Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Colorado Concrete Contractors Insurance
Colorado Concrete Contractors Insurance. A concrete contractor is a highly trained person or team that manages the different stages of concrete on a construction project. From an unmixed combination to a finished product, these teams are required to get the job done. A concrete contractor constructs foundations, concrete patios, concrete parking lots, and sidewalks. As a concrete contractor, having the right insurance is important. The main reason for this is to keep your business protected. If you're a concrete contractor having the right insurance is important. Get the Colorado concrete contractors insurance coverage that will keep you and your business protected.
Colorado concrete contractors insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Liability Insurance And Its Importance
Colorado concrete contractors insurance is what protects your business against lawsuits and claims. It's required by law in most states that you have liability insurance or you'll not be seen as a licensed concrete contractor in CO. Without liability insurance, you may not be able to get as many jobs because this is something that most clients require before hiring - they want ot see a certificate of insurance.
To avoid financial ruin in the case of a lawsuit, this is the type of insurance that you'll need. To protect your business, you have to choose the right Colorado concrete contractors insurance for you.
The Different Types Of Liability Insurance
There are various types of liability insurance, but the most common for CO concrete contractors include:
- General Liability Insurance - This liability policy helps to protect against legal issues that may arise from accidents, injuries and other claims. The only setback with this type of policy is that the limit your insurance might be offering may not be high enough for your business needs.
- Commercial Auto Liability Insurance - The equipment you use to run your business has to be insured with this policy. As a concrete contractor, you're going to be using lots of heavy equipment. As a result, you're required by law to have this type of insurance.
- Employment Practices Liability Coverage - If there's ever an instance where an employee sues your business for harassment or wrongful termination this type of coverage will protect you from huge financial losses.
When deciding on the kind of coverage to get for your business, it's always a good idea to sit with an insurance professional and discuss the benefits of each insurance policy.
Concrete Contractors And Workers Compensation
Generally, as a concrete contractor, your work will consist of the use of heavy equipment. Most times you'll be required to move heavy equipment to the location of the job. As a result, you must ensure you have the proper coverage in case something goes wrong during the transportation process or while on the job site.
If an employee gets injured on a project site, they can benefit from workers compensation. Whether it's for medical expenses or lost wages this compensation will help to minimize the costs. In the case of a fatal accident happening while on the job, this type of compensation also offers survivor benefits to the family. Having this policy in place is required by many states for any non-owner employees. Typically before a client hires for the job they will want to know if you have this type of coverage plan in place.
You not only want to ensure the workers are safe when working but you also want to be able to protect the equipment they use while on the job. Most of the equipment utilized for a concrete project is expensive. In case any of them gets damaged, you want to make sure that you have them covered. There are two ways you can go about protecting your equipment and they are Inland marine insurance and Builder's risk insurance. If you aren't covered by a builders risk insurance, then you can purchase Inland marine insurance. Having this type of coverage covers your property.
The Builders risk insurance covers all of your businesses property on site. This type of coverage also includes anything on the project site that is owned by subcontractors.
As a concrete contractor, the last thing you want happening is to be sued and lose everything all because you didn't take the time to find the right Colorado concrete contractors insurance for your business. There are many different types of insurance that are involved with concrete contracting. Now that you have an idea of the different types of coverage available you can speak with a professional insurance company and find the right coverage plan for you business.
Colorado Economic Data & Business Insurance Information
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
Business Economic Trends In The State Of Colorado
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2019.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2019 fiscal year.
Regulations And Limits For CO Commercial Insurance
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Additional Resources For Construction Contractors Insurance
Learn about construction contractors insurance, including how much the premium costs and what is covered - and how business insurance can help protect your construction business from lawsuits.
- Demolition Contractors
Construction contractors have substantial needs for many types of insurance coverage. Most would point to the importance of coverage for completed operations, premises liability coverage during construction operations at jobsites and professional or design errors and omissions insurance.
Such coverages can be provided only when the interests of the contractor and of the property owner are understood; particularly the contractual obligations assumed by the contractor. Next in significance is the workers compensation exposure followed by business automobile. Inland marine coverage for expensive mobile equipment, supplies, other tools of the trade and builders' risk can be vital.
Liability coverage is needed by a construction contractor in order to obtain most jobs. In addition, if a contractor wants to stay in business, it must be obtained to protect it from lawsuits due to its premises operations, off-site locations and products/completed operations exposures. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to meets its obligations for particular jobs.
Many construction contractors do not have the usual location-specific buildings and business personal property exposures. Their business property is more mobile and, therefore, better covered with inland marine coverage forms. However, for those larger construction contractors that own buildings and/or maintain business inventory there are many coverage forms and choices available to them.
Construction contractors use their vehicles to get to and from their workplaces and jobsites. They also use vehicles to transport equipment and inventory to those locations. It is important to cover the liability of these vehicles for injury or damage they may cause, as well as to provide coverage for damage to the vehicles themselves.
Employers are required to provide coverage for injuries sustained by their employees while on the job. Construction contractors must comply with these requirements but some try to avoid them by hiring subcontractors. These subcontractors may actually operate and qualify as employees. The relationship between a contractor and its subcontractors must be carefully evaluated in order to determine if workers compensation coverage is still needed.
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