What Happens If A Lawsuit Exceeds The Amount of Your Commercial Insurance Coverage?

Business owners in Buena Vista, VA need to fully protect themselves from financial loss if an accident occurs. A liability lawsuit can be devastating to a business causing traumatic financial loss. The agents at Stonewall Grace Insurance can help business owners understand the importance of having the right type of commercial coverage for their business.

What Happens If A Lawsuit Exceeds the Limits of My Commercial Coverage?

If a person is injured and they are awarded a settlement that exceeds the amount of your current commercial policy, you may have to think about selling off assets, or even the business itself, to cover the additional cost. While the ruling may be appealed, it can spell disaster for a small business that has limited financial resources. Even if you have an ample amount of coverage, the fact is, there are times when it’s just not enough.

The Benefits Of An Umbrella Policy

If you are unsure of whether or not your coverage will be enough to cover a person’s injuries, you may want to consider adding an umbrella policy. An umbrella policy adds an additional layer of coverage to protect you from financial loss if your current commercial coverage isn’t enough.

The agents of Stonewall Grace Insurance can offer sound advice to their customers who own businesses in the Buena Vista, VA area. If you have questions about the amount of liability coverage you have for your business, contact the office today for a complete evaluation of all of your policies. They will help you determine if you are adequately covered or need to increase the amount of your policy.

What parts of my business can I insure?

There are always some risks involved in running a business, but there are ways to protect yourself and your investment. At Stonewall Grace Insurance, we want to make sure that you have the coverage you need so you can move on after accidents or other losses. When you obtain Commercial Insurance, you can protect the parts of the business you have.

Your physical building is probably the most valuable part of your business, and you can obtain Property Insurance to cover damages that occur as a result of an accident, whether or even deliberate acts. General Liability Insurance can protect your business in the event of a lawsuit, such as if there is an accident on your property or if one of your products injures someone.

Professional Liability Insurance, sometimes called Errors and Omissions Insurance, protects your company when clients accuse you of negligence or injury as a result of professional services or advice. Many employers in Virginia are required to carry  Worker’s Compensation Insurance to make sure their own employees are protected if they are injured at work.

Also, if your business requires employees to drive company cars, you should have a Commercial Automobile Insurance policy. When someone is driving as an employee, the employer will often be held responsible. That could cost your company a great deal of money if you were depending on the employee’s insurance for coverage.

Don’t forget that if you have additional needs or need a higher rate of coverage, you can obtain umbrella policies to make up the difference.  If you depend on your business in Buena Vista, VA and want to make sure it’s protected, our representatives at Stonewall Grace Insurance would help you find the policy that best fills your needs.

Do I need a Malpractice Insurance for my Business in Virginia?

Malpractice insurance is a coverage designed for professionals like lawyers and doctors, as well as their businesses. It protects against damages, loss or expenses that occur due to errors or negligence committed by the insured while offering professional services.

This kind of insurance will cover faulty services (errors) or your failure to offer a service altogether (omission). When you get this plan from Stonewall Grace Insurance, your business will be protected from liability associated with medical expense, bodily injury, and property damage, including the costs of defending lawsuits that relate to these claims. Like with other liability insurance plans, the premiums are determined by the professional service you are providing and its level of risk.

Why do you need malpractice insurance for your company in Buena Vista, Virginia?

You need to get this coverage if you and your workers:

  • Interact face to face with clients. Do they visit you for general checkup or consultation? Do you attend your customer at their place of work, particularly when there is an emergency case?
  • Represent your customer’s business.
  • Are required to get liability insurance before you can get a contract.

Additional liability coverage

As a business owner, it’s important to get supplemental insurance coverage to protect your company. Depending on your needs, consider getting these other policies:

  • Business Owners Policy (BOP)

This policy will include general liability as mentioned earlier, but also covers your financial assets. It acts as a two-in-one plan that gives you more options to protect your business.

  • Commercial insurance

This plan offers insurance coverage for your general business and may even cover vehicles and other assets.

Do you have any specific questions or you need an expert who can guide you to get the right coverage in Buena Vista, VA? Stonewall Grace Insurance is here to help. Our knowledgeable and friendly agents will answer all your queries and help you make an informed decision to protect your business.

Picking Whole Life vs Term Life Insurance

Anyone that has people that depend on them needs to have an adequate amount of life insurance. For those that are no Buena Vista, VA area, choosing the right life insurance policy is a big decision. Before being able to develop a policy, consumers first need to understand the different types of options. The two most common life insurance options today are term life and whole life insurance.

Term Life Insurance Overview

Term life insurance is a type of life insurance that provides you with a specific amount of insurance protection for a specific period of time, which typically ranges up to 30 years.  With a term life insurance policy, the beneficiary will only receive the benefit in the even that you pass away and the policy does not accumulate any cash value.  Because of this, term life insurance typically far more affordable on a monthly basis than the whole life option.  The cost of the policy will depend on many factors including the health and age of the insured and the length of the policy.

Whole Life Insurance Overview

The other common type of life insurance is whole life insurance. Whole life insurance provides you with coverage for life. The main difference between whole life and term life insurance is that with whole life your monthly payments will build a cash value over time. This cash value will continue to accumulate and could eventually be liquidated during your life. While there is an additional investment benefit for whole life insurance, the monthly payments tend to be much higher than with term Life policies.

When you are shopping for life insurance, a great place to start would be with Stonewall Grace Insurance. Stonewall Grace insurance is a leading life insurance provider that serves clients in the Buena Vista, VA area. This company will be able to help you determine what type of life insurance is best for you and start the process of helping you get covered today.

Health Insurance Options in Buena Vista, VA

Health insurance in Virginia includes many opportunities for individuals and families. Buena Vista, VA residents who do not have access to health care under an employer plan can enroll in the private marketplace or the federal exchange. Eligible residents can apply for Medicaid and CHIP (for children). Ask your Stonewall Grace Insurance for help with your options and making final decisions on what plan works for you.

Virginia and the Affordable Care Act

The Affordable Care Act requires most Americans to purchase a health insurance plan. Buena Vista VA falls under the Virginia decision to participate in the federal marketplace for these services. When you sign up for ACA-compliant health care through the health insurance exchange, you are eligible for financial assistance, based on income that partially offsets your monthly premiums.

Only these marketplace plans are used to determine the ACA tax credits and cost-sharing subsidy available to you. However, both individuals and families can apply to the marketplace.  Your Stonewall Grace Insurance is available to assist you in the process.

SHOP (for Small Businesses)

In Buena Vista, VA, the Small Business Health Options Program (SHOP) allows employers with less than 50 full-time employees to present their associates with healthcare benefits.

Medicaid Expansion in Virginia

Virginia no longer offers expanded Medicaid to single, low-income adults. So, Buena Vista, VA residents applying for Medicaid must the more stringent requirements set by the state.


Virginia’s Children’s Health Insurance Program (CHIP) has low-cost health insurance plans for eligible children.

Contact your Stonewall Grace Insurance agent with questions regarding health care options that meet the needs of you and your family.

Do You Have to Be Married to Take Out a Life Insurance Policy on Your Partner?

Many people are opting not to get married. Weddings can be expensive and the cost of divorce and litigation can be costly if things do not work out. If you have decided to live with your partner and perhaps raise a family, but do not plan on getting married anytime in the near future or ever, you may be wondering if you can take a life insurance policy out on your partner even though you are not married. Here is some information that Stonewall Grace Insurance, serving the greater Buena Vista, VA area, thinks you should know about this topic.

Proving an Insurable Interest

If you are looking to take out a life insurance policy on anyone, you need to be able to prove that you have an insurable interest in the person. If you have kids that you support together, it is easy to prove an insurable interest. If your partner makes more than you and you rely on their money to pay the bills, you have an insurable interest. It starts to get more challenging to prove an insurable interest if you keep your money separate and are not dependent on your partner to pay living expenses or to care for children. A great insurance company can help you determine if you have an insurable interest in the other party, and if not, what changes you can make, such as setting up joint bank accounts and paying bills together, to establish this insurable interest.

If you are looking to take out a new life insurance policy on your partner, we can help. Stonewall Grace Insurance, serving the greater Buena Vista, VA area, can help you determine the right policy limits and which life insurance is best for you based on your needs and budget. Call us today to set up an appointment to sit down and review your needs and put together a policy.

Does Homewoner’s Insurance Cover Damage to Someone Else’s Property

Home insurance is something that many people have a difficult time really understanding fully. There are a wide range of instances in which your homeowner’s insurance can help protect the property of another person. For those in the Buena Vista, VA area the agents with Stonewall Grace Insurance can help you determine just what your policy covers.

For starters, your homeowner’s insurance helps to protect the property of other people when they are in your home. It also helps to protect things like the car of another person should it become damaged on your property as well as things like damages caused by pets to another person’s property. It may also cover the property of another person like their home should your property cause damage to it.

There are some instances in which your homeowners insurance does not cover the cost of repair to another person’s property. A good example of this would be if a tree falls from your property onto their home. Since it is what is considered an act of nature, you are not liable and their homeowner’s insurance would kick into pay for the damage.

In most cases, your homeowner’s insurance is going to work to protect the property that you own and the property of those that are in your home. For the most part, your home insurance covers far more than you might imagine and knowing what your policy covers can keep you out of trouble. For those that live in the Buena Vista, VA area, the agents with Stonewall Grace Insurance can help you to determine exactly what your policy covers. Knowing what you are covered for can help you to avoid a great deal of trouble and strife when it comes to filing claims.

Are You Prepared for Opening Day?

Opening day is the result of a substantial amount of work. Entrepreneurs in the Buena Vista, VA area with a marketable product or service must decide how to reach their target audience. A solid business plan is often the key to a successful opening. The team at Stonewall Grace Insurance is here to help you prepare for opening day. Remember, the amount of preparation new business owners put into the initial stages of development often prepares them for the inevitable turbulence of running a new business. 

Have you chosen a location?

Make sure your real estate agent knows what your priorities are regarding needed space and adequate utilities. If you expect a significant amount of traffic to your new location, have you considered whether you have sufficient parking to cover both employees and customers? Developing a contingency parking plan for special events like grand openings or community appreciation days is wise. A location that makes customers comfortable while meeting a need can be a factor in whether some customers return. 

Did you secure the proper licenses?

Contact the appropriate government agencies to ensure you have the proper licensing in place before you open your doors for business. Make sure the building is up to code and equipped with smoke detectors, proper lighting and labeled fire exits. If there is a product involved, do you hold a patent or rights to distribute said product? It is important to understand what types of coverage is needed to protect against defective products.

Do you have an experienced insurance team on your side?

The team at Stonewall Grace Insurance can answer your questions about commercial insurance needs. From commercial liability insurance to workers’ compensation and commercial property insurance, we have your needs covered. Proper insurance protection is often the reason any business around Buena Vista, VA survives legal difficulties.


Eminent Domain Effects

When dealing with the effects of eminent domain a homeowner’s protection, it’s important to understand a little bit of how the law works. At a high level, the powerful law is constitutional. Then comes state laws and municipal codes. The next level usually is regulations. And below all the above are contractual rules and rights. A homeowner’s insurance policy is, in essence, a contract, definitely out-powered by a state power such as eminent domain.

Eminent domain in Buena Vista, VA is the power of the government to take and use property, even private property, to reuse it for public purposes. The most modern frequent instance would be making a road or highway through private property. However, the law also requires the government to reimburse a private property owner for losses due to eminent domain at market value.

So clearly if a government agency has to take a home for a project, then the homeowner can only seek market value reimbursement. A homeowner’s policy won’t provide any protection.

However, what happens when an adjacent or nearby eminent domain project damages a home but doesn’t take the property? Depending on the damage and cause, a homeowner’s insurance policy may cover and financially protect from a loss in some instances. The insurance provider would then seek recovery from the government agency by civil action.

For the most part, eminent domain situations are usually not clearcut decisions, according to Stonewall Grace Insurance. Even seemingly obvious cases end up in litigation for desired endings of either side. If in the Buena Vista, VA region and you think your area may be impacted by eminent domain, consider a consultation with Stonewall Grace Insurance. Their trained agents can provide clear, accurate answers on what kind of damages would like to be covered and protected from with a good homeowner’s insurance policy.

Documentation for a Traffic Stop in Virginia

No one likes getting pulled over for a traffic stop, but it is one of the easiest ways for law enforcement to keep an eye on the community, do their job enforcing laws, and catch problems before they become worse in terms of crime. So traffic stops aren’t likely to disappear or go away anytime soon. Given that fact, one of the best ways that Virginia drivers can anticipate the issue and resolve it as quickly as possible at a stop is to have one’s documentation fully in order and available to provide an officer on request.

Under Virginia state law, the following documents should always be on hand and ready to provide to a traffic officer when stopped:

  • A personal driver’s license that is up to date and valid (i.e. not expired).
  • A copy of the vehicle registration for the car or truck the person is actually driving at the time.
  • Documentation of an approved disability placard permit if using such symbols for the purpose of driving or parking at the time.
  • Proof of valid auto insurance coverage for the vehicle being driven at the time of the stop.

The above short list seems easy to keep together, but more often than not people find themselves missing something at the time of a stop. If that’s the case, don’t panic and don’t act jumpy or erratic. Simply explain to the officer you thought you had the paperwork and it was left at home. Try to remember as much as possible which insurance company or your driver’s license number if those are missing. They can be looked up by the officer based on the information provided. You may still get a ticket for not having the paperwork on hand, but you won’t get arrested if valid. For those in Buena Vista, VA your local insurance agent can help explain the details of the above.