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Small business insurance in Vermont
Small businesses in Vermont make up a whopping 99% of total Vermont businesses and employ 61% of the stateâs total workforce. The Green Mountain State runs on savvy business owners, and itâs up to them to protect their ventures from disasters big and small. The savviest know the best protection is a great small business insurance policy.
With Huckleberry, you can get a quote in minutes, with coverage options to fit your businessâs unique needs. Whether youâre in Burlington or Montpelier, weâve got you covered.
The most common types of business insurance in Vermont
Workersâ compensation insurance helps keep your employees protected if they get sick or injured on the clock. Workersâ compensation can help pay for medical treatments and any continuing rehabilitation and cover lost wages due to the injury or illness.
A Business Ownerâs Policy (or BOP) is a critical business insurance coverage bundle that protects your business from all kinds of liability and unexpected outcomes. The main three coverages youâll want in your BOP are general liability, business property, and business interruption.
General liability insurance helps protect your business from any potential legal trouble if someone outside the company sues you for grievances like bodily injury, advertising injury, or property damage.
This type of coverage has two distinct parts: Business Property and Business Personal Property. Business Property helps you rebuild or replace your building or commercial property if itâs destroyed, either by a natural disaster or by human means, like arson or vandalism. Business personal property covers everything inside the building that is not a part of the architecture.
Business Interruption Insurance helps your small business minimize losses during a temporary setback or business closure. Typically, Business Interruption pays out for events like fire, wind, lightning, or falling objects that severely impact your ability to operate. Different insurance policies will have their specific coverages as well, so make sure to talk to your insurance agent about whatâs in your policy.
How much does small business insurance cost in Vermont?
Determining the cost of your business insurance depends on a variety of factors. Most insurers will look at where your small business is located (insurance premiums will be different in Montpelier compared to Burlington, for instance). What type of business you run will also be a factor. Some businesses, like restaurants and bars, have specific insurance requirements that need to be met.
On average, business owners using Huckleberry in Vermont pay $41 per month for a Business Ownerâs Policy (which includes general liability coverage and business property, among other coverages) and $65 per month for workersâ compensation.
If you want a more precise idea of what you might be paying with Huckleberry, head over to our rate estimate calculator and plug in your specific business insurance needs. Whatever your small business needs coverage-wise, youâll still be looking at a fraction of the cost of a legacy insurance agency.
Additional Vermont business insurance coverage options
Professional Liability Insurance
Also called âerrors and omissions insurance,â this coverage helps pay for legal fees if your company is sued for a mistake that negatively affects a client while performing a professional service. This insurance is especially helpful in the event of a data breach that compromises customer information.
Hired and Non-Owned Auto Insurance
A type of commercial auto insurance that helps your company with legal costs if a member of your team causes bodily injury or property damage on the clock in a vehicle that isnât owned by your business (like an employeeâs personal vehicle).
Employment Practices Liability Insurance
Also known as EPLI, this insurance coverage helps protect you if an employee files a suit against you for illegal employment practices. EPLI is usually paid out when a company is sued for wrongful termination, harassment, or discrimination.
Especially important for restaurants and bars, this coverage covers your company if you serve alcohol to an already extremely intoxicated person who then goes on to damage property or cause personal injury to another individual. Liquor liability can help pay legal fees and medical expenses to the injured party.
If you have to throw out a large number of perishable items due to a power outage or damaged refrigerator, spoilage insurance can kick in to help you cover the costs of the lost inventory.
Equipment breakdown insurance can help repair or replace any equipment necessary for your businessâs day-to-day operation. So if, for example, youâre a potter whose kiln goes out, Equipment Breakdown is here to help. Some policies will even cover the cost of damaged items by your equipment malfunctioning or any bodily injury obtained as a result.
Restaurant Endorsement Insurance
Restaurants have unique risks inherent in their operation, like contaminated food and accidental burns. Restaurant endorsement insurance, a bundle of restaurant-specific insurance coverage, can help protect you from any of the issues that might creep into your kitchen.
Employee dishonesty helps business owners cover financial damages from employee theft, whether itâs direct (taking products off the shelves) or indirect (letting their girlfriend get a few free beers).
Most common industries getting small business insurance coverage in Vermont:
4 reasons Vermont business owners love Huckleberry
- Itâs lightning-fast. Huckleberry customers can get a quote in as little as five minutes, so getting small business insurance doesnât become your part-time business.
- You donât need to get a law degree to understand Huckleberryâs insurance options. Unlike some insurance carriers, we lay everything out in simple terms, no legalese.
- Itâs affordable. Get the full coverage your business needs for less than the price of most legacy insurance companies.
- You can manage every part of your business insurance, from getting a free quote to updating policy information, 100% online.
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