Even the most successful of small businesses face the risk of financial turmoil if they don't reduce their liability exposure. As a small business owner in Connecticut, you need to make sure your hard work won't be brought down by an unforeseen accident or incident. Natural disasters, product liability lawsuits, motor vehicle accidents, theft, and employee claims are just a few of the unanticipated costs that could seriously threaten the viability of your enterprise. AmVenture is here to help you mitigate those risks.
What Insurance Do You Need?
Workers' Compensation: If your business has employees or uninsured subcontractors then by law you must carry workers' compensation. The financial risks of not having workers' compensation are severe. For one, the financial penalties you could face are substantial, and in some cases you may even face criminal prosecution. Furthermore, workers' compensation protects your business in most instances from liability in any suit by an employee for a work-related injury or illness. Without workers' compensation, your business could be subject to a drawn-out lawsuit, the cost of which could be astronomical.
Businessowners Policy (BOP): While a Businessowners Policy (BOP) is not required under Connecticut law, it is considered a necessity for many small business owners. While AmVenture offers bespoke solutions, most BOPs cover general liability, property, and business interruption. If a visitor to your business injures themselves, such as a customer slipping on a wet floor, then your BOP can cover you for a portion of the costs associated with that injury. The property portion of the BOP, meanwhile, is designed to cover the cost of damage to your property from a host of threats, such as fire, theft, and vandalism. Finally, if your business needs to temporarily close down or relocate, such as due to a natural disaster, then the business interruption portion can compensate you for a share of your losses.
What Insurance Should You Have?
Having the bare minimum insurance required by law is simply the first step to ensuring your business is comprehensively protected. Other types of insurance you should strongly consider include:
- Commercial Auto: You wouldn't drive your personal car without insurance, so why would you allow your business vehicles to go uninsured? As with personal auto insurance, commercial auto covers you for third-party liability claims and other risks if one of your business vehicles are involved in a covered accident.
- Employment Practices Liability (EPLI): Costs of employment-related litigation, such as for allegations of discrimination or wrongful termination, can be high. With EPLI, your business will be covered in case a disgruntled former employee brings a covered claim against you.
- Cyber Liability: In today's increasingly connected world, it has become standard practice for companies to store digital data on both their customers and employees, including financial and personal information. If that data is breached, you could be facing serious liability claims. Cyber liability insurance is there to help cover the costs of such claims.
How Do I Get Small Business Insurance?
Now that you have an idea of what Connecticut small business insurance covers, you are ready to take the next step. Fill out the form at the top of this page and in a short time one of our representatives will get in touch and show you how AmVenture can help your business thrive.