your or your company. At the same time, if you don’t own a factory, don’t think you don’t require liability insurance. Someone who slips and falls in an office building can still sue their company, and liability insurance can still cover you for that. 
  • Commercial property insurance; is again relevant to both office buildings and factories, or even retail and gyms. Whatever it is, make sure your business location is insured in case of things like fires and floodings. 

Gantt Agency in Farmville, VA is happy to help you today to work through your commercial insurance quotes. Call us today or request a quote online.  

Worker’s Compensation FAQs

Worker’s Compensations Frequently Asked Questions

As a business owner working in and around Farmville, VA, you’re required by law to carry worker’s compensation insurance, and the Gantt Agency can help! But what exactly is worker’s compensation and what does it cover? Is there any way to lower your premium? What happens if you’re not covered? We answer all your pressing questions below:

Top 5 Worker’s Compensation Questions

Worker’s compensation is a necessary business expense that can protect employers and employees from financial loss resulting from a wide range of events, including moving and handling equipment, falls, car accidents, and more. It’s important to fully understand this insurance and to make sure you’re adequately covered. 

Who Needs Worker’s Compensation Insurance?

While a couple states make worker’s compensation optional, it’s required by law in most states, including Virginia. The Virginia Worker’s Compensation Act requires all businesses with at least three or more regular part-time or full-time employees must carry worker’s compensation insurance. This means that if you run a family business and you and your spouse are the only employees, you may not have to have coverage. Likewise, if you hire only freelance employees, you may be exempt (Or, you may not, depending on who is controlling the work and where the work is performed. If the work is performed onsite, it’s best to have worker’s comp even if your workers are designated 1099 contractors.) 

In most situations, if you hire anyone else for any reason, including seasonal and temporary employees, you need to have worker’s comp. 

What’s Covered by Worker’s Comp?

Worker’s compensation is a mutually beneficial policy that protects employees from financial loss while protecting employers (you) from liability. Worker’s compensation insurance can help cover medical bills, lost wages, ongoing care and treatment, legal expenses related to lawsuits, settlements for employee injuries, and even funeral costs in the unfortunate event of death as the result of a work-related accident or illness. 

What’s Not Covered by Worker’s Comp?

While worker’s compensation is designed to be a catch-all policy that covers a wide range of accidents and other events, there are a few specific circumstances that may be excluded from your policy. These include accidents that result from worker intoxication, injuries resulting from a fight an employee started, and intentional injuries (ie insurance fraud.) For a full list of excluded events, check with your insurance agent. 

How Do I Know How Much Worker’s Compensation Coverage I Need?

Your insurance agent can help you tailor the right coverage for your business. Factors that affect your desired coverage limits and your premium include the number of employees you hire and the type of work you do. A small office with six employees will have much lower coverage requirements than a manufacturing plant doing heavy industrial work with sixty employees. 

How Do I Get a Worker’s Compensation Policy? 

The best way to get a worker’s compensation policy that’s accurate and adequate for your business operations is to work with a licensed and registered insurance agent. The commercial insurance specialists at the Gantt Agency will work with you to customize a policy and have your Farmville, VA business protected in no time. 

Need a worker’s compensation policy? Contact us and get started today! 

Two Types of Mandatory Commercial Insurance

When you own a small business, many different insurance policies can come in handy. However, very few are mandatory. Many other policies are recommended for business owners to give themselves better protection against lawsuits and other costs. If you need commercial insurance in Virginia, call us at Gantt Agency in Farmville, VA today.

Workers’ Compensation

This is an insurance type that is required for most small businesses in Virginia. If your business has two employees or more, state law requires that you cover them with workers’ compensation insurance. This covers illnesses and accidents that happen to your employees at work. If you don’t have this coverage, you can face fines and fees that result from not having the proper insurance. If you don’t have this coverage, you are also open to lawsuits from anyone who gets sick or becomes injured at work. It even pays for the lost wages of your employee if they are unable to work due to their injury or illness. 

Commercial Auto

With this type of insurance, a vehicle owned by the business is covered in case of an accident that injures people and/or causes property damage. In most cases, a personal auto insurance policy will not pay out if the accident happened during the business’s course. With a commercial auto policy, your liability to both cars and people is covered when the vehicle is used for business tasks. 

Get Your Commercial Auto Insurance Policies

If you meet the criteria for commercial insurance coverage, but your business doesn’t yet have it, you could be fined or cited. And even worse, you could become liable for a serious accident that you weren’t insured against. If you need a commercial policy, contact us at Gantt Agency in Farmville, VA.

Who should get a commercial insurance plan in Virginia?

The Farmville, VA area continues to grow and offers a lot of opportunities to small business owners. If you are going to start a business in this area of Virginia, getting proper insurance coverage for your company is very important. One type of insurance that you will need to have is commercial coverage. There are several scenarios in which someone should get a commercial insurance plan for their business.

Those that Invest in Business Assets Need Coverage

A situation when you will want to have a commercial insurance plan is when you invest in business assets. Many businesses will require an investment into some core assets to get their company moving and off the ground. Those that choose to get a commercial insurance plan will receive the coverage they need to protect these assets. With proper coverage, you will be protected if the assets are stolen or otherwise damaged.

Those that Want Liability Coverage Need Coverage

You will also want to get a commercial insurance plan if you want liability protection. There is always a risk that a small business could be named in a liability claim. If this happens to you, it could be very detrimental to your company. Thus, you must get a commercial insurance plan that will offset this risk by providing liability coverage. 

If you want to get a commercial insurance plan in the Farmville, VA area, it would be wise to call the Gantt Agency. The team with the Gantt Agency understands how important commercial coverage is. They can offer you the guidance needed to assess your insurance needs and pick a plan properly. This can help to ensure your business stays properly covered in the future.

Why should I get a garage insurance policy?

Owning a commercial garage in Farmville, VA is a great way to make a living. There continues to be a demand for the services that garage owners can provide, which means you will always have a flow of customers. If you would like to own a garage here, you also need to make sure that you protect your company with insurance and liability. There are a few reasons that you should get a garage insurance policy. 

Coverage for Accidents in Garage

When you own or operate a commercial garage, there will always be a lot of activity that includes using machinery and moving items around. This activity could lead to accidents where someone gets hurt. Fortunately, when you get a full garage insurance policy, you can mitigate this risk by getting appropriate liability protection. 

Coverage for Lost Items

A garage owner may use the space to store products for clients. If you are storing cargo or products in a commercial garage, you will take on some liability for these items. When you get a proper insurance plan, it will offer you the coverage that could be used to mitigate this risk. This could be very helpful if there is ever a fire or theft that results in a loss of customer assets. 

If you are looking for a garage insurance policy and are in the Farmville, VA area, it would be good to call the Gantt Agency team. Many important choices and factors need to be considered when looking for garage insurance. The Gantt Agency team will help you understand your options and build a policy that provides ample coverage. This can help to ensure you remain properly protected at all times.