Business Interruption Insurance in Vermont

Business Interruption Insurance for Vermont Companies

For many Vermont businesses, a large percentage of revenue goes into paying fixed expenses, such as rent and utilities. If your business is forced to close due to a fire, storm damage, or other event, your may revenue dry up, but the bills won't stop coming. This can spell disaster for your business, with as many as 25% of businesses that temporarily close never reopening. Business interruption insurance can help cover your expenses, helping your business to avoid this fate.

Start The Conversation
When a disaster strikes, you typically turn to your property insurance to cover the costs of making repairs. While Vermont property insurance is essential coverage, it leaves a dangerous gap if your business must close while repairs are made. Without revenue coming in, many businesses cannot pay their on-going expenses, taxes, and employee salaries, making it very difficult to reopen even once repairs are completed. Business interruption insurance fills this gap, helping to minimize the financial impact of a closure on your company.

Let's talk about what you need!

What Types of Vermont Businesses Need Coverage?

If your business is forced to close due to a disastrous event, you will have some difficult decisions to make regarding relocating your business, laying off employees, and paying your bills. Business income coverage helps makes these choices easier, allowing you to continue paying your expenses, including employee salaries, while repairs are being made. By reimbursing your revenue, which is calculated based on your financial statements, and covering fixed expenses, your business can emerge with minimal financial impacts. Covered expenses may include:

- Mortgage or rent
- Utility expenses
- Taxes
- Advertising costs
- Temporary relocation expenses, including advertising
- Employee salaries, insurance, and benefits

Types of Business Interruption Insurance

For many business owners in VT, the most common way to purchase business interruption coverage is to obtain it as part of a package policy, such as in conjunction with your property insurance or as part of a business owners policy. This helps to ensure that you have coverage to finance the repairs to your business, and makes your business income coverage more affordable. Covered events for your interruption policy will typically align with the covered events of your property insurance or other packaged policies.

Learn How to Protect Your Business

Many businesses may benefit from purchasing additional extra expenses coverage to complement the interruption policy. Extra expenses insurance provides coverage for the costs associated with a temporary relocation, allowing your business to remain open during repairs. Covered costs may include rent, additional utility costs, and advertising expenses.

If a disaster strikes your business forcing you to close your doors, you are at a high risk for never being able to reopen. This is the fate of many Vermont businesses each year. Business interruption insurance helps to cover your expenses during repairs, increasing your chances of reopening and resuming business seamlessly.

How can we help you?