Colorado Business Insurance

Why Get Business Insurance in Colorado
All business owners in Colorado need to have comprehensive business insurance. Whether you own a large company with many employees or run a small business, the proper insurance coverage offers business owners solid financial protection in the event of a claim due to an accident, weather-related damages, or even certain natural disasters.

Without adequate coverage, the risk for small Colorado businesses is huge. For example, if an accident occurs on your business property and you aren’t properly covered by business liability insurance, a lawsuit can literally bankrupt your company. The same holds true for large businesses also. Even if a business continues to operate after a legal battle, it can suffer tremendously while trying to recover the damages awarded by the court. Many companies in this situation are forced to lower productivity and downsize the number of employees.

Don’t risk all you have worked so hard for by cutting corners when it comes to business insurance. Make sure that you, your business, and your personal assets are protected with Colorado liability insurance.

Workers Compensation in Colorado
Colorado State Law requires all employers having one or more employees to purchase a worker’s compensation policy. Overall, this is beneficial to the employer because this policy can save the business owner from having to spend huge amounts of money in the event an employee becomes ill or is injured at work. There is no simple way to calculate how much worker’s compensation will cost you as part of your Colorado Business Insurance. As a general rule, the more employees you have, the more you will pay for coverage. On the other hand, businesses with a clean accident record and a low incidence of claims from employees can still find reasonable quotes for their Colorado business insurance premiums.

Coverage for Colorado Business Insurance
As a responsible business owner, it is in your best interest to be aware of what is offered by insurers related to liability insurance. This includes the following basic types of coverage associated with a business insurance policy:

Other types of coverage worth considering are as follows:

  • Colorado directors’ and officers’ liability – protection against any negligent acts committed by those people in charge
  • Employer liability – also known as worker’s compensation, required by law except for businesses with sole proprietorship with no employees.
  • Professional liability – covers employees if they cause an injury or loss to another person while fulfilling their jobs in the proper manner

Business liability insurance rates normally are based on the type of business that is being insured and the number of employees. A company which is considered “high risk” by insurance underwriters can expect to pay higher premiums than one that is classified as “low risk”. For example, a business which deals with heavy equipment or hazardous chemicals will more than likely pay more for liability insurance than a restaurant or small retail establishment.

Before you decide on a business liability insurance policy, speak with several different companies and compare quotes. You can do this easily and securely online. In the end, you want a comprehensive policy which protects your business and your employees in the event of an unexpected accident or other covered disaster. This keeps your business and its bottom line healthy and secure!