Small Business Insurance
We are a small business, just like you, so we understand the trials and tribulations of being small but operating big. Most small businesses have invested their own personal time and investment into the business; making it that much more precious to protect. Make sure you are protected with at least the basics; without breaking the bank. We will advise you what is necessary for your specific class of business.
1) General Liability - At the very least you need to make sure your premises is safe; a small business owner's policy can start at $500 (depending on your class of business) and give you $1,000,000 in premises liability and bodily injury coverage for your place of business. FYI--even if you just rent the space, you are responsible for your business.
2) Commercial Property - You may own your building or you may just rent the space. Most likely you have some form of Business Property. Be it computers, desks, software, tools, chairs, tables, phones etc. It may not seem like a lot but in the event of a fire, pipe burst or storm--you could lose it all. Approximately 25% of businesses fail during the first year following a disaster or theft. Commercial property insurance can assist with repairs, replacements and lost income during a tumultuous time like a natural disaster or theft.
3) Worker's Compensation - Employees make your business turn. As a sole proprietor you can take the risk of not having workers compensation on yourself and your spouse as long as you have health insurance. But your employees should be covered in the work place. Especially if the job entails any type of physical labor; or even if it doesn't. If your employee is picking up mail for the office and steps wrong and breaks their ankle, that would be considered worker's comp. This eliminates the need for litigation and creates an easier process for the employee and protects the employer.
4) Professional Liability - Commonly known as "E&O" insurance is a form of liability insurance which helps protect professional advice and service providing businesses and individuals from bearing the full cost of defending against a negligence claim made by a client. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. Many businesses mistakenly think that General Liability would cover such claim but it will not. General Liability will only cover the more "Direct Harm" claims such as: property damage, bodily injury, personal injury, products and personal advertising that was caused by your business (i.e. someone slips on a banana peel in your parking lot and sues for negligence). Common claims that professional liability insurance covers are misrepresentation, inaccurate advice, violation of good faith, negligence and fair dealing. Example: If a software product fails to perform properly, it may not cause physical, personal, or advertising damages, therefore the general liability policy would not be triggered; it may, however, directly cause financial losses which could potentially be attributed to the software developer's misrepresentation of the product capabilities. (as referenced by Wikipedia on 8/2017).
Things to consider and questions to ask your agent
Here are few things to discuss with JP Svendsen Agency that will influence your decisions.
- What risks will my business face? What should I be prepared for in terms of price and coverage? (We will walk you through different scenarios pertinent to your specific business)
- How much will it cost to rebuild my property and replace my business personal property if they are damaged or destroyed? (We will guide you through your a replacement cost estimator and the things you own so you can make an informed decision about coverage.)
- What discounts are available? (We will find the best discounts and company for your specific line of business; including multiple policy discounts, security system and fire resistance discounts.)
- What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
Thank you for visiting our page. We work with multiple A+ carriers to bring you the best coverage, knowledgeable staff and quality customer service. Please feel free to call our office at 203-397-3993 or email your questions and an insurance agent will reply promptly.
Svendsen Insurance Agency Insures:
Woodbridge, New Haven, Hartford, Litchfield, Branford, Wallingford, Meriden
and surrounding areas throughout Connecticut.