If you own commercial or retail property, business insurance is essential to protect your business from heavy financial losses. Would you like to add additional coverage options to your business insurance policy? Or would you like to know what additional insurance options are available to your business? If you would like to know the answer to either of those questions, then you are in the right place.
In Vermont in 2019, there were over 740,000 small businesses employing over 1,500,000 people, and business insurance claims consistently occur. In 2019, the total amount of business claims paid out was over $8 million, making business insurance critical in protecting your business.
Constructing a complete business insurance policy can be confusing, but you don’t have to build it alone. Independent insurance agents in Burlington, VT can help by identifying your business’s individual risks and suggesting the appropriate policies to cover against them.
How Does Business Property Insurance Protect My Burlington, VT Business?
Business property insurance is one of the key components of any business owners policy. It protects your building, its contents, and any exterior features, such as porches or outdoor signs. Business property insurance also protects your business against other damage, such as employee injuries, liability, and theft.
All businesses have individual characteristics, and they all require different business insurance coverage options. So, it is important that you examine the individual risks your business faces and find ways to reduce them.
If your business does not have enough coverage and it sustains considerable property damage, it may not easily recover from the financial losses. Here again, it is crucial that you purchase the correct amount of business insurance to protect your business from any losses.
Does My Burlington, VT Business Really Need Business Liability Insurance?
Another major component of your business insurance policy is business liability insurance. It is meant to cover your business’s court costs, legal fees, and financial damages in case of a lawsuit. However, be aware that even if you win in court, these legal fees can become very expensive.
Additionally, it is important that you purchase the right kinds of coverage for your business liability insurance. Following are some of the business liability options available to your business:
- Premises liability insurance: This option covers damage occurring to a third party due to an accident on your business property.
- Commercial vehicle liability insurance: This coverage is required if your business owns and operates vehicles. It covers your business's added liability risks in case an employee is responsible for an accident that results in damage to a third party.
- Employment practices liability insurance: This option covers claims related to complaints of unlawful employment practices such as a breach of contract, discrimination, harassment, and wrongful termination.
- Pollution liability insurance: This optional insurance covers the cleanup costs and losses if your business is liable for an incident leading to the pollution of the air, ground, or water.
- Cyber liability insurance: This option covers monetary losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
- Product liability insurance: This option covers damage occurring to a third party caused by faults in goods your business produces, sells, or promotes.
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What Other Business Insurance Options Are Offered for My Burlington, VT Business Property?
If your business is located near bodies of water such as Lake Champlain, you are more at risk for flooding, so business flood insurance would be a really good idea.
In Burlington, VT your business property is more likely to suffer property loss or damage due to some of the following threats:
- Severe storms and lightning damage
- Flooding and water damage
- Hurricanes and tropical storms
- Ice storms and freezing
- Burglary and other property crimes
Most of these threats are protected by your business property insurance, which is a basic part of all business insurance policies. Business property insurance is designed to include your business-owned property and covers your computers, furniture, inventory, and other merchandise.
Sometimes, it may be necessary to add specific business insurance options to your business insurance policy. Your independent insurance agent may recommend adding one or more of the following insurance options:
- Bailee's insurance: This option covers third-party property when in your business’s care, such as when you are doing repairs or upkeep on it.
- Flood insurance: Note that business property insurance does not cover flood damage, even if a covered hurricane damages your business property.
- Equipment breakdown insurance: This option covers repair or replacement of damaged equipment and any losses related to equipment breakdowns.
- Inland marine insurance: This option covers your movable business property during transfers or if you store it away from your place of business.
You will also need to make sure your business insurance options are adequate to allow you to rebuild, repair, or replace if necessary.
Why Should I Purchase Business Interruption Insurance in Burlington, VT?
When a severe storm hits and the damage is massive, your business may have to temporarily close for an extended period while repairs are being made. Following is data on past declared disasters in Vermont:
- Number of federally declared disasters in VT since 1953: 50
- Most common reasons for declared disasters: severe storms/25
- Average number of tornadoes in VT per year: 1
If your business must close for a protracted period, the financial toll could be devastating, especially if you own a small business. Business interruption insurance provides your business with revenue until you can go back to regularly scheduled activities. This lets you pay regular monthly payments such as utility bills, loan payments, and employee wages.
Does My Burlington, VT Business Need to Carry Worker's Compensation Insurance?
As a Vermont business owner, you are legally required to furnish your employees with a safe working environment to carry out their job duties. However, even when all safety measures are taken, employees do get hurt or become ill on the job. Wwhen you own a business in Vermont, you must cover your employees’ financial losses when this occurs.
Insurance companies base worker's compensation rates on the kinds of jobs your employees do and the likelihood they will get hurt or become sick while on the job. For this reason, it is particularly important to be appropriately insured with worker's compensation coverage.
What about Business Insurance Options for Employee Benefits Packages?
Healthcare coverage rates can be very high, and vary depending on the options you choose. However, if your business offers underwritten health coverage to your employees, your business can benefit from it. Human resources managers have concluded that businesses offering an employee benefits package have a much better chance of attracting and retaining model employees.
There are several health and life insurance options available for you and your employees to choose from, which can make it difficult to figure out which options to choose for your employee benefits package. This is where expert advice from an independent insurance agent can come in handy.
Why Should I Work with an Independent Insurance Agent in Burlington, VT?
Insurance companies know every business has its own perils, so they allow business owners to customize their business insurance options. An independent insurance agent can go over the advantages and disadvantages of each business insurance option so you can make an informed decision.
Find a TrustedChoice.com independent insurance agent with an office in or near Burlington, VT to learn more. Find out how easy it is to build a comprehensive business insurance policy for your business.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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