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, who 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, trying to become the next Bill Gates with a creative and ground-breaking new idea, or are going with a tried and true business model while putting your own spin on it, becoming a business owner is a great way to allow you a great deal of creative freedom while earning a living. However, this is not done without risk.
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 to fill out, 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 charged with a lawsuit or has to face repairs to its headquarters. However, as a company owner, it is your responsibility to cover such costs, whether you or your company is at fault, which can be very stressful, as a single incident can irreversibly damage your company, especially if you're in charge of a small business. If you purchase Burlington business insurance, you can have peace of mind that you are protected from many threats, even in a worst-case scenario.
Burlington business insurance is a form of commercial insurance that entrepreneurs from Burlington can purchase to give their company financial protection from a broad range of disasters. It provides coverage for businesses, protecting them from the financial fallout from potentially damaging incidents. For example, if an elderly customer suffers severe injuries in a slip and fall on your premises, a fire starts in the kitchen of your restaurant, damaging 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 of the results of these events.
However, if you have the protection provided by Burlington business insurance, these costs will be covered by your insurance provider. This can help ensure that your business comes out with much less financial damage and can continue to operate normally.
The only aspect of Burlington business insurance legally required is commercial auto insurance, and that's only if you lease, own, or operate a vehicle. However, despite not being mandatory, it is highly recommended that any company protect itself with Burlington business insurance. This is because commercial coverages can cover many situations where a business owner can face heavy financial consequences. To find out which situations Burlington business insurance can cover you in, we recommend that you speak with your dedicated Burlington insurance broker from Morison Insurance to learn more.
Any company in Burlington can use the protection of Burlington business insurance. 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.
Coffee shops and restaurants have to deal with risks of potential food contamination and potential lawsuits from something that is either too hot or undercooked. Online stores have to face the dangers of possibly selling defective products, even if they ship directly from manufacturer to customer, skipping the middleman. Any business with a physical location could be liable for a slip and fall and property damage. Any company with a vehicle faces all the risks involved with driving. These only make up a small portion of potential things that could go wrong. Many of these have the potential to heavily damage any business, especially a small one, so it is worth your while to get a Burlington business insurance package that is custom-built for the risks faced by your particular company.
Your Burlington business insurance plan can easily be customized to suit your needs. Even though only commercial auto insurance is legally mandatory for Burlington business insurance, others are recommended. While the sheer number of threats that any business can be overwhelming, and the amount of coverage options may overwhelm 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 covers the claims that you are legally liable for causing bodily injury, personal injury or property damage to a third party. For example, if your business decides to film its own promotional video and one of your employees accidentally drops and damages a piece of valuable camera equipment, your company would be responsible for replacing it. Another example would be if a client slips and falls downstairs on your property and claims to hold your company accountable. Commercial general liability coverage is designed to ensure you have a resource for legal costs and damages in such a scenario. To have a better idea of the types of claims your business may face and to know if commercial general liability coverage is good to have for your business, contact your dedicated Morison insurance broker to learn more.
Commercial auto insurance provides coverage for any vehicle that you use for commercial purposes. You might think that if you are using your personal vehicle for commercial purposes, you would be covered in this instance. This assumption, however, would be incorrect. Personal car insurance will not protect you while using your vehicle as part of your business. Let's say your vehicle is damaged or otherwise in a situation that would be covered while you use it to transport goods from your supplier to your store. In this case, since you're using your vehicle for commercial purposes, if you want your costs covered, you would need commercial auto coverage that would be included in your Burlington business insurance plan.
Commercial property insurance financially protects your infrastructure and contents from damage. Depending on the coverage plan that you decide to protect yourself with, you will be protected from a wide range of potential risks. Common types of claims where you would be protected are storms and other natural disasters, fire, vandalism, and theft among others. Some types of commercial property insurance protect against more possible scenarios than others. To find out more about the range of options available to you, speak with your dedicated broker at Morison Insurance, and they will be happy to assist you.
Professional liability insurance, also known as errors and omissions insurance, is designed to protect you from the possibility of financial fallout of an error that ends up harming another party. While we trust that you are providing the best service possible and are careful to minimize mistakes, it's impossible for anyone to eliminate missteps entirely. If, for example, you 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. Maybe a thief will break in, and while they might steal nothing at all, their attempt at robbing your place might 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 due to needing repair, meaning you are no longer open for business. While this is happening, even though you are closed, you may still have to pay for fixed expenses like commercial rent, employee salaries, utilities, and other ongoing costs. If you're unable to provide yourself with income while still having to pay the costs of running a business, you can wind up drowning in debt quickly. Business interruption insurance can cover your expenses, allowing your business to stay intact.
Product liability insurance is designed to protect your business if one of your products or parts causes harm to a customer or makes a final product further down the line dangerous or faulty. For example, if you sell computer parts, and the parts you sell end up causing a malfunction in the final product, you could be on the receiving end of legal action. In this case, product liability insurance can protect you if you have it as part of your Burlington business insurance policy.
Equipment breakdown insurance is a crucial aspect of any plan protecting a business that has expensive physical assets. While much of the large equipment you face might not be as big and exciting as something like a roller coaster, many businesses have expensive equipment that, while not exciting or headline-worthy, plays an invaluable part in the business. A kitchen can only run with its stoves working, a manufacturer can’t run without its production equipment, and many buildings will almost certainly close down entirely without having their HVAC systems.
The cost of Burlington business insurance will vary depending on your business's specific needs. There are several variables involved in determining the cost of premiums when protecting your business. Speak with one of our experts at Morison Insurance to get you an accurate Burlington business insurance quote.
The costs of Burlington business insurance vary based on many factors. Some of these variables 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.
With how many factors are involved in determining the cost of your Burlington business insurance premiums, you are likely wondering if you can take control of any of these to lower costs. Luckily, there definitely are ways in which this can be done. Below is a list of actions you can take to lower your premiums:
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. We will provide you with a competitive quote and set you up with a dedicated broker whose skillset is a good match for your particular needs.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.