We know choosing the right Colorado Commercial Insurance for your new business is an important decision. Our agency has the experience to market your Commercial Insurance and provide you with options for your new business. Whether you’re a store owner, contractor, distributor, office professional, or wholesaler, you need Commercial Insurance to protect you and your new business against the unique risks and exposures you face. Here are the types of Commercial Insurance you should consider when selecting and designing your business insurance program:
Commercial General Liability: Covers third party liability claims arising out of your operations when you become liable for bodily injury, property damage, products and completed operations and personal injury. Coverage also is designed to protect against liability for injury, loss, or damage that a merchant, contractor, or a manufacturer may incur as the result of some defect in the product sold, manufactured, or constructed.
Example: A customer slips on your driveway, trips on your steps, or injures himself on your premises; or a customer is injured as a result of your product or service.
Commercial Business Property Insurance: Insures your building and contents at your described locations. Inland marine coverage picks up property off site or in transit.
Example: A fire destroys your entire building and equipment.
Employee Dishonesty Coverage: Protects your company from financial loss resulting from employee theft of money, securities, or property.
Example: An employee steals money from your company.
Workers Compensation: Provides compensation for your employees for medical care in the event they are injured on the job; including medical benefits, income benefits, death benefits, and rehabilitation benefits.
Example: You own a delivery company, and an employee is injured while making a delivery.
Business Auto: Provides insurance coverage for your company’s cars, trucks, trailers, vans, or other vehicles. Coverage for owned and non-owned vehicles in also included. Physical damage, rental reimbursement, uninsured/underinsured motorist and medical expenses can also be included. Commercial automobiles MUST be insured on a Commercial Automobile policy. Owners of a business who regularly use their vehicle for business but register it personally may insure it either on a commercial or personal auto policy.
Example: You’re a beverage distributor making a delivery in the company van when another vehicle runs a stop sign and hits you.
Professional Liability: Covers you for the failure to perform professional services. If you design something or perform work which does not meet standards or expectations, you could be sued for the cost of the contract, damages, or lost business revenues by your customer.
Example: You are an architect and one of your buildings has developed a mold issue due to poor roof design.
Business Interruption Insurance: Provides protection from loss of income and extra expense if your business suffered a loss and you were unable to operate for a period of time.
Example: A major storm hits and your restaurant is completely flooded. You have to close for a month to repair all of the damage. You suffer lost revenues due to the closure.
Employment Practices Liability Insurance: Coverage for legal costs to defend an employer from lawsuits filed by employees and former employees involving wrongful termination, discrimination, and harassment.
Example: A female employee complains of harassment from another employee, and you fail to respond. The employee sues you and the employee for harassment.
Data Breach: Covers a business for 1st and 3rd party liability if their computer system is “hacked” or breached and customer’s personal information become accessible to the public.
Someone hacks into your computer system and they are able to obtain Social Security and other confidential information.
Equipment Breakdown Insurance: Provides coverage for the accidental breakdown of equipment.
Example: A power surge damages your computer network.