Business Insurance in New Canaan, CT

There are more than 2,800 businesses registered in New Canaan, Connecticut. From the classic boutiques in the town center to companies set up to cater to the needs of this town’s well-heeled residents, each of these companies can benefit from the protections offered by a good business insurance policy.

If you own a company in New Canaan, local independent agents can help you find the best and most affordable commercial insurance products to cover each of your company’s exposures. Find an independent insurance agent near you to compare customized business insurance quotes.

Is Business Insurance Required in New Canaan, CT?

Business insurance has the potential to save your company from bankruptcy if an unexpected hardship like a liability lawsuit, a natural disaster, or a forced closure threatens its bottom line.

You are not required by law to have a business insurance policy. However, sometimes certain types of business coverage may be necessary. For instance:

• If you are making payments on a commercial mortgage or business loan, your lender may require you to carry commercial property insurance until your loan is paid in full.
• If your business employs at least one person, Connecticut law requires you to cover them with workers’ compensation insurance.
• If you are a contractor, you may need to provide proof of liability insurance and workers’ compensation insurance to prospective clients before they will allow you to do a job on their premises.
• If your business owns and operates vehicles, Connecticut law requires you to cover them with commercial vehicle insurance.

To learn more about possible coverage requirements, you can consult a local independent insurance agent.

How Much Does Business Insurance Cost in New Canaan, CT?

If you own a small business that has limited assets and few liability risks, you may be able to get all the coverage you need through a simple business owner's policy, or “BOP.” These policies, while somewhat limited, typically cost around $100 a month.

Businesses with more complex coverage requirements need to be covered by a standard business insurance policy. You can customize your coverage by adding policies and options when appropriate. A business insurance policy package can cost anywhere from a few hundred to a few thousand dollars a month.

Business insurance providers base their rates on several factors like:

• The type of business you own and the industry in which it operates
• Your company’s expected annual revenues
• The number of people you employ and the kinds of jobs they do
• The value of your company’s property and other assets
• Whether your company owns and operates motor vehicles
• Whether your company is open to the public
• Your company’s various liability exposures
• The coverage options you want to include in your business policy package

To determine how much business insurance will cost for your New Canaan business, you can request customized quotes from a few competing insurance companies. Or, if you prefer, an independent agent can do this on your behalf.

Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive cost.

What Does Business Insurance Cover in New Canaan, CT?

Whether you are purchasing a BOP or a standard business insurance policy, there are three types of coverage you can expect to get:

• Business liability insurance
• Commercial property insurance
• Business interruption insurance

Read on to learn about these basic types of coverage and some of the supplementary coverage you may want to consider for your New Canaan business.

What Does Small Business Liability Insurance Cover in New Canaan, CT?

Even the smallest businesses can find themselves on the wrong end of a liability lawsuit. If this happens, having the right commercial liability insurance products can cover expenses like legal defense fees, mediation costs, settlements, and judgments.

All BOPs and business insurance policies include general liability insurance as a standard coverage part. General liability insurance is designed to cover some of the most common liability risks businesses face. It includes:

• Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
• Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
• Media liability insurance: This covers against accusations of marketing errors like copyright infringement, false advertising, and deceptive pricing.
• Coverage against accusations of libel or slander

General liability insurance may not be enough to cover your business against all its liability exposures. If your company has additional liability exposures, an independent agent can recommend the right policies to protect them. Some commonly purchased commercial liability products include:

• Employment practices liability insurance (EPLI): This covers your business if it faces accusations of harassment, discrimination, wrongful termination, retaliation, or other illegal employment practices.
• Cyber liability insurance: This covers your company’s financial obligations to affected individuals if hackers break into your computer system and access your customers’ or employees’ personal, financial, or other sensitive data, or if criminals successfully install skimmers on your credit card readers.
• Errors and omissions insurance: This covers your business and the people who work for you if negligence, missed deadlines, inadequate work, or professional mistakes cause your clients to suffer financial losses, injuries, or other harm.
• Liquor liability insurance: This is ideal for businesses that sell, serve, or otherwise furnish alcoholic beverages. It is beneficial because Connecticut’s dram shop laws state that if someone becomes intoxicated at your place of business and goes on to cause injuries or property damage to others, your business can be sued by the injured party.
• Workers’ compensation insurance: This helps your company avoid potential liability lawsuits related to employee injuries or occupational illnesses by covering injured workers’ medical care, lost wages, and other related expenses.

A local insurance agent can help you determine whether these or any other commercial liability policies are a good fit for your business.

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What Kinds of Property Coverage Does Business Insurance Offer to Companies in New Canaan?

All BOPs and business insurance policies include commercial property insurance.

Commercial property insurance covers repair or replacement costs if your business-owned property is damaged or destroyed by a covered event like:

• Fires and explosions
• Property crimes like shoplifting, theft, and vandalism
• Severe weather events like thunderstorms, windstorms, tropical storms, hurricanes, tornadoes, heavy snows, and prolonged freezing temperatures

To cover your business property against all potential risks, you may need to supplement your commercial property insurance with additional coverage like:

• Inland marine insurance: This covers your company’s property when it is somewhere other than your place of business, such as while it is on location at a job site, being stored in a warehouse, or transported over land.
• Flood insurance: Commercial property insurance does not cover flood damage, even if it directly results from a covered hurricane. Around 4% of all properties have a significant risk of sustaining flood damage. A commercial flood insurance policy can provide up to $500,000 in structural coverage and $500,000 in property coverage if your business is among those at risk.
• Bailee’s insurance: This covers your customers' portable property while it is in your company’s custody, care, or control. It is recommended for businesses that provide customization, repair, maintenance, or alterations on expensive items.

Local independent insurance agents can match you with the right policies to ensure that all your business property is suitably covered.

How Does Business Interruption Insurance Protect Companies in New Canaan, CT?

New Canaan has a high risk of hurricane activity. Twenty-six hurricanes have hit this city since 1930. The most damaging to hit this town was Hurricane Belle in 1976. In addition to causing property damage, these storms can lead to extended power outages and impassable roads.

If your business is impacted by a covered disaster like a hurricane or a structure fire, it may need to remain closed for several days or weeks while repairs are made. This is an example of a time when business interruption insurance can come to the rescue.

Business interruption insurance is a standard part of every BOP and business insurance policy. It can provide your company with the funds needed to continue paying regular expenses like bills, payroll, taxes, loan installments, and rent until the damage is repaired and you can resume normal operations.

What Insurance Products Can Small Businesses Include in Their Employee Benefits Packages?

A good benefits package can give your business a competitive edge if you want to recruit and retain some of the area’s best and most talented employees. Local independent agents can help you find reasonably priced products to include in your employee benefits package, including things like:

• Group health insurance plans
• Group life insurance plans
• Simplified employee pension plans

Your agent can also help by ensuring that many local doctors and medical facilities accept the health insurance coverage you choose so your employees can obtain care when needed.

What Are the Best Business Insurance Companies in New Canaan, Connecticut?

The best business insurance companies in Connecticut are the ones that have a consistent track record of providing exceptional customer service, reliable coverage, and competitive prices.

Local independent insurance agents have teamed up with some of the top insurance providers servicing Connecticut businesses. This means you can rest assured that any policies your agent recommends are coming from dependable insurers.

How Can an Independent Insurance Agent in New Canaan Help Business Owners Find the Best Coverage?

Independent insurance agents can perform a complete risk analysis of your business and can recommend the best and most affordable business insurance products to cover against each identified exposure.

Arrange an obligation-free consultation with an independent insurance agent near you to get more information and to start comparing customized business insurance quotes from a selection of competing insurance providers.