Not every state requires the same type or amount of commercial insurance. Specific to Connecticut, businesses are required to carry two different kinds – workers’ compensation insurance and commercial auto insurance. As the name implies, workers’ compensation helps pay medical bills associated with workplace injuries and illnesses along with lost wages incurred while the employee is recovering.
In Connecticut, any business with employees – full-time or part-time – is required to have workers’ compensation insurance. However, if it is a household employee that works fewer than 26 hours per week, workers’ compensation insurance is not mandated. Any business owned vehicle must be covered by commercial auto insurance that protects against financial loss if an auto accident occurs. Although not required, if your employees use their personal vehicles for work purposes then hired and non-owned auto insurance should be utilized as personal auto policies exclude business use.
In addition to workers’ compensation and commercial auto insurance policies, CT business owners may want to consider professional liability insurance and cyber liability insurance. Professional liability insurance, otherwise known as errors and omissions insurance, helps to protect professional services and covers lawsuits over late, erroneous, or undelivered work. Conversely, cyber liability insurance helps to cover the monetary damages and losses associated with data breaches and cyber attacks.
Owning a business is the epitome of the American dream and it is important to protect your livelihood. At Bogden Insurance Agency in Berlin, CT our friendly and knowledgeable team of insurance professionals are ready and willing to assist with all your commercial insurance needs. Give us a call today to schedule an appointment to learn more about how we can help you.