Find the Best Business Insurance Options in Vermont
Vermont is a scenic and attractive location to run a business for many folks. But for those in charge of a business, it's critical to ensure that you purchase a business insurance policy. This coverage can protect your business against huge financial losses caused by a number of different threats ranging from data breaches to vandalism and beyond.
Vermont had more than 77,600 small businesses in one recent year, and its more than 161,000 small business employees also need to be covered. Fortunately, an independent insurance agent in Vermont can help your business get equipped with the coverage it needs. For starters, though, here's a closer look at business insurance in Vermont.
Best Business Insurance Companies in Vermont
Business insurance is available from many different insurance companies in Vermont, but when it's time to find coverage for your company, you want the best. So we put together this list of only our top picks for the best business insurance companies in Vermont to help you. Check out these winning carriers.
- Nationwide: Nationwide sells business insurance as well as personal insurance. The insurance company has outstanding ratings from AM Best and the Better Business Bureau (BBB) and provides 24/7 claims reporting.
- Progressive: Progressive also sells both business insurance and personal insurance. The insurance company is known for excellent financial strength, a plethora of discounts, and 24/7/365 customer service.
- Liberty Mutual: Liberty Mutual sells an extensive catalog of business insurance and personal insurance. The insurance company is also a Fortune 500 company with excellent ratings from AM Best and the BBB and provides 24/7 claims reporting.
- Travelers: Travelers sells business insurance and many types of personal insurance. The insurance company provides top-rated customer service and tons of discount options.
A Vermont independent insurance agent can help you get set up with the right business insurance policy for you from a top-rated carrier.
Vermont Business Insurance Requirements
Vermont requires almost all employers, with very few exceptions, to carry workers' compensation if they have even one part-time employee. While this is the only state-mandated type of business insurance in Vermont, it would be wise to consider at least adding other types of coverage to your business insurance policy. Most businesses need protection against lawsuit costs and would do well to add commercial general liability coverage. For companies with physical buildings and inventory, getting commercial property insurance is strongly advisable. Further, to protect against the costs associated with data breaches, etc., look into getting cyber liability insurance.
The only mandatory business insurance coverage in Vermont is:
Optional, yet commonly added, business insurance coverage to consider in Vermont:
- Business income insurance
- Commercial auto insurance
- Cyber liability insurance
- Professional liability insurance
- Commercial property insurance
- Commercial general liability insurance
Your Vermont independent insurance agent can recommend each type of coverage your business would benefit from the most.
What Business Insurance Covers in Vermont
What your business insurance policy in Vermont covers depends on what you put into it. If you buy protection for company vehicles in a commercial auto policy, you'll have it in your business insurance. Consider each angle of your business that needs coverage first. If you're concerned about possible temporary closures of your business, consider getting business income insurance, which can provide continued revenue and employee wages during these shutdowns after a covered disaster like a fire. Your Vermont independent insurance agent will help ensure that your business insurance policy includes everything you need it to.
Liability Coverage Options for Small Businesses in Vermont
Having liability protection is critical for financial recovery after a lawsuit. Attorney, court, and settlement fees can lead to bankruptcy if you lack the proper protection beforehand. Check into these commonly added types of liability insurance in Vermont for your small business:
- Commercial general liability insurance: Covers third-party claims of bodily injury or personal property damage against your business.
- Cyber liability insurance: Covers data breaches and other cyber incidents that may expose or sell private data like credit card information.
- Professional liability insurance: Covers claims of improper or inaccurate advice or services performed by your business.
A Vermont independent insurance agent can recommend the right type and amount of liability protection for your small business.
Property Coverage Options for Small Businesses in Vermont
If your business has physical inventory it sells or a building it's housed in, you might need this additional form of protection. Consider getting this coverage to protect any company property in Vermont:
- Commercial property insurance: Covers the repair, rebuilding, or replacement of business property, like inventory and structures, after a listed incident.
A Vermont independent insurance agent can help you determine how much commercial property coverage your small business may need.
Other Insurance Options for Small Business Owners in Vermont
There are still many other forms of business insurance you may need to put into your policy. Here are just a couple of major types of business insurance you might also want to consider getting for your small business in Vermont:
- Business income insurance: Provides expected revenue and employee wages that would typically be earned and paid out during a temporary covered closure.
- Commercial auto insurance: Covers incidents involving company vehicles, including windshield breaks, fire damage, accidents, theft, lawsuits, vandalism, etc.
A Vermont independent insurance agent can help you ensure your business insurance policy is complete.
Average Cost of Business Insurance in Vermont
It's difficult to predict the average cost of business insurance in Vermont since policies are so customizable. Your business insurance policy will cost more the more coverage your business needs. It'll also be more expensive for larger businesses with more employees, those in riskier industries like construction, and those in locations with higher crime rates and threats of natural disasters. An independent insurance agent in Vermont can provide you with exact quotes for Vermont business insurance.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Barre | 1,006 | 2.34 | 0 |
| Bennington | 1,454 | 4.49 | 1.07 |
| Burlington | 4,547 | 2.54 | 0.58 |
| Colchester | 1,726 | 1.19 | 0.06 |
| Essex | 1,191 | 1.89 | 0.27 |
| Hartford | 1,181 | 3.11 | 0.62 |
| Milton | 1,112 | 1.27 | 0.18 |
| South Burlington | 2,814 | 1.63 | 0.41 |
| Springfield | 772 | 2.81 | 0.11 |
| Williston | 1,402 | 0.79 | 0.39 |
How Does Your Vermont City Measure Up?
Commercial property insurance: Any business in Burlington with a physical building or inventory kept in stock or on hand should consider adding commercial property insurance. This coverage can replace lost or stolen items or those damaged or destroyed by many disasters, including fires.
Commercial auto insurance: Any business in Burlington with company vehicles used for business purposes like deliveries should consider adding commercial auto insurance. This coverage can pay to repair or replace stolen or vandalized company vehicles, as well as for costs related to lawsuits involving them.
Commercial general liability insurance: Any business in Burlington that deals with the public in some way is at risk of being sued and should consider adding commercial general liability insurance. This coverage can pay for the costs of lawsuits after a third party files a claim against your company for bodily injury or personal property damage.
Commercial property insurance: Any business in Colchester with a physical building or inventory kept in stock or on hand should consider adding commercial property insurance. This coverage can replace lost or stolen items or those damaged or destroyed by many disasters, including fires.
Commercial auto insurance: Any business in Colchester with company vehicles used for business purposes like deliveries should consider adding commercial auto insurance. This coverage can pay to repair or replace stolen or vandalized company vehicles, as well as for costs related to lawsuits involving them.
Commercial general liability insurance: Any business in Colchester that deals with the public in some way is at risk of being sued and should consider adding commercial general liability insurance. This coverage can pay for the costs of lawsuits after a third party files a claim against your company for bodily injury or personal property damage.
Commercial property insurance: Any business in Essex with a physical building or inventory kept in stock or on hand should consider adding commercial property insurance. This coverage can replace lost or stolen items or those damaged or destroyed by many disasters, including fires.
Commercial auto insurance: Any business in Essex with company vehicles used for business purposes like deliveries should consider adding commercial auto insurance. This coverage can pay to repair or replace stolen or vandalized company vehicles, as well as for costs related to lawsuits involving them.
Commercial general liability insurance: Any business in Essex that deals with the public in some way is at risk of being sued and should consider adding commercial general liability insurance. This coverage can pay for the costs of lawsuits after a third party files a claim against your company for bodily injury or personal property damage.
Commercial property insurance: Any business in Rutland with a physical building or inventory kept in stock or on hand should consider adding commercial property insurance. This coverage can replace lost or stolen items or those damaged or destroyed by many disasters, including fires.
Commercial auto insurance: Any business in Rutland with company vehicles used for business purposes like deliveries should consider adding commercial auto insurance. This coverage can pay to repair or replace stolen or vandalized company vehicles, as well as for costs related to lawsuits involving them.
Commercial general liability insurance: Any business in Rutland that deals with the public in some way is at risk of being sued and should consider adding commercial general liability insurance. This coverage can pay for the costs of lawsuits after a third party files a claim against your company for bodily injury or personal property damage.
Popular Questions About Business Insurance in Vermont
The cost of business insurance in Vermont varies, just like policies do. The cost of your policy will depend on your company's size, number of employees, claims history, coverages needed, exact location, industry, and other factors.
Workers' compensation is a type of business insurance that is mandatory under state law in Vermont. For most businesses that have even one part-time employee, this coverage is necessary. Though this is the only required type of business insurance, several other kinds of coverage, like liability, are strongly recommended.
What your business insurance covers in Vermont depends on which types of coverage you select to go into your policy to start with. If you add commercial auto insurance you'll have protection for incidents related to company vehicles. An independent insurance agent in Vermont can help you build the right business insurance policy for your company.
Business general liability insurance in Vermont covers the cost of lawsuits filed against your company by third parties for claims of bodily injury or personal property damage. Attorney, court, and settlement fees can be covered.
Yes, small business health insurance plans are available for companies in Vermont with fewer than 100 employees. If your company has fewer than 25 employees and less than $50,000 per year in payroll, it may also qualify for tax credits on coverage.
Our research found that the best small business insurance companies in Vermont are Nationwide, Progressive, Liberty Mutual, and Travelers. We chose these companies based on official financial strength ratings, customer service reviews, policy options and rates, discount offerings, years in business, and more.
An independent insurance agent in Vermont can help you find all the coverage your business needs at the best possible price. These agents shop and compare policies from a variety of Vermont business insurance companies and narrow it down to the options that only present the best blend of coverage and cost for you.
Do You Know What Your Business Insurance Covers in Vermont?
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