Hartford Business Insurance

Your Complete Guide to Hartford, CT, Business Insurance

You need more than a generic business insurance policy.

Hartford Connecticut business insurance

Businesses in Hartford provide necessary services and goods to the community. They also plan a crucial role in the city's economy. When disaster strikes, Hartford businesses need to be able to rely on their insurance providers to help them rebuild quickly. 

 Owning and managing a business is a huge responsibility. Getting the right type of commercial insurance from a reliable company is an important part of being prepared for the unexpected. Building an insurance policy that works for your business and helps you serve your community can seem daunting. Fortunately, there are many experienced Hartford independent insurance agents ready to help. 

Contact a Hartford, CT, insurance agent to get started today. 

Why Do Businesses in Hartford, Connecticut, Need Liability Insurance?

Business liability insurance is the backbone of a commercial insurance policy. It covers your business's legal fees, court costs, and provides funds for financial damages if you are sued for a covered event. Liability lawsuits can get expensive, so it's important to make sure that your liability limits are high enough to protect your financial interests if you need to use this policy. 

Your agent will recommend specific types of liability insurance that may be a good fit for your business. Some policies you may have available include: 

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur due to an accident on your business property. 
  • Product liability insurance:  This covers third-party injuries, illnesses, and property damage that are caused by defects in products your business produces, sells, or promotes.
  • Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
  • Cyber liability insurance: This covers financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, Social Security numbers, or personal data.
  • Pollution liability insurance: This covers cleanup costs and damage if your business is responsible for an accident that leads to the pollution of the ground, water, or air.
  • Commercial vehicle liability insurance: This is required by law if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident that results in third-party injuries or damage.

Talk with your Hartford agent about other liability policies you may need to help protect your financial interests. Your agent can walk you through your options and help you make the right choices for your business. 

What Insurance Products Cover Your Hartford Business Property?

In Hartford, your business is most likely to experience damage or property loss due to weather. Here are the number of recent disasters causing widespread damage in your area:

  • Storms: 7
  • Hurricanes: 5
  • Floods: 4
  • Snowstorms: 4
  • Blizzards: 3
  • Snowstorms: 3
  • Tropical storms: 2
  • Winter storms: 2
  • Snowfall: 1
  • Tornado: 1
  • Wind: 1

Your commercial property insurance policy covers most of these disasters. This standard business insurance policy covers your property, furniture, supplies, inventory, merchandise, and computers. 

You may need additional specialized property insurance, depending on the nature of your business. 

  • Inland marine insurance This covers portable business property while it is in transit or is stored away from your place of business, such as at a worksite.
  • Boiler & machinery insurance: This covers the repair or replacement of a broken-down furnace or other machinery, and can also cover any business losses associated with machine malfunctions.
  • Bailee's insurance: This covers valuable property owned by others whenever it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.

It's important to understand that your property insurance excludes damage due to flooding. Since flood damage can lead to expensive losses, it's a good idea to consider buying a commercial flood insurance policy

In Hartford, you have a higher likelihood of experiencing a tornado than the rest of the state. Tornadoes are still rare in the area, though. In 1979, a category F4 tornado eight miles from Harford generated wind speeds between 207 and 260 miles per hour. It caused as much as $500,000,000 in damage. Another tornado in 1989, 28 miles from Hartford, injured 40 people and caused the same amount of damage. 

Your agent can help you weigh the pros and cons of each type of commercial insurance policy. With their help, you can design a business insurance package that allows you to rebuild quickly after a disaster. 

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Why Is Business Interruption Insurance a Good Idea in Hartford, CT?

After a major disaster, you may need time to repair your building, replace property, or rebuild your business from the ground up. Major disasters cause damage beyond your physical business. You may have to shut your door for a period of time, which can be financially devastating. 

Unfortunately, there have been a number of recent federally declared disasters in the area causing major damage to many local businesses. 

  • 2018: Severe storms and flooding
  • 2018: Severe storms, tornadoes, straight-line winds
  • 2015: Severe winter snowstorm
  • 2013: Severe winter snowstorm
  • 2012: Hurricane Sandy
  • 2011: Severe storm
  • 2011: Tropical storm Irene
  • 2011: Snowstorm
  • 2010: Severe storms and flooding

Business interruption insurance provides financial security for your business during a difficult time. With this coverage, you can pay your normal monthly bills. You may even be able to keep your full-time employees on salary while you rebuild. 

Your Hartford agent can help you decide whether business interruption insurance makes sense for your company. 

Do Businesses in Hartford Need Workers' Compensation Insurance?

Hartford businesses must follow Connecticut laws about providing workers' compensation insurance to their employees. 

All businesses in Hartford with one or more employees, even if they are part-time or contract employees, must carry workers' compensation insurance. You must also carry this coverage for uninsured subcontractors. 

Your workers' compensation rates are based on the types of jobs your employees perform during their workday. 

Common occupations in Hartford, CT

  • Building and grounds cleaning and maintenance occupations (8.8%) 
  • Nursing, psychiatric, and home health aides (4.4%) 
  • Cashiers (4.4%) 
  • Other management occupations, except farmers and farm managers (4.0%) 
  • Material recording, scheduling, dispatching, and distributing workers (3.7%) 
  • Cooks and food preparation workers (3.7%) 
  • Retail sales workers, except cashiers (3.1%)

A business that employs mainly retail workers and cashiers may have lower workers' compensation rates than one that employs long-haul truck drivers. Your agent can help you find a company that specializes in providing the coverage you need according to your business type. 

What about Insurance Products for Employee Benefits Packages?

Providing or supplementing healthcare insurance for your employees can be expensive. It has some important cost-saving benefits, however. Offering a competitive benefits package has been shown to help businesses retain and attract top talent. 

With help from an expert independent agent, you may be able to find a less-expensive life insurance and health insurance option that provides great value to your employees. Your agent can help you understand how this important coverage can help save you money in the long run. Talk with them about how you can afford to provide your employees with the insurance policies they need most. 

Why Work with an Independent Insurance Agent in Hartford, CT?

Every business has its own exposures and risks when it comes to commercial insurance. While business owners have the power to fully customize their insurance package to meet the needs of their company, many opt for a generic online policy with a one-size-fits-all profile and a low price tag. 

When you work with a Hartford agent, you'll get one-on-one attention. Your agent will talk with you about how best to protect your business from risks Connecticut businesses face every day. They'll help you design a policy that fits your business. 

Reach out to an insurance agent with an office in or near Hartford, CT, to learn more. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov/quickfacts

https://www.fema.gov/disasters

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https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx

https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits

https://www.city-data.com/city/Hartford-Connecticut.html