Category: Commercial Insurance

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. 

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. 

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.