Start-Up Insurance in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Start up insurance helps protect new businesses in Vermont from many of the risks they face.

Start-Up Insurance is the most appropriate kind of insurance coverage specifically designed for small, young businesses.

• Employment Practices Liability Insurance
• Workers Compensation Insurance
• Professional Liability Insurance

What is Start-Up Insurance?

Start-up businesses are frequently exposed to potential risks as soon as they begin operations, and some may even face potential risks before regular operations get underway. Because they generally aren’t free from risk, most start-ups in Vermont need at least some start-up insurance coverage.

“Start-up insurance” isn’t so much a technical term. Instead, it’s generally used as a catchall that describes several different insurance options which may help startups protect their assets, business operations and finances.

What Start-Up Businesses in Vermont Need Insurance?

As mentioned, most start-up businesses need at least some insurance. For many start-ups, the most appropriate kind of insurance is coverage that’s specifically designed for small, young businesses. While other policies often are available, start-up policies are normally the ones best suited to these businesses’ particular insurance needs.

When Should Start-Up Businesses Begin Looking for Insurance?

Business owners generally should start looking for insurance as soon as they begin putting together the plans for a start-up. While it may seem like procuring insurance can be delayed while focusing on other tasks, shopping for a policy sooner rather than later has a few benefits.

First, waiting until a business actually begins operations could leave the start-up exposed to potential risks. For example, any assets that are purchased will likely be unprotected against fire, theft, vandalism and similar perils until a policy that offers this coverage is purchased. Additionally, start-ups that are hiring employees may want employment practices liability coverage in place as soon as they begin the hiring process. Merely making an error in a job posting or interview can sometimes lead to an employment-related lawsuit.

Second, obtaining and comparing quotes early on in the business-planning process ensures that owners have an accurate idea of how much insurance will cost. Being able to correctly forecast these costs helps with budgeting and financial projections.

Finally, business owners can usually set a policy’s effective date when they purchase it. If desired, a policy can frequently be purchased when comparing quotes and set up to go into effect at a later date when the coverage is needed. This can make managing tasks later a little easier.

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.

What Types of Insurance Are Available to Start-Up Businesses?

Start-up businesses are exposed to a wide range of potential risks, and not all start-ups face the same ones. For these reasons, insurance companies in Vermont offer many different insurance coverage that might be helpful to start-ups.

Some of the coverage available to start-ups are fairly common and useful in many different situations. A few examples of these are:

General Liability Insurance, which many businesses purchase for protection against certain liability lawsuits
Commercial Property Insurance, which any business that owns property may want
Equipment Breakdown Insurance, which any business that owns expensive equipment may want
Commercial Auto Insurance, which any business that owns vehicles may need
Employment Practices Liability Insurance, which any business that hires employees may want
Workers Compensation Insurance, which any business that hires employees may need
Professional Liability Insurance, which many businesses that offer advice purchase in case they err

In certain situations, it makes sense for a start-up to purchase a package policy that’s specifically designed for the business’ industry. Package policies normally combine several coverages together into a single policy. Some industry-specific ones that might be available include:

These are just some of the many different insurance options that start-ups might protect themselves with.

What Are Commercial Package Policies and Business Owners Policies?

Commercial package policies and business owners policies are still two more insurance solutions that can be helpful to start-up businesses. Commercial package policies tend to offer many coverage options, and they may be suitable for start-ups with unique insurance needs. Business owners policies typically offer basic protections that meet many start-ups’ needs.

For help deciding between these and other insurance options, business owners should talk with an insurance agent who’s helped other start-ups. Agents who are familiar with the coverage needs of new businesses and the policies offered by insurers have the expertise necessary to help business owners get the right protections for their start-up.

How Can Start-Ups in Vermont Get Start-Up Insurance?

For help finding start-up insurance that’ll give your Vermont start-up business solid protection, contact our independent insurance agents. At Paige & Campbell Insurance, we have a team dedicated to helping you find the right coverage no matter what industry your new business is in.