Colorado Small Business Insurance

Colorado has 563,917 small businesses spanning a variety of industries, with professional, scientific, and technical services being the top category when it comes to businesses here. That’s actually the top industry across the country, but one thing that is unique to Colorado is the fact that the small businesses here employ 991,542 people. Whether you’re among these employers or you work alone, you need Colorado small business insurance to fully protect your firm. Here is the coverage your policy should have.

Colorado Small Businesses Need The Following Insurance

Protect your business (GL): If customers come to your workplace often, you need general liability when you get Colorado small business insurance. In fact, even if people rarely visit your workplace, you still need this coverage. This is because you never know when someone will take a wrong turn, end up in your parking lot, and damage their car as a result, at which point your general liability coverage will pay for the repairs. The same goes when someone gets lost and decides to go into your business for help, but trips on the curb and is injured on the way. At that point, the general liability portion of your Colorado small business insurance policy will pay for any medical care that is needed.

Insure Your Property (BPP): Now that you have coverage for visitors and customers alike, you need coverage for your business property. Regardless of how careful you are, there is a chance that a fire could burn down your building, or that a burglar will break in and take your cash, inventory, or computer. But when you have business personal property insurance, you don’t have to worry about paying to make property repairs or replace items you lost, because this coverage will pay for it instead.

Employee Protection (WC): About 123,435 of the small firms in Colorado have employees, which means all these firms need to get workers compensation when they get Colorado small business insurance. If your business fits into this category, it’s good to know what this part of your policy covers. Put simply, it will pay for the medical expenses that will arise when an employee is injured working for you. Not only will it pay for hospital bills, physical therapy, and follow-up visits to the doctor, but it will also reimburse the injured employee for any missed wages.

Umbrella/Excess Liability: Having general liability is a necessity when you have Colorado small business insurance. But it’s really just a start. You should also add excess liability, since this will pay for any expenses that go beyond the coverage that your general liability policy allows for.

Cyber Crime Liability: Technology is great when you’re a small business owner. It can help you perform daily tasks big and small, which is why it’s more of a requirement than a luxury these days. But with our increased use of technology comes the threat of cyber crimes. Instead of worrying about how cyber crimes may affect you, just add cyber crime liability to your Colorado small business insurance policy.