In Connecticut, business owners are required by law to carry specific insurance coverage. Optional coverage can be equally important. If not for the right insurance coverages, many businesses would be one lawsuit away from solvency.
Required Business Insurance
While Connecticut may not require business owners to carry coverage that will protect the business, they do require coverage that will protect a business’s employees. Required Connecticut business insurance includes:
- Workers’ compensation – must cover all full-time, part-time, and seasonal employees or face a $300 fine per day, per employee
- Commercial auto insurance – must insure business-owned vehicles for at least the state-required minimum coverage
Business owners will also need to protect their businesses from liability claims. Several types of coverage can help do just that.
Optional Business Insurance
Not all businesses will require the following coverage, but business owners should learn about all available coverage options. Some essential coverages to consider include:
- General liability insurance
- Professional liability insurance
- Property insurance
- Employment practices liability
- Cyber insurance
- Business interruption insurance
There may be other insurance types business owners should carry specific to their industry, such as businesses that work with heavy machinery. An insurance agency specializing in Connecticut business insurance can help owners determine the right coverage types to get and how much.
