Is Commercial Insurance Required in CT?

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. 

Why you need commercial insurance for your home business

Home businesses have become increasingly popular. About 50% of small businesses in the United States are classified as home businesses. Having your business in your home is both cost-effective and convenient. However, when it comes to insurance, you should check with your insurance agent. How your carrier views home businesses may surprise you. At Bogden Insurance Agency in Berlin, CT, we are here to answer those important insurance questions you may have about your home business. 

Property insurance

You have property insurance on your home to protect both the building and your contents. Depending on the type of home business that you have, you may have more than just a few pieces of office equipment to protect from loss or damage. Home insurance may cover your office and a limited amount for things like a desk or a copier, but if you have records and inventory that you store at home, you could find that your home insurance is not going to give you the amount of protection you need. 

Liability insurance

Home insurance offers you protection from legal action taken against you by someone who is injured by you or a family member. As a business owner, you are even more vulnerable to getting sued by a client or a vendor. If someone is visiting you at your home on business, you may find out your home insurance does not cover these injuries. They are also likely not to cover a dissatisfied customer who sues you. 

Auto insurance

When you use your personal vehicle for business, your auto insurance may opt not to cover you. You should talk to your insurance agent about commercial auto insurance. 

If you have or are considering having a home business, talk to Bogden Insurance Agency in Berlin, CT about the best way to make sure you have insurance coverage. 

What commercial insurance is required in Connecticut

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. 

Workers’ Compensation

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. 

Commercial Auto

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.