Insurance for Small Business Owners in Vermont

Workers’ Compensation Insurance.

Workers’ compensation is a mandatory requirement for all Vermont business owners, regardless of the number of people employed by the business. The requirement includes full- and part-time employees. Workers’ comp covers employee medical costs if they are injured or suffer an illness from the job. It provides disability coverage to workers and helps employers avoid resulting lawsuits.

Commercial Auto Insurance.

All business-owned vehicles in Vermont must be covered by commercial auto insurance. Vermont’s commercial auto insurance requirements include minimums of $25,000 per person and $50,000 per accident for bodily injury and $10,000 per accident for property damage. Vermont also requires uninsured motorist coverage of $50,000 per person, $100,000 per accident, and $10,000 in property damage. If your employees use their personal vehicles to complete business, B2Z recommends Hired and Non-Owned Automobile Insurance coverage. 

Small Business Owner’s Insurance.

Protect your Vermont small business with a Business Owner’s Policy (or BOP). With a BOP, you get the convenience and savings of bundling property insurance and general liability into one comprehensive policy. The policy typically covers a Vermont small business’s liability for a customer or client’s medical expenses for onsite accidents, advertising damage claims, and losses and damages related to property used for your business’s purposes.

General Liability Insurance.

If your Vermont small business does not need the property liability portion of a business owner’s policy, you can obtain General Liability as a separate minimum coverage. If your small company in Vermont leases a space, your commercial property contract may even require General Liability Insurance. General Liability Insurance helps protect your small business from the financial burden of third-party property damage claims, customer injury, and slander lawsuits. 

Professional Liability Insurance.

Professional and technical services is a large business sector in Vermont. It’s crucial for businesses that provide expertise and require licensing, like accountants, architects, and stylists, to obtain professional liability insurance. Also called “errors and omissions insurance,” professional liability insurance typically covers work mistakes and errors, missed deadlines, incomplete work claims, and professional negligence lawsuits. 

Cyber Liability Insurance.

In 2021, 751 people were victims of cybercrimes in Vermont. It is increasingly critical to consider cyber liability insurance coverage to protect your business. Cyber Liability insurance helps with fraud monitoring and customer notification costs following a cyberattack, as well as associated legal fees. With this cyber insurance coverage, your business gets help recovering from cyberattacks like ransomware and phishing.