Small Business Insurance in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Small business insurance, sometimes called commercial insurance, helps protect a business's assets, property and income.

Most small businesses in Vermont should consider getting at least some insurance coverage, for (as mentioned) few businesses are free from any risk.

• Business Interruption Insurance
• Commercial Auto Insurance
• Commercial Property Insurance

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.

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.

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:

Business Interruption Insurance, which may protect against sustained revenue decreases caused by covered claims
Commercial Auto Insurance, which businesses that own vehicles usually need
Commercial Property Insurance, which may insure buildings a business owns
Commercial Umbrella Insurance, which may provide supplemental liability protection
Employment Practices Liability Insurance, which may provide protection against employment-related lawsuits
General Liability Insurance, which may provide protection against lawsuits related to common accidents
Workers Compensation Insurance, which businesses that have employees usually need

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:

Commercial Trucking Insurance, which may be right for delivery companies and long-haul owner-operators and other trucking outfits
Contractors Insurance, which may be right for homebuilders, remodelers and other contractors
Landlord Insurance, which may be right for single- or multi-unit landlords
Microbrewery Insurance, which may be right for craft breweries and microbreweries

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.

Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!

Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!

Lance Garrett

Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

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.

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.