When it comes to insurance needs for your business, you may find that your state has specific coverage requirements. All states are different, but the intention is to provide both employer, employee, and consumer with certain protections in the event of an accident or incident. The following policies are required under Connecticut’s commercial insurance regulations.
Commercial Auto Insurance
Any vehicle registered in Connecticut must have auto insurance, and vehicles owned by businesses must be covered through a commercial auto insurance policy. Personal vehicles that are driven for work purposes may be covered through a general automotive policy or a separate hired and non-owned insurance plan. For most plans, business use isn’t covered under a personal auto policy unless specifically added. Coverage limit requirements include:
- $25,000 per person or $50,000 per accident for bodily injury liability
- $25,000 per accident for property damage liability
- $25,000 per person or $50,000 per accident for uninsured motorist coverage
Workers’ Compensation Insurance
For the most part, all Connecticut businesses need to carry workers’ compensation insurance. This is a plan that provides financial assistance for the medical bills, rehabilitation, or death benefits for workers who are injured or contract illness from a job-related incident. Household employees who don’t work more than 26 hours a week are exempt from this coverage.
Carrying sufficient insurance can keep your company compliant with Connecticut regulations. It also protects your business from significant financial losses.