Running a business in Burlington, VT can be a rewarding experience for you as an owner, but when times are tough, such as after a fire or natural disaster, you can rest easier knowing you are covered with a business owners policy. The standard business insurance policy can help to keep you covered when you are liable for injuries or property damage to others, as well as protecting your building and the lost income when your company cannot operate.

The Importance of a Business Owners Policy for Burlington Companies

Your Business Operations Can Better Survive With a Business Owners Policy

In the even of a major catastrophe causing your business to shut down temporarily, most business owners insurance policies will cover the income you would have normally brought in while you are down. This is extremely important in order to keep your business viable in the future, especially since you may have lost some clients during your downtime and need the extra infusion of cash to basically play catch-up with your clientele.

Your Property in Burlington Should Be Covered

Under a standardbusiness owners policy, if your business owns the building in which it operates, it may be covered if it is damaged or destroyed. Burlington business owners should also be happy to know that the contents of the building are usually covered as well, allowing you to replace everything in order to keep your business back to normal. In the event that you are renting the building, your lease should spell out the minimum amount of property damage coverage you will need to keep on the building, which should be at least what your business owners insurance policy will cover. Always remember to check your individual policy to know exactly what is covered.

Costs Arising From Accidents Which Your Business is Liable For Can Be Covered

Liability insurance is already included with most business owners’ plans, helping to keep your company protected from large legal and medical bills if someone gets hurt either at your place of business, at a job site, or as a result of work your business did elsewhere. The insurance company will pay out any claim and compensate your lawyer up to the maximum amount of money as defined in your specific policy.

What a Business Owners Insurance Policy Does Not Cover

A business owners plan covers many aspects of a business’ operations, but there are a few places where you will need to get additional coverage. Generally, any vehicles your business uses will not be covered under a standard plan, requiring your company to obtain commercial auto insurance. Likewise, workers compensation and disability insurance are also usually not covered, requiring a completely separate plan in order to be in full compliance with Vermont law.

Obtaining a business owners policy is a relatively simple step when starting a new business, or you might be interested in expanding your coverage as your business has grown. Keeping your Burlington business secure should be one of your top priorities, with a business owners insurance policy, that job is much easier.