Commercial And Business Insurance Liability Plans

When it comes to finding the right business liability insurance, Colorado or in another state, it’s important to keep in mind that there are various types of coverage – there is no “one size fits all” approach. The sort of service your business provides and even its location will inform the choices a business owner must make when deciding the best plan for them.

Here are several classifications of business liability insurance in Colorado, and explanations of exactly who these policy types are geared toward:

No matter what the industry, all business owners should consider purchasing general liability insurance, since this type of insurance covers legal fees incurred as a result of injuries or accidents stemming from negligence or some other fault on the part of the business. General liability insurance also provides damages – so if a third party happens to incur either bodily injury or property damage as a result of actions performed by you or your employees, or resulting from use of your products, this policy will cover you. Keep in mind that even home-based businesses should have this type of policy.

Property insurance does just as its name describes: It protects your equipment, inventory, tools and facility in case of damage or vandalism. This type of policy will fall under one of two categories. All-risk policies cover the general risks faced by any small business, while peril-specific policies cover only that which is described in the policy and are purchased in instances where a high risk of peril is involved in the area in which the business is located. Not only does a policy protecting physical items come in handy, but it’s also a good idea to include a plan to cover business interruption/loss of earning. After all if fire or flood damage your equipment, it stands to reason that the business won’t be operational for a time.

If you manufacture products, then product liability insurance should be part of your overall plan. The level of coverage you purchase should be in relation to the types of products you manufacture. For example, a car manufacturer would need a higher level of coverage than a clothing manufacturer, as the former’s faulty product could potentially cause greater damage.

Service providers should purchase professional liability insurance coverage. You may also see this referred to as errors and omissions insurance. This type of insurance protects business owners against negligence, errors and malpractice. Some states require members of certain professions to carry this insurance; for example, physicians must carry malpractice insurance in order to practice in certain states.

Worker’s compensation is another requirement for all business owners with W2 employees. This covers wage replacement and medical benefits for employees who are injured on the job, and protects business owners from potential legal complications as employees who accept worker’s compensation benefits forfeit the right to sue their employer as a result of their injury. You may want to check the specific laws for Colorado insurance – and the penalties for not having any, as they can vary from state to state.

If your business is home-based, you may not realize that homeowner’s insurance generally won’t cover your business losses. Home-based business insurance will cover any extra business-related losses should this be the case.

business-liability-insurance-man-with-umbrellaIf you are looking to buy small business insurance, Colorado or within another state, or have specific Colorado insurance questions, it’s best to contact your representative for advice. But now that you’re a bit more well-versed in the common types of small business insurance in Colorado, you’ll be able to go into the conversation with some idea of the specific types of policies which apply to your situation.

Get Compensation Insurance for Workers

Amid the pursuit of workers comp insurance, Colorado or otherwise, intelligent business owners realize that workers compensation is both legally mandated and necessary to run the business effectively. Regardless of the type of company, workers comp insurance is a necessary step in ensuring the solidity of the business. Even society as a whole benefits from the implementation of workers comp insurance.

A Mutual Bargain

Producing jobs in the community has always been a difficult task for employers. If one spends too much money, one cannot afford to continue hiring and expanding. But if one skimps on something important, such as obeying safety regulations, the results can be a diminished workforce with low morale and a large amount of legal repercussions that the business has to deal with.

Early in modern worker relations, injuries and deaths on most kinds of jobs were far more common than they are today. Because of this, strikes and lawsuits were also more common. Law makers finally intervened, and brought about the use of workers comp insurance. In the realm of workers comp insurance, Colorado and everywhere else, the goal was to keep businesses operating effectively. The resulting legislation limited the rights of workers to file suit against their employers, but it forced companies to provide at least a basic level of coverage for workers who are hurt on the job.

Setting Up Your Colorado Insurance to Protect Workers

Workers comp is useful for protecting workers from the potential harm that any working environment can cause. Particularly for more dangerous occupations, workers compensation offers money necessary for continuing to meet expenses if something unfortunate happens. Further, this system is not contingent on the legal system and having to proceed with a trial that would delay everything. While this is far from an optimal solution for injured workers, it is the best system that has been built to date.

Protecting the Company

Companies need a level of stability in order to operate effectively. When a worker becomes injured, this can hurt the morale of everyone else in the organization. For the company to continue to function well, the worker must be taken care of to some extent. Workers comp insurance allows the company to continue working at a reasonable capacity by excluding the legal process and helping to maintain a reasonable level of morale in the remaining workforce.

Legal hassles have driven many companies to serious damage, and in some cases injured workers have put a significant damper on the company’s ability to operate effectively. Endless litigation is a serious drain on resources, and workers can see what happens to their colleagues. If the company treats one worker poorly, others can easily update their resumes and demonstrate very little loyalty moving forward. To protect the company from a mass exodus or workers who operate like the least loyal of mercenaries, workers compensation is a solid solution that allows the business to operate in peace.

Protecting Society

Society as a whole is protected considerably by workers compensation. Without this step in place, society would quickly find itself with less companies that can continue to function. This would result in having less jobs for the work force, and ultimately the jobs that would remain would be under greater threat due to lower morale. It may even be possible that with a lack of workers comp, workplace safety conditions may not be at the relatively high level they are today.

work-injury-compensation-claim-formBusiness owners need to protect their interests, as well as those of their workers. Interested Colorado business owners who need to set up the right insurance should speak to one of our agents via live chat here on this website or call (720) 445-9941 today and get their workers comp handled.

Car, Auto and Vehicle Insurance Coverage Plans in Colorado

The requirements for auto insurance are location-based. In Colorado, car insurance for drivers is a must. The Colorado Department of Regulatory Agencies, through the Division of Insurance, is responsible for enforcing all regulations on auto insurance.

Up until 2003, the state of Colorado was “no-fault”. This meant that the cost of auto insurance was lower as small insurance claims were taken out of court. The insurance company was expected to compensate its policy-holders for minor injuries without considering who would be at fault. However, the law changed as a step to minimizing insurance premium costs and also to prevent abuse of claims.

Currently, car insurance in Colorado is a tort system. This means that fault has to be established before the insurance company pays for claims. So what insurance coverage plans does one need to ensure that he or she is covered and safe in Colorado?

Required insurance

It’s a requirement by law that drivers in Colorado have liability insurance. This covers the other car only and/or the driver if the accident is the first car’s driver’s fault.

The required car insurance in Colorado minimums for drivers are:

Bodily injury liability

This covers the expenses incurred by the injured or dead if the accident is your fault.

The minimum per person is $25000 for bodily injury.

The minimum per accident is $50000 for bodily injury.

Property damage liability

When the accident is your fault, this covers any expenses realized after the damage of property of another person including vehicles, buildings and homes among other structures.

The minimum per accident is $15000 for the damage of property.

All other insurance is optional.

Optional insurance

There’s also a variety of cover types that are optional in Colorado. They include:

  • Coverage for collision: Damages to one’s car caused when the car hits other objects (including cars) are covered under this type.
  • Comprehensive: Factors such as wildlife, theft and extreme weather which aren’t directly related to an accident. If the car is damaged the comprehensive coverage covers it.
  • Coverage for medical payments: The law requires that medical pay coverage be offered as part of any car insurance policy within Colorado. It’s offered in increasing amount of $1000 towards injuries caused by accidents. It’s however possible for one to opt out of the plan or purchase higher limits if they are offered by their insurance company.
  • Underinsured/uninsured motorist: In cases where one is involved in an accident and the driver does not have insurance or it is too little, this type of coverage covers the former.

Other optional car insurance coverages include:

  • Lease or loan gap coverage
  • Coverage for rental car
  • Towing or roadside assistance coverage

It is important to note that leasing and finance vendors will require one to have comprehensive and collision coverage on all financed vehicles.

What to consider before choosing an insurance cover

Before choosing an insurance cover for your car, it is important to consider some factors:

  • The type of insurance that is most convenient for you and the limits.
  • The benefits offered and how perfectly they meet your needs.
  • Special riders. These are the unique options available to your situation.
  • The costs of premium.
  • The company offering the coverage and the reputation.
  • The number of complaints received by the company over a certain period of time.

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Summary

To remain on the safe side of the law in Colorado, it is important to ensure one has all the required insurance covers. It’s also always important to know the type of insurance you need and read the fine print. This shields you in times of accidents and other related incidents.