When it comes to protecting your livelihood and your business, one of the most important things you can do is to hold the right insurance. There are many I’s to be dotted and T’s to be crossed when you’re a small business owner, and if you’re not careful, missing something important such as liability or different types of business insurance can be disastrous. Larger companies may promise cheaper rates in a matter of minutes, but may not come through for you when it’s crunch time and you need to file a claim. If you’re in search of reliable and trustworthy business insurance in CT, look no further than Scott Insurance.
There are many reasons to choose a CT insurance agency when it comes to insuring your business. Having someone right in your hometown is imperative if there’s an emergency. Claims can get filed and processed more quickly, and you can drop right in the office at any time to check up on how a claim is going or being processed. A hometown agency is also a good idea when you’re shopping and first purchasing insurance. One of our qualified agents will sit down and explain all the different attributes of business insurance – from holding bonds for workers, to worker’s comp insurance, to liability insurance – to tailor a package that’s perfect for your needs. There’s no point in holding business insurance policies that don’t do anything for your business. We’re also happy to explain Connecticut laws and what’s required by law, so that you’re always covered. As always, we provide the lowest rates possible so you can concentrate on the important things, such as running your business.
To learn more about the different types of business insurance in CT or to request a quote, call Scott Insurance today at (203)375-5847 to speak with a professional agent or representative. We’re more than happy to provide an expedient and free quote.Read More
Types of Business Insurance
One type of business insurance we haven’t covered yet in our blog series is Errors and omissions insurance.
While this isn’t one of the commonly known types of insurance it can save you money and a headache down the road. Basically, Errors and omissions insurance is coverage for if/when a client holds your company responsible for work that was unsatisfactory or not completed at all.
We bring this up because it’s an insurance that not a lot of business and professionals have and it can be a big help no matter what industry you hail from. Take a look at this piece the Insurance Journal wrote about Errors and omissions insurance for a better idea of how it can help your business.Read More
Getting Company Insurance Coverage
Directors’ and Officers’ coverage (D&O) has long been a favorite among companies that want to protect their directors and officers from damages resulting from alleged or actual wrongful acts they may have committed in their positions. Aside from affording protection against disgruntled shareholders in publicly owned companies, D&O insurance offers privately held companies protection against employees, clients, stockholders, vendors, creditors, and even minority shareholders related by blood or marriage. Directors’ and officers’ liability insurance is often confused with professional liability insurance (or errors and omissions coverage). While professional liability/errors and omissions coverage applies to performance failures and negligence with respect to products and services, directors’ and officers’ liability insurance covers the performance and duties of the executive team.
NOTE: If directors’ and officers’ insurance coverage is not in place to protect their personal assets, it is not likely that investors and members of the board of directors will serve as corporate directors or officers.Read More
Are You Insured for Computer Breaches?
As business growth continues to be driven by computer technology, exposure to breaches of confidential information due to programming errors, network interruption, and client data loss becomes ever more problematic. To meet these challenges, insurance companies offer professional liability insurance called Technology Errors and Omissions Insurance (“Tech E&O”). It can cover litigation costs arising out of their tech products and service when technology providers face lawsuits for negligence or intellectual property infringement. Technology E&O insurance protects against claims of financial loss to a third party caused by errors and failure to perform/poor performance, in addition to covering legal expenses or resulting judgments. This insurance is particularly critical for small technology companies who need financial backing to help them grow.
NOTE: Technology errors and omissions insurance typically provides coverage for liability related to the actions of (sub)contractors working on behalf of the insured company.Read More
Protection From Employee Claims
With the heightened awareness of workers’ rights that has taken hold in recent years, business owners must protect themselves against claims made by employees, former employees, or potential employees. To meet this need, Employment Practices Liability Insurance is available. It covers the company (including directors and officers) against claims of discrimination (age, sex, race, disability, etc.); wrongful termination of employment; sexual harassment; and other employment-related allegations. It is important to have this coverage in place from the very start because businesses may be vulnerable from the pre-hiring process through the exit interview, even if the employee filing a claim was never hired. Even groundless and fraudulent claims can be expensive to defend against.
NOTE: E-mails and tweets provide a lasting record of comments that some might find offensive or incriminating, which further increases the need for protection against employee claims.Read More