Is Your Business Protected from Potential Claims?
At Goodrich & Watson, we protect your business so you can focus on growth. Whether you’re launching a startup or managing an established company, we’ll customize a plan to fit your needs and keep your business secure. Tip: Use our nifty tool to see what insurance policies we recommend for your industry. Essential Business Insurance Coverages Workers’ Compensation Protects employees who suffer work-related injuries or illnesses. It covers: Medical expenses Lost wages Rehabilitation costs Death benefits for the employee’s family (in some cases) Workers’ compensation protects both employees and employers by ensuring fair compensation while limiting liability for workplace incidents. General Liability Insurance Protects your business from financial loss due to claims involving: Bodily injury Property damage Personal and advertising injury It covers legal fees, medical expenses, and settlements or judgments if you’re held responsible for an accident or damage caused by your operations. Inland Marine Insurance Protects property that’s frequently moved or used in multiple locations, including: Construction equipment Goods in transit Fine art Other mobile assets Commercial Property Insurance Protects your business’s physical assets from risks like fire, theft, vandalism, and natural disasters. It covers: Buildings Equipment Inventory Furniture and other business property Commercial Auto Insurance Protects vehicles used for business purposes, including: Company cars, trucks, and vans Liability, collision, and comprehensive coverage Uninsured motorist coverage Cyber Liability Insurance Protects your business from financial losses due to cyberattacks and data breaches. It helps cover: Legal fees Regulatory fines Data recovery Customer notification Reputational damage Professional Liability Insurance Protects professionals from claims of negligence, errors, or omissions in the services they provide. It covers: Legal defense costs Damages from mistakes or failure to deliver services as promised Bundle Your Coverage and Save Combine multiple business policies to simplify coverage and reduce costs — more protection, less expense. Contact Goodrich & Watson Insurers, Inc. today to safeguard your business! Email: commercialaccounts@goodrichwatson.com or call 757-591-0371!
Spring Cleaning for Small Business Owners
Spring is the season of renewal—a time to clear out the old and make way for the new. For small business owners in Hampton Roads, VA, it’s not just about cleaning physical spaces but also refreshing critical aspects of your operations. Whether you’re a contractor, a restaurant owner, or a dentist, while you reorganize files, assess inventory, and evaluate customer strategies, don’t forget a key element that often goes overlooked: your business insurance. Here’s why reviewing your insurance coverage this spring should be part of your business’s “spring cleaning” checklist. 1. Align Coverage with Current Needs Businesses evolve, and so do their risks. Maybe you’ve expanded your offerings, invested in new equipment, or even remodeled your workspace. If your insurance hasn’t kept pace with these changes, you might be underinsured—or worse, unprotected. Action Step: Talk to your agent about recent changes to ensure your policy reflects your current operations. 2. Identify Opportunities to Save Renewing your policy without review could mean missing out on cost-saving opportunities. Many insurers offer discounts for businesses that implement risk management measures, like upgrading security systems or training employees on safety protocols. Action Step: Ask your agent about ways to save by reducing risk or bundling policies. 3. Evaluate Liability Protection With an increasingly litigious business environment, liability insurance is more critical than ever. Whether it’s general liability, professional liability, or cyber liability, now is the time to ensure your coverage limits align with your potential risks. Action Step: Review your liability policies to confirm they meet industry standards and customer expectations. 4. Plan for the Unexpected Natural disasters, theft, or unforeseen accidents can disrupt your business. Proper insurance can make recovery smoother and faster. Spring is the perfect time to evaluate how well you’re protected against the unexpected. Action Step: Review your business interruption coverage and disaster recovery plans. 5. Leverage Your Agent’s Expertise Goodrich & Watson Insurers is more than just a policy provider—we’re a partner in protecting your business. By having an annual review, you can tap into our expertise to uncover gaps in coverage or find innovative solutions tailored to your needs. Action Step: Schedule a meeting to discuss your policy and risk management strategies. Why Spring Cleaning Your Insurance Matters Insurance isn’t a “set it and forget it” element of your business. Regular reviews not only help you stay compliant but also ensure you’re prepared for challenges while maximizing value. By giving your policies the same attention you give your inventory or customer feedback, you safeguard your business’s foundation for the year ahead. This spring, make reviewing your business insurance a priority. With Goodrich & Watson Insurers, we’ll help you navigate changes and ensure your coverage is as dynamic as your business. Ready to clean up your policies and refresh your protection? Contact us today to schedule your insurance review. Spring into action now and ensure your business is ready for a season of growth!
Does My Business Need Workers’ Compensation?
“Do I really need workers’ compensation?” It’s a question we hear week in and week out from business owners. Whether you’re a dentist in Newport News, a restaurant owner in Hampton, or a contractor off of Kiln Creek, the answer remains the same: Yes, almost always. In the state of Virginia, the law requires most employers to carry workers’ compensation insurance. So when does this requirement kick in? Virginia law stipulates that if any business employer regularly hires more than two part-time or full-time workers, they must have workers’ compensation coverage in place. Now, here’s what some business owners might now know: If a business hires subcontractors to perform the same trade, business or occupation, or to fulfill a contract of the business, those subcontractors’ employees also count in determining the total number of employees. Therefore, for those employing more than two workers, obtaining coverage becomes mandatory. You might be thinking, “What if an employer is caught without the necessary coverage?” Well, there are penalties: An employer failing to insure for workers’ compensation when required by law could face a civil penalty of up to $250 for each day uninsured, with a maximum penalty of $50,000. These employers will also be liable to any employee for compensation for their injuries as well as the possibility of being sued by the employee. And, continued failure to obtain workers’ compensation converge can result in an order prohibiting the employer from operating their business and can subject the employer to criminal prosecution. It’s crucial for both employers and employees to understand their rights and responsibilities. If you have any questions about workers’ compensation or insuring your business, please contact us at Goodrich & Watson Insurers. We’re more than happy to help with whatever you may need!
The Importance of Workers’ Compensation for Contractors
Contractors play a crucial role in constructing homes, buildings, and infrastructure throughout Hampton Roads, VA, contributing to the growth and development of our community. Their expertise and skills ensure that our neighborhoods are safe, functional, and aesthetically pleasing. With Goodrich & Watson Insurers entering 20+ years in the insurance industry, we want to emphasize how important workers’ compensation is for contractors. For contractors, safety risks are not just a part of the job, but a significant daily challenge. In this blog, we’ll discuss the risks associated with this important industry and why having workers’ compensation is crucial to protect both contractors and their employees. Contractors Inherent Risks: The contracting industry is known for its diverse range of projects, from construction and renovation to electrical work, plumbing, and more. While these projects vary in scope and complexity, they all share a common denominator – a certain level of risk. Here are some reasons why the contracting industry is considered high-risk: Physical Labor: Most contracting jobs involve physically demanding work, which can lead to injuries or accidents on the job site. Hazardous Environments: Construction sites often present hazardous conditions, such as uneven terrain, heavy machinery, electrical systems, and heights, which increase the likelihood of accidents. For example, it only takes one slip of the foot for a roofer to have a bad accident. Don’t let this be your business. Specialized Equipment: Contractors use specialized tools and equipment that require proper training to operate safely. Misuse or accidents with these tools can result in injuries. Weather and Environmental Factors: Contractors often work outdoors and are exposed to varying weather conditions, which can pose additional risks. Someone who installs siding, for instance, might be outside in the heat for hours, making it incredibly easy to overheat. The Importance of Workers’ Compensation: Given the inherent risks in the contracting industry, having workers’ compensation insurance is not just a choice; it’s a necessity. Here’s why workers’ compensation is vital for both contractors and their employees: Financial Protection: Workers’ compensation provides financial support for employees who are injured on the job. It covers medical expenses, rehabilitation costs, and a portion of lost wages, ensuring that injured workers receive the care and compensation they need. Legal Compliance: In many states, including Virginia, workers’ compensation insurance is required by law. Failing to provide this coverage can result in significant fines and legal consequences for contractors. Improved Workplace Safety: Knowing that workers are protected by workers’ compensation can incentivize employers to maintain safe working conditions and enforce safety protocols. Peace of Mind: Workers’ compensation provides peace of mind to both employers and employees. It ensures that if an accident happens, there’s a safety net in place to help everyone involved. In the contracting industry, the risks associated with the job are undeniable. Workers are exposed to potentially dangerous environments and situations daily. Workers’ compensation is not just a safeguard against these risks; it’s a legal requirement that demonstrates an employer’s commitment to the well-being of their workforce. At Goodrich & Watson Insurers, we understand the unique challenges of the contracting industry, and our team is here to help you navigate the complexities of insurance. If you’re a contractor in Virginia, don’t hesitate to reach out to us. We’ll work with you to ensure that your business and employees are adequately protected, allowing you to focus on what you do best. Stay safe, stay protected, and thrive as a contractor with Goodrich & Watson Insurers by your side.