Insurance is just one of many expenses that business owners must undertake, so it’s no wonder that many professionals inquire about ideas to keep their commercial insurance costs under control in West Hartford, Connecticut. Although some strategies apply to many businesses across the board, others are more closely dependant on the type of business and characteristics of its owner. So keep in mind that the most appropriate solutions for a particular business can best be discovered by consulting with an independent agent.

Many businesses that hold commercial insurance operate out of office, store, warehouse and other locations. We recommend that owners consider the risks associated with each of their Hartford business locations, preferably even before purchasing a particular location. If you own a store, you may be drawn to a historic building near Westmoor Park, but you may pay more to insure that historic building than you would for a new shop in Blue Black Square because older buildings can be at a higher risk for damages or need more complex and expensive maintenance over time. If you need an office where people can perform duties but aren’t expected to have in-person customer interactions, a building that is central and easy to get to is important but it probably isn’t worth paying a higher rate for a historic building just for its location. Perhaps a place near Flatbush Avenue would better fit your needs and your budget. The types of coverage that you are most likely to need also depend on your location and type of work. Some areas and business types have higher risks of theft, vandalism, fire, flood, and other perils. It’s not always clear to owners how insurance companies assign risk, but that’s where our independent agent can come in to provide the clarification that can help them save on their commercial insurance premiums.

An incorporated business can protect owners from financial ruin in the face of bankruptcy or a lawsuit. However, simply incorporating your business may not be enough to protect your West Hartford business from all the risks. Commercial insurance with liability coverage reduces the gaps in protection that many Connecticut business owners face.

What is Liability Insurance?

Business liability insurance covers legal expenses and court fees if your business is sued. In today’s litigious society, businesses of nearly any size engage in activities that make them vulnerable to lawsuits. Liability insurance also expands to cover the actions of your employees so that you won’t suffer the fallout from a negligent employee.

Benefits of Liability Insurance

Though incorporating your business protects you, the owner, from having to use your personal assets to bail out your company, liability insurance serves as an added layer of protection that is necessary. If you are on the losing side of a lawsuit, then the status of your business can absolve you from any personal responsibilities. However, liability insurance is important because it protects your business from going under in face of a legal challenge. Liability insurance covers attorney fees and court costs so that you can increase your chances of surviving a lawsuit.

How an Independent Agent Can Help

An independent agent can help you add business liability insurance to your commercial insurance policy. We can help you obtain the right level of coverage so that your policy will cover the amount of money you will need to defend a lawsuit. We can help you determine what type of coverage suits your business and addresses the risks in your industry. Protecting your business from liability can’t wait, so contact us to speak with an independent agent today.

You can purchase a commercial insurance policy in West Hartford, Connecticut that will cover you and your business for many different contingencies, but one of the things it will not cover is any interest, penalties or fines you incur. A commercial insurance policy can be bought to protect a single auto or a fleet of vehicles.

Depending upon the type of coverage you purchase, it will pay for liability claims, damage to your vehicle and for such things as towing and car rental charges when your vehicle is being repaired. What it will not pay for is a fine for speeding or a penalty for driving with an expired driver’s license.

No commercial insurance company is going to pay for penalties or fines you receive because you broke Connecticut law or were negligent in your behavior. Business insurance does cover loss of income, but not loss of interest on the money you would have earned. You can not collect for what possibly could have happened, only on actual damages.

Think of it like you would in a liability case. Who would be liable if someone slips and falls on a spill in the aisle of a grocery store if a bottle of soda explodes and leaves a puddle on the floor? The grocery store would certainly have liability for not cleaning up the mess and you might have a case against the bottling plant if the bottle was not properly sealed. It would be hard to find fault with the driver of the truck who delivered the soda.

As an independent agent, we handle all types of commercial needs. If you are running a business in West Hartford and need to buy commercial insurance, give us a call. An independent agent can answer all of your questions and find you a policy that will protect you and your business.

A standard home policy in West Hartford, Connecticut will protect your home from damage to the structure from perils such as fire, golf-ball sized hail and even a tornado. Home liability covers you in case someone is injured or has their personal property destroyed while on your premises. The same is true when you buy business insurance. If you have a business, there are many different types of business insurance you might want or need to have.

For instance, you could buy a general business liability policy that protects you against liability claims from customers or others who may be injured while walking in your store or falling outside in your parking lot. You can buy commercial insurance that will compensate you for the loss of a key employee and one called errors and omissions if you run a service business like a law or accounting office. Other commercial insurance policies include general liability and product liability.

If you want protection against loss from a fire, hurricane or tornado, you need to have commercial property insurance. Property insurance is a broad category that covers everything from loss due to fire, smoke and hail storms to lost income computers and even money.

There are two distinct types of property insurance policies you can buy for your business. The first is an all-risk policy which covers all perils except those specifically excluded. The second is peril-specific, which only covers named perils. While the first type of coverage is broader and covers many different types of losses, a peril-specific property insurance policy covers a particular event like a fire, flood or tornado. Both types of policies are good, but if you are only concerned about fire and smoke damage, the specific policy is less expensive than the all-risk policy.

If you are trying to figure out what kind of business insurance you need, give us a shout and talk to an independent agent who can access your business and set you up with a policy that protects at a price you can afford.