Commercial Insurance in Colorado
Owning a business in Colorado requires the appropriate insurance to protect your company from financial challenges. Depending on the business and the potential risks associated with your company, the appropriate protection policy may vary. Working with an independent agency like 1st American Insurance Agency can help you narrow down the choices and find the right policy to address all of your concerns.
Colorado Auto Coverage for Companies
Any business that owns company cars and requires employees to drive the vehicle must obtain appropriate auto insurance to protect against liability, property damage and other concerns if an accident occurs. Commercial auto insurance is designed to protect against costs incurred from property damage and medical bills. A company plan can provide coverage for every driver.
CGL coverage, which is also called commercial general liability coverage, protects you from lawsuits after an accident occurs. Depending on the company, you may need protection against defective products, accidents that take place on company property or other potential injuries that may harm passersby or customers.
Protection for Property
If your business owns a property, then you will want some insurance to protect the company property. Commercial property coverage may provide protection against the theft of company electronics, vandalism or damage to the building. It can also help rebuild or repair the property if it is damaged in a fire or similar situation.
Workers Compensation Protection
Although liability protection is designed to pay for lawsuits that may occur when a customer or passerby is injured, it is not designed to address the needs of your workers. Protecting your employees will require workers compensation protection. Depending on your business and the type of work that employees do throughout the day, the amount of protection that you may need can vary. For example, construction workers will need more protection than office workers due to the higher risk of injury.
A BOP plan, or a business owner package, is a general policy that is designed to address a variety of concerns. It offers basic protection for property and liability within the same policy, but it is not always enough to address all of your needs. It may offer a small amount of protection your business does not own many properties or if you have a low risk of injuries.
Protection your company requires the right policy options. Depending on the company, the appropriate plans may vary. Working with an independent agency can help narrow down the choices and identify the right plan to protect your assets.