Virginia Locksmith Insurance

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Get VA small business insurance quotes and info on costs, coverages, minimum requirements, certificates & more.

Types Of Small Business Insurance

  • Includes medical payments, legal representation, and defense against libel and slander accusations.
  • Bundles general liability insurance and commercial property into one affordable policy.
  • Provides financial protection if an employee has a job-related accident or illness.
  • Pays to repair or replace your business property if it's stolen, damaged, or destroyed in a fire or natural disaster.
  • Covers mistakes or alleged mistakes on your part (errors) & failures or alleged failures to perform a service (omissions).
  • Is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business.
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Frequently Asked Questions About Small Business Insurance


How much does general liability insurance cost?

In 2019, commercial general liability costs can vary widely based on industry. Businesses in higher risk industries pay more. Premiums are also determined by zip code and often payroll and/or gross sales. You can request a free quote to get an exact premium for your business. Read more...

What types of business insurance do I need?

Almost every business needs general liability and commercial property insurance at the very least. If you have any non-owner employees, you'll most likely need workers compensation insurance too as most state require it. It all depends on the risks your business faces. Read more...

How does general liability insurance work?

Having general liability is the basis of any business insurance program. If you can afford only one commercial insurance policy for your small business - then you should get a commercial general liability policy, because it offers protection against a wide range of common but unexpected risks. Read more...

What is a Certificate of Insurance?

A Certificate of Insurance (COI) is proof of coverage. It verifies that you have insurance coverage for your small business, & contains information on types and limits of coverage, insurance company, policy number, named insured, and the effective date of the policy. Read more...
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Virginia Locksmith Insurance Policy Information

VA Locksmith Insurance

Virginia Locksmith Insurance. In order to run a successful locksmith business you need more than just trained and certified locksmiths. Your locksmiths need to be bonded as well. Bonded means the locksmiths' liability is guaranteed by an exclusive bonding company (insurance company). Simply put, if the locksmiths cause any damage while performing their duties the financial obligation due to the third party is absorbed by the insurance company.

Locksmiths install, repair, open, and replace locks and locking mechanisms on homes, businesses, and automobiles. Other services include key duplications and retail sales of hardware and locks. Locksmiths often provide 24-hour emergency unlocking services. Some locksmiths also service safes, alarm and security systems.

Many business owners are under the false perception that if a locksmith is licensed they are also automatically insured. This is not true. The two are not related. Licensure speaks of a locksmith's professional training while Virginia locksmith insurance speaks about a locksmith's liability.

Virginia locksmith insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

Why You Need Locksmith Insurance

VA Locksmiths who are not bonded are at risk of having to pay for any damages should they occur. Not having Virginia locksmith insurance also portrays the business as being less competent. In order to stay competitive and appeal to as many customers as possible and safeguard the business finances, here are the various types of locksmith insurance:

General Liability Insurance - This is an insurance policy that all VA businesses should have. It covers any damage resulting from work done as well as any injuries that might have occurred while working to any third party. Should the third party pursue legal action the general liability insurance policy will be claimed and be used to cover the associated costs e.g. any medical costs incurred, the cost of damaged property e.t.c. One great benefit of a Virginia locksmith insurance policy is it protects the locksmith wherever he goes. In addition, the policy can be used to cover the business should another business bring legal action claiming slander or copyright infringement.

VA Business Auto Insurance - The locksmith profession is a highly mobile one. Constant travel is part and parcel of their occupation. For this reason, commercial auto insurance is absolutely essential particularly for the locksmiths who work primarily from company cars. A VA commercial auto insurance policy will cover the costs for any accidents regardless of who is at fault, any damage done to the vehicle due to a collision with wildlife and even damage caused to the vehicle by weather.

The commercial auto insurance policy can also be used to make up for any difference that might arise in the event the employee uses his own vehicle to pursue work-related errands and his personal auto policy is not sufficient to cover the financial consequences resulting from an accident e.g. medical bills, vehicle repairs etc. This is called an non-owned coverage.

Professional Liability Insurance - Also know as errors and omissions insurance, this Virginia locksmith insurance policy that covers the locksmith in the event a professional oversight or error occurs which results in the financial loss of a third party, which is usually the customer.

For example, if the locksmith uses forceful entry and it is later determined there was a more sophisticated approach he could have used, he might face a professional liability lawsuit. In such a case the insurance policy can be claimed to cover the legal defense as well as any related expenses. Additionally, if the locksmith made any omissions that might be construed as negligence that resulted in financial loss of a third party the professional liability insurance policy will still help cater for the legal expenses and the awarded damages to the plaintiff should the locksmith be found to be at fault.

Commercial Property Insurance - This Virginia locksmith insurance policy protects the locksmith's tools and property in the event they are damaged or lost. The damage or loss may be caused by a natural disaster, theft or even a fire. The policy is claimed to help with the repair and replacement of the tools or property.

With property insurance, business owners have the option of choosing between cash value and replacement value insurance plans. A cash value plan reimburses cash at the depreciated value of the property while a replacement plan replaces the tools/property at the initial price.

Workers Compensation Insurance - Workers comp is require in most states for an non-partner or owner employees. VA workers comp policy covers the medical costs of locksmiths injured while working. Regardless of whether they get injured by their tools, or they happen to slip on a wet floor, or their injury occurs in any other fashion, the policy will cover their medical costs. In some instances the policy may be used to compensate the locksmiths on wages they might miss out on while recovering.

Umbrella Insurance - Commercial umbrella is excess liability insurance that provides additional liability coverage beyond the limits of the underlying liability insurance. If your locksmiths regularly work for clients who own property that is very expensive extending the coverage of some of your Virginia locksmith insurance policies is recommended since its very possible you might end up facing a liability suit that requires more than your current policies permit. This policy guarantees that any difference will not be drawn from company funds.

Virginia Locksmith's Risks & Exposures

Premises liability exposures are light at the locksmith's premises due to lack of public access. Off-premises exposures are moderate at the client's premises, but customers can be injured or their property damaged during repair or installation. Employees of the locksmith may steal from customers. Locksmiths are held to a high degree of care because of the trust their customers necessarily place in their work.

Any time security issues are involved and a theft or crime occurs, the exposure of the locksmith who promises safe, secure premises from the installation and use of a product can result in significant products losses. The completed operations exposure can be very high if the locksmith monitors alarms.

Property exposure may be limited to an office and storage of equipment if the locksmith handles only on-call lock services. If there are retail lock and security systems sales, the stock will be susceptible to fire, smoke and water damage. Specialty equipment used to duplicate keys and open locks is a target for thieves.

Crime exposure is primarily from employee dishonesty. Background checks, including criminal history, should be performed on all employees providing services to customers or handling money. Employees who cannot be bonded and licensed are a significant hazard as they have ready access to the special tools used to duplicate keys and open locks, plus access to customers' premises and property. This exposure can quickly grow from a crime loss against the locksmith to a liability loss from customers.

Physical audits of all equipment should be conducted regularly. Receipts for monies received from customers should be reconciled daily. All ordering, billing and disbursement should be handled as separate duties with reconciliations occurring regularly.

Inland marine exposures include accounts receivable if the locksmith offers credit to customers, computers, contractors' equipment and tools transported to customers' premises, goods in transit if there are retail sales, and valuable papers and records for customers' and suppliers' information. The equipment used to open locks is attractive to thieves as it can be used to break into buildings and cars. If the locksmith installs locks or security equipment, there will be an installation floater exposure.

Business auto exposure generally consists of travel to and from job sites. MVRs must be run on a regular basis. Random drug and alcohol testing should be conducted. Vehicles must be well maintained with records kept in a central location. Emergency services result in driving to unfamiliar places at unusual hours. A significant hazard arises if the insured lacks standard procedures that apply to "on call" personnel regarding sleep, alcohol or drug use, and radius of operation.

Workers compensation exposures come from the cutting, welding, drilling, and other necessary processes during the repair and installation operation. Persons on call to handle emergency lock-outs can be injured in automobile accidents or face danger from robbery and personal attack, especially in high-crime neighborhoods, as the equipment and tools they carry are attractive to thieves.

VA Locksmith Insurance

There are many potential risks you face when operating a VA locksmith business. Having Virginia locksmith insurance will help protect your operation, while minimizing out of pocket expenses if you are ever sued.

Virginia Economic Data & Small Business Insurance Information

Made In Virginia

If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.

In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.

For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.

Business Economic Trends In Virginia

In regard to job growth, VA exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.

The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2019, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2019 and the future.

In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.

Industries that offer great promise in Virginia include:

  • Agriculture
  • Education and training
  • Finance
  • Healthcare
  • Information technology
  • Travel and tourism
Commercial Insurance Regulations & Limits In VA

The Virginia Bureau of Insurance regulates insurance in Virginia. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.

Small businesses with 2 or more employees are required by VA state law to have workers comp insurance coverage.

If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.

Additional Resources For Contractors & Home Improvement Insurance

Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.


Contractors And Home Improvement Insurance

A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.

Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.

Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.

In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.

An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.

Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.

Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.


Request a free Virginia Locksmith insurance quote in Alexandria, Annandale, Arlington, Ashburn, Bailey's Crossroads, Blacksburg, Bon Air, Brambleton, Brandermill, Bristol, Broadlands, Buckhall, Bull Run, Burke, Burke Centre, Cave Spring, Centreville, Chantilly, Charlottesville, Cherry Hill, Chesapeake, Chester, Christiansburg, Colonial Heights, Culpeper, Dale City, Danville, East Highland Park, Fair Oaks, Fairfax, Falls Church, Fort Hunt, Franconia, Franklin Farm, Fredericksburg, Front Royal, Gainesville, Glen Allen, Great Falls, Groveton, Hampton, Harrisonburg, Herndon, Highland Springs, Hollins, Hopewell, Hybla Valley, Idylwood, Kings Park West, Kingstowne, Lake Ridge, Lakeside, Laurel, Leesburg, Lincolnia, Linton Hall, Lorton, Lynchburg, Manassas, Manassas Park, Martinsville, Marumsco, McLean, McNair, Meadowbrook, Mechanicsville, Merrifield, Montclair, Neabsco, Newington, Newport News, Norfolk, Oakton, Petersburg, Portsmouth, Radford, Reston, Richmond, Roanoke, Rose Hill, Salem, Short Pump, South Riding, Springfield, Staunton, Sterling, Sudley, Suffolk, Timberlake, Tuckahoe, Tysons, Vienna, Virginia Beach, Waynesboro, West Falls Church, West Springfield, Williamsburg, Winchester, Wolf Trap, Woodlawn and all other cities in VA - Old Dominion.

Also learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.

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