Business insurance is crucial to protect your business from heavy financial losses, especially when you own commercial or retail property. Maybe you would like to add other coverage options to your business insurance policy. Or you want to know what insurance coverage options are available to you. If you would like to know the answer to either of those statements, then you are in the right place.
In Connecticut in 2019, there were over 345,000 small businesses employing over 750,000 people, and invariably business insurance claims arise. In 2019, the total amount of business claims paid out was over $4.9 million making business insurance essential in protecting your business.
Building a thorough business insurance policy can be complicated, but you are not alone. Independent insurance agents in Bridgeport, CT, can help by looking at your business’s individual risks and suggesting the applicable policies to cover against them.
How Does Business Property Insurance Protect My Bridgeport, CT, Business?
As one of the major components in any business owners policy, business property insurance protects your building, its contents, as well as exterior fixtures such as fences or outdoor signs. Business property insurance also protects your business against other losses such as damage from employee injuries, liability, and theft.
Because all businesses have their own individual characteristics, they all require different business insurance coverage options. So, it is crucial that you identify the individual risks your business faces and find ways to reduce them.
If your business does not have enough business insurance coverage and it incurs significant property damage, your business may not be able to easily recover from the financial losses. So, it is vital that you purchase the right amount of business insurance to protect your business from any financial losses.
Does my Bridgeport, CT, Business Really Need Liability Insurance?
A significant portion of your business insurance policy is business liability insurance, and it is designed to cover your business’s court costs, legal fees, and financial damages in case of any claims. Understand that if you are found liable in court, legal fees can become very expensive.
You also want to make sure that you purchase the right business liability options for your specific industry. Following are some of the business liability insurance options available to you:
- Product liability insurance: This option covers damage occurring to a third party caused by faults in goods your business produces, sells, or promotes.
- Premises liability insurance: This option covers damage occurring to a third party due to an accident on your business property.
- Commercial vehicle liability insurance: This insurance coverage is required if your business owns and operates automobiles. It covers your business's added liability risks in case an employee causes an accident which results in damage to a third party.
- Pollution liability insurance: This optional insurance covers the cleanup costs and losses if your business is liable for an event leading to the pollution of the air, ground, or water.
- Cyber liability insurance: This option covers financial losses and liabilities if hackers gain access to your computer systems and steal sensitive customer data.
- Employment practices liability insurance: This option covers claims related to accusations of unlawful employment practices such as a breach of contract, discrimination, harassment, and wrongful termination.
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What Other Business Insurance Options Are Available for My Bridgeport, CT, Business Property?
If your business is located near waterways, especially, the Long Island Sound, you are more at risk for flooding, so business flood insurance would be an extremely good idea.
In Bridgeport, CT, your business property is more likely to suffer property loss or damage due to threats such as the following in order of occurrence:
- Hurricanes and tropical storms
- Severe storms and lightning damage
- Heavy snow
- Flooding and water damage
- Burglary and other property crimes
Nearly all the above-mentioned threats are covered by your business property insurance, which is a standard part of all business insurance policies. It is calculated to include your business-owned property and covers your computers, furniture, inventory, and other merchandise.
There may be times you find it necessary to add specific business insurance options to your business insurance policy. Your independent insurance agent may advise adding one or more of the following insurance options:
- Equipment breakdown insurance: This option covers repairs, or the replacement of damaged equipment and any loss related to equipment breakdowns.
- Flood insurance: Note that business property insurance does not cover flood damage, even if the damage is the direct result of a covered hurricane.
- Bailee's insurance: This option covers third-party property when in your business’s care, such as when you are repairing or maintaining it.
- Inland marine insurance: This option covers your mobile business property during transfers or if you store it away from your place of business.
In addition, you want to make sure your business insurance options are adequate to let you rebuild, repair, or replace if necessary.
Why Should I Buy Business Interruption Insurance in Bridgeport, CT?
When a hurricane hits and the damage is too extensive, your business may be forced to close for an extended period while repairs are being made. Following is data on past declared disasters in Connecticut:
- Number of federally declared disasters in CT since 1953: 36
- Most common reasons for declared disasters: hurricane/11
- Average number of tornadoes in CT per year: 2
If your business does have to close for an extended period, its financial toll can be devastating, especially if you own a small business. Business interruption insurance provides your business with revenue until your business can go back to regularly scheduled activities. This allows you to pay normal monthly payments such as utility bills, loan payments, and employee wages.
Does My Bridgeport, CT, Business Need to Carry Workers' Compensation Insurance?
As a Connecticut business owner, you are legally required to provide your employees with a safe working environment to carry out their responsibilities. However, even when all safety precautions are taken, employees do get hurt or become ill on the job. When you own a business in Connecticut, you must also cover your employees’ financial losses in case they become ill or hurt on the job.
Insurance companies base workers' compensation rates on the sorts of jobs your employees perform and the likelihood they will get hurt or sick while on the job. For this reason, it is extremely important to be appropriately insured with workers' compensation.
What about Insurance Options for Employee Benefit Packages?
Healthcare coverage rates can be excessive and vary depending on the options you choose. But if your business offers subsidized health coverage to your employees, it can have advantageous impacts on your business. Human resource managers have analyzed and determined that businesses offering a sensible employee benefits package have a better chance of attracting and retaining model employees.
There are several car, health, and life insurance options available for you and your employees to decide from, which can make it difficult to figure out which of the policies to combine with your employee benefits package. This is where expert advice comes in handy from an independent insurance agent.
Independent Insurance Agents in Bridgeport, CT, Are Ready to Help
Insurance companies recognize that every business has its own risks, and they allow business owners to personalize their business insurance options. An independent insurance agent can go over the advantages and disadvantages of each business insurance option so you can make an educated choice.
Find a TrustedChoice.com independent insurance agent with an office in or near Bridgeport, CT, to find out more. Find out how simple it is to create a comprehensive business insurance policy for your business.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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