What Kind of Commercial Insurance Do You Need?

Your business is a source of income not only for yourself but all of your employees. Due to the number of people depending on your business and the overall amount of money you’ve pumped into it you need to properly protect your commercial business. One of the best ways to do this is to take out the right kind of commercial insurance coverage. If your place of business is located in or around West Hartford, CT the team at AllConnecticut Insurance can help. 

Worker’s Compensation Insurance

If you have employees working for you chances are you’ll need some kind of worker’s compensation insurance. This form of insurance coverage the medical expenses associated with any work-related injuries. It also helps pay for time off and other expenses that might creep up. 

Property Insurance

Property insurance is not just for if you own your place of business. Even if you rent the property you likely have valuable items inside the building, such as manufacturing hardware, ovens, and other equipment. Property insurance will help protect these items. 

Business Liability Insurance

If someone is injured inside or around your business, whether they slip in front of your store or they drink a cup of coffee they say is too hot, business liability insurance will help protect you and cover the cost of an attorney. If you interact with customers or have a physical storefront this is a kind of insurance you should consider adding on to your current commercial insurance policy as it offers added protection. 

No matter the kind of business you run it is important to protect it. If the company is located in or around West Hartford, CT the team at AllConnecticut Insurance can help you select the right insurance coverage for your kind of business. 

Commercial Insurance Protects Your Business

Workers Compensation insurance is the only required commercial insurance for businesses within the state of Connecticut. That leaves liability insurance up to the business owner. At ALLConnecticut Insurance, we strongly recommend that business owners consider the potential risk to their commercial property and how that can impact their personal assets as well. This is especially true for construction businesses or for those who work regularly with the public. Liability insurance is available at a variety of levels to meet the needs of your business. Some kinds of coverage include:

  • Bodily injury
  • Personal injury
  • Property damage including data loss
  • Professional liability, also known as errors and omissions insurance

One common mistake we see among West Hartford, CT business owners is the notion that general liability will cover their own damages in the event of any kind of incident. The fact is, general liability will cover the damages to another party, but not to the business owner themselves. Making sure that such damages are covered is pretty important. Business Owner Policies (or BOP’s) are the extension of coverage to include damages the business owner incurs as a result of an accident or another event. Here at AllConnecticut Insurance, we can help business owners understand these differences. Business owners can then protect their revenue and assets so that they can continue to build success in their commercial endeavors. 

Our agents have access to the latest policies and can assist you in finding the insurance that will protect your business and assets. We’d be happy to sit down with commercial owners throughout the West Hartford, CT area to discuss coverage options. We’ll help you sign up and you can have the peace of mind that will let you focus on your business. Contact us today.

Can You Write Off Commercial Insurance?

When operating a business in West Hartford, CT, you may be surprised to find that insurance, if it is both ordinary and necessary, can be deducted from taxes. An ordinary business expense means that it is accepted and common in your business type or industry. A necessary business expense means that it is appropriate and helpful for your business or industry. It doesn’t actually have to be necessary. Business owners can deduct these necessary and ordinary costs of the insurance policy as a business expense.

Since businesses in Connecticut are required to carry workers compensation, then the required insurance policies will fall under the necessary and ordinary rule and can be written off by the business owner. It’s not just workers compensation insurance that can be written off. Other business insurance policies, such as commercial property, professional liability, general liability, and data breach insurance, can also be written off. Since each business is different, each insurance type does need to meet the common and necessary rule.

There is a difference between personal and business expenses. If you operate a business in your home, you may be able to write off certain expenses that are for the business, such as insurance. This is similar to when you use a car for both personal and business uses; you can only write off the part that is used for business purposes.

Not every insurance policy is considered necessary and ordinary, so the IRS doesn’t consider it a business expense. Premiums that help cover earnings lost due to disability or sickness, or life insurance, aren’t typically covered as a business expense. A self-insurance reserve also isn’t considered a business expense. An agent at ALLConnecticut Insurance can help you determine which insurance your business needs, but it’s best to contact a tax professional to see which policies can be written off.

Contact ALLConnecticut Insurance, serving West Hartford, CT, to get a quote on commercial insurance. 

What Changes Can Effect Your Company Insurance Policy?

Keeping your business protected with all of the insurance needed is our goal at ALLConnecticut Insurance. We know that running a company is not static. Changes are inevitable. Those changes can occasionally effect your insurance policy, so if you have made any of these changes to your business it may be time to update your commercial insurance. We serve the community in and around West Hartford, CT with quality insurance services. 

Changes That May Effect Your Commercial Insurance Policy

  • Significant Change in Number of Employees – If you need to hire new employees or perhaps fire one or some it is important to update your policy to reflect the people who are covered appropriately to make sure that you (and they) are fully protected by insurance. 
  • Significant Increase or Decrease in Revenue –  To make sure you are protected to the fullest extent your limits should be increased as your revenue increases so if things go wrong your coverage reflects your needs. This is also true if you revenue decreases. 
  • Change of Location or an Additional Location – Moving your business is not as simple as just moving the insurance policy. Your new location will need to be assessed for risks and your insurance policy may change with the new location or additional location. 

As a rule of thumb, it is a good idea to contact your insurance agent if you make an alteration to your company that is previously unknown on the policy. This will mean any new equipment, employees, etcetera are fully covered if things go awry. Contact us at ALLConnecticut Insurance for more information. We serve West Hartford, CT, and the surrounding areas. 

Tips for Saving on your Commercial Insurance Policy

A commercial insurance policy helps protect your business from risks such as legal suits, and natural disasters. Here are some tips on how to save on your commercial insurance cover; 

Increase your deductible
A higher deductible implies a lower premium and vice versa. Keep in mind that you will have to pay the deductible before your claim is processed. Therefore, set your deductible to a reasonable amount.

Consider bundling your coverage
Purchasing a policy package that covers multiple coverages and liabilities is often cheaper than purchasing individual policies. This could explain why the Business Owner’s Policy (BOP) is popular among small start-ups. However, find out exactly what you are covered against and find out whether your insurer can customize the package.

Look out for discounts from your provider
Often, insurers offer discounts if the policyholder does not file for claims for a specified period. Implementation of a safe workplace program could also qualify you for discounts. Inquire from your service provider on the various discounts they offer and whether you qualify for them.

Inquire on loss-prevention programs
Most insurers will be willing to advise you on the ways through which risks in your business can be minimized. Such could include introducing a theft-prevention strategy and establishing disaster awareness plans.

Provide a safe working environment
Implementing the safety recommendations from your insurer translates to lower premium rates. Not providing a safe environment or the reluctance to enforce safety regulations shows means that there is a greater risk of workplace injuries hence the higher premiums.

Do you need a commercial insurance policy in West Hartford, CT? ALLConnecticut Insurance has got you covered. Get in touch with us to find out the different commercial insurance plans available for you. You can also obtain a free estimate of your policy on our website. 

When You Need Commercial Insurance

When you own a small business, it is extremely important to ensure that it is properly covered by insurance. For those that are in the West Hartford, CT area, having commercial insurance would be very beneficial. There are several situations in which you will need to have this type of insurance coverage.

Own Property

The first situation that you will need commercial insurance is if you own a commercial property. If you only commercial property, the property insurance component of the commercial insurance policy will provide you with coverage in the event that the property is damaged by a storm, fire, or other calamity.  This can also provide coverage for all contents under the roof, including major equipment.  

When You Have Employees

Another situation in which you will need to have commercial insurance is when you have employees. In the state of Connecticut, all companies that have any employees will be required to carry workers compensation insurance as a part of a general commercial insurance policy. This type of insurance will provide coverage in the event an employee is injured while they are at your place of business.

When You Sell a Product or Service

If you produce a product or service, it would also be a good idea to have Commercial Insurance. Anytime you sell a product, you will be taking on some level of risk that someone could be injured by it. This could open you up to a significant amount of liability. When you have a commercial insurance policy, liability insurance will be a significant part of it and will provide you with coverage in the event you are sued and found liable for an injury. 

For businesses in the West Hartford, CT area, finding the right commercial insurance policy can seem complicated. By working with AllConnecticut Insurance, you can receive the insurance service that you need. AllConnecticut insurance will be able to help you build a policy that provides you with the coverage that you need.  

 

 

Does A Touring Band Need Commercial Insurance?

West Hartford, CT is a major hot spot for a variety of bands. If you are in a band and need high-quality insurance, it is important to understand your options. Whether you play in one area or tour, there are several ways that we at ALLConnecticut Insurance can help protect your music band from serious financial loss.

Performing Bands Have Unique Coverage Options

Bands that perform in one town or a specific venue (such as a casino) can purchase some band insurance to protect their investment. This type of insurance will protect their instruments from destruction, provide them with general liability coverage, and even manage certain types of vehicle damage. Qualifying for this type of coverage, though, can often be hard.

Schools Are Often Not Covered

One surprising limitation on this kind of commercial insurance is school-based programs. Just about every type of band-specific insurance policy excludes accredited or sponsored programs. The reasons for this can be somewhat mysterious, but it is important for these bands to remember. As a result, they may need to get education-based or general liability insurance instead.

Touring Groups May Require Specialized Coverage

Band-specific coverage often does not extend to cover bands who tour to make a living. There are several reasons for that, chief among them the difficulty of covering so much equipment moved so frequently. However, touring bands can purchase commercial general liability insurance to protect them from third-party claims, bodily injury, and property damage. If they decide to focus their band activities in a central and non-changing situation, they can then purchase band-specific insurance policies.

Protecting Your Band

If your West Hartford, CT band wants to avoid having to pay to replace all of their equipment, please contact us at ALLConnecticut Insurance. Our commercial policies can protect you from this danger and provide a simple way to keep your band making money.

Does Commercial Insurance Cover Your Personal Car That is Used For Business?

In order to properly insure your business vehicle, you can take out a commercial car insurance policy. This is something that needs to be discussed with an insurance agent to make certain that you are protecting you, and your business from liability.

Commercial Car Insurance:

  • goes above and beyond what a personal auto insurance policy would cover
  • covers situations that would occur related to business traveling and usage
  • covers liability for people who may be employed by your company and are conducting business using a company vehicle
  • covers work only vehicles like dump trucks and taxi cabs

It is tempting to continue to insure your work vehicle under your personal auto insurance policy. DO NOT FALL VICTIM TO THIS TEMPTATION. Though the chances are slim that you or your employer would get into an auto accident, the stress caused by driving without proper insurance is not worth it.

If the car is involved in an accident while it is being driven for work-related purposes your personal auto policy will not cover your liability. Commercial vehicle insurance is designed for the situations that will arise during business travel. Driving without insurance jeopardizes your business and personal revenue. You leave yourself open to being personally sued for damages.  

Speaking with a knowledgeable insurance agent about where the gray areas would be to your benefit. 

Call ALLConnecticut Insurance today at 860-232-7076 to figure out if you need a commercial vehicle insurance policy. If you reside in or have set up your business in West Hartford, CT or the surrounding areas we would love for you to come in to speak with one of our agents today to discuss your commercial, home, life, or auto insurance policy needs. Make your insurance a priority before a mishap arises!    

What kind of businesses need umbrella insurance?

Umbrella insurance isn’t something that is commonly thought about when you’re trying to set up a business, but it can be one of the most valuable coverages that you’ll ever invest in.  If your business falls into any of these categories, then it may be a good idea to look into umbrella insurance.

  1. Manufacturing. Product recalls can easily put a small or medium-sized business in bankruptcy court. Umbrella insurance policies can provide funds to replace or repair damaged products, as well as additional funds to cover any settlement payment. Some policies are even written so that lost sales and other secondary expenses as the result of the recall are compensated for.
  2. Residential Services. Plumbers, electricians, and general contractors are prone to lawsuits due to the dangerous nature of their work and the high number of clients that they interact with.  Umbrella insurance will cover the costs to hire legal counsel, and can even help to pay off a settlement. Keep in mind that every insurance policy is written so that it can be tailored to the specific needs of each client.  That means that your policy will provide coverage limits that make sense for your specific business.
  3. Retail. Odds are you have a lot of money tied up in your inventory and you rely heavily on foot traffic for the majority of your sales. This can make a natural disaster very dangerous for your business.  While other policies may cover physical damage to your property, only umbrella insurance can provide compensation for missed sales and damaged inventory.

If you’re thinking about an umbrella insurance policy for your business, call the professional insurance agents at ALLConnecticut Insurance. They can help you to craft a policy that meets your needs.

Why Commercial Insurance is Important

Starting a business is hard and keeping it financially stable is a long-term struggle. Having commercial insurance is the best way to protect your company from any unforeseen disasters or lawsuits that may disrupt your business.

Common Types of Commercial Insurance

  • Liability Insurance – protects you if someone is injured on your property. If a customer is hurt because of an accidental spill, they could bring a lawsuit against you. You may be required to pay medical costs as well as pain and suffering fees.
  • Worker’s Compensation – gives you protection if an employee becomes injured during working hours. Even if part of their job is to haul heavy boxes, you may be responsible if their back is injured at work. The injured employee could also receive weeks of paid time off and medical coverage for the injury. Without worker’s compensation, your business could suffer if you had to pay out-of-pocket.
  • Property Damage Insurance – can give you relief if your business was damaged or destroyed by fire, flood, storm, or other types of disasters. You work extremely hard to keep your business going and you wouldn’t want an accidental fire to shut you down permanently.
  • Disability Insurance – is optional plan coverage that may help if you become disabled or too sick to run your own business. You may receive partial income while you are disabled.
  • Business Interruption – is an option that would help if you needed to maintain your income in the event of a disaster.

If you need to research a new or existing insurance plan, the independent agents at ALLConnecticut Insurance in West Hartford are available to help. Whether you are a small, medium, or large business, the agents will be able to offer information and plan options for your company.