There are few things more exciting than beginning your own company. Part of the excitement comes down to you being the one who makes the rules and decides on things like dress code, hours, location, and possible work-from-home policies. Even more exciting, you get to determine what the company does. Whether you’re trying to turn your passion into a career or are going with a tried-and-true business model and putting your own spin on it, becoming a business owner allows for creative freedom while earning a living. This is not done without risk, but with business insurance, Burlington business owners can get the financial protection necessary to avoid setbacks in the face of claims or unexpected events.
While you free yourself from the obligation of working for someone else, you take on the challenge of having to deal with a lot of extra work and risk. Not only do you have to do a seemingly endless amount of legal and tax documents, but you also take on a wide range of risks that you never would have had to worry about while working for someone else.
Ordinary employees aren’t the ones to foot the bill if the company is presented with a lawsuit or must face repairs to its headquarters. As a company owner, it is your responsibility to cover such costs, whether you or your company is at fault, a single incident can irreversibly damage your company, especially as a small business owner. With the right business insurance coverage, Burlington businesses are protected from the financial consequences of many threats, even in a worst-case scenario.
Burlington business insurance is a form of commercial insurance business entrepreneurs can purchase to give their company financial protection from a broad range of disasters.
With business insurance coverage, Burlington businesses are protected from the financial fallout of potentially damaging incidents. For example, if an elderly customer suffers severe injuries in a slip and fall accident on your premises, a fire starts in the kitchen of your restaurant that damages several pieces of equipment, or your company vehicle is involved in a collision, you, as the business owner, would ordinarily have to pay out of pocket to cover these expenses as a result of these events.
If you have the protection provided by business insurance in Burlington, these costs may be covered by your insurance provider up to the coverage limits on your policy.
You may be surprised to hear that, barring a few exceptions that depend on the type of business you run, you don’t need to have commercial insurance in Burlington.
However, despite not being mandatory, it is highly recommended that any company protect itself with Burlington business insurance. Having some kind of commercial coverage is crucial, as it will cover many situations where a business owner can face heavy financial consequences. To find out how you can best benefit from getting business insurance, Burlington insurance brokers at Morison Insurance advise you to give us a call to learn more.
One aspect of business insurance Burlington business owners is legally required to have is commercial auto insurance, and that’s only if you lease, own, or operate a vehicle for commercial purposes. Every car on the road needs to have insurance. If you already have a personal policy but use your vehicle for work, you may need business insurance coverage. Burlington insurance brokers can help you determine whether you need commercial auto policy coverage.
Burlington insurance experts will be quick to tell you that any company can use the protection of a Burlington business insurance policy. It doesn’t matter if you own a small independent coffee shop, a franchise of an established restaurant, or an online store that operates entirely remotely; your business faces risks, so why face those risks alone and go without business insurance coverage? Burlington business owners can get industry-specific commercial insurance policies such as:
These policies are designed to meet the needs of different types of companies seeking commercial insurance. Burlington insurance policies can be further personalized, so be sure to clearly communicate your business’s unique needs and insurance requirements with our experienced insurance brokers.
Burlington business insurance policies can easily be customized to suit your needs. Even though typically only commercial auto insurance is legally mandatory for business insurance, Burlington brokers at Morison Insurance recommend getting other types of insurance coverage included in your commercial insurance package.
Although the sheer number of threats that any business is exposed to can feel overwhelming, and the amount of coverage options may be confusing to business owners, the insurance experts at Morison Insurance can provide you with a cost-effective policy for your company’s needs.
Commercial general liability insurance provides coverage for claims arising from bodily injury, personal injury or property damage to a third party for your operations that you are legally liable for. For example, if a client slips and falls when visiting your property and submits a claim naming your company accountable in the suit. With this commercial coverage in Burlington, you may be covered for the cost of damages, legal expenses, and medical bills arising from these liability claims.
A commercial auto insurance plan provides coverage for any vehicle that you use for commercial purposes and is a legally mandated part of your business insurance coverage. Burlington business owners sometimes assume that if they are using their personal vehicle for commercial purposes, they would be covered by their personal insurance policy. This assumption, however, is incorrect.
Personal automobile insurance will not protect you while operating your vehicle as part of your business. Let’s say your vehicle is being used to transport goods from your supplier to your store and is involved in a collision. Since you were using your vehicle for commercial purposes, a commercial automobile policy would be required, and coverage would not apply under your current personal automobile policy. If you are unsure what type of automobile policy you require, you can always speak to our Burlington insurance brokers about your automobile insurance needs.
Commercial property insurance financially protects your infrastructure and contents from damage. Depending on the coverage plan, you are protected from a wide range of potential risks on your policy for business insurance. Burlington business owners may not think anything will happen to their commercial property, but there are risks even in the safest areas. Common types of claims where you would be protected under a Burlington insurance policy are fire, windstorm, vandalism, and theft among others.
As lease agreements or real estate contracts generally require a business to have commercial property insurance coverage, Burlington businesses typically can’t lease or rent commercial space without commercial insurance. Even if your business runs out of your residential property, you will need to cover it with business property insurance.
Professional liability insurance, also known as errors and omissions insurance, is designed to protect you from the possibility of claims or incidents arising from your professional operations. While we trust that you are providing the best service possible and are careful to minimize mistakes when fulfilling professional duties, exposing you to claims of negligence. With this liability coverage extension for Burlington business owners on business insurance policies, coverage could extend in the event the professional service you provide does not yield the results as expected.
If, for example, you run a consulting firm and give a client poor advice, they may be able to hold you accountable for their loss. In a situation such as this, professional liability insurance could protect you from a catastrophic financial loss.
Sometimes, a company is damaged in ways that go beyond the direct physical damage to the premises or contents. Someone could break in, their attempt at robbing your business may cause a lot of damage to your establishment. A fire could cause an even greater amount of damage. In such cases, your business may need to temporarily shut down for repairs. You may still be required to pay for fixed expenses like commercial rent, employee salaries, utilities, and other ongoing costs. With business interruption insurance included with your business insurance coverage in Burlington, you will have the funds you need to cover these business expenses, allowing your business to stay intact throughout a challenging time.
Product liability insurance is designed to protect your business if one of your products or parts causes harm to a customer or if a manufactured product is dangerous or faulty.
For example, if you sell computer parts, and the parts you sell cause a malfunction in the final product, you could be on the receiving end of legal action. Product liability coverage may protect your business under an extension on your business insurance. Burlington businesses involved with manufacturing, distributing, or selling a product(s) would greatly benefit from this coverage.
Equipment breakdown insurance provides protection against the cost of repairing or replacing your appliances and systems if they break down. Many businesses have expensive equipment that plays an invaluable part in the business. If the machinery or equipment shuts down, without this type of business insurance coverage in Burlington, your business may be required to temporarily pause operations until the equipment is repaired or replaced.
A kitchen can only run with its stoves working, a manufacturer can’t run without its production equipment, and many buildings cannot run without having their HVAC systems. Additionally, it can be a struggle to cover the cost of replacing equipment, especially if it breaks down at an inopportune time. With this addition to your business insurance in Burlington, you will have the coverage needed to resume normal operations quickly.
Having an online presence is crucial for many businesses, but it can put you at risk of a cyber breach, potentially exposing your business to liability claims for loss of confidential information. With a commercial cyber insurance policy as part of your business insurance in Burlington, you may be covered for damages arising from a cyberattack or data breach. Businesses may have personal information stored electrically such as phone numbers, credit card details, and birthdates. While you may implement strong measures to properly safeguard this information, your business office could be broken into, your computers hacked, a laptop might get lost or stolen or you could end up as the recipient of a ransomware attack. All of these scenarios expose you to cyber liability claims for failing to safeguard that information.
Burlington business insurance costs will vary depending on your business’s specific needs. Several variables are involved in determining the cost of premiums when protecting your business, and because no two businesses are exactly alike.
Speak with one of our business insurance broker experts at Morison Insurance to get an accurate Burlington business insurance quote.
Burlington business insurance premiums can vary based on many risk factors. Some of these variables considered include:
Please note that there are some additional factors involved that are not listed here, and each insurance company will likely provide different quotes. If you would like to know other factors involved in determining the cost of your Burlington business insurance policy, please contact your Morison Insurance broker.
Burlington business owners are always looking for ways to keep costs down, and it’s no exception for their insurance rates. With how many factors are involved in determining the cost of your business insurance coverage in Burlington, you are likely wondering if there’s a way to lower costs. Below is a list of actions you can take to potentially lower your premiums:
Burlington insurance brokers may also be able to find other ways to reduce your insurance costs to make for more affordable business insurance coverage in Burlington. Ask your Morison Insurance broker about how you can reduce your insurance costs when you contact us to discuss your policy options.
You can get a Burlington business insurance quote from Morison Insurance by filling out the form on this page or by giving us a call at 1-800-463-8074.
Morison Insurance is a family-owned business, and we treat our clients as an extension of that family, doing our best so you can benefit from our insurance expertise. We will provide you with competitive quotes and set you up with a dedicated broker whose skill set is a good match for your needs. You can count on us to find the ideal policy for you.