You turn your back and someone does the 100-yard dash with your business laptop. You’ll need a replacement.
A tree unexpectedly falls on your shop’s roof.
Your HVAC unit stops working the day after the warranty expires.
A fire damages an exterior wall at your business and you have to close for three weeks during repairs.
Commercial property insurance in Vermont can help provide coverage for your business’s physical assets, such as equipment, inventory and brick-and-mortar structures.
This coverage can help pay for replacement and repair costs when certain types of accidents or emergencies affect your assets. For example, commercial property insurance could help protect Vermont businesses in these types of situations:
Commercial property insurance also covers damage from Vermont’s winds and certain man-made events, such as vandalism.
It’s important to read your policy documents carefully to determine exactly what is covered and excluded for your business. Coverage can vary according to what industry you work in and other factors.
A Vermont commercial property insurance policy can help protect a number of physical business assets, such as:
Vermont commercial property insurance policies from NEXT may include the following four types of coverage:
Commercial property insurance can help cover repair and replacement costs if your furniture, equipment or inventory is affected by a covered event. This coverage is also known as business personal property insurance or BPP insurance.
Example: If you own a bakery in Essex and a kitchen fire causes serious damage to essential appliances, commercial property insurance can help pay for repairs or replacements.
A covered event, such as a fire or water damage from a burst pipe, could result in a temporary closure while repairs are made. Commercial property insurance can help cover lost income and other related expenses while your business is closed. This is also called business interruption insurance or business income insurance.
Example: If a Colchester fitness studio has to close for a week while fixing water damage from a burst pipe, commercial property insurance can help cover the income lost during that time.
Commercial property insurance can help with replacement or repair costs if your equipment is damaged due to a power surge or mechanical failure.
Example: If the electronic circuit control board in a Burlington restaurant’s industrial refrigerator stops working, commercial property insurance can help pay to repair or replace it.
Vermont property insurance can help pay for repairs to a structure that you own and use for business purposes. Businesses that rent commercial space typically don’t need this coverage.
Example: If severe winds cause damage to the roof of a hardware store in Bennington, commercial property insurance could help cover the cost of repairs.
NEXT’s commercial property insurance policies cover damage due to fire, wind and hail. This includes damage caused by the following types of weather events:
Rioting, vandalism and other select types of man-made disasters may also be covered. Coverage for acts of terrorism is available as an optional add-on.
Volcano coverage and flood coverage are not included in a NEXT commercial property insurance policy. However, most areas of Vermont participate in the federal government’s National Flood Insurance Program, which offers residents the option to purchase flood insurance coverage.1
Commercial property insurance does not cover damage caused by natural disasters such as earthquakes or hurricanes. These require separate coverages.
Business owners in this state aren’t required to carry commercial property insurance.
Vermont doesn’t have a mandate for this coverage, but if you want to rent or purchase a physical space for your business, you may need to meet certain commercial property — and other business insurance — coverage requirements.
Commercial property insurance has a number of important advantages, which is why many business owners have this coverage even though it’s not required by law. Having this type of Vermont business property insurance can benefit your business in the following ways:
Commercial property insurance can help stabilize your finances if your business’s physical assets are damaged or stolen. With this Vermont business insurance, you may not have to pay entirely out of pocket when unexpected situations arise.
Business income insurance can help pay for lost income, employee wages and moving and relocation costs if you have to close temporarily due to a covered event.
Banks and mortgage lenders might require businesses to carry this insurance to get a loan for a commercial property. The Small Business Administration (SBA) requires businesses to have business hazard insurance on building used as collateral for their loans.
Some landlords include a requirement for property insurance in commercial lease agreements. You may need to provide proof of commercial property insurance to rent a space for your business.
Most businesses need a physical space and other assets like inventory, furniture, or equipment to operate. Commercial property insurance can help provide important protections for any business with these types of assets.
Vermont commercial property insurance can help cover a physical location, such as an office space or a brick-and-mortar store. If you run a business out of your home, the coverage from your homeowner’s insurance policy may be very limited. Commercial property insurance can help provide more comprehensive coverage for home-based businesses.
In the retail industry, commercial property coverage is typically important due to the significant amount of inventory kept on site. Damage or theft to that inventory could cause serious financial harm, but with commercial property insurance, retail business owners could get help covering related costs if these incidents occur.
The total value of a business’s physical assets is the primary factor for determining commercial property insurance premiums. Several other considerations can also affect the cost of this insurance, including:
Vermont business owners can get affordable commercial property insurance from NEXT. Over half of our U.S. customers pay $45 or less per month for their commercial liability policy.**
Learn more about commercial property insurance costs.
NEXT provides Vermont commercial property insurance policies designed for small businesses and self-employed workers.
It only takes about 10 minutes to get a quote, review your coverage options, choose your policies and download a certificate of insurance.
Start an instant quote online today.
Our team of licensed insurance advisors is standing by to assist you if you have any questions along the way.
General liability coverage can help pay for related expenses if your business is involved in certain types of accidents involving someone other than you or an employee, such as injuries or property damage.
Workers’ compensation insurance can help pay for medical expenses and lost wages if an employee gets hurt on the job. All employers in Vermont are required by law to carry workers’ compensation insurance.2
Commercial auto insurance can help cover expenses like property damage, repairs and medical bills if you or an employee is involved in an accident in a work vehicle.
In Vermont, all business-owned vehicles must meet the minimum commercial auto insurance coverage requirements of $25,000 per person, $50,000 per accident and $10,000 for property damage.3
Professional liability insurance, also known as errors and omissions insurance, can provide financial protection if a customer or client claims that you made a professional mistake which cost them money. This coverage is commonly bundled with general liability insurance.
Learn more about commercial property insurance options in the state where you work.
Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.