Popular QuestionsPopular Questions about Business Insurance in Connecticut

Why should I purchase Connecticut business insurance?

Hazards such as severe weather events, property crimes, and liability lawsuits can often result in very expensive losses for businesses in Connecticut. Business insurance is designed to protect your company from the financial losses it may face due to these and other risks.

Connecticut business insurance can prove quite beneficial as is evidenced by the fact that in 2016 alone, companies in this state collected approximately $1.9 billion in insurance claims.

A local independent agent can help you build a customized business insurance plan that is suitable to meet the specific needs of your particular company.

How have other business owners used their commercial insurance?

Liability lawsuits are among the most expensive risks faced by businesses in the US. This is a very real risk, even for small companies. In fact, experts predict that an estimated 40% of all small businesses are likely to experience a property damage or general liability lawsuit setback in the next 10 years.

Lawsuits aren’t the only costly hazard faced by businesses. Here are some of the most common hazards American companies have been using their business insurance to cover:

  • Theft and burglary: Average cost per claim is $8,000
  • Water damage and freezing pipes: Average cost per claim is $17,000
  • Wind and hail damage: Average cost per claim is $26,000
  • Fire damage: Average cost per claim is $35,000
  • Customer slip and fall: Average cost per claim is $20,000
How does Connecticut business insurance help my company?

Business insurance is designed to absorb the many expenses associated with a variety of potential hazards. That way, your business can avoid being hit by a large financial loss.

If your business property is damaged, if a severe weather event forces your company to shut down for a month, if a customer files a liability lawsuit, or if one of your employees is seriously injured on the job, a solid business insurance policy package can ensure that you won't have to worry about how these disasters will affect your company’s bottom line.

Here’s are some of the ways you can expect a well-built business insurance policy package to safeguard your company:

By paying for damage to your business property

  • This is covered by commercial property insurance.
  • Commercial property insurance can cover all of your business-owned property if it is lost or damaged by a covered event.
  • Example: An accidental fire gets out of control in your company warehouse. You lose a large amount of business property and inventory in the blaze.

 By covering for losses sustained due to necessary closures

  • This is covered by business interruption insurance.
  • Business interruption insurance can provide your company with a continuation of income if it must remain closed for an extended time due to damage caused by a covered event.
  • ExampleA major windstorm takes down power lines and significantly damages the roof of the building where your business is housed. Much of your business property is significantly damaged due to incoming rain and wind. Repairs take several weeks, and you are forced to remain closed while they are being completed.

By paying for someone else’s medical bills or property damage

  • This is covered by commercial general liability insurance (CGL).
  • CGL is designed to cover many of the most common liability risks faced by businesses. It includes premises liability coverage, product liability coverage, and advertising mishap liability coverage.
  • Example: A customer in your store is severely injured when they slip on a wet floor after one of your employees mops up a spill.

By paying for accidents involving company vehicles

This is covered by commercial vehicle insurance.

This insurance is required if your business owns a vehicle or fleet of vehicles.

  • Example: One of your delivery drivers gets distracted by the GPS and swerves into another lane on the highway causing a multi-vehicle accident. Your business is sued by the injured parties for property damage, medical bills, lost wages, and pain and suffering.

By covering employee injuries and occupational illnesses

This is covered by workers' compensation insurance.

  • Workers' compensation insurance can cover medical bills, disability pay, and other related expenses if your workers are injured on the job.
  • ExampleAn employee at your construction firm is seriously injured when a scaffold collapses and they fall several feet to the ground.

In addition to the coverage mentioned above, there are many more commercial property and commercial liability products available to business owners. This enables you to fully customize your business insurance policy package to meet the specific coverage needs of your Connecticut company.

An independent insurance agent can help you identify all of your company’s various exposures and can recommend the appropriate products to cover against them. That way, you can be certain that you do not have any unintended coverage gaps.

Does Connecticut require businesses to have insurance?

A business insurance policy is not required by law in Connecticut. However, some insurance products that are often included in a comprehensive business insurance policy package may be required in certain cases. For example:

  • If you want to take out a business loan or line of credit, your financial institution may require you to show proof of business insurance coverage before you can be approved.
  • In Connecticut, businesses that have at least one employee are required by law to carry workers’ compensation insurance.
  • Businesses that do contracting jobs will often be required to show proof of contractors insurance to clients before they can be hired to do work.
  • Businesses that have company-owned vehicles will be required by state law to cover these cars, trucks, vans, and buses with commercial vehicle insurance.

To learn more about coverage that your business may need to have, you can talk with a local independent insurance agent.

How do I find the best price for Connecticut business insurance?

Business insurance rates are calculated according to several factors such as the type of business you have, the value of your company’s assets, the number of workers you employ, the liability exposures faced by businesses in your industry, and the amount and types of coverage you want to purchase. 

Coverage needs can vary significantly from one business to the next, so it is a good idea to work with an experienced insurance agent who can help you build a comprehensive policy package for your company. These agents can help you be sure that you are getting the best and most affordable coverage for each of your business’s potential exposures.

Sometimes, the way to get the best price for your business insurance coverage is by purchasing your various policies from several different insurance companies. Don’t worry. When you work with an independent insurance agent, your agent will serve as a single point of contact for all of your insurance products.

Are there any independent agents in Connecticut?

Yes! There are currently 278 independent agencies in Connecticut who are ready to help.

These experienced agents can work with several different insurance providers to help you build a comprehensive and competitively priced business insurance portfolio. Contact an independent agent near to learn more and to get help ensuring that your business is fully covered against all of its potential risks.

InformationFind the Best Insurance in Your City

Let's take a look at some factors that can influence business insurance rates and see how your city measures up.

  • Number of business in the US: 27,626,360
  • Number of businesses in Connecticut:  339,231
  • Burglary rate per 1,000 residents in the US: 3.76
  • Burglary rate per 1,000 residents in CT:  2.81
  • Auto theft rate per 1,000 vehicles in the US: 2.29
  • Auto theft rate per 1,000 vehicles in CT:  2.07
CityPopulationNumber of Established Firms Burglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Bridgeport144,39910,4524.014.07
Bristol59,9474,3532.332.06
Danbury84,6947,7651.491.27
Fairfield62,0457,6861.551.07
Greenwich62,84011,0600.760.98
Hamden60,5565,3762.192.01
Hartford122,1057,8416.026.02
Manchester57,5847,5342.302.30
Meriden59,3953,7162.762.76
New Britain72,4953,9485.775.77
New Haven130,2508,9765.715.14
Norwalk88,81611,3801.641.32
Stamford129,63816,9141.731.80
Waterbury107,5687,1485.047.73
West Hartford62,9656,5563.092.19

Bridgeport, CT, Business Insurance

Covering your business assets

Property: Most business owners have invested a lot of money in their company’s assets including such things as computers, furniture, tools, machinery, inventory, and supplies. Business property insurance can help cover the cost of repairing or replacing this property if it is lost or damaged by a covered event like a structure fire. Find the policy and rate that works best for your Bridgeport business by teaming up with a local independent agent.

Commercial auto: Many businesses in Bridgeport have company-owned vehicles, including cars, vans, buses, and trucks. If yours is among them, you will be required to cover these vehicles with a commercial auto insurance policy. Doing so can prevent your business from facing a financially devastating lawsuit if one of your drivers is responsible for a serious accident.  A comprehensive policy can also cover damages to your own vehicle, even if the damages are the fault of your driver. A local independent agent can help you find a suitable policy at a competitive price.

Workers’ compensation

Workers’ compensation insurance covers expenses like medical bills and disability pay for workers who are injured in the course of doing their jobs. It is required for Connecticut businesses that has at least one employee. Rates for this coverage are assigned according to your company’s overall payroll amount and the types of jobs your workers do.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in Bridgeport, CT, would pay for workers’ comp coverage:

  • Health care industry: $2,705 a year
  • Accommodation and food services industry: $1,915 a year
  • Construction industry: $11,265 a year

Base rates are set by the state in accordance with the various hazards of each particular job. This means that employees in hazardous professions will cost more to cover than those with fewer risks. The construction industry is one of the most dangerous, with workers facing the potential serious injuries that can leave them permanently disabled. Maintaining a safe workplace and keeping accidents at a minimum can result in lower workers’ compensation premiums. 

Set up an obligation-free consultation with one of Bridgeport’s many independent insurance agents to learn more.

New Haven, CT, Business Insurance

Covering your business assets

Property: Hazards like theft, vandalism, accidental fires, and severe weather can lead to significant loss and damage to your business-owned property. Hurricanes are among the most damaging weather risks in this city. For example, in 2012, Hurricane Sandy brought storm surges measuring 9 feet to the New Haven area and caused more than $360 million in damages in this state. Make sure that your business insurance policy package includes flood insurance so that you are fully covered against the damage a hurricane can bring.

Commercial auto: If your business owns a vehicle or vehicles, you may find it beneficial to have the added liability coverage that comes with a commercial auto insurance policy. This is because liability lawsuits related to collisions often result in higher judgments when they are brought against a business. Your rates will be based on several factors, including the number and types of vehicles you are covering, information about the employees who will be driving them, and the risk of collisions in the areas where they are likely to be driven.

Workers’ compensation

Workers’ compensation insurance can cover the cost of medical bills and lost wages if your workers are injured on the job or if they come down with an occupational illness.  Rates are based primarily on your company’s overall payroll and the likelihood that your employees will be injured at work according to the types of jobs they do.

For every $100,000 in annual payroll, here is an estimate of what businesses in the three leading industries in New Haven, CT, would pay for workers’ comp coverage:

  • Educational services industry: $1,035 a year
  • Health care industry: $2,705 a year
  • Accommodation and food services industry: $1,915 a year

A trauma nurse in the emergency room at Yale New Haven Hospital and a fry cook at a neighborhood diner are each more likely to be injured on the job than a professor at Southern Connecticut State University; and rates for the various industries these jobs represent reflect this. Of course, rates aren’t assessed by industry. They are based on the specific jobs each of your employees do, so these industry averages can only give you a ballpark idea of what businesses in these fields might pay.

To find out how much it will cost to insure the employees who work for you, contact a local independent agent.

Stamford, CT, Commercial Insurance

Covering your business assets

Property: You will want to be sure that all of your business property is covered at levels that will allow you rebuild, repair, or replace damaged items as needed. Floods pose a significant risk in Stamford, especially during hurricane season, but coverage against this hazard is typically excluded from business property coverage. A local independent agent will be aware of this risk and can help you add commercial flood insurance to your business insurance policy package so that your company is fully covered.

Commercial auto: Whether you are insuring a delivery van or a fleet of construction vehicles, commercial vehicle insurance can protect your business against losses related to liability lawsuits and property damage following a collision. If your business engages in interstate commerce, a local agent can ensure that your policy meets all state and federal requirements so that you can be sure that your business is operating within the confines of the law.

Workers’ compensation

Workers’ compensation insurance is required by Connecticut state law for all businesses with at least one employee. This insurance can cover medical treatments, disability pay, and other costs associated with injuries that occur on the job. Every type of business has specific risks when it comes to employee safety, and some jobs are simply safer than others. That is why worker’s compensation rates often vary significantly from one business to the next.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Stamford, CT, would pay for workers' comp coverage:

  • Professional, scientific, and technical industry: $190 a year
  • Finance and insurance industry: $210 a year
  • Health care industry: $2,705 a year

As you can see, rates tend to vary from one industry to the next. Even within these industries, there can be a wide variance of rates depending on the specific jobs done by your employees and the risks associated with them. For example, within the healthcare industry, a first responder who travels to accident scenes in an ambulance is more likely to be injured on the job than a billing clerk in an oral surgeon’s office, so rates for coverage will differ accordingly.

You can speak with a local independent insurance agent to learn more and to discover how much it will cost to cover your specific business.

Hartford, CT, Business Insurance

Covering your business assets

Property: Hartford has a relatively high property crime rate, with residents and businesses reporting more than 600 burglaries and 3,000 thefts every year. This makes it particularly important for local business owners to ensure that their company assets are sufficiently covered against crimes like theft, vandalism, and embezzlement. In addition to covering against crime, your policy can also cover loss and damage due to hazards like severe weather and accidental fires.

Commercial auto: Commercial vehicle insurance can protect your business from facing large liability expenses if one of your drivers causes an accident while driving a company car. Rates are based on a number of factors such as your employees’ driving records and the types of vehicles you are covering. For example, it costs far more to insure a large construction vehicle than it does to cover a company car since the larger vehicle can cause significantly more property damage if involved in a collision.

Workers’ compensation

Workers’ compensation insurance is designed to cover the cost of medical treatments, lost wages, and other expenses related to injuries or occupational illnesses your employees may suffer because of doing their jobs. With very few exceptions, it is required for all employers in Connecticut. Workers' compensation rates are assigned according to your company’s overall payroll and the types of jobs your employees do.

Based on a $100,000 annual payroll, here is an estimate of what businesses in the three leading industries in Hartford, CT, would pay for workers’ comp insurance:

  • Health care industry: $2,705 a year
  • Finance and insurance industry: $210 a year
  • Accommodation and food services industry: $1,915 a year

These average rates only reflect broad industry averages. Rates for the different jobs under each industry umbrella can differ greatly. For example, in the accommodation and food services industry, a receptionist at a hotel’s front desk is far less likely to be injured on the job than a caterer who is transporting, cooking, and and setting up meals for events. Rates for these two jobs are therefore likely to differ significantly.

To start comparing quotes for workers' comp coverage for your Hartford business, you can consult a local independent insurance agent.

Waterbury, CT, Commercial Insurance

Covering your business assets

Property: Having a sufficient amount of business property insurance can shield your company from losses related to hazards like accidental fires, property crimes, and severe weather events like hail, heavy snows, gusty winds, and electrical storms. You can make sure that all of your business is properly insured by working with one of the independent insurance agents located in Waterbury.

Commercial auto:  If your Waterbury business owns a vehicle or fleet of vehicles, you will be required to carry commercial auto insurance. Rates for coverage can vary according to the number and types of vehicles you are covering, as well as the risk of collisions and of vehicular theft where they will be driven. If your company uses its vehicles to engage in interstate commerce, you will need to make sure that your commercial vehicle policy meets federal as well as state minimum coverage requirements. An independent insurance agent can help.

Workers’ compensation

Workers’ compensation insurance covers medical expenses and paid time off for employees who suffer occupational illnesses or are injured on the job. With few exceptions, if your Waterbury business has employees, you are required by state law to have this insurance. Rates for coverage can vary significantly from one business to the next, depending on the types of jobs your employees do and your company’s overall payroll.

Based on a $100,000 annual payroll, here is an estimation of what businesses in the three leading industries in Waterbury, CT, would pay for workers’ comp insurance:

  • Health care industry: $2,705 a year
  • Educational services industry: $1,035 a year
  • Metal and metal products industry: $8,466 a year

Jobs in the metal and metal products industries can be quite hazardous. In fact, jobs in the fabricated metals sector are among the most dangerous manufacturing jobs out there. Workers can be subjected to hearing loss, back injuries, repetitive strain injuries, occupational dermatitis, burns and welding fumes, which can cause asthma and other breathing problems, just to name of a few of the risks. That is why rates to cover workers in this industry are so much higher than in the educational services or health care industries.

Talk to a local independent agent near you for help finding the best rates for workers' compensation insurance for your Waterbury business.