Small Business Insurance in Vermont

What is Small Business Insurance?

Small businesses may be limited in size, but they’re still sometimes exposed to substantial risks. In fact, there are few small businesses in Vermont that don’t have any risk exposure. That’s why insurers offer a variety of small business insurance solutions.

“Small business insurance” is used to describe many different insurance options that are available to small businesses. The phrase isn’t technical industry jargon but rather a convenient way of describing many different policies that small businesses might find helpful.

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What Small Businesses in Vermont Need Insurance Coverage?

Most small businesses in Vermont should consider getting at least some insurance coverage, for (as mentioned) few businesses are free from any risk. In some cases, businesses might be required by law and/or an agreement they signed to purchase specific insurance protection. In other cases, businesses simply would have a difficult time financially surviving a major disaster without coverage in place.

Even sole proprietors who work from home often can benefit from having certain insurance coverages. For example, a sole proprietor who drives between their home office and client locations may have to purchase some form of commercial auto insurance. Alternatively, any business owner who keeps records online ought to think about getting cyber insurance in case they have a data breach or are targeted in an online attack.

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What Insurance Policies Are Available to Small Businesses?

While most small businesses need at least some insurance coverage, not all small businesses have the same coverage requirements. In order to meet businesses’ many different needs, insurance companies offer a variety of policies. Some of the most common coverages are:

Other common policies include cyber insurance, equipment breakdown insurance, inland marine insurance, liquor liability insurance and professional liability insurance.

In addition to these, insurance companies frequently also offer industry-specific policies that combine coverages together. For example, businesses can usually find:

Business owners who are unsure what coverages their business needs and which ones it doesn’t need should speak with an insurance agent who specializes in insurance for small businesses. A specialized agent will understand these coverages in detail and be able to make informed recommendations based on a particular business’ situation.

How Can Small Businesses Get Surety Bonds?

Even though they’re structured differently from most commercial insurance policies, surety bonds are often underwritten by insurance companies. Therefore, the easiest way for small businesses to explore the bond options that are available to them is to contact an independent insurance agent who’s familiar with bonds. An independent agent can help business owners get quotes for bonds from different insurers in the state.

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What Are Business Owners Policies and Commercial Package Policies?

Many small businesses need more than one insurance policy, so insurance companies frequently offer a couple of multi-policy options. Business owners policies and commercial package policies are both package policies that typically come with several insurance coverages that are bundled together.

Business owners policies tend to be fairly straightforward and offer coverage that most small businesses need. Commercial package policies often have more customizable options and make more specialized coverages available.

An insurance agent who’s worked with other small businesses can help business owners determine which of these package policies is better for their business.

How Can Businesses Get Small Business Insurance?

For help finding small business insurance for your Vermont business, contact the independent and knowledgeable team at Paige & Campbell Insurance. Our independent agents have helped many Vermont business owners find the right coverage for their businesses, and we’re here to assist you as well.

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