Commercial Insurance Considerations in a High Risk Area

If you are ready to purchase commercial insurance for your business then there are a few things you should consider. Brent Young Agency LLC serves Manchester, CT and the surrounding areas with quality commercial insurance services. We can help protect your business and assets with consideration to the physical location of your company. 

Consider These Location Red Flags While Purchasing Commercial Insurance

  • High Crime – It is judicial to check the crime rates in an area before you decide to buy or rent a location for your business. High crime can drive away customers, damage and/or reduce your inventory, and possibly endanger your employees. 
  • High Traffic – If your business is in a high-traffic area you may be more vulnerable to damage and theft. These aspects may need to be addressed in a commercial insurance policy. 
  • Flood Zoning – If your business is in a flood zone then it is cut and dry, so to speak when it comes to your insurance needs. But what if your business is exactly right outside the line? You may be left unprotected if you base your flood insurance choices strictly on the designated flood zones. 
  • Inside Risks – Sometimes your commercial insurance needs to cover risks from within your company. This can be true when a lot of your business assets are in cyberspace. An insider risk management assessment and policy may be just what you need for protection from all fronts. 

Contact Us Today

At Brent Young Agency LLC we can answer any questions you may have about commercial insurance and special risks related to your unique business. We proudly serve the community of Manchester, CT. 

I’m A Landlord. Do I Need Commercial Insurance?

Your first task as a landlord is to ensure that the property is well-maintained and safe. Keeping your properties safe from potential natural and man-made disasters requires commercial insurance. This can come in the form of a liability insurance policy or an injury, illness, property damage, or other casualty policy. 

Resident homeowners insurance policies can be another option if you’re planning on renting out your home but need some extra security. If you’re looking to get your insurance details, visit Brent Young Agency LLC in Manchester, CT.

Get Personal Insurance 

As a landlord, you’re required to maintain your properties. This means you can’t just walk away from a problem and hope it goes away. You have to be upfront about the condition of your homes and make an effort to repair damages as soon as you discover them. It also means you need a plan for not only fixing damage but also replacing lost or stolen property. 

While many landlords take advantage of neighborhood associations and building management associations to provide homeowners insurance, others rely on the state department of insurance to fulfill this responsibility. When you’re in the business of renting out your properties, you can usually find insurance coverage in a number of forms. One form that’s especially popular among landlords is homeowner’s protection insurance. 

If you’re an existing landlord and you’re looking to add commercial insurance, you’ll need to start the process early. The best course of action is to get in touch with an insurance broker in your area or to look into numerous other options. 

Give Us A Call

You can find insurance companies that will work with you on a monthly payment plan, but you’ll likely want to make an effort to negotiate a lower rate once you start making claims. If you’re ready to get started on your insurance journey, check out Brent Young Agency LLC in Manchester, CT.

How commercial insurance benefits your business

Owning your own business gives you a lot of freedom, but it also comes with a lot of work and with big risks. More than half of businesses will not survive for five years. You can increase your chance of survival by making sure you anticipate as many of the hazards. At Brent Young Agency LLC in Manchester, CT,  we are independent insurance agents who bring our expertise to our business and personal customers. 

How commercial insurance benefits your business

Business interruption insurance

Things happen and not all of them are good. If your business is shut down by a covered risk, you will be able to survive much more easily if you have this type of insurance. When your business is not generating any income, your expenses won’t change. You still need to meet the payroll, pay bills, and rent. If you have business interruption insurance, you will have the money you need to survive until your business is back up and running again. 

Commercial property insurance

When a disaster hits your business, your means of earning an income may be lost and you need it replaced as quickly as possible. If you have a lot of extra cash in your business, then you will be able to replace your equipment and repair the building if you own it. If like most businesses, you don’t have a pile of cash hanging around, commercial property insurance can provide the money you need to replace your equipment, electronics, tools, machinery, inventory, and much more. 

Commercial liability insurance

Protecting yourself from legal actions against you is a big benefit. Businesses are at great risk of being sued and finding themselves with a judgment against them. It really is a lifesaver to have this insurance. 

Give Brent Young Agency LLC in Manchester, CT a call to make an appointment to discuss your commercial insurance needs. 

How Much Commercial Insurance is Needed in CT?

Connecticut businesses are required to carry two types of insurance – workers’ compensation and commercial auto insurance. Specifically for workers’ compensation insurance, any Connecticut business with employees – regardless of being part or full-time – are required to carry this coverage. Workers’ compensation insurance helps pay the medical bills incurred because of a workplace injury or illness. The only exception to this policy is if the person is a household employee such as a caregiver or housekeeper. If these individuals work less than 26 hours per week, workers’ compensation insurance is not mandated. The second type of insurance, commercial auto insurance, is required for any business-owned vehicle. Businesses must carry at least the below minimum liability coverage:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident

If you require your employees to use their personal vehicles for business use such as a delivery driver then their personal auto policy is unlikely to provide coverage should they be in an accident. Consequently, although it is not required, you should strongly consider covering their vehicles with hired and non-owned auto insurance. Additionally, if your business is in the trucking industry there may be additional requirements that you need to consider and have to comply with Connecticut regulations.

If you own a business in Connecticut and are struggling to find commercial insurance, look no further than the friendly team at the Brent Young Agency LLC. Conveniently located in Manchester, CT we offer a plethora of insurance options and can answer any of your lingering questions. Give us a call today or stop by our office to learn more about our insurance offerings. 

Commercial Insurance Explained

If you are thinking about starting a business in Manchester, CT, you need to think about commercial insurance from Brent Young Agency LLC. While you may have the business acumen, when it comes to matters of risks, you can’t predict their occurrence with certainty. It’s for this reason you need insurance to cushion your business when the unthinkable happens.

But because we know that not everyone is familiar with commercial insurance, we have taken time to ensure you understand commercial insurance basics. Here is what you need to learn about commercial insurance.

Is commercial insurance mandatory?

Yes, some aspects of commercial insurance are compulsory in Connecticut. If you have commercial vehicles, you are required to purchase commercial auto insurance. Similarly, if you have workers, you must invest in worker’s comp insurance.

Are there optional commercial insurance coverages?

Commercial insurance is broad — there are many options to consider for your business. Here are the most common commercial insurance coverages:

  • General liability insurance: This coverage protects your business when accused of bodily injury, property damage, and advertising injury. Furthermore, this policy protects you when sued.
  • Commercial property insurance: If you have business assets, you must invest in commercial insurance to protect your valuables against perils like fire, theft, vandalism, and natural disasters.
  • Cyber liability insurance: Because of the rising cybercrime activities, you need cyber liability insurance to protect your business when faced with online attacks.
  • Umbrella insurance: If you want extra liability protection, you need to invest in umbrella insurance to protect your business when faced with significant liability claims.
  • Flood insurance: Since typical commercial insurance doesn’t protect your business against floods, you need a stand-alone flood insurance policy to protect your business.

Would you like to learn more about commercial insurance? Don’t hesitate to contact Brent Young Agency LLC for more information. Better yet, you can pop in our Manchester, CT offices to speak to one of our agents.