Business insurance in Vermont protects you from the unexpected costs of running a business. How Business Insurance Can Protect Your Company: Small-business owners juggle many different insurance needs, including property and liability insurance. To help you protect your company, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the
Aon Insurance banner. At Coverwallet, you can access everything you need to
keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across
America and globally. With more than 500,000 small business customers,
Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by
the year, month, day, or even the job. At Thimble, the process to getting
the right business insurance is simple, scalable, and flexible.
What are the requirements for business insurance in Vermont?
The Vermont Department of Labor requires the minimum business insurance requirement for any business owner with employees. This includes workers’ compensation insurance and unemployment insurance. The type of coverage needed depends on the number of employees you have. If you have: 1 or 2 employees, you must have workers’ compensation insurance. With three to four employees, you must have workers’ compensation and unemployment insurance.
Moreover, General liability insurance is necessary to protect your business from claims that you or one of your employees caused damage to a third party, whether by accident or negligence.
What are the types of business insurance in Vermont?
There are several types of insurance policies designed to protect businesses from liability and loss. If you own a business, there is a good chance that you will need one or more of these policies to operate:
General Liability
General liability insurance provides coverage for third-party bodily injury, property damage, and advertising injuries. If a customer slips on your property and is injured, your general liability policy can cover the claim against you.
General liability insurance will not cover claims related to the quality of your work, contractual obligations, personal and advertising injury, and employee injuries.
Workers Compensation
Most states require employers to carry workers compensation insurance. If one of your employees is injured at work, workers compensation can provide coverage for medical bills and lost wages.
Workers compensation doesn’t cover long-term disability (for more than one year), personal injury, and bodily injury caused by someone else.
Commercial Property
Commercial property insurance covers the physical structure of your business as well as the contents inside. For example, if a fire or storm damaged your building, your commercial property policy would cover the cost of repairs.
Many businesses assume that their commercial property insurance policies include coverage for earthquakes, floods, and other natural disasters. This is not the case. Many commercial property policies specifically exclude coverage for these types of events.
Professional Liability (Errors & Omissions)
Professional liability insurance, also called errors & omissions insurance, protects businesses from claims that they caused financial harm to another party due to negligence or failure to perform duties. For example, if a customer claims that your accounting firm’s error led to the IRS rejecting their tax return, professional liability could cover the claim against you.
Professional liability does not cover injuries caused by malpractice, negligence, or errors that happened during a previous job.
Commercial Auto insurance
covers the cost of repairing or replacing a vehicle damaged in an accident while it’s on your property or while it’s being driven there by a worker. It also pays for medical bills and wages if someone is injured on your property during an accident with a vehicle you’re going.
Commercial Auto insurance excludes Personal use of an insured vehicle or commercial use by employees while commuting. A vehicle you own that is used as a rental car and Medical payments coverage (as it applies to private passenger autos).
How much does business insurance cost in Vermont?
Business insurance costs are based on many factors:
Company size: Businesses with fewer than 100 employees tend to have lower general liability insurance rates than larger businesses. The exact number might vary depending on your insurer, but you’ll typically see lower rates if you have fewer than 100 employees or if your annual revenue is more minor.
Your business location: if you’re located in an area with a high crime rate, you may have to pay more for commercial property insurance. Or, if you have operations in areas prone to natural disasters like floods or earthquakes, you may have to purchase additional coverage to protect against those kinds of losses.
Claims history: A claims history can increase or decrease the cost of a premium for a business insurance policy. An insurer may consider past claims when assessing risk, mainly if they were caused by employee negligence or errors on the part of management.
Coverage limits: How much do you want your insurer to pay in the event of a covered loss? The more coverage you buy, the more your premium will be.
Business Activities: Certain industries have a higher risk of lawsuits or injuries than others. For example, financial services companies typically pay more for commercial general liability than other industries because they face a greater risk of lawsuits related to errors & omissions or director & officer liability.
How to choose the best business insurance in Vermont
Here are some tips on choosing the best business insurance for your needs:
Consider how much coverage you need: Every company has unique risks requiring a particular insurance plan. You should talk with an accountant or other financial advisor to determine what kind of liability risks your business faces and how much coverage you’ll need to protect your assets.
Check on your local laws: Many local governments and even some states require businesses to carry certain types of insurance coverage to operate legally. Make sure you know what the minimum requirements are before you begin.
Shop Around: Talk to several different companies and brokers. It’s also a good idea to use an independent broker who can give you quotes from multiple insurers. You can find the most suitable coverage at the best price possible by shopping around. When comparing quotes, pay attention to service as well as cost.
Experience: Find out how long an insurance company has been in business and how much experience their representatives have with businesses like yours. This is good information to have when evaluating the level of service and support they can provide should you need to file a claim.
Know what’s included and what’s excluded: Choosing a policy is about more than looking at the bottom line price t’s about making sure it covers everything you need for your specific business. Ask about deductibles, premiums, caps, and limitations so you know exactly what you’re paying for and what is covered by the policy
