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Business Insurance for Companies in New Canaan

If you are a business owner in New Canaan, you need to ensure that you have the right type of business insurance. There are many different types of business insurance, and each style has its purpose. Choosing the right kind of insurance for your company is essential to protecting your business from unforeseen events. Below are the different types of business insurance for companies in New Canaan:

1) Business Liability Insurance

Business liability insurance protects businesses from claims arising from injuries or damages on the property. This type of insurance is important for companies in New Canaan because it can help protect the business from lawsuits. The insurance can cover:

  • Bodily injuries
  • Property damage
  • Personal injury (libel and slander)
  • Advertising injury

Most business liability policies limit the amount of coverage that they provide. For example, a business liability policy might have a limit of $500,000. If the business is sued for an amount that exceeds the limit, the business will be responsible for paying the remainder.

It is important to note that business liability insurance does not cover claims arising from professional negligence. If your company provides professional services, you will need to purchase professional liability insurance and business liability insurance.

2) Business Property Insurance

Business property insurance protects businesses from losses due to damage to business property. This type of insurance is important for companies in New Canaan because it can help protect the business from losing money if business property is damaged. The insurance can cover buildings, inventory, machinery, and electronics.

Business property insurance does not cover flood damage or earthquake damage. If your company is located in an area susceptible to these types of disasters, you will need to purchase separate insurance policies.

Most business property insurance policies have a deductible. This is the amount that the business will be responsible for paying before the insurance kicks in. For example, if a business has a $500 deductible and suffers $5000 worth of damage, the business will be responsible for paying $500, and the insurance will pay $4500. Deductibles can vary depending on the type of business property being insured. For example, buildings usually have a higher deductible than inventory.

3) Commercial Insurance

Commercial insurance is a type of business insurance that protects businesses from losses due to business-related activities. This type of insurance is important for companies in New Canaan because it can help protect the business from losing money if there is an accident or business property is damaged.

Commercial insurance requires business owners to purchase two types of insurance: business liability insurance and business property insurance. As we mentioned above, business liability insurance protects businesses from claims arising from injuries or damages on the property. On the other hand, business property insurance protects businesses from losses due to damage to business property. This type of insurance is essential because it can help protect the business from losing money if business property is damaged.

Some of the business-related activities that the insurance cover include the following:

  • Product liability
  • Professional liability
  • Commercial vehicle insurance
  • Workers’ compensation
  • Auto accidents

4) Corporate Insurance

Corporate insurance is a type of business insurance that protects businesses from losses due to the corporation’s activities. The corporation can be held liable for the acts of its employees, directors, and officers. This type of insurance can help protect the business from losing money if there is an accident or damaged business property.

Features of corporate insurance include the following:

  • Directors and officers’ liability insurance
  • Employment practices liability insurance
  • Fidelity bonding
  • Crime insurance

Corporate insurance can be purchased as a standalone policy or bundled with other types of business insurance. For example, you might buy a business owner’s policy for business property insurance, business liability insurance, and commercial insurance.

5) Business Owners Policy Insurance

A business owner’s policy, or BOP, is a type of business insurance that bundles different coverage into one policy. This type of policy can include business property insurance, business liability insurance, and commercial insurance. Business owners’ policies are typically offered to small businesses. However, some insurers also provide business owners policy insurance to larger businesses.

Bundling different types of coverage into one policy can save businesses money on premiums. In addition, it can make it easier to manage the different types of coverage because you only have to deal with one insurer.

Some business owners’ policies also include coverages such as business interruption insurance and crime insurance. Business interruption insurance can help businesses recover from lost income if they are forced to shut down due to a covered event. Crime insurance can help enterprises recover from losses due to crime, such as theft or vandalism.

If you’re looking for business insurance, visit us at Daigle & Travers Insurance. We offer various business insurance services, including business owners policies, commercial insurance, and corporate insurance. Besides, our services are top-notch, and we’re always here to help you. Give us a call today.