It’s Important to Have Business Insurance

Business insurance protects your business by covering property damage, legal costs, and lost income. With proper coverage, you can concentrate on growing your business, knowing you’re protected from everyday risks. Here are the top reasons insurance is essential.

Everyday Risks

Many small business owners begin with a Business Owner’s Policy (BOP), which combines general liability, business property, and business income insurance into one policy. This policy provides protection for property damage or claims involving bodily injury or damage to another person’s property. It also offers coverage for lost income if your business operations are interrupted due to a covered property loss.

Your Employees

Connecticut, as most states, requires workers’ compensation insurance. It gives your employees benefits if they have a work-related injury or illness. It can help:

• Your employees recover and return to work
• Cover missed wages
• Cover medical bills
• Cover funeral benefits

Certain Types of Coverage are Required by Law

States may require certain types of business insurance coverage. For example, most states, including Connecticut, require you to carry business auto insurance if you drive business-owned vehicles for work.

Even if your business doesn’t need to carry a certain type of coverage, it can still be helpful to have. It could protect you from financial loss and can help you if:

• A customer sues you after getting hurt at your business.
• A fire destroys your building or inventory.
• Someone steals a client’s computer with their personal information on it.
• Your employee gets into an accident while making a delivery.

Required Contracts

As your business grows, contracts may require you to have insurance for:

• Renting property
• Financing goods
• Loan agreements
• Supplier/Vendor agreements

Natural Disasters

Having the right coverage, like business property insurance, is important to protect your business if disaster strikes.

Lawsuits

Every company can get sued and face legal fees. You need business insurance to help cover your legal costs.

The Hartford – Headquartered Right Here in Connecticut

With 200+ years of experience, people often ask The Hartford, “Why do businesses require insurance?” The simple answer is that accidents can happen at any time. And when they do, business insurance helps you pay for damages you’d otherwise have to cover out of pocket. Plus:

• Save you time, money, and stress
• Protect your business from damage
• Provide benefits to your employees

Turn to the Connecticut Retail Network and The Hartford

To provide access to a leading national company proudly headquartered right here in Connecticut, the Connecticut Retail Network turned to The Hartford to develop this business insurance program that can provide expertise and insurance coverage benefitting Connecticut retailers, their employees, and customers, and our state’s economy.