Are you a new business owner searching for insurance coverage? Have you researched the insurance companies in Connecticut only to be confused by all the options and terminology? If that’s where you find yourself, here are simple explanations to the two most common business insurance coverages that you should expect to include in your new policy.
Depending on your industry you can carry commercial liability, professional liability or one of the other forms of liability insurance. While they each offer specific benefits, they serve the same purpose in that they protect your business against lawsuits filed by a third party who experienced some sort of loss because of your business. This can range from a client falling in your office to a malpractice case. If a lawsuit is filed against your business, your policy will cover the legal fees and other payments for which you are found liable.
Property insurance covers your buildings, equipment and furniture. Some policies can even cover the data on your computers. In case you’re the victim of a covered incident such as a fire, storm, vandalism or theft, your policy will pay to repair or replace the covered items, and depending on your level of coverage, it can also pay you for revenues that you potentially missed out on because of your loss.
There are many other types of business insurance available. As you search through the insurance companies in Connecticut, find a partner who is willing to customize their offerings to meet your business and financial needs.