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Connecticut Small Businesses Need The Following Insurance
Protect your business (GL): If your business involves regularly welcoming customers to your workplace, there is a good chance that one or more people will get hurt while on your property. If you do not want to have to pay out of pocket for hospital bills, you need to make sure general liability is added to your Connecticut small business insurance. But even if people rarely show up at your business, you still need general liability, because you cannot always stop people from arriving on your property and possibly getting hurt. Without general liability to pay for these unexpected expenses, you might have to pay for them yourself, which can lead to bankruptcy for some small business owners.
Insure Your Property (BPP): The safety of your customers is not your only responsibility when you own a business. You also need to make sure your business property is in good condition, and this means you need business personal property coverage when you get Connecticut small business insurance. This will pay to repair your building if it is ever vandalized, burned, or otherwise harmed. It will also pay to replace any furniture, products, or equipment that may be stolen or damaged beyond repair.
Employee Protection (WC): If your business is among the 69,464 small firms in Connecticut with employees, workers compensation is an essential part of your Connecticut small business insurance policy. Whether you own a retail store, restaurant, or professional office, there are risks in the workplace that could result in your employees being injured while they work. When any of your employees breaks a bone, cuts themselves, or gets a head injury after falling off a ladder, you will be relieved to learn that workers compensation will pay for their medical care. This means they won’t have to wait for you to get together the funds to pay those bills, which should allow you and them to breathe a sigh of relief.
Umbrella/Excess Liability: For the utmost protection for your business, you need excess liability as part of your Connecticut small business insurance policy. The reason for this is that you might one day face a personal injury claim that is more expensive than your liability limit allows, in which case you will have to pay out of pocket unless you have excess liability coverage.
Cyber Crime Liability: No matter how you use technology to your advantage as a business owner, there is always a chance that you will be affected by cyber crime. To mitigate this risk, just make sure cyber crime liability is one coverage that is included on your Connecticut small business insurance policy.