(800) 253-1482Affordable Business Insurance in Colorado
Running a business comes with a lot of responsibilities. The end goal is simple. Provide a viable good or service to your customer base and generate a profit. Delivering value is important, but so is protecting your interests. This is what makes business insurance in Colorado an essential component of any business plan.
Any venture can go wrong as there are plenty of variables and perils at play. But by enrolling with the right coverages, you can safeguard your company to ensure that you are here for the long haul.
Colorado commercial insurance comes in many different forms because there are varying aspects to each company. Big or small, it doesn’t matter, all entrepreneurs need the right coverage to help protect their companies against potential threats.
If you’re looking to get a business insurance quote, we can help. The team at Freedom Insurance Group is here to help work with you every step of the way. Explore your coverage options and safeguard your profit margins with the right policies for your operation.
Business Liability Insurance in Colorado
General liability insurance for a Colorado small business is a core protection that helps your company navigate certain liability issues. Accidents can happen and when they do, if your company is found to be at fault, you’ll need to restore the loss of the affected party. Common risks business insurance in Colorado protects against include the following:
- Paying medical bills
- Restoring damage to another party’s property
- Legal expenses
- Data breaches in a world where we continue to move more and more operations online. This includes both the risk of losing proprietary information and the sensitive information of clients.
The cost of restoring these issues continues to climb and having general liability coverage for your business is a great way to safeguard against them. There is also product liability insurance that can help you protect against incidents in which defects may cause a customer to suffer a loss.
From defective products to injuries sustained from an accident to defamation, there is a lot to protect, and thankfully, viable options are available. Business liability insurance in Colorado is an affordable way to avoid major financial losses.
Workers Comp Insurance, Colorado Coverage
Insurance requirements in Colorado dictate that workers’ comp must be provided by any company operating with at least one employee. This includes part-time employees, your family members, and anyone else. If they work for your business, workers’ compensation is mandatory.
It’s an extra expense for business, and yet, it’s also a way to help both companies and workers protect their finances. Rather than facing a lengthy, costly lawsuit, workers are protected when they are injured on the job. Workers are also protected by ensuring they aren’t abandoned following an injury.
Commercial Property Insurance in Colorado
Many business owners never learn to overcome the challenges of restoring a substantial loss after substantial property damage. Colorado small business insurance for commercial properties can help you protect against losses to the physical aspect of your business.
This is similar to how a homeowners insurance policy works for residential homes, only for your company. This means your physical place of business, inventory, equipment, and other physical components can receive protection with the right coverages in place.
Just like virtually any other insurance policy, commercial property insurance is not blanket coverage. There are different types that may be available and exclusions that can also come into play. The physical nature of each business is also a varying topic that changes from location to location.
Additional coverages may be available for your company, on top of the standard commercial property insurance policies you may need. Speaking with an agent can help you identify the right protections for your company.
Colorado Commercial Vehicle Insurance
Unlike many other forms of business insurance in Colorado, commercial auto insurance is mandatory by law. Just as drivers in personal vehicles must maintain a minimum amount of liability coverage, drivers conducting business must also.
It’s important to note that this does not just mean large or even small, local businesses in the traditional sense. Colorado commercial vehicle insurance applies to entrepreneurs, contractors, and anyone that is operating a vehicle while conducting any sort of business.
Personal auto insurance policies won’t cover you if you’re in an accident while conducting business. This includes conducting business for the company you work for while conducting business. You may even be dropped as a client.
In order to stay legal, companies must maintain at least the minimum amount of coverage for each vehicle resulting in $25,000 bodily injury liability per person, $50,000 bodily injury liability per accident, and $15,000 property damage liability per accident.
Of course, there are many different factors that go into enrolling in Colorado commercial vehicle insurance, including the nature of your business. You’re going to want to make sure that more than simply staying legal, you’ll have enough coverage to protect everyone involved and your business. There are also threats that can become costly to you and your business outside of being involved in an accident.
Speaking with a licensed business insurance agent can help you identify your risks and choose the right coverages for your fleet of vehicles. Including commercial truck insurance and similar protection, specializing in keeping larger trucks and semis protected while on the road.
Business Interruption Insurance in Colorado
What can often become overlooked for business owners is not just the fact that perils exist to cause a loss to your business, but that they can hinder you from getting back on your feet as soon as possible. Physical damage, theft, and other issues can cease your ability to operate.
Business interruption insurance helps you fulfill orders and limit the ramifications that can come with a work stoppage. Arguably the most underrated form of business insurance in Colorado, here are some of the many expenses your coverage reimburses you for when suffering a loss:
- Order fulfillment
- Marketing expenses
- Mortgages, rent, and other loan payments
- The cost of payroll and training employees
- Costs for relocating
- Taxes and various other business expenses
From physical disruptions to cyber-attacks, business interruptions may evolve in nature, but they are costly no matter what. This coverage helps you remedy such situations and prevent your company’s lowest point from sinking further.
Commercial Umbrella Insurance for Colorado Companies
The risk of being liable as a company means one wrong incident can be too much for a company to recover from. Having general liability coverage and commercial auto insurance is important, but when losses exceed these policy limits, your business could be in trouble.
Fortunately, commercial umbrella insurance is affordable coverage that helps protect your company from suffering substantial losses. Rather than paying out of pocket to restore another party’s loss, your policy provides an extra layer of protection picking up where your other coverages let off.
Protection From Crime Against Your Business
Criminals don’t care about your business or the destruction they leave in their wake. Rebuilding an honest business after people decided to use your hard work as a shortcut can be frustrating, to say the least. If crime affects your operation, you shouldn’t have to pick up the pieces on your own.
Fortunately, business crime insurance helps companies protect against this risk and provides coverage to help get things back up and running as smoothly as possible. Your coverage can protect against theft but also help with things such as copyright infringements or forgery.
Policy endorsements to address employee theft are also available. They provide protection for your company’s cash in the event someone you’ve trusted has proved to be less than trustworthy.
A business crime insurance policy can also help your enterprise safeguard against Internet crimes. Companies are becoming more and more connected online, which sadly also means the threat of criminal activity toward your business is also on the rise. Protection is available in The Centennial State.
Colorado Business Insurance Requirements
Both worker’s compensation and commercial auto insurance are required by the state of Colorado. There are also other insurance types that may be required including disability coverage and unemployment, but beyond requirements, business owners need to consider the risks they accept when they do not enroll in optional coverages.
Policies such as small business liability insurance in Colorado are capable of helping companies avoid massive financial losses, ill-timed lawsuits, and business disruptions. Again, these threats persist for companies big and small and should be addressed by any operation.
How Much Business Insurance in Colorado Do I Need?
You’ll need enough business insurance to protect against major losses to your company following a loss. This can mean different things for different people, but by assessing your risks, you can find policies that have adequate benefits for your coverage needs. Speaking with an insurance agent can help you identify your risks and properly stay protected.
Are Business Insurance Premiums Tax Deductible in Colorado?
Yes, there are situations in which for-profit businesses may use business insurance in Colorado as a tax deduction. Tax credits and other guidelines may also apply, in accordance with Colorado state law.
But let us be clear, while we are experts at finding your business the best rate for your Colorado business insurance needs, we are not the authority regarding tax codes. Any and all financial advice should come from a licensed CPA before decisions are made.
How To Protect Your Company With Business Insurance in Colorado
Protecting your business can mean many different things and no matter if you’re an entrepreneur using the Internet to build a side hustle or a local business looking to go regional, we’re here to help. Since 2005, Freedom Insurance Group has been helping companies protect their operations.
Because we have established relationships with more than 25 reliable insurance providers, we can help build customized protection for your business, while ensuring you don’t overpay for the coverage.
All insurance policies deal with risk and that is also reflected in your premiums. The riskier your business is to insure, the higher your premiums will be, and the opposite is also true. But all carriers have their own way of determining risk, meaning you may pay vastly different prices for your coverage depending on the brand you enroll with.
Our agents work for you rather than a singular brand and can quickly and accurately pinpoint the lowest price for your small business insurance in Colorado, without cutting corners. This way, you’ll receive the coverage your company deserves, at the lowest price.
To get business insurance quotes in Colorado, you can fill out our online form, or give us a call today to speak with an agent. No matter what type of business insurance in Colorado, you are searching for, our experts are ready to find you the right commercial policies, for less.
