When you open a business in the state of Connecticut you must be prepared to purchase coverage for all types of exposures related to running your particular type of company. There are CT insurance companies that can help you decide exactly what coverage that you will require. General liability insurance will protect you from lawsuits related to any actions by you and your employees. Property insurance protects the contents of the building, including equipment and furniture, as well as appliances related to the business.
You likely will have employees and you’ll be required to purchase workers compensation insurance as a result. If you use any equipment as part of your operations (and what company doesn’t?), you’ll benefit by carrying equipment breakdown insurance. And, if you are providing delivery service or using vehicles to transport goods or equipment, this will require you to purchase a business auto policy. This is only the tip of the iceberg. Let’s look at other coverages that are crucial to many business entities.
Some important insurance products and services
If your company has a board of directors they need to have protection from claims related to their duties to the corporation. Directors and officers coverage is designed for this purpose. Doctors, lawyers and other professionals, in addition to needing general liability coverage should also have professional liability insurance for the risks they face in administering advice and providing professional services to their clientele.
Because employees may make claims against their employers, or fellow workers, many companies invest in employment practices liability coverage. While having insurance in place is often crucial to the success of most companies, a good risk management plan can help avoid dealing with costly claims in the first place.
Now that nearly all companies rely on computers to help them in their daily operations, and private and confidential information is stored on the servers, a cyber liability policy has become somewhat required to deal with hackers and other potential cyber threats.
There are still other types of coverage to consider, which is why it’s important to sit down with an agent to discuss the types of risk involved in the running of any kind business and determine which coverage to purchase in order to protect against these exposures. A wiser investment cannot be made and CT insurance companies can provide the products and services that you’ll likely need.