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Must-Have Commercial Insurance Coverages in Virginia

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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.

What is Trucking Insurance?

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The type of commercial truck insurance required is dependent on the type of driving you to do or the business that you own. As a driver, you’ll need primary liability insurance which is required as part of acquiring a trucking license and protects third parties and their property from damage that your truck causes. Conversely, if you are the owner-operator of a trucking company, then you’ll also need general liability insurance. The difference between these two types of insurance is that general liability also offers the policyholder additional protection in the event of a lawsuit or a libel/slander claim against your trucking business. Gantt Agency in Farmville, VA offers this guide on choosing your trucking insurance. 

What is Trucking Insurance?

Whether you are a loan operator or own multiple trucks, the Federal Motor Carrier Safety Administration and the Department of Transportation require proof of liability insurance for your Operating Authority/MC Number application. Failure to carry insurance within your truck or not having enough coverage can result in significant penalties including loss of license, jail time, fines, and more. Most trucking insurance policies will include the following coverage:

  • Bobtail Coverage: Protects a truck that is being operated without a trailer.
  • Limited Depreciation Coverage: Helps pay the difference between the market value that the insurance is likely to pay you and what is still owed on the truck.
  • Motor Truck Cargo Insurance: Offers protection for non-hazardous freight and cargo liability.
  • Non-Trucking Liability Coverage: Protects your truck when it is used for non-business purposes.
  • Physical Damage Coverage: Covers physical damage that is incurred to your tractor-trailer.
  • Trailer Interchange Agreement Insurance: Protects non-owned trailers when they incur physical damage.

For more information on trucking insurance, Gantt Agency in Farmville, VA is here to help. We can assist in answering your trucking insurance questions and help customize a policy that best protects you from liability. 

What is SR-22/FR-44 Insurance, and What Does it Cover?

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Are you a high-risk driver? Do you have a DUI on your records? It would be best if you thought about SR-22 or FR-44 from Gantt Agency in Farmville, VA. But what’s the difference between the two? What covers what? If you want to know more about these insurance coverages, hang on as we explore.

What is SR-22, and what does it cover?

In its strict definition, SR-22 isn’t a type of car insurance per se. However, it’s not uncommon to hear people refer to it as insurance. SR-22 is proof of financial responsibility. It notifies the state’s motor vehicle department that you carry the required amount of car insurance.

Furthermore, not every driver needs an SR-22. Only high-risk drivers need to invest in SR-22. So, if you have a DUI record, have been caught driving without insurance, or have been at fault for many accidents, you may need SR-22. 

What is an FR-44?

Only Virginia and Florida states use FR-44s, also called “DUI insurance.” And just like SR-22, FR-44 isn’t a type of insurance. FR-44 is similar to SR-22, only that it’s specific to DUI cases only.

If you have been charged with DUI in Florida or Virginia, you may need an FR-44, similar to SR-22, but with a minimum of $100,000 liability coverage on your car insurance. The thinking behind this is that DUIs are repeat offenders and likely cause severe injuries and damage on the road. They need higher liability coverage when they are at fault for accidents.

If you have been charged with DUI in Virginia, you are legally required to produce an FR-44 before your license is reinstated.

SR-22/FR-44 Insurance in Virginia

If you are a high-risk driver or have a DUI on your record, you need to invest in SR-22/FR-44 from Gantt Agency. Contact us today for an affordable quote.

Yes, your restaurant does need targeted insurance

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The Gantt Agency is here to help restaurant owners in the Farmville, VA area protect their investments. Owning a successful restaurant takes a lot of work, and it’s important to protect your efforts.

Let’s review your restaurant insurance

There is so much that goes into opening and running a restaurant, that having the right insurance in place may fall down to the bottom of the priority list. If this has been your experience, now is a perfect time to take a closer look at your policy.

There is a lot that can go wrong when it comes to restaurants: kitchen fires, burst water pipes, liability for customer illness, physical damage to the structure, and so on. And, even when everything is going right, there is a lot of financial and personal investment in the establishment.

Protecting your hard work and efforts is an important part of operating a successful business. This is especially true when it comes to dining establishments. If it’s been a while since you’ve thought about your insurance, now is a great time to change that! Taking a close look at your policy for completeness is an important task.

We recommend that our commercial clients review their policies at least once a year. Over the years, your needs will change, and it’s a smart idea to make sure that your insurance policy keeps pace with those changes. 

Don’t wait until it’s too late to take a closer look at your policy.

We are here to help you protect your hard work

Are you a restaurant owner in the greater Farmville, VA area? Let the team at the Gantt Agency help you protect your restaurant. With all the hard work that you’ve put into your establishment, it only makes sense to keep it protected!

Is it time for garage insurance?

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Running a repair shop takes a lot of work and commitment. Here at the Gantt Agency, we understand how difficult it can be to run a successful business in the Farmville, VA area. We want to help you to protect all of your hard work and investments!

Do you need garage insurance for your repair shop?

There is a lot that can go wrong at an auto repair shop. There are liability concerns for both your employees and your customers. You may not be able to repair certain jobs and the customer may try to become litigious. Or, there could be an accident that involves a vehicle that was in your shop, and the owner may try to pin some liability on you.

As we said, there’s a lot that can go wrong! We want you to have a thriving business now and for many years to come. That is why it may be time to consider garage insurance for your shop. This type of specific coverage can help you in the event of theft, vandalism, liability, and certain natural disasters.

After all of the hard work that you have put into your business, doesn’t it make sense to protect it? We can sit down with you and review all of the garage insurance policy options that are available in our area. Determining the type of policy along with the appropriate level of protection you need does not need to be a process you go through alone. Let us help you find the right coverage. 

Give us a call today!

The team at the Gantt Agency is here to help you with all of your insurance needs. If it’s time to review the policy for your Farmville, VA area business, give us a call today.

Let’s review your worker’s comp policy

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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

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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.  

What Is SR-22/FR-44 Insurance?

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In all states, auto insurance is required, but the amount of that insurance is different from state to state. Some states also allow for a different type of proof of financial responsibility for accidents in lieu of insurance. However, most people go the auto insurance route to show their financial responsibility. If you need enough auto insurance to keep your vehicle legal, give us a call at Gantt Agency in Farmville, VA to find out more. 

Financial Responsibility Certificate

Because each state has its own auto coverage laws, there are very specific types of coverage and amounts of coverage that you must have. If you get auto insurance that is at least these amounts, you can get an SR-22. This isn’t really a form of insurance- it’s a certificate that you are given for having at least the minimum amount of insurance coverage required by your state. This form may be required for you to be able to drive legally. 

FR-44 Forms

Like the SR-22, the FR-44 form is a certificate that proves that you have enough auto insurance to legally drive in the state. For this form, you usually have to have a higher amount of liability coverage than is required by the state. While SR-22 can be granted for meeting the state minimums, you generally have to add coverage onto your policy for liability in order to get an FR-44. 

SR-22/FR-44 Requirements

States often require a driver to have one of these forms because they have had certain driving violations such as reckless driving or DUI. If the state requires you to have one of these forms, you will be notified by them. 

Get Insured

Another reason that you might need one of these forms is that you went without insurance and caused an accident. To avoid this, you need auto insurance. Call us at Gantt Agency in Farmville, VA.

Does Your Virginia Home Insurance Policy Have These Important Coverages?

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When you have home insurance in Virginia, it’s easy to just get the minimum amount of coverage so that you know you are covered if something happens. However, there are a number of unforeseen events that you might need coverage for down the road.

At Gantt Agency, we want Farmville, VA residents to feel secure in their Virginia home insurance policy so that they are covered for every possible life circumstance. There may be coverage for events that you don’t even know about. Learn what is available so that you will be protected for any event.

Contents Coverage

If you have the minimum Virginia home insurance requirements, you may not have contents coverage. Do you know how much it will cost to replace items that you own?

You probably don’t want to think about that. Take an inventory of everything in your home, and put a value on that.  You won’t have to think about that anymore if you have contents coverage for your home insurance policy.

Living Expenses

Sometimes bad things happen to good homes. You may have to leave it for a little while when an emergency happens. Living expenses coverage will help you to pay for any hotels, food, and transportation if you are temporarily displaced or evacuated from your home because something bad happened.

Storm Coverage

There are a number of options and needs for storm coverage in Virginia. You may want to add sewage coverage, and riders for hail, flood, or wind.

Personal liability insurance is important. However, you may be more likely to have bigger problems than a slip and fall on your property. Make sure your storm insurance is added on or up to date.

Get a Quote

At Gantt Agency, we can help Farmville, VA residents to secure the most complete coverage for their home insurance. Call us for a quote today.        

The Limitations of Your Auto Insurance Policy

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At Gantt Agency, our many Farmville, VA area customers regularly ask us about the limitations on their car insurance policies. They’ve likely heard this term before but are not aware of what it refers to. As a result, it is crucial to carefully consider these points and find an option that works for you. 

What are Car Insurance Limits?

Your auto insurance will cover liability and auto repair up to what is defined as a limitation or limit. In other words, your policy has a maximum payout that it will cover before you have to pay the rest. Thankfully, this limit is set relatively high to help ensure that most issues are easily covered. 

Limitations may also refer to things that your auto policy will not cover. Typically, these elements include maintenance issues that you should have spotted, such as problems with a transmission that you failed to repair. It may also include things that you do to your vehicle outside your policy. 

For example, people who perform various DIY repairs may find that these fixes do not get covered by their insurance. That’s because an unlicensed mechanic (i.e., you) performed these repairs. In this situation, you may be limited on what kind of coverage that you can get and may even end up invalidating your policy and struggling to get coverage for a broad range of issues. 

Finding a Policy That Works 

Please don’t hesitate to contact us at Gantt Agency serving Farmville, VA, right away to learn more about your insurance options. Our team is skilled at helping people like you understand what policies are necessary for their vehicle. We’ll then work directly with you to find a payment plan that makes sense, giving you the kind of help needed to minimize any complications in the future.