Connecticut can be a great place to start a business. The state offers a skilled workforce, a robust transportation infrastructure, proximity to major markets such as New York and Boston, and a diverse customer base. When starting a new business, no matter where you are, you will need the right business insurance to protect your company from risks and liabilities.
Finding the proper coverage to provide financial protection in the event of property damage, lawsuits from customers or employees, interruptions to operations, and many other potential losses is essential. Let’s explore a few common business risks and how the appropriate insurance coverage can help mitigate any potential losses as you start and grow your business.
Navigating Business Risks with Insurance Coverage for Startups
You may need to consider a variety of insurance policies so unexpected events don’t destroy your startup. Being open and upfront with your insurance agent will be crucial in assembling the coverages that your unique business will need.
Property Insurance
Property insurance will cover your company’s physical assets. Unforeseen events such as fire, theft, vandalism and other perils can cause damage to your office, your inventory or your equipment. Property insurance can help cover the repair or replacement costs in the event of a loss.
Liability Insurance
Liability exposures are inherent in any business operation. General liability insurance becomes essential if a customer gets injured on your premises or you accidentally damage another business’s property. It covers both legal costs and settlement amounts due to bodily injury, property damage, and personal injury, caused by your services, business operations, or employees.
Another type of liability insurance – professional liability – covers damages resulting from mistakes by lawyers, engineers, architects, etc. that cause financial harm to clients.
Business Interruption
Natural disasters, fires and other unforeseen events can disrupt business operations, resulting in lost income. Business interruption insurance compensates for profits lost due to suspended operations, offering a safety net to help the business recover during challenging times.
Workers’ Compensation
Workplace injuries are a reality. That is why it is mandatory in the state of Connecticut that businesses carry Workers’ Compensation coverage for their employees, if an employee works 20 hours a week or more. Workers’ compensation insurance covers medical care, lost wages and compensation for permanent injury or disability for employees injured on the job. Beyond providing financial support to the affected employees, it also shields the business from potential lawsuits related to workplace injuries.
About Brooks, Todd & McNeil
Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the most comprehensive policy options from a variety of providers. Our dedicated agents are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.