Owning a business in Connecticut is challenging on its own but add to that, all the risks that can threaten your business and the need for commercial insurance are all too evident. Every state has its own requirements for commercial insurance, and it is up to every business owner to know those and be in compliance. But beyond what is required, there are lines of commercial insurance your business can benefit from. At Bogden Insurance Agency in Berlin, CT, we take the time to get to know our customers and their risks.
All businesses in the state are required to cover their workers with workers’ compensation insurance. It doesn’t matter if the employees are seasonal, full, or part-time. You do, however, have the option of self-insuring.
If your business owns automobiles, you are required to have commercial auto insurance. The amount required is:
- Liability for bodily injury: $25,000 per individual / $50,000 per incident
- Liability for damaged property: $25,000 per accident
- Uninsured/underinsured motorist: $25,000 each person / $50,000 total
Just because a particular type of commercial insurance isn’t required does mean your business won’t benefit from having it. Some commercial insurances to consider are:
- Commercial property insurance
- Commercial liability coverage
Commercial property insurance
Whether you own the building where you do business or rent, your business can benefit from commercial property insurance. Beyond just the physical building, it protects the things inside the building. It can help replace your machinery, inventory, records, office equipment, and raw materials.
Commercial liability insurance
Businesses are particularly vulnerable to being sued. You may be sued by someone who was injured while visiting your business, someone who was dissatisfied with one of your products, or a service you provided. Being sued can cost a lot in legal fees as well as a judgment.
If you have a business in the Berlin, CT area, contact Bogden Insurance Agency for your commercial needs.