Small Business Insurance in Vermont

Small Business Insurance for Vermont Companies

A large majority of companies in Vermont are considered to be small businesses. These companies face many of the same risks as larger corporations, but the stakes are even higher. If your small business faces a disaster such as fire, data breech, or customer injury, the costs could force you to close your business forever. Investing in small business insurance can help save your company if a major loss occurs.

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Whether you are the sole proprietor of an at-home business or the owner of a restaurant, your small business faces a lot of risks. The statistics are grim: as much as 80% of small businesses that face a major loss fail within 5 years. The risk of closing forever goes up the longer it takes to reopen. Small business insurance can help you keep your Vermont business running, improving your chances of surviving.

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What are Small Business Insurance Coverage Options?

You put a lot of effort into making your business stand out against the competition. Your insurance coverage should also stand out. Ideally, your insurance package will be constructed specifically for your needs. Most policies begin with some common coverage such as:

- Property Insurance to help with your business space and equipment.

- General Liability Insurance to help with third party injuries and damage.

-  Workers compensation if you have any employees.

- Professional Liability to help cover damages to clients due to your mistake or negligence.

Small Business Covering Major Risk

Your policy will be customized based on your company’s specific needs. Restaurants, contractors, and consultants will all have various needs that other industries do not. You should discuss with your agent which policies are right for your business. Common additional policies include:

  1. Product Liability typically for damages done by a product you manufactured or sold.
  2. Cyber Insurance typically for coverage against data breeches.
  3. Inland Marine Insurance  typically for the coverage of goods and materials in transit.
  4. Commercial Auto Insurance if you have or use a car for business purposes.
  5. Liquor Liability if you sell or manufacture alcohol.
  6. Directors and Officers  typically for non-profits and other companies to help protect against board member errors and crimes.
  7. Business Interruption Insurance  typically to help cover your expenses if your business is forced to temporarily close.

Business Owners Policy

Many Vermont small business owners benefit from purchasing a business owners policy. This insurance package combines all the most commonly used insurance policies for small business owners and can be tailored to your specific needs. Often this is the most affordable way to purchase a comprehensive insurance package for a small business.

Small businesses in Vermont face very real risks. If your company suffers a loss, you need to be able to pay for the damages so you can stay in business. Investing in comprehensive small business insurance helps make sure you will have the coverage you need when you need it. With customized policies, your unique business will have what it needs to survive the most likely loss events you will face.

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