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Vermont Insurance
T.S. Peck Insurance was founded in 1869 by General Theodore S. Peck in Burlington, VT and is one of the largest insurance agencies in Vermont. We are able to leverage our company partners to provide our customers with fully customized personal and commercial insurance. Because T.S. Peck is an independent insurance agency, we have access to many carriers that ensures our clients receive the right coverage at the best possible rate. Our experienced team provides expert insurance advice, made simple. We have a long, rich history in the Burlington Community, which means we understand the unique Vermont business market and the value of a local advocate in dealing with your insurance.
Cannabis Business Insurance In Vermont
Running a successful business in Vermont takes hard work and determination. Protecting it requires comprehensive business insurance. By mitigating the financial impact of fire, accidents, injuries, and other events, commercial insurance can help you keep your business running.
business INTERRUPTION insurance
What is Business Interruption Insurance?
When businesses are affected by disasters, the effects sometimes last much longer than the disaster itself. The recovery process often takes time, and during that time revenue often suffers. Business interruption insurance policies can help Vermont businesses survive revenue drops that follow covered incidents.
Business interruption insurance is a unique type of commercial insurance. Instead of safeguarding physical property from perils or businesses from liability lawsuits, this insurance provides protection against certain revenue decreases. For businesses that go through these decreases, having this coverage is sometimes the difference between surviving financially and declaring bankruptcy.
What Businesses in Vermont is Business Income Insurance Right For?
There are lots of businesses in Vermont that may benefit from business income insurance. The advantages that an alternative source of revenue provides aren’t limited to just one industry or kind of commercial enterprise. Just a few examples of various business that might want this coverage are:
Generally speaking, any business that would be unable to pay its bills in the weeks and months after a major disaster should consider getting business income insurance. Without insurance, mounting accounts payable could force a business to close before revenue returns to normal levels.
Can Businesses Self-Insure Against Revenue Drops?
While it’s possible for some businesses to self-insure against revenue decreases, this isn’t possible in all industries and it’s not advisable in many. Businesses that have large operating costs or low margins may struggle to accumulate sufficient savings. Any businesses that are able to accumulate enough savings must then keep that money readily available, which means it can’t be invested in opportunities that could lead to growth.
Many businesses choose to purchase an insurance policy rather than divert lots of resources into savings. While each business can conduct its own analysis, the opportunity cost is too great in many situations to justify self-insuring.
What Kinds of Perils Does Business Income Insurance Cover?
In general, the perils covered by business income insurance are similar to those that commercial property insurance covers. They tend to be incidents that are out of a business’ control, such as fires, windstorms and burglaries. (Exact coverages are dictated by a policy’s particular terms and conditions, and coverages may vary.)
Importantly, business income policies normally aren’t designed to insure against market forces or business decisions that lead to decreases in revenue. Business owners must still be familiar with their industry and make wise decisions to attain long-term success.
Are There Different Types of Business Interruption Policies?
There are several different types of business interruption policies that are available to businesses. A few of the more commonly purchased options include:
How Can Businesses in Vermont Get Business Interruption Insurance?
For help finding insurance for potential revenue decreases, Vermont businesses should contact an independent insurance agent who specializes in business interruption insurance. An agent who’s assisted other businesses with this type of insurance will know which kind of business interruption coverage is appropriate in different situations. As an independent agent, they’ll also be free to recommend any policy that’s best for a business regardless of what company underwrites it.
When businesses are affected by disasters, the effects sometimes last much longer than the disaster itself. The recovery process often takes time, and during that time revenue often suffers. Business interruption insurance policies can help Vermont businesses survive revenue drops that follow covered incidents.
Business interruption insurance is a unique type of commercial insurance. Instead of safeguarding physical property from perils or businesses from liability lawsuits, this insurance provides protection against certain revenue decreases. For businesses that go through these decreases, having this coverage is sometimes the difference between surviving financially and declaring bankruptcy.
What Businesses in Vermont is Business Income Insurance Right For?
There are lots of businesses in Vermont that may benefit from business income insurance. The advantages that an alternative source of revenue provides aren’t limited to just one industry or kind of commercial enterprise. Just a few examples of various business that might want this coverage are:
- Restaurants, which may experience a drop in customer traffic after a disaster
- Hotels, which may have a lengthy rebuilding process after a disaster
- Manufacturers, which may have to front production costs after a disaster
Generally speaking, any business that would be unable to pay its bills in the weeks and months after a major disaster should consider getting business income insurance. Without insurance, mounting accounts payable could force a business to close before revenue returns to normal levels.
Can Businesses Self-Insure Against Revenue Drops?
While it’s possible for some businesses to self-insure against revenue decreases, this isn’t possible in all industries and it’s not advisable in many. Businesses that have large operating costs or low margins may struggle to accumulate sufficient savings. Any businesses that are able to accumulate enough savings must then keep that money readily available, which means it can’t be invested in opportunities that could lead to growth.
Many businesses choose to purchase an insurance policy rather than divert lots of resources into savings. While each business can conduct its own analysis, the opportunity cost is too great in many situations to justify self-insuring.
What Kinds of Perils Does Business Income Insurance Cover?
In general, the perils covered by business income insurance are similar to those that commercial property insurance covers. They tend to be incidents that are out of a business’ control, such as fires, windstorms and burglaries. (Exact coverages are dictated by a policy’s particular terms and conditions, and coverages may vary.)
Importantly, business income policies normally aren’t designed to insure against market forces or business decisions that lead to decreases in revenue. Business owners must still be familiar with their industry and make wise decisions to attain long-term success.
Are There Different Types of Business Interruption Policies?
There are several different types of business interruption policies that are available to businesses. A few of the more commonly purchased options include:
- Standard Business Interruption Coverage, which normally offers benefits until operations resume
- Extended Business Interruption Coverage, which normally offers benefits for a certain amount of time (e.g. 30, 60 or 90 days) after operations resume
- Contingent Business Interruption Coverage, which normally extends coverage to revenue decreases caused by certain vendor and supplier issues
How Can Businesses in Vermont Get Business Interruption Insurance?
For help finding insurance for potential revenue decreases, Vermont businesses should contact an independent insurance agent who specializes in business interruption insurance. An agent who’s assisted other businesses with this type of insurance will know which kind of business interruption coverage is appropriate in different situations. As an independent agent, they’ll also be free to recommend any policy that’s best for a business regardless of what company underwrites it.
business owner policy
What is a Business Owners Policy?
Many small businesses in Vermont are exposed to a common set of potential risks. One way businesses can mitigate these risks is by purchasing a business owners policy.
Business owners policies are a special type of commercial insurance. They’re package policies that combined foundational coverage to offer a sound and affordable level of protection.
What Coverages Do Business Owners Policies Offer?
The exact combination of coverages offered may vary from one business owners policy to the next, but most offer at least a few of the following protections:
Do Business Owners Policies Come with Workers Compensation Insurance?
Business owners policies normally don’t have workers compensation insurance, but insurance agents who are familiar with BOPs can usually also help with workers compensation. Any business owners who have employees or want workers compensation for themselves should talk with a knowledgeable agent about getting a stand-alone policy to supplement their BOP.
What Businesses in Vermont Need Business Owners Policies?
Many small businesses in Vermont can benefit from the above-listed coverages and therefore, may benefit from getting a BOP. This is often the most affordable way to get essential coverages, for insurance companies often offer substantial discounts when multiple coverages are combined into a single BOP.
Businesses that have additional insurance needs might want to consider a commercial package policy rather than a BOP. CPPs tend to have more coverage options that offer more extensive protections. An insurance agent who specializes in both types of coverage can help business owners who are unsure which of the two options is better for their business select the more appropriate choice.
Are Large Businesses Eligible for Business Owners Policies?
Large businesses often have specialized insurance needs that business owners policies aren’t designed for, and bigger businesses sometimes need higher limits than BOPs offer. Thus, many larger businesses may need a commercial package policy or other more robust policy.
Just as they can help small businesses select the right type of policy, an insurance agent can also help larger businesses determine whether a BOP will meet their needs.
Are Business Owners Policies Expensive?
Business owners policies are generally quite affordable, especially considering the fundamental protections they provide. While exact rates vary, having one of these policies in place normally costs much less than facing a major claim without any coverage in place.
How Long is the Application Process for Business Owners Policies?
When working with an experienced and independent insurance agent, finding a BOP is normally a straightforward and relatively quick process. After gathering some basic information about a business and making coverage recommendations, an independent agent can request quotes from multiple insurance companies. Once these quotes are compared, business owners can select one and usually have coverage in just a short time. Insurers may occasionally request additional information, which may delay when a policy goes into effect, but even these delays are navigable with the assistance of an agent.
How Can Businesses in Vermont Get a Business Owners Policy?
For help finding an affordable business owners policy that’s suited to your business’ needs, contact the team at T.S. Peck Insurance. Our independent agents have helped many Vermont businesses select BOPs, and we’re here to assist you too.
Many small businesses in Vermont are exposed to a common set of potential risks. One way businesses can mitigate these risks is by purchasing a business owners policy.
Business owners policies are a special type of commercial insurance. They’re package policies that combined foundational coverage to offer a sound and affordable level of protection.
What Coverages Do Business Owners Policies Offer?
The exact combination of coverages offered may vary from one business owners policy to the next, but most offer at least a few of the following protections:
- General Liability Insurance, which might cover common accidents and false advertising lawsuits
- Commercial Property Insurance, which might cover land and/or buildings that a business owns
- Commercial Auto Insurance, which might coverage vehicles a business owns
- Cyber Liability Insurance, which might cover online threat and data breaches
- Business Interruption Insurance, which might cover certain prolonged revenue decreases
Do Business Owners Policies Come with Workers Compensation Insurance?
Business owners policies normally don’t have workers compensation insurance, but insurance agents who are familiar with BOPs can usually also help with workers compensation. Any business owners who have employees or want workers compensation for themselves should talk with a knowledgeable agent about getting a stand-alone policy to supplement their BOP.
What Businesses in Vermont Need Business Owners Policies?
Many small businesses in Vermont can benefit from the above-listed coverages and therefore, may benefit from getting a BOP. This is often the most affordable way to get essential coverages, for insurance companies often offer substantial discounts when multiple coverages are combined into a single BOP.
Businesses that have additional insurance needs might want to consider a commercial package policy rather than a BOP. CPPs tend to have more coverage options that offer more extensive protections. An insurance agent who specializes in both types of coverage can help business owners who are unsure which of the two options is better for their business select the more appropriate choice.
Are Large Businesses Eligible for Business Owners Policies?
Large businesses often have specialized insurance needs that business owners policies aren’t designed for, and bigger businesses sometimes need higher limits than BOPs offer. Thus, many larger businesses may need a commercial package policy or other more robust policy.
Just as they can help small businesses select the right type of policy, an insurance agent can also help larger businesses determine whether a BOP will meet their needs.
Are Business Owners Policies Expensive?
Business owners policies are generally quite affordable, especially considering the fundamental protections they provide. While exact rates vary, having one of these policies in place normally costs much less than facing a major claim without any coverage in place.
How Long is the Application Process for Business Owners Policies?
When working with an experienced and independent insurance agent, finding a BOP is normally a straightforward and relatively quick process. After gathering some basic information about a business and making coverage recommendations, an independent agent can request quotes from multiple insurance companies. Once these quotes are compared, business owners can select one and usually have coverage in just a short time. Insurers may occasionally request additional information, which may delay when a policy goes into effect, but even these delays are navigable with the assistance of an agent.
How Can Businesses in Vermont Get a Business Owners Policy?
For help finding an affordable business owners policy that’s suited to your business’ needs, contact the team at T.S. Peck Insurance. Our independent agents have helped many Vermont businesses select BOPs, and we’re here to assist you too.
commercial package policy
What is a Commercial Package Policy?
Commercial package policies are package insurance policies designed to meet the insurance needs of commercial businesses. As package policies, they include several individual policies that have been bundled together. The policies included are generally commercial policies, rather than personal policies.
What Benefits Does a Package Policy Offer?
In most cases, the individual policies that a package policy has bundled together could be purchased separately. Getting several individual policies through one package policy, however, is more convenient because there is one premium, rather than several, to pay. It’s also financially advantageous to purchase coverage through a package policy, as insurers frequently provide discounts when multiple individual policies are lumped together.
What Coverages Can a Commercial Package Policy Provide?Commercial package policies are intended to be customizable policies that can offer robust protections. Therefore, a policy might provide any number of coverages. Some coverages that can frequently be obtained through one of these policies include the following:
Business Interruption Coverage, which can help replace revenue that’s lost due to a covered claim
Commercial Property Coverage, which may provide protection for a building, equipment, tools, and other property a business owns
Employment Practices Liability Coverage, which typically covers certain employment-related lawsuits
Inland Marine Coverage, which might be used to protect equipment or products that are in transit to a job site or customer’s location
Pollution Liability Insurance, which is sometimes necessary if a business uses pool chemicals, pesticides, fertilizers, or other chemicals
Commercial Auto Insurance, which businesses that have vehicles often needThese are just a few of the common coverages that Vermont businesses often choose. Other examples of possible coverages that a policy may contain are farming or ranching loss coverage, supply chain risk coverage, and terrorism coverage.
Are There Coverages Commercial Package Policies Don’t Usually Have?
While commercial package policies can contain a diverse array of individual policies, there are a few insurance policies that usually aren’t available through these package policies. Workers compensation, health, and disability insurance policies typically must be purchased separately, if they’re needed.
Are Commercial Package and Business Owners Policies the Same?
Both commercial package and business owners policies contain multiple individual commercial policies within them. Commercial package policies usually offer more available coverages, though. Business owners policies typically only provide commercial property insurance, business interruption insurance, general liability insurance and, sometimes, cyber insurance.
Business owners policies may be sufficient for small businesses that have limited risk exposure, but businesses that are exposed to unique risks or many risks often are better off with a commercial package policy.
How Can Businesses in Vermont Get a Commercial Package Policy?
Vermont businesses that want a commercial package policy should talk with an independent insurance agent who specializes in business insurance. An independent agent will be able to help a business consider its risk exposure, determine what individual policies the business wants in a package policy and compare several commercial package policies from different insurers.
While businesses in Vermont face different risks, most businesses are exposed to at least several potential perils. For example, a restaurant in Rutland, VT, dog groomer in Stowe, VT and retail store in Middlebury, VT each need to insure themselves against different risks, but they all have multiple risks to protect themselves from. A commercial package policy offers a customizable insurance solution that Vermont businesses can adjust to meet their particular insurance needs.
Commercial package policies are package insurance policies designed to meet the insurance needs of commercial businesses. As package policies, they include several individual policies that have been bundled together. The policies included are generally commercial policies, rather than personal policies.
What Benefits Does a Package Policy Offer?
In most cases, the individual policies that a package policy has bundled together could be purchased separately. Getting several individual policies through one package policy, however, is more convenient because there is one premium, rather than several, to pay. It’s also financially advantageous to purchase coverage through a package policy, as insurers frequently provide discounts when multiple individual policies are lumped together.
What Coverages Can a Commercial Package Policy Provide?Commercial package policies are intended to be customizable policies that can offer robust protections. Therefore, a policy might provide any number of coverages. Some coverages that can frequently be obtained through one of these policies include the following:
Business Interruption Coverage, which can help replace revenue that’s lost due to a covered claim
Commercial Property Coverage, which may provide protection for a building, equipment, tools, and other property a business owns
Employment Practices Liability Coverage, which typically covers certain employment-related lawsuits
Inland Marine Coverage, which might be used to protect equipment or products that are in transit to a job site or customer’s location
Pollution Liability Insurance, which is sometimes necessary if a business uses pool chemicals, pesticides, fertilizers, or other chemicals
Commercial Auto Insurance, which businesses that have vehicles often needThese are just a few of the common coverages that Vermont businesses often choose. Other examples of possible coverages that a policy may contain are farming or ranching loss coverage, supply chain risk coverage, and terrorism coverage.
Are There Coverages Commercial Package Policies Don’t Usually Have?
While commercial package policies can contain a diverse array of individual policies, there are a few insurance policies that usually aren’t available through these package policies. Workers compensation, health, and disability insurance policies typically must be purchased separately, if they’re needed.
Are Commercial Package and Business Owners Policies the Same?
Both commercial package and business owners policies contain multiple individual commercial policies within them. Commercial package policies usually offer more available coverages, though. Business owners policies typically only provide commercial property insurance, business interruption insurance, general liability insurance and, sometimes, cyber insurance.
Business owners policies may be sufficient for small businesses that have limited risk exposure, but businesses that are exposed to unique risks or many risks often are better off with a commercial package policy.
How Can Businesses in Vermont Get a Commercial Package Policy?
Vermont businesses that want a commercial package policy should talk with an independent insurance agent who specializes in business insurance. An independent agent will be able to help a business consider its risk exposure, determine what individual policies the business wants in a package policy and compare several commercial package policies from different insurers.
While businesses in Vermont face different risks, most businesses are exposed to at least several potential perils. For example, a restaurant in Rutland, VT, dog groomer in Stowe, VT and retail store in Middlebury, VT each need to insure themselves against different risks, but they all have multiple risks to protect themselves from. A commercial package policy offers a customizable insurance solution that Vermont businesses can adjust to meet their particular insurance needs.
commercial property insurance
What is Commercial Property Insurance?
Many Vermont businesses own land and buildings, and they’ve made substantial investments in these properties. Those investments ought to be protected from potential risks, which is what commercial property insurance helps businesses do.
Commercial property insurance is a specialized form of property insurance that’s intended for properties owned by businesses rather than those that individuals own. Whereas there are points of commonality between commercial property and personal property policies, there also are places where the two forms of property insurance diverge.
What Businesses in Vermont Should Consider Business Property Insurance?
Most businesses that own land or buildings in Vermont should consider purchasing business property insurance, for few businesses could afford to rebuild or replace their property if it was destroyed in a disaster.
Moreover, many businesses that have financed their property purchases may be required by the terms of their loan to carry minimum levels of coverage until the loan is paid off. Lenders frequently include such requirements in their loans to make sure their interest in properties is protected against common potential disasters.
Do Businesses That Lease Space Need Business Property Insurance?
Businesses that lease commercial or industrial spaces generally aren’t required to insure the buildings they’re in, since those buildings are owned by another company. These businesses might still want business property insurance, though.
In addition to covering buildings and land, some business property policies also cover equipment, supplies and inventory. These are the protections that can be beneficial to businesses which lease the space they use.
Do Home-Based Businesses Need Business Property Insurance?
Home-based businesses might also want coverage for equipment, supplies and inventory if a lot has been invested in these assets. Whether a separate business property policy is needed to insure these items depends on their value and what -- if any -- protections are afforded a business by the owner’s homeowners insurance policy.
Many homeowners insurance policies don’t cover business-owned assets, but some do provide limited protection for equipment, inventory and supplies used by a home-based business. An insurance agent who specializes in business property policies can help owners of home businesses review their situation and homeowners policy to determine whether a business property policy is needed.
What Coverages Are Available Through Business Property Policies?
Business property policies commonly make two main coverages available:
Business owners who are familiar with homeowners insurance policies will notice that liability protection is missing from the two main coverages. Whereas homeowners and other personal property policies often come with at least some liability coverage, this protection is frequently omitted from business property policies. Instead, the liability protections that a business needs are typically obtained through liability-specific policies.
Do Business Property Policies Cover Earthquakes and Floods?
Business property policies generally exclude earthquake and flood damage from their covered perils. Businesses that need or want either of these protections should talk with an agent about getting a separate earthquake policy and/or flood policy to complement their main business property policy.
Are Business Property Policies Available Through Package Policies?
Business property policies are widely available both as stand-alone policies and through package policies. The coverage is often included in business owners policies, which combine several protections suitable for most small businesses, and it normally can also be included in more robust commercial package policies.
How Can Vermont Businesses Get Commercial Property Insurance?
For help insuring property that your Vermont business owns, contact the independent insurance agents at T.S. Peck Insurance. Our agents have helped many businesses secure commercial property insurance for their assets, and we have the expertise and independence necessary to help you find a great policy.
Many Vermont businesses own land and buildings, and they’ve made substantial investments in these properties. Those investments ought to be protected from potential risks, which is what commercial property insurance helps businesses do.
Commercial property insurance is a specialized form of property insurance that’s intended for properties owned by businesses rather than those that individuals own. Whereas there are points of commonality between commercial property and personal property policies, there also are places where the two forms of property insurance diverge.
What Businesses in Vermont Should Consider Business Property Insurance?
Most businesses that own land or buildings in Vermont should consider purchasing business property insurance, for few businesses could afford to rebuild or replace their property if it was destroyed in a disaster.
Moreover, many businesses that have financed their property purchases may be required by the terms of their loan to carry minimum levels of coverage until the loan is paid off. Lenders frequently include such requirements in their loans to make sure their interest in properties is protected against common potential disasters.
Do Businesses That Lease Space Need Business Property Insurance?
Businesses that lease commercial or industrial spaces generally aren’t required to insure the buildings they’re in, since those buildings are owned by another company. These businesses might still want business property insurance, though.
In addition to covering buildings and land, some business property policies also cover equipment, supplies and inventory. These are the protections that can be beneficial to businesses which lease the space they use.
Do Home-Based Businesses Need Business Property Insurance?
Home-based businesses might also want coverage for equipment, supplies and inventory if a lot has been invested in these assets. Whether a separate business property policy is needed to insure these items depends on their value and what -- if any -- protections are afforded a business by the owner’s homeowners insurance policy.
Many homeowners insurance policies don’t cover business-owned assets, but some do provide limited protection for equipment, inventory and supplies used by a home-based business. An insurance agent who specializes in business property policies can help owners of home businesses review their situation and homeowners policy to determine whether a business property policy is needed.
What Coverages Are Available Through Business Property Policies?
Business property policies commonly make two main coverages available:
- Building Coverage, which usually covers an insured building and secondary structures
- Contents Coverage, which usually covers equipment, inventory and supplies
Business owners who are familiar with homeowners insurance policies will notice that liability protection is missing from the two main coverages. Whereas homeowners and other personal property policies often come with at least some liability coverage, this protection is frequently omitted from business property policies. Instead, the liability protections that a business needs are typically obtained through liability-specific policies.
Do Business Property Policies Cover Earthquakes and Floods?
Business property policies generally exclude earthquake and flood damage from their covered perils. Businesses that need or want either of these protections should talk with an agent about getting a separate earthquake policy and/or flood policy to complement their main business property policy.
Are Business Property Policies Available Through Package Policies?
Business property policies are widely available both as stand-alone policies and through package policies. The coverage is often included in business owners policies, which combine several protections suitable for most small businesses, and it normally can also be included in more robust commercial package policies.
How Can Vermont Businesses Get Commercial Property Insurance?
For help insuring property that your Vermont business owns, contact the independent insurance agents at T.S. Peck Insurance. Our agents have helped many businesses secure commercial property insurance for their assets, and we have the expertise and independence necessary to help you find a great policy.
commercial auto insurance
Regardless of how often you drive for business, if your company operates a vehicle, you need commercial auto insurance. There are a variety of coverage options to meet the specific needs of your business, and the agents at T.S. Peck are ready to help you purchase the policy that’s right for you.
Vermont State Legal Requirements
If your employee is in an accident while driving for business, your company can be held liable for the damages. These cost can be extensive, with vehicular and property damage, medical expenses, and lawsuits. All vehicles in Vermont must carry a minimum amount of liability insurance. This includes any vehicles owned by your company. These minimums for your commercial auto insurance are:
In addition, you must carry uninsured and underinsured motorist coverage. If you or your employee is in an accident and the other party is deemed at fault, this will help pay if they do not have enough insurance coverage.
It should be noted that if you hire drivers under the age of 18, they must have had their junior operator license for more than one year, according to state law. At T.S. Peck Insurance, we will help you make sure that your commercial auto insurance policy adheres to all Vermont statues.
Non-Owned Vehicle Coverage
If your business does not own a vehicle, that does not mean you don’t need business auto insurance. Most personal auto policies will not cover damages incurred during business activities. Most specifically exclude activities such as business deliveries. If your delivery drivers use their personal vehicles, or you send employees out on business errands, your company may still be liable for damages and injuries they may cause.
To provide coverage for these situations, you can add an endorsement to your business auto or commercial property policy for hired non-owned vehicles. This will provide liability coverage to help pay for medical expenses, damages, and legal fees that are not covered by your employee’s personal auto policy.
Coverage Options
Much as with personal auto coverage, there are many coverage options for your commercial auto policy. Depending on your business driving habits, you can add options such as:
These options help to protect your company vehicles and employees in case of an accident. Seasonal coverage can save you money, varying your coverage depending on your changing driving habits throughout the year.
Your business auto premiums will depend on a number of factors including the driving records of your employee drivers. Be sure to update your policy if your drivers have changed. Every business has unique commercial auto insurance needs. Our trained agents at T.S. Peck Insurance will help you determine what kind of coverage is right for your business. We work with auto insurance companies in Vermont and across the country to provide you with affordable and comprehensive commercial auto coverage.
Vermont State Legal Requirements
If your employee is in an accident while driving for business, your company can be held liable for the damages. These cost can be extensive, with vehicular and property damage, medical expenses, and lawsuits. All vehicles in Vermont must carry a minimum amount of liability insurance. This includes any vehicles owned by your company. These minimums for your commercial auto insurance are:
- $25,000 of bodily injury coverage per person
- $50,000 of bodily injury coverage per accident
- $10,000 of property damage coverage per accident
In addition, you must carry uninsured and underinsured motorist coverage. If you or your employee is in an accident and the other party is deemed at fault, this will help pay if they do not have enough insurance coverage.
It should be noted that if you hire drivers under the age of 18, they must have had their junior operator license for more than one year, according to state law. At T.S. Peck Insurance, we will help you make sure that your commercial auto insurance policy adheres to all Vermont statues.
Non-Owned Vehicle Coverage
If your business does not own a vehicle, that does not mean you don’t need business auto insurance. Most personal auto policies will not cover damages incurred during business activities. Most specifically exclude activities such as business deliveries. If your delivery drivers use their personal vehicles, or you send employees out on business errands, your company may still be liable for damages and injuries they may cause.
To provide coverage for these situations, you can add an endorsement to your business auto or commercial property policy for hired non-owned vehicles. This will provide liability coverage to help pay for medical expenses, damages, and legal fees that are not covered by your employee’s personal auto policy.
Coverage Options
Much as with personal auto coverage, there are many coverage options for your commercial auto policy. Depending on your business driving habits, you can add options such as:
- Collision
- Comprehensive
- Medical expenses
- Seasonal coverage
These options help to protect your company vehicles and employees in case of an accident. Seasonal coverage can save you money, varying your coverage depending on your changing driving habits throughout the year.
Your business auto premiums will depend on a number of factors including the driving records of your employee drivers. Be sure to update your policy if your drivers have changed. Every business has unique commercial auto insurance needs. Our trained agents at T.S. Peck Insurance will help you determine what kind of coverage is right for your business. We work with auto insurance companies in Vermont and across the country to provide you with affordable and comprehensive commercial auto coverage.
commercial umbrella insurance
What is Commercial Umbrella Insurance?
Business umbrella insurance, as this insurance is sometimes called, is a secondary liability insurance. As a form of liability insurance, business umbrella coverage protects businesses in covered situations where they’ve either caused personal injury or property damage, or are accused of causing injury or damage. The other party may be an individual, another business, or some other entity. Policies usually cover both legal fees and settlements associated with covered suits (up to policies’ limits).
As a type of secondary insurance, business umbrella coverage provides supplemental protection that goes beyond what primary, underlying policies offer. For example, business umbrella policies might have higher limits and fewer exclusions than an underlying commercial property, commercial auto or general liability policy (these are just a few examples of policies that may function as primary policies).
How Are Commercial Umbrella Insurance and Excess Liability Insurance Different?
Commercial umbrella and excess liability insurance are both types of supplemental commercial liability insurance. They aren’t identical, though.
Commercial umbrella policies usually have their own terms, conditions and exclusions, which can sometimes be adapted to a particular business’ needs. Because they have their own terms, conditions, and exclusions, commercial umbrella policies don’t have to follow the terms, conditions, and exclusions of one specific underlying policy. Instead, they can be used to fill in coverage gaps of underlying policies, and they can simultaneously supplement multiple underlying policies.
Excess liability policies are generally “follow form” insurance policies, which means they copy the terms, conditions, and exclusions of the underlying policy that they supplement. They can increase an underlying policy’s limits, but they usually aren’t able to fill in coverage gaps that it has. Additionally, because they follow the terms, conditions and exclusions of an underlying policy, excess liability policies usually can’t supplement multiple underlying policies at once. They typically serve as a supplemental policy to just one primary policy.
What Vermont Businesses Can Benefit from Business Umbrella Insurance?
Any Vermont business that wants more coverage than their primary insurance policies provide should consider business umbrella insurance. Some examples of businesses that often benefit from the extra protections that this type of insurance provides include:
Professionals, who often aren’t able to personally afford the legal costs of defending them in a liability suitBusinesses that have significant assets, for they could be the target of an opportunistic lawsuitCompanies that are in high-risk industries, for they’re more likely to be sued
Is Business Umbrella Insurance Expensive?
Commercial umbrella insurance is normally a highly affordable form of insurance. Rates, of course, vary depending on where a business is, what industry it’s in and many other factors. A hair salon in Burlington, VT, for instance, has a different risk exposure than a stone quarry near White River Junction, VT, so the two businesses will likely pay different amounts for a commercial liability policy. In general, however, insurers are able to keep premiums low because these are secondary insurance policies, and they’re therefore less likely than primary policies to have a claim made against them.
How Can Businesses in Vermont Get Business Umbrella Insurance?
When shopping for commercial umbrella policies, it’s important to make sure that all required primary insurance policies and coverages are in place. If a primary policy is required by a commercial umbrella policy but the primary policy isn’t in place, the commercial umbrella policy’s protections may be voided.
For help finding a commercial umbrella insurance policy and making sure all required primary policies are in place, businesses should contact an independent commercial insurance agent who serves Vermont. An independent agent will be able to help businesses both compare commercial umbrella policies and check underlying policies for the necessary coverages.
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Most commercial insurance policies provide businesses with robust protections, but even the best policies often have limits on how much coverage they’ll provide. VT businesses that want more protection than their primary insurance policies will afford may find the additional coverage they’re looking for through commercial umbrella insurance.
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Business umbrella insurance, as this insurance is sometimes called, is a secondary liability insurance. As a form of liability insurance, business umbrella coverage protects businesses in covered situations where they’ve either caused personal injury or property damage, or are accused of causing injury or damage. The other party may be an individual, another business, or some other entity. Policies usually cover both legal fees and settlements associated with covered suits (up to policies’ limits).
As a type of secondary insurance, business umbrella coverage provides supplemental protection that goes beyond what primary, underlying policies offer. For example, business umbrella policies might have higher limits and fewer exclusions than an underlying commercial property, commercial auto or general liability policy (these are just a few examples of policies that may function as primary policies).
How Are Commercial Umbrella Insurance and Excess Liability Insurance Different?
Commercial umbrella and excess liability insurance are both types of supplemental commercial liability insurance. They aren’t identical, though.
Commercial umbrella policies usually have their own terms, conditions and exclusions, which can sometimes be adapted to a particular business’ needs. Because they have their own terms, conditions, and exclusions, commercial umbrella policies don’t have to follow the terms, conditions, and exclusions of one specific underlying policy. Instead, they can be used to fill in coverage gaps of underlying policies, and they can simultaneously supplement multiple underlying policies.
Excess liability policies are generally “follow form” insurance policies, which means they copy the terms, conditions, and exclusions of the underlying policy that they supplement. They can increase an underlying policy’s limits, but they usually aren’t able to fill in coverage gaps that it has. Additionally, because they follow the terms, conditions and exclusions of an underlying policy, excess liability policies usually can’t supplement multiple underlying policies at once. They typically serve as a supplemental policy to just one primary policy.
What Vermont Businesses Can Benefit from Business Umbrella Insurance?
Any Vermont business that wants more coverage than their primary insurance policies provide should consider business umbrella insurance. Some examples of businesses that often benefit from the extra protections that this type of insurance provides include:
Professionals, who often aren’t able to personally afford the legal costs of defending them in a liability suitBusinesses that have significant assets, for they could be the target of an opportunistic lawsuitCompanies that are in high-risk industries, for they’re more likely to be sued
Is Business Umbrella Insurance Expensive?
Commercial umbrella insurance is normally a highly affordable form of insurance. Rates, of course, vary depending on where a business is, what industry it’s in and many other factors. A hair salon in Burlington, VT, for instance, has a different risk exposure than a stone quarry near White River Junction, VT, so the two businesses will likely pay different amounts for a commercial liability policy. In general, however, insurers are able to keep premiums low because these are secondary insurance policies, and they’re therefore less likely than primary policies to have a claim made against them.
How Can Businesses in Vermont Get Business Umbrella Insurance?
When shopping for commercial umbrella policies, it’s important to make sure that all required primary insurance policies and coverages are in place. If a primary policy is required by a commercial umbrella policy but the primary policy isn’t in place, the commercial umbrella policy’s protections may be voided.
For help finding a commercial umbrella insurance policy and making sure all required primary policies are in place, businesses should contact an independent commercial insurance agent who serves Vermont. An independent agent will be able to help businesses both compare commercial umbrella policies and check underlying policies for the necessary coverages.
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Most commercial insurance policies provide businesses with robust protections, but even the best policies often have limits on how much coverage they’ll provide. VT businesses that want more protection than their primary insurance policies will afford may find the additional coverage they’re looking for through commercial umbrella insurance.
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cyber insurance
What is Cyber Insurance?
The advent of the internet has given businesses access to opportunities that previously were unthinkable. With the new opportunities that businesses have taken advantage of, however, come new risks. Cyber insurance policies help protect Vermont businesses from many of the new risks that accompany conducting business online.
As far as insurance coverages go, cyber insurance is still a relatively new protection. There are still many variances among policies, and it’s especially important to review any policy’s terms closely before purchasing the policy. An insurance agent who specializes in cyber liability insurance can help with this process, as they’ll know how to read a policy and be familiar with what other policies tend to offer.
What Vermont Businesses Can Benefit from Getting Cyber Liability Insurance?
Because the internet is so prevalent in commerce and life today, cyber liability insurance is widely beneficial to most businesses in Vermont. In short, almost any business that could have data breached will likely benefit from having coverage. This includes (but is far from limited to) the following:
Any business that utilizes the cloud and keeps data remotely probably should also have cyber liability coverage, as should the majority of governmental agencies, schools and nonprofit organizations.
What Protections Does Cyber Liability Insurance Provide?
The coverages in cyber liability policies can vary quite a bit because the insurance is still new. Depending on a policy’s terms and conditions, it might offer protections like:
Media liability coverage is often especially varied across different policies, but a knowledgeable agent can help compare the different media liability protections that policies offer. They also can help businesses confirm whether they need this specific coverage. Sometimes it’s not necessary if a business' general liability coverage provides sufficient protection against copyright and trademark issues that involve things published online.
What Costs Does Cyber Liability Insurance Cover When There’s a Claim?
Just as protections vary, the costs that different policies will help pay for if a business has a covered claim can also vary. Depending on a policy’s terms, it might pay:
How Much Do Cyber Liability Policies Cost?
Premiums for cyber liability policies also vary. They differ both because policies differ and because rates are based on many different factors. Even with the variances, however, purchasing coverage is usually far less expensive than facing a major incident with no insurance in place could be. The average cost of stolen digital assets was $148 per record in 2018.
The best way for businesses to find out how much a policy would cost them is generally to contact an independent insurance agent. Unlike agents who are captive to a single insurance company, independent agents have the freedom to show businesses quotes from multiple insurance companies. This makes comparing rates easy.
How Can Businesses in Vermont Get Quotes for Cyber Insurance?
For help obtaining quotes for cyber insurance, contact the independent insurance agents at T.S. Peck Insurance. Our team has helped many businesses in Vermont find coverage that meets their needs, and we have the expertise necessary to find your business a good policy.
The advent of the internet has given businesses access to opportunities that previously were unthinkable. With the new opportunities that businesses have taken advantage of, however, come new risks. Cyber insurance policies help protect Vermont businesses from many of the new risks that accompany conducting business online.
As far as insurance coverages go, cyber insurance is still a relatively new protection. There are still many variances among policies, and it’s especially important to review any policy’s terms closely before purchasing the policy. An insurance agent who specializes in cyber liability insurance can help with this process, as they’ll know how to read a policy and be familiar with what other policies tend to offer.
What Vermont Businesses Can Benefit from Getting Cyber Liability Insurance?
Because the internet is so prevalent in commerce and life today, cyber liability insurance is widely beneficial to most businesses in Vermont. In short, almost any business that could have data breached will likely benefit from having coverage. This includes (but is far from limited to) the following:
- Medical practices and hospitals, which use EHR programs for patient records
- Law firms, which regularly store and transmit sensitive documents digitally
- Financial firms, which regularly store and transmit financial data
- Ecommerce websites, which accept and store customers’ credit card numbers
- Large businesses, which often store employee data digitally
Any business that utilizes the cloud and keeps data remotely probably should also have cyber liability coverage, as should the majority of governmental agencies, schools and nonprofit organizations.
What Protections Does Cyber Liability Insurance Provide?
The coverages in cyber liability policies can vary quite a bit because the insurance is still new. Depending on a policy’s terms and conditions, it might offer protections like:
- Network Security Liability Coverage, which may protect against malicious online attacks
- Extortion LIability Coverage, which may protect against ransomware and other extortion attacks
- Privacy Liability Coverage, which may protect against non-criminal data breaches
- Media Liability Coverage, which might protect against trademark and copyright infringement allegations
Media liability coverage is often especially varied across different policies, but a knowledgeable agent can help compare the different media liability protections that policies offer. They also can help businesses confirm whether they need this specific coverage. Sometimes it’s not necessary if a business' general liability coverage provides sufficient protection against copyright and trademark issues that involve things published online.
What Costs Does Cyber Liability Insurance Cover When There’s a Claim?
Just as protections vary, the costs that different policies will help pay for if a business has a covered claim can also vary. Depending on a policy’s terms, it might pay:
- Reimbursements for revenue that’s lost during a slowing of operations
- Reimbursements for revenue that’s lost due to reputation damage
- Reparations owed to customers, clients or other parties who were affected
- Credit monitoring costs for customers or clients
- IT costs associated with identifying and fixing the problem
How Much Do Cyber Liability Policies Cost?
Premiums for cyber liability policies also vary. They differ both because policies differ and because rates are based on many different factors. Even with the variances, however, purchasing coverage is usually far less expensive than facing a major incident with no insurance in place could be. The average cost of stolen digital assets was $148 per record in 2018.
The best way for businesses to find out how much a policy would cost them is generally to contact an independent insurance agent. Unlike agents who are captive to a single insurance company, independent agents have the freedom to show businesses quotes from multiple insurance companies. This makes comparing rates easy.
How Can Businesses in Vermont Get Quotes for Cyber Insurance?
For help obtaining quotes for cyber insurance, contact the independent insurance agents at T.S. Peck Insurance. Our team has helped many businesses in Vermont find coverage that meets their needs, and we have the expertise necessary to find your business a good policy.
directors and officers insurance
What is Directors and Officers Insurance?
Leaders of businesses and nonprofits have a great deal of power, and with that power comes responsibility. Because leaders have more influence than lower-level employees, they’re sometimes held to higher standards. Should leaders make a poor decision or take a wrong action, they may be personally held responsible for the consequences of the decision or action. Directors and officers insurance helps protect leaders of businesses and nonprofits in Vermont from the risks that they assume when they lead organizations.
Directors and officers insurance is a form of professional liability insurance that’s specifically designed for people who lead businesses, nonprofits, and other organizations. Policies provide insurance against a variety of risks that are unique to leadership positions. For example, a typical policy might provide coverage for:
(Exact coverages vary from policy to policy).
Having a policy that includes coverage for gross negligence, conflicts of interest, and unlawful acts isn’t a license to be negligent, have conflicts of interest, or act illegally. A policy may provide financial assistance if a leader is found guilty of one of these things, but financial consequences are sometimes only one type of consequence that leaders may face.
Who Needs Directors and Officers Liability Insurance?
Almost anyone who leads a business, nonprofit, or similar organization should consider getting directors and officers liability insurance, regardless of where in Vermont their organization is or how large (or small) it is. A CEO of a large company in Burlington, VT might need this type of insurance, as may the board members of a small nonprofit in Saint Albans, VT.
The list of leaders who might benefit from the protections that a directors and officers policy provides include:
In many cases, businesses and nonprofits will purchase policies for their leaders, since the risks these policies protect against come from work the leaders are doing for the business or organization.
How Can Organizations in Vermont Get Directors and Officers Liability Insurance?
The easiest way to shop for directors and officers insurance is through an independent insurance agent who is licensed in Vermont and familiar with this type of insurance. An agent will be able to review the roles of a business or nonprofit’s leaders and determine what coverages they need. An independent agent can then compare all of the directors and officers liability insurance policies that are available for the one that best meets the needs of the business or nonprofit’s leaders.
Leaders of businesses and nonprofits have a great deal of power, and with that power comes responsibility. Because leaders have more influence than lower-level employees, they’re sometimes held to higher standards. Should leaders make a poor decision or take a wrong action, they may be personally held responsible for the consequences of the decision or action. Directors and officers insurance helps protect leaders of businesses and nonprofits in Vermont from the risks that they assume when they lead organizations.
Directors and officers insurance is a form of professional liability insurance that’s specifically designed for people who lead businesses, nonprofits, and other organizations. Policies provide insurance against a variety of risks that are unique to leadership positions. For example, a typical policy might provide coverage for:
- Poor investment decisions
- Releases of confidential information
- Problems related to hiring and firing decisions
- Gross negligence
- Conflicts of interest
- Unlawful acts
- Other errors that a leader may make
(Exact coverages vary from policy to policy).
Having a policy that includes coverage for gross negligence, conflicts of interest, and unlawful acts isn’t a license to be negligent, have conflicts of interest, or act illegally. A policy may provide financial assistance if a leader is found guilty of one of these things, but financial consequences are sometimes only one type of consequence that leaders may face.
Who Needs Directors and Officers Liability Insurance?
Almost anyone who leads a business, nonprofit, or similar organization should consider getting directors and officers liability insurance, regardless of where in Vermont their organization is or how large (or small) it is. A CEO of a large company in Burlington, VT might need this type of insurance, as may the board members of a small nonprofit in Saint Albans, VT.
The list of leaders who might benefit from the protections that a directors and officers policy provides include:
- C-level executives of businesses (i.e. CEOs, CFOs, CIOs, CTOs, CCOs, and CSOs)
- Presidents and vice presidents of companies
- Presidents and board members of nonprofit organizations
- Other high-ranking officers whose decisions have large impacts
In many cases, businesses and nonprofits will purchase policies for their leaders, since the risks these policies protect against come from work the leaders are doing for the business or organization.
How Can Organizations in Vermont Get Directors and Officers Liability Insurance?
The easiest way to shop for directors and officers insurance is through an independent insurance agent who is licensed in Vermont and familiar with this type of insurance. An agent will be able to review the roles of a business or nonprofit’s leaders and determine what coverages they need. An independent agent can then compare all of the directors and officers liability insurance policies that are available for the one that best meets the needs of the business or nonprofit’s leaders.
Employment Practices Liability Insurance
Lawsuits are an ever-present risk for Vermont businesses, costing time, money, and reputation when they occur. While most lawsuits are filed from outside the company, in recent years VT businesses have faced increased risk of lawsuits from within. Discrimination, harassment, and other employment issues can trigger expensive lawsuits, putting your business at risk. Employment practices liability insurance can help to cover the costs of these legal actions.
Employment Practices Liability Insurance for Vermont Business
Employees are expected to be treated with fairness, dignity, and respect. The law supports employees in this regard, with statutes such as the Civil Rights Act and Americans with Disabilities Act, prohibiting discrimination based on a wide range of factors. However, hiring, firing, and disciplinary action are all often contentious topics, and mistakes or misunderstandings can occur. While these and other statutes protect employees, who is protecting your business? Employment practices liability insurance helps to provide the financial resources you need to defend your business against these charges.
Any company that has employees is at risk for being sued due to real or perceived violations of the law or contracts. Some common complaints include:
While proper training for all employees and managers can help decrease your risk, even the most conscientious Vermont employer can be sued. Even if you are ultimately found not guilty, you will still have expensive legal fees to pay. An employment practices liability policy can reimburse your defense costs and other legal fees, as well as help with any settlements or damages you are required to pay, up to your covered limits.
Your risk for an employment practices lawsuit begins as soon as you bring your first prospective employee in for an interview. With so much at stake, experts recommend that new VT business owners make employment practices coverage a priority and obtain coverage prior to hiring any employees. Your premiums are based on the number of employees you have, employment history, and if there have been any previous lawsuits.
Coverage Options
Coverage limits on ELPI policies can vary widely, with many businesses purchasing coverage between $1 million and $25 million. This provides enough coverage for most situations you could be sued for. Your insurance agent can help determine the proper policy and coverage amount for your business.
It is essential to follow all employment statutes and avoid discrimination, harassment, and other unfair treatment of your employees. However, mistakes do happen, putting your business at risk for lawsuits, fines, and penalties. If your Vermont business has even a single employee, you are at risk for an employment practices lawsuit. Protect your company by investing in employment practices liability insurance today!
Employment Practices Liability Insurance for Vermont Business
Employees are expected to be treated with fairness, dignity, and respect. The law supports employees in this regard, with statutes such as the Civil Rights Act and Americans with Disabilities Act, prohibiting discrimination based on a wide range of factors. However, hiring, firing, and disciplinary action are all often contentious topics, and mistakes or misunderstandings can occur. While these and other statutes protect employees, who is protecting your business? Employment practices liability insurance helps to provide the financial resources you need to defend your business against these charges.
Any company that has employees is at risk for being sued due to real or perceived violations of the law or contracts. Some common complaints include:
- Discrimination based on race, gender, age, disability or other factors
- Breach of contract
- Wrongful termination
- Libel or slander
- Sexual harassment
- Emotional distress
- Mismanagement of employee benefits
- Negligent employment practices
While proper training for all employees and managers can help decrease your risk, even the most conscientious Vermont employer can be sued. Even if you are ultimately found not guilty, you will still have expensive legal fees to pay. An employment practices liability policy can reimburse your defense costs and other legal fees, as well as help with any settlements or damages you are required to pay, up to your covered limits.
Your risk for an employment practices lawsuit begins as soon as you bring your first prospective employee in for an interview. With so much at stake, experts recommend that new VT business owners make employment practices coverage a priority and obtain coverage prior to hiring any employees. Your premiums are based on the number of employees you have, employment history, and if there have been any previous lawsuits.
Coverage Options
Coverage limits on ELPI policies can vary widely, with many businesses purchasing coverage between $1 million and $25 million. This provides enough coverage for most situations you could be sued for. Your insurance agent can help determine the proper policy and coverage amount for your business.
It is essential to follow all employment statutes and avoid discrimination, harassment, and other unfair treatment of your employees. However, mistakes do happen, putting your business at risk for lawsuits, fines, and penalties. If your Vermont business has even a single employee, you are at risk for an employment practices lawsuit. Protect your company by investing in employment practices liability insurance today!
equipment breakdown coverage
Most businesses in Vermont rely on vital equipment that must be immediately fixed if it ever breaks down. Delays in repairs can interfere with operations, possibly causing a decrease in revenue on top of any repair costs. For many businesses, the potential revenue losses and repair costs of a major equipment malfunction could be devastating. Equipment breakdown coverage helps businesses prepare for certain potential equipment breakdowns so that they don’t cause a major financial strain.
Equipment breakdown insurance is a unique form of insurance that helps pay for the repair of covered equipment that breaks down. A policy, depending on its terms and conditions, may cover:
What Vermont Businesses Should Consider Equipment Breakdown Coverage?
Since almost every business relies on at least some vital equipment, the vast majority of businesses in Vermont might benefit from equipment breakdown coverage. Both businesses that have simple equipment and those that have highly complex equipment might want coverage if their equipment is vital to operations or would cost a lot to fix. A few examples of particular businesses that might want an equipment breakdown policy are:
Many of these types of businesses would be significantly affected by a major equipment breakdown. Even if they were able to afford the repair, the lost revenue could make paying upcoming bills difficult. Additionally, any poor reviews left by disgruntled customers would have a lasting effect on business.
What Types of Equipment Do Equipment Breakdown Policies Cover?
Because businesses rely on many different types of equipment, equipment breakdown policies can be adjusted to provide coverage for lots of different equipment. Depending on a particular policy’s terms and conditions, it might provide coverage for any of the above-mentioned items, as well as just about any other type of important equipment.
What Sorts of Breakdowns Does Equipment Breakdown Insurance Protect Against?Again, precisely what breakdowns a particular policy covers depends on the policy’s terms and conditions. An equipment breakdown policy might offer coverage for the following causes of malfunctions:
Are Equipment Breakdown Insurance and Boiler and Machinery Insurance the Same?
Many equipment breakdown policies and boiler and machinery policies are similar. In fact, some insurance companies are transitioning their boiler and machinery policies to equipment breakdown policies. There are two small differences between equipment breakdown, and boiler and machinery insurance, however.
First, equipment breakdown policies tend to have language that’s slightly broader and more descriptive than that found in boiler and machinery policies. For example, a restaurant’s equipment breakdown policy might include freezers, refrigerators, ovens, stoves, ventilation systems, and cash registers among its list of covered items. A boiler and machinery policy, in contrast, likely would have more narrow language that didn’t describe as much equipment.
Second, equipment breakdown policies typically have broader coverages than boiler and machinery policies. As equipment breakdown policies’ language is adapted to describe the vital equipment that a particular business relies on, the policy’s coverages are usually expanded slightly beyond what boiler and machinery policies protect.
How Can Businesses in Vermont Get Equipment Breakdown Coverage?
Businesses in Vermont can get help looking for equipment breakdown coverage by contacting an independent insurance agent who specializes in commercial insurance. An independent agent can help a business consider what equipment it should insure, and then they can request quotes for equipment breakdown insurance policies that will insure that equipment.
Equipment breakdown insurance is a unique form of insurance that helps pay for the repair of covered equipment that breaks down. A policy, depending on its terms and conditions, may cover:
- The cost of repairing or replacing broken equipment
- Any emergency service charges assessed for off-hours repairs
- The labor and time needed to repair equipment
- Goods that are damaged as a result of the breakdown (e.g. food that spoils if a fridge malfunctions)
- Revenue lost due to a halt in critical operations
What Vermont Businesses Should Consider Equipment Breakdown Coverage?
Since almost every business relies on at least some vital equipment, the vast majority of businesses in Vermont might benefit from equipment breakdown coverage. Both businesses that have simple equipment and those that have highly complex equipment might want coverage if their equipment is vital to operations or would cost a lot to fix. A few examples of particular businesses that might want an equipment breakdown policy are:
- Retail stores, which rely on POS systems and cash registers
- Restaurants and other eateries, which rely on lots of kitchen equipment
- Offices, which rely on computers, scanners, copiers, and printers
- Doctor’s offices and hospitals, which rely on lots of medical equipment
- Hotels, bed and breakfasts, and lodges, which rely on heat, water, and similar systems
Many of these types of businesses would be significantly affected by a major equipment breakdown. Even if they were able to afford the repair, the lost revenue could make paying upcoming bills difficult. Additionally, any poor reviews left by disgruntled customers would have a lasting effect on business.
What Types of Equipment Do Equipment Breakdown Policies Cover?
Because businesses rely on many different types of equipment, equipment breakdown policies can be adjusted to provide coverage for lots of different equipment. Depending on a particular policy’s terms and conditions, it might provide coverage for any of the above-mentioned items, as well as just about any other type of important equipment.
What Sorts of Breakdowns Does Equipment Breakdown Insurance Protect Against?Again, precisely what breakdowns a particular policy covers depends on the policy’s terms and conditions. An equipment breakdown policy might offer coverage for the following causes of malfunctions:
- Explosions
- Power surges and electrical arcs
- Mechanical failures
Are Equipment Breakdown Insurance and Boiler and Machinery Insurance the Same?
Many equipment breakdown policies and boiler and machinery policies are similar. In fact, some insurance companies are transitioning their boiler and machinery policies to equipment breakdown policies. There are two small differences between equipment breakdown, and boiler and machinery insurance, however.
First, equipment breakdown policies tend to have language that’s slightly broader and more descriptive than that found in boiler and machinery policies. For example, a restaurant’s equipment breakdown policy might include freezers, refrigerators, ovens, stoves, ventilation systems, and cash registers among its list of covered items. A boiler and machinery policy, in contrast, likely would have more narrow language that didn’t describe as much equipment.
Second, equipment breakdown policies typically have broader coverages than boiler and machinery policies. As equipment breakdown policies’ language is adapted to describe the vital equipment that a particular business relies on, the policy’s coverages are usually expanded slightly beyond what boiler and machinery policies protect.
How Can Businesses in Vermont Get Equipment Breakdown Coverage?
Businesses in Vermont can get help looking for equipment breakdown coverage by contacting an independent insurance agent who specializes in commercial insurance. An independent agent can help a business consider what equipment it should insure, and then they can request quotes for equipment breakdown insurance policies that will insure that equipment.
General liability insurance
Most businesses are exposed to certain common liability risks regardless of their size or the industry they operate in. General liability insurance helps businesses in Vermont protect themselves against some of these common perils.
General liability insurance is a widely used form of commercial insurance. Many businesses carry this insurance, and it’s available from most commercial insurance carriers.
What Businesses in Vermont Need General Liability Coverage?
There are a lot of Vermont businesses that can benefit from general liability coverage. Across most industries and throughout the state, most businesses should probably carry this coverage.
This broadly includes businesses of all sizes and of all legal structures. While incorporating as an LLC, S Corp, C Corp or other organization might offer some legal protections, incorporation normally isn’t a substitute for a good insurance policy. Sole proprietors usually should have coverage too, for they’re technically business owners and can be sued.
What Coverages Does a General Liability Policy Provide?
While the exact protections that a general liability policy affords are determined by that policy’s terms, conditions and exclusions, most general liability policies come with three primary protections:
In the case of bodily injury coverage, coverage might be limited to a business’ premises or extend to activity that takes place off-site.
Sometimes, general liability policies supplement these three primary protections with additional coverages. For example, a general liability policy might offer some product liability coverage. When a supplemental coverage is offered, however, the scope and limit of the protection can be limited.
Because supplemental coverages aren’t always offered and can be limited in these policies, any business that intends to rely on a general liability policy for a supplemental coverage should speak with a knowledgeable insurance agent. A specialized agent can review a policy and example exactly what protections it provides, and they’ll also be able to help a business determine whether the policy truly does meet all of their coverage needs. Often, purchasing an additional commercial policy is wise when a lot of additional coverage is needed.
Are Employees’ Injuries Covered by a General Liability Policy?
Injuries that employees sustain during the course of their normal work duties typically aren’t covered by a general liability policy. While a policy may cover third-party injuries employees usually aren’t considered third parties and don’t receive protection.
Instead, most businesses that have employees need a workers compensation policy to guard against the risk of on-the-job injury. Workers compensation frequently pays a portion of lost wages and medical costs that are associated with a workplace injury.
Can General Liability Policies Be Combined with Other Commercial Policies?
Since the need for general liability coverage is nearly ubiquitous, these policies can be combined with a wide range of other commercial policies. Business owners policies are basic package policies that tend to come with general liability, commercial property and business interruption coverages (and sometimes a few others). Commercial package policies are typically more robust package policies that can include any number of available coverages.
How Can Businesses in Vermont Get General Liability Insurance?
For help finding general liability coverage, contact the independent insurance agents of T.S. Peck Insurance. Our Vermont agents are well-versed in this coverage, and they can help you find a general liability insurance policy that’s tailored to your business’ needs.
General liability insurance is a widely used form of commercial insurance. Many businesses carry this insurance, and it’s available from most commercial insurance carriers.
What Businesses in Vermont Need General Liability Coverage?
There are a lot of Vermont businesses that can benefit from general liability coverage. Across most industries and throughout the state, most businesses should probably carry this coverage.
This broadly includes businesses of all sizes and of all legal structures. While incorporating as an LLC, S Corp, C Corp or other organization might offer some legal protections, incorporation normally isn’t a substitute for a good insurance policy. Sole proprietors usually should have coverage too, for they’re technically business owners and can be sued.
What Coverages Does a General Liability Policy Provide?
While the exact protections that a general liability policy affords are determined by that policy’s terms, conditions and exclusions, most general liability policies come with three primary protections:
- Bodily Injury Coverage, which normally protects against suits related to third-party injuries that a business is responsible for
- Property Damage Coverage, which normally protects against suits related to property damage that a business is responsible for
- Personal Advertising Injury Coverage, which normally protects against suits filed over false advertising, libel and slander claims
In the case of bodily injury coverage, coverage might be limited to a business’ premises or extend to activity that takes place off-site.
Sometimes, general liability policies supplement these three primary protections with additional coverages. For example, a general liability policy might offer some product liability coverage. When a supplemental coverage is offered, however, the scope and limit of the protection can be limited.
Because supplemental coverages aren’t always offered and can be limited in these policies, any business that intends to rely on a general liability policy for a supplemental coverage should speak with a knowledgeable insurance agent. A specialized agent can review a policy and example exactly what protections it provides, and they’ll also be able to help a business determine whether the policy truly does meet all of their coverage needs. Often, purchasing an additional commercial policy is wise when a lot of additional coverage is needed.
Are Employees’ Injuries Covered by a General Liability Policy?
Injuries that employees sustain during the course of their normal work duties typically aren’t covered by a general liability policy. While a policy may cover third-party injuries employees usually aren’t considered third parties and don’t receive protection.
Instead, most businesses that have employees need a workers compensation policy to guard against the risk of on-the-job injury. Workers compensation frequently pays a portion of lost wages and medical costs that are associated with a workplace injury.
Can General Liability Policies Be Combined with Other Commercial Policies?
Since the need for general liability coverage is nearly ubiquitous, these policies can be combined with a wide range of other commercial policies. Business owners policies are basic package policies that tend to come with general liability, commercial property and business interruption coverages (and sometimes a few others). Commercial package policies are typically more robust package policies that can include any number of available coverages.
How Can Businesses in Vermont Get General Liability Insurance?
For help finding general liability coverage, contact the independent insurance agents of T.S. Peck Insurance. Our Vermont agents are well-versed in this coverage, and they can help you find a general liability insurance policy that’s tailored to your business’ needs.
small business insurance
Small businesses are the cornerstone of Vermont – From Mom & Pop retail shops to bakeries and diners, the term "small business" spans a wide range of options. At T.S. Peck Insurance, we understand the unique needs of Vermont small businesses. We provide comprehensive consulting services and affordable small business insurance to meet the needs of your small business.
Small Business, Big Risks
We know that insurance can be a significant cost for a small business. We work with insurance carriers in Vermont and beyond to bring you the most affordable small business insurance options. Our agents will conduct a comprehensive annual review of your business to ensure that you are properly protected and advise you on coverage options that may save you money. We want to work with you to protect your small business.
Coverage OptionsEvery business is unique, and your insurance package should be too. We offer a variety of small business insurance options and can help you choose the coverages that your particular business needs. We recommend that most small businesses invest in these coverages:
Depending on your specific business, you may not need all of these. We will work with you to determine the best options for your business. We also offer a broad range of specialty insurance options such as:
Founded in 1869, T.S. Peck Insurance has the expert advice you need. As one of the largest insurance agencies in Northern Vermont, we have worked extensively with small businesses and understand their unique needs. Our trained agents can help you find the coverage options you need, while adhering to state regulations and staying within your budget.
You’ve worked hard to build your small business. Protect it with a small business insurance package from T.S. Peck Insurance.
Small Business, Big Risks
We know that insurance can be a significant cost for a small business. We work with insurance carriers in Vermont and beyond to bring you the most affordable small business insurance options. Our agents will conduct a comprehensive annual review of your business to ensure that you are properly protected and advise you on coverage options that may save you money. We want to work with you to protect your small business.
Coverage OptionsEvery business is unique, and your insurance package should be too. We offer a variety of small business insurance options and can help you choose the coverages that your particular business needs. We recommend that most small businesses invest in these coverages:
- General Liability
- Property Insurance
- Commercial Auto Insurance
- Workers Compensation
- Business Interruption Insurance
Depending on your specific business, you may not need all of these. We will work with you to determine the best options for your business. We also offer a broad range of specialty insurance options such as:
- Cyber Insurance
- Homeowners Insurance Riders for Home Businesses
- Umbrella Insurance
- Experience You Can Trust
Founded in 1869, T.S. Peck Insurance has the expert advice you need. As one of the largest insurance agencies in Northern Vermont, we have worked extensively with small businesses and understand their unique needs. Our trained agents can help you find the coverage options you need, while adhering to state regulations and staying within your budget.
You’ve worked hard to build your small business. Protect it with a small business insurance package from T.S. Peck Insurance.
workers comp insurance
Protecting your employees with workers compensation insurance is your responsibility and your legal duty in Vermont. This important coverage helps pay the expenses associated with workplace injuries.
Legal Requirements
The state of Vermont, like many other states, requires that businesses purchase workers compensation insurance for their employees. If you have at least one part-time or full-time employee, your business needs workers comp insurance. As the business owner, you can choose to include or exclude yourself in a policy, but your employees must all be covered at no expense to them.
When working with independent contractors and sub-contractors, it’s important to make sure they carry their own insurance. If they do not, you may be required to pay for their workers compensation. The agents at T.S. Peck Insurance can help you determine your legal insurance requirements.
Workers Compensation Benefits
In Vermont, workers compensation insurance provides important benefits to your employees and your companies. If an employee is injured on the job or becomes ill due to working conditions, they can file a workers compensation claim. This insurance should help to pay medical costs and salary replacement during their recovery. This allows them the time to heal before returning to work. They may also return to work part-time or on light-duty and receive partial benefits during this time.
Your Vermont business also benefits from workers comp. When an employee is injured and cannot work, you lose their valuable contributions to your business. Without insurance, you may have to choose between paying their salary at a loss to you, or terminating employment and damaging company morale. Because workers comp benefits pay the employee’s wages, you are able to hire a temporary replacement without affecting your bottom line.
Workers compensation is a no-fault solution to the problem of workplace injury. Receiving workers compensation benefits makes an employee ineligible to file a lawsuit against your company for their injuries. If a lawsuit were to be filed, your workers comp insurance would help to cover your legal fees.
Premium Costs and the Insurance Audit
Workers compensation is one of the biggest insurance expenses that most businesses face. At T.S. Peck, we aim to make the insurance process easy to understand and affordable. The process of determining your premium costs for workers compensation involves gathering your payroll data and breaking down the job responsibilities of each employee. Each employee will be assigned a risk rating, and your premiums will be based on this risk assessment as well as their salary. Higher risk employees, such as construction laborers, will cost more than low-risk secretarial staff. Our agents can guide you through this process to help you understand your premiums.
Each year, an audit will be conducted to review the previous year and adjust the premiums for the coming term. This process allows your costs to be accurately matched to the insurance coverage you need. This ensures that you are not over- or under-paying for your insurance.
Your employees are valuable to your business. Protect them with workers compensation insurance as required by the state of Vermont. Please contact the insurance experts at T.S. Peck with any workers compensation questions.
Legal Requirements
The state of Vermont, like many other states, requires that businesses purchase workers compensation insurance for their employees. If you have at least one part-time or full-time employee, your business needs workers comp insurance. As the business owner, you can choose to include or exclude yourself in a policy, but your employees must all be covered at no expense to them.
When working with independent contractors and sub-contractors, it’s important to make sure they carry their own insurance. If they do not, you may be required to pay for their workers compensation. The agents at T.S. Peck Insurance can help you determine your legal insurance requirements.
Workers Compensation Benefits
In Vermont, workers compensation insurance provides important benefits to your employees and your companies. If an employee is injured on the job or becomes ill due to working conditions, they can file a workers compensation claim. This insurance should help to pay medical costs and salary replacement during their recovery. This allows them the time to heal before returning to work. They may also return to work part-time or on light-duty and receive partial benefits during this time.
Your Vermont business also benefits from workers comp. When an employee is injured and cannot work, you lose their valuable contributions to your business. Without insurance, you may have to choose between paying their salary at a loss to you, or terminating employment and damaging company morale. Because workers comp benefits pay the employee’s wages, you are able to hire a temporary replacement without affecting your bottom line.
Workers compensation is a no-fault solution to the problem of workplace injury. Receiving workers compensation benefits makes an employee ineligible to file a lawsuit against your company for their injuries. If a lawsuit were to be filed, your workers comp insurance would help to cover your legal fees.
Premium Costs and the Insurance Audit
Workers compensation is one of the biggest insurance expenses that most businesses face. At T.S. Peck, we aim to make the insurance process easy to understand and affordable. The process of determining your premium costs for workers compensation involves gathering your payroll data and breaking down the job responsibilities of each employee. Each employee will be assigned a risk rating, and your premiums will be based on this risk assessment as well as their salary. Higher risk employees, such as construction laborers, will cost more than low-risk secretarial staff. Our agents can guide you through this process to help you understand your premiums.
Each year, an audit will be conducted to review the previous year and adjust the premiums for the coming term. This process allows your costs to be accurately matched to the insurance coverage you need. This ensures that you are not over- or under-paying for your insurance.
Your employees are valuable to your business. Protect them with workers compensation insurance as required by the state of Vermont. Please contact the insurance experts at T.S. Peck with any workers compensation questions.
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