Common Exclusions For Commercial Insurance

In Enfield, CT, your commercial insurance policy is going to cover the most common hazards, most damages, and most losses, if you have an adequate policy. But there are some reasonably standard exclusions. Here’s why your claim might get denied:

  • You don’t have the coverage you thought you had. For example, some business owners believe that if they have liability, then they can file a claim after a fire. Liability is there to pay for damages and injuries when you are held responsible, but it doesn’t cover the building or your property.
  • You didn’t file within the deadline. Most insurers have different timeframes in which you can file a claim, but they all have a timeframe. You can’t sit on an insurance claim, saving it for a rainy day. You have to file promptly.
  • You don’t have adequate documentation. Say you lose a new pizza oven in a fire. Does your insurance company know you had a new pizza oven, or are you only insured for the old one? Update your insurance company about any changes and significant purchases in the store in a timely manner.
  • The losses fall under an excluded property. Most insurance policies won’t cover building foundations, land, paved surfaces, any crops, grain or hay stored outside, or non-livestock animals. Check your policy and ask your agent if you have any questions.
  • You were hit by a flood. Flood is covered by flood insurance. Almost nowhere in the United States will you find a commercial or home insurer that covers flooding.

If you’re looking to get covered in Enfield, CT, get in touch with us at the Koverage Insurance Group. Stop by the Koverage Insurance Group offices or give us a call and let’s see what we can do to help you.

Does Commercial Insurance Protect Employees, Too?

When business owners think of commercial insurance, they often think of the policy that protects their building and equipment. But what about their employees? There’s commercial protection for them, as well. That’s generally in the form of Worker’s Compensation insurance, which is separate from the building and equipment policies. Many business insurance policies also provide coverage for mistakes that employees could make through errors and omissions insurance. The best way to make sure you’re getting the commercial policy that’s right for your Enfield, CT area business is to work with us at Koverage Insurance Group. We’re here to help your business.

Not all businesses need the same type of insurance or the same level of coverage. The person working online from their home may not need any kind of commercial policy at all, while an office or a factory with a lot of employees on-site would need a policy that would protect what the company owns or leases and the people who work there, as well. You don’t want to settle for less than thorough, proper coverage, so you can have the peace of mind that comes with the right insurance policy. As a business owner, you have a lot to think about and keep up with. Insurance shouldn’t have to be part of that.

Reach out to us today at Koverage Insurance Group and let us help you find the right commercial insurance policy to protect your building, equipment, employees, and more. If you’re in the Enfield, CT area, call or stop by so we can start on a review of your current policy or look for one that meets your new company’s needs. No matter how long you’ve been in business and what kind of company you have, there’s a commercial policy that will give you protection and peace of mind for the present and the future.

What Is Commercial Insurance?

If you own or manage a business, you may be considering commercial insurance, and for good reason. Starting and running a business takes a lot of financial and physical commitment, so, of course, you want to protect it. Here at Koverage Insurance Group, we love helping the business owners around Middletown and Enfield, CT protect their investment. Here’s a simple guide we put together to help you understand commercial insurance.

Commercial insurance is insurance coverage that helps protect businesses from financial losses due to covered events. Though each policy is different, some of these events include theft, damage, third-party lawsuits, and customer injury. Some of the most common commercial insurance policies are:

  • General Liability Insurance
  • Property Insurance
  • Worker’s Compensation Insurance
  • Business Interruption Insurance
  • Equipment Breakdown Insurance
  • Commercial Auto Insurance

The particular coverage that you should have for your business depends on your individual business situation. The following are things to take into account when choosing coverage:

  • How long you have been in business
  • How many employees you have
  • Where your business is located
  • Whether the business owns or rents vehicles or any property
  • Your annual revenue

A small business with five employees that work from home will require different coverage than a large corporation that has multiple locations and hundreds of employees. It is important that you meet with an insurance company that will take the time to understand your unique business situation so that you get the coverage you need and none of what you do not. 

For Middletown and Enfield, CT business owners and managers, that agency is the Koverage Insurance Group. Stop by or give us a call today and let us help you protect your investment!


Is Defective Product Liability Covered Under My Commercial Insurance Policy?

Defective products create liability. In most cases, your commercial policy will be able to cover any damages caused by a defective product that you either sold or manufactured as long as you had no idea there was a problem. The agents of Koverage Insurance Group serve businesses in Enfield, CT that may require commercial insurance that covers defective product liability.

Knowing Your Liability Limits

Most commercial policies have liability limits that can range between $100,000 and $1 million, depending on the types of products or services you offer. Knowing and understanding these liability limits will help you determine if you are sufficiently covered or if you may need to increase your coverage. Commercial policies are designed to protect you from financial loss, but sometimes you may need to supplement that coverage.

Adding an Umbrella Policy

If you have concerns that your existing commercial policy may not be sufficient, you have two options. You can increase your liability policy, or you can choose to purchase an umbrella policy. Umbrella policies are more expensive but will cover you over and above the limitations of your commercial policy.

If you own a business in Enfield, CT, contact the agents of Koverage Insurance Group if you have questions about your commercial insurance coverage and your defective product liability limits. With our many years of experience, we can provide you with sound advice and assist you in getting the right amount of coverage to meet your needs. Having a sufficient amount of commercial coverage is essential for peace of mind and a solid sense of security. Speak to an agent today or visit our office to get the answers you need.

Must Have Commercial Coverage for Small Businesses

Protecting your small business with commercial insurance will help it prevail through the good times and the bad. If you’re not prepared, an unforeseen disaster could lead to financial ruin. Commercial insurance from Koverage Insurance Group can protect your Enfield, CT enterprise from liability claims, property damage, loss of inventory, loss of income and more. Here’s the coverage you need to protect your fledgling enterprise:

Business Property

Business property coverage will protect your building, business equipment, inventory and signage from disasters like fire, wind damage, hail, rainstorm and more. You never know when disasters will strike but you can be prepared with proper insurance coverage.

Liability Coverage

As a business owner, you have several choices of liability coverage – general liability and professional liability. General liability protects your business from accidents customers may have on your property by covering the cost of their injuries or property damage. Professional liability protects you against claims customers may make against you or your employees due to faulty services or products.

By purchasing a BOP (small business owner’s policy), you get both of these coverages in one policy as opposed to buying them separately.

Workers’ Comp Insurance

If you have one or more employees, most states require that you get worker’s comp coverage to protect your workers against injuries on the job.

Business Interruption

Business interruption can protect you against financial loss if you have to shut down temporarily due to a disaster. This coverage covers loss of income, employee wages and the rental of a temporary location while your old place is being repaired.

Commercial insurance is your first line of defense against disasters that can cause you financial loss. For customized commercial insurance coverage to meet your business needs, contact your Koverage Insurance Group agent in Enfield, CT.