Insurance for Small Business Owners in Connecticut

Commercial Auto Insurance.

Connecticut small business owners whose businesses own vehicles are required to purchase commercial auto insurance. The state requirement includes minimum coverage requirements for business-owned vehicles of $25,000 in bodily injury per person, $50,000 in bodily injury per accident, and $25,000 in property damage liability. Connecticut also requires $25,000 in uninsured/underinsured motorist coverage per person and $50,000 per accident. 

Workers’ Compensation Insurance.

Connecticut requires small businesses with any employees to carry workers’ compensation coverage. Household workers like house cleaners and caregivers who work fewer than 26 hours per week are exceptions. All other part-time, full-time, and seasonal employees must be covered under a workers’ compensation policy. A workers’ comp policy covers medical bills for work-related injuries and illnesses and provides partial lost wages. Related work injuries or illnesses must be reported to employers immediately, and an employee cannot be prevented from filing a claim. 

Small Business Owner’s Insurance.

Small business owners can bundle property damage insurance and general liability into one comprehensive Business Owner’s Policy (BOP). You get all of the convenience and lower costs! A BOP typically covers losses and damages related to business property, customer medical expenses for onsite third-party accidents like a slip and fall, and advertising damage claims.

General Liability Insurance.

General Liability policies can be obtained as a separate minimum coverage when a small business doesn’t need property insurance. If you lease space for your Connecticut business, the property contract may require General Liability Insurance. It helps ease the financial burden of customer injury and typically covers property damage, slander and libel lawsuits, and other third-party risks. 

Professional Liability Insurance.

Errors and omissions (E&O) Professional Liability insurance covers most work mistakes and errors, missed deadlines, incomplete work, and negligence lawsuits. Professional Liability coverage is recommended for small businesses in Connecticut that provide expertise as a service, like accounting, design, and technical services, as it can protect them from related damage claims.

Cyber Liability Insurance.

Cyber threats in Connecticut are increasing, including small business cyber threats. Data breaches are at an all-time high. Cyber Liability coverage is recommended for Connecticut small businesses to help manage the results of a cyberattack, including help paying for customer notification and fraud monitoring costs and associated legal fees. Cyber insurance helps businesses recover from ransomware, phishing, and other common cyberattacks.