Small Business Insurance
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What is Small Business Insurance?
Small business insurance is required in most states for a business to operate and be compliant with the law. It is designed for small businesses like yours. and offers a variety of policies to protect your business against different risks, such as fires, theft, and lawsuits brought by customers or employees.
Types of Small Business Insurance
If you are a starting a business in Colorado and need small business insurance in Denver, Aurora, Colorado Springs, Boulder, CO and nearby cities, you should consider what type of small business insurance you need for financial and legal reasons. A variety of work-related incidents, such as customer injury or property damage, can disrupt a business’s daily operations and financial assets. Insurance helps minimize these problems. Below are the six main types of small business insurance that we can provide FREE quotes for. Get your FREE quote!
Business Owner's Policy
A business owner’s insurance policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately. It’s a great option for small to medium-sized businesses that rent or own commercial property, such as a storefront, warehouse or office building.
Professional Liability Insurance
Professional liability insurance is intended for small businesses that make a living off their expertise. Small businesses in Colorado that offer professional services should consider this type of coverage. It protects businesses from claims of professional negligence, both actual or alleged, and helps pay for defense costs.
Workers’ Compensation Insurance
Workplace injuries happen even in the safest of workspaces. Even if your employee has health insurance, you are responsible for their medical costs. Workers’ compensation insurance covers these medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for businesses that have employees.
General Liability Insurance
This is the most common business insurance coverage, and nearly all businesses in Colorado should have it. It covers common business risks like customer injury, customer property damage, and advertising injury. It protects your small business from the high costs of lawsuits and helps you qualify for leases and contracts.
Errors and Omissions Insurance
Lawsuits can happen whether the associated claims are legitimate or not. Errors and omissions insurance (E&O) helps to cover the cost of a lawsuit if a client claims your work was inaccurate, late, or never delivered. No matter how baseless a claim may be, they can tie you up in legal fees –This can be avoided with Errors and Omissions insurance.
Commercial Auto Insurance
Workplace injuries happen even in the safest of workspaces. Even if your employee has health insurance, you are responsible for their medical costs. Workers’ compensation insurance covers these medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for businesses that have employees.
How Much Does Small Business Insurance Cost?
Small businesses, especially low-risk ones, often qualify for discounted small business insurance. Below are the average costs for small business policies sold by the top business insurance companies in Denver, Aurora, Boulder and Colorado Springs, CO areas. Get the best FREE small business insurance quotes from the top providers today from Quote Genius!
Frequently Asked Questions
Does my business need small business insurance?: Small business insurance in Denver, Aurora, Colorado Springs, Boulder, CO and nearby cities is required in some industries, and some clients may require it before they award a contract. In many cases, small business insurance is not required, but it is a good idea because it protects you from costs that could be potentially devastating to your business.
What kind of small business insurance do I need?: This depends on the type of business you have. Most small businesses will need general liability insurance, especially if you meet with clients or customers face to face. If you offer professional advice, you should also have professional liability insurance. If you have business equipment, like computers or tools, you may consider a business owners’ policy (BOP) which combines general liability with coverage for your business property.
Do I need small business insurance if my business is an LLC?: Yes. An LLC protects your personal assets in the event of a lawsuit or claim, but the assets of the business are still at risk. Business liability insurance will protect your business’s assets.
How important is small business insurance?: If you do not have proper protection in place, you may end up having to pay out of pocket expenses for claims and legal costs. Small business insurance is important to keep your business afloat and give you peace of mind for the unexpected. Small business insurance protects you by covering the costs to defend your business against covered claims, as well as paying any settlement or judgement.
Can I bundle my business insurance with other insurance?: Similar to how bundling your personal home and auto policies may give you a discount, bundling your business policies can provide benefits way beyond cost savings. Most businesses require a number of insurance policies in order to properly insure their operations, including: Workers' compensation insurance.
Get FREE Small Business Insurance Quote from the top business insurance companies in Denver, Aurora, Colorado Springs and Boulder, Colorado areas with Quote Genius.