SMALL BUSINESS INSURANCE COLORADO

General liability insurance in Colorado can help pay for damages or legal fees if someone other than an employee accuses your business of causing an injury or property damage.

For example, if an employee at a window cleaning business in Denver accidentally breaks a large pane of glass at an office building, general liability can help pay for repairs. And, if the building owner decides to sue, coverage can help pay for legal defense costs and damages.

Construction and cleaning companies may choose to add optional tools and equipment coverage to their general liability policy. This type of insurance can help repair or replace business gear that’s stolen or damaged outside normal wear and tear.

Colorado requires small businesses with employees to carry workers’ compensation coverage.

Colorado workers’ comp insurance provides protection when employees get hurt on the job. It can help pay for medical expenses and lost wages after workplace injuries. It can also help cover legal costs if an injured employee claims that your negligence caused the accident.

For instance, imagine that a worker at a landscaping firm in Colorado Springs cuts his hand while working at a client’s property and needs stitches and a three-week leave of absence. Workers’ compensation can help pay the employee’s medical bills and lost wages during his recovery.

Colorado state law requires businesses with company-owned vehicles to have commercial auto insurance. That’s because, generally speaking, personal auto coverage won’t cover business-related accidents.

Here’s how commercial auto can help if a cleaning business employee driving the company van hits another car in Aspen, causing significant damage. Coverage can help the cleaning business pay for repairs to both vehicles and medical bills if the accident caused injuries.

Businesses that ask employees to drive their own cars or rented vehicles may consider adding optional hired and non-owned auto coverage to their commercial auto policy.

Commercial property insurance in Colorado can protect the essential things you need to do business such as equipment, inventory and even your business location if you own the property.

For example, if an electrical fire causes damage to your retail store in Durango, commercial property coverage can help pay for repairs to the building and replacement of your computer and inventory.

Commercial property insurance often covers water, fire and wind damage but some policies have exclusions for flood-prone areas and other risks. Be sure to read your insurance documents closely so you know what your policy covers.

Professional liability coverage in Colorado, also known as E&O or errors and omissions insurance, can help cover legal defense costs if someone accuses you of making a professional mistake that causes financial losses.

Professional liability insurance can help your business pay to defend itself If a client claims that you made a work error, failed to complete a project on time or didn’t fully deliver what you promised.

For example, if a home buyer in Fort Collins claims that a real estate agent failed to disclose a property flaw that required costly repairs, professional liability can come into play. Coverage can help the real estate agent cover legal costs if the home buyer sues or pay damages if settled out of court.