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Bureau of Insurance

Know Your Rights Regarding Insurance for Your Business

Insurance companies that write liability insurance and motor vehicle insurance must give businesses 45 days' advance notice of cancellations and non-renewals. Fifteen days' notice must be given for cancellations due to non-payment of premium.

In addition, when canceling or non-renewing your policy, the insurance company must give you notice in writing stating the reason for its action. The notice must also tell you that you have a legal right to appeal to the Insurance Commissioner and, in the case of a motor vehicle insurance policy, tell you that you may obtain insurance through another insurer or through the Virginia Automobile Insurance Plan.

Also, insurers may not cancel or non-renew motor vehicle insurance policies solely because of the lack of supporting business or lack of the potential for acquiring such business.