Commercial auto insurance covers the vehicles your company owns, leases or rents. If company cars are involved in collisions, your commercial auto insurance policy will cover the cost of damage or injuries. Some commercial auto insurance policies also cover damage or loss resulting from other events, such as weather damage or theft.
Commercial General Liability Insurance (CGL) is a policy that covers damage or injuries that occur because of your business operations. Most CGL policies cover property damage, physical injuries, medical payments made on behalf of injured parties and defense costs related to liability lawsuits. CGL policies may also cover liability resulting from claims of libel or slander made against your company.
Commercial property insurance covers real estate your company owns and uses for business purposes. Basic commercial property insurance policies cover your building’s basic structures, as well as any additions or outbuildings. However, these policies don’t typically cover your buildings’ contents, nor will they cover buildings that are currently under construction.
If you have employees in the state of Connecticut, you must typically purchase workers compensation insurance. Workers compensation insurance policies cover any injuries your employees sustain while working or as a direct result of employment. If an employee sustains an injury, the policy will cover the cost of the employee’s medical treatment and lost wages.
A Business Owner Package, or BOP, is a form of insurance that combines multiple types of coverage into a single policy. In many cases, it is more affordable to purchase a BOP than it would be to purchase individual insurance policies. Depending on your needs, BOPs may include property insurance, general liability insurance, auto insurance and more.