There are more than 330,000 firms based in Connecticut. Some are large, multi-million dollar companies like Alexion Pharmaceuticals and Sterling Piano Company, while most are small, privately owned businesses. Regardless of your company’s size, a business insurance policy may be necessary to protect the investment you have made in it. You never know what your company might grow into. All businesses have potential, so be sure to check out commercial insurance quotes and get on track to properly securing your company.
Regardless of which industry your particular business falls into, you are likely to face certain hazards that could potentially cause your business to suffer a financial setback. For example, if you own a storefront retail establishment and a customer slips on wet floor while shopping, you may face liability charges for medical expenses. If you own a home improvements contracting company and some work that your employees do on someone’s house is not sufficiently up to code, you can find your business sued by the customer.
Each industry has its own potential risks. This is why there is no such thing as one-size-fits-all commercial insurance. It is a good idea to seek the advice of a financial adviser or an insurance professional for help building a suitable policy for your business.
Here are scenarios that will require you to have business insurance coverage:
In many cases, you are not required to have business insurance at all. Its not being mandatory, however, does not indicate that it is not important. One small, unexpected mishap, such as severe damage from a hurricane or a lawsuit brought on by a serious injury, has the potential to cause enough financial devastation to force you to file for bankruptcy and close your business down.
There is a good chance you have invested a lot of time, money and effort into getting your business off the ground. Safeguard it well so that it may allow you to prosper.
Commercial policies are as diverse as the companies that rely on them. This is why you are able to customize your policy to meet your business’s specific needs. These are some of the coverage options:
There are a number of different coverage options. Some policies cater specifically to restaurant owners, while others cater to non-profit organizations.
It is important to note that business insurance does not usually cover flood or earthquake damage, and this sort of damage is not unheard of in Connecticut. You can get coverage for all catastrophes with the right insurance policy; it may be as simple as purchasing a rider, or an additional flood insurance policy from the NFIP. An insurance agent can help you put together the right package of coverage.
Prior to actually reviewing quotes and applying for business insurance coverage, you should be prepared to provide information regarding your business, such as the following:
Having this information readily available will help your agent get you applicable and reasonable policy quotes for your business.
Purchasing an appropriate business insurance policy requires forethought and planning. You must be sure to take into consideration all the possible risks that your Connecticut-based business may face so that you can properly protect yourself from unwarranted financial loss. It is also a good idea to obtain several commercial insurance quotes to ensure you're not going to overpay for your policy. An independent agent in the Trusted Choice® network can assist you with all of this.
Contact a local agent to get more information about how business insurance can protect your company.