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 Funeral Home Insurance
Colorado Funeral Home Insurance. Funeral home insurance policy is vital for businesses including funeral homes, which typically require coverage for a variety of costs including property damage and work-related bodily harm. On the whole, funeral homes require several insurance policies, each of which needs to be catered to your specific business.
No two funeral homes provide exactly the same service, and your commercial insurance needs might differ from your competitors. That's why each of these policies can be customized to meet your specific requirements. That's is why the smartest move a funeral home can make is to ensure they are properly protected with an-adequate Colorado funeral home insurance policy.
Colorado funeral home insurance protects your mortuary from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Commercial General Liability Insurance
This type of policy covers any costs associated with a number of events including lawsuits, settlements, employee injury, or property damage involving a third party. If for instance, a mourner slips and falls inside your business premises; or one of your workers damages a customer's vehicle while going about their business, general liability insurance can help with expenses relating to property damage and/or medical costs.
The business itself needs coverage for property damage (i.e., to protect assets and fixtures inside the building) in case of a hazardous event such as fires, storm, theft, and vandalism. Your premises probably needs coverage for items such as:
- Office equipment including computers and other electronics
- Specialized equipment for embalming
- Business property such as coffins on display or for sale
Some businesses are eligible for a comprehensive insurance package known as Business Owners' Policy (BOP), which offers liability insurance, property insurance, and business interruption insurance in an affordable package. Discuss this with your insurance agent to find out what types of Colorado funeral home insurance packages your business is eligible for.
Special CO Funeral Home & Director Liability Coverage
In order to establish an infallible insurance policy, both the funeral home and directors may require additional liability protection to boost your basic CGL policy and to safeguard specific standalone policies. This may include:
- Directors & Officers liability insurance: This is meant to protect essential decision makers in the business (e.g., board of directors) from any legal issues arising from misconduct or poor decisions. Without this form of protection, individuals in management position may lose their assets in a lawsuit if found to have done any of the following:
- Bad investment decisions
- Illegal hiring and firing
- Releasing confidential information to the public
- Failure to maintain property
- Gross negligence
- Conflicts of interest
- Professional liability insurance: It is not uncommon for funeral directors to be accused of negligence or error, resulting in financial harm to the family of the deceased. Regardless of the validity of the claim, your professional liability policy can help cover costs when proving your case.
Commercial Auto Insurance Coverage for Hearses and other Company Vehicles
Driving is a major part of the funeral home business, and businesses that own fleets of hearses, trucks, cargo vans, and passenger cars need insurance coverage for both the vehicles and the drivers.
- Commercial Auto Insurance: This policy covers a number of things including collision and comprehensive motorist coverage for commercial vehicles. Coverage is normally based on two things; the way your vehicles are used in the business, and the persons responsible for driving them. For individuals who prefer to hire or lease business vehicles - or if you and your workers use personal vehicles for business purposes, additional coverage may be required. CO commercial auto policies typically cover the following:
- Vehicles owned and operated by your business
- Vehicles owned or leased by your business
- All vehicles used for business purposes (this includes vehicles not owned, hired, or leased by the business, e.g., a personal car used to conduct business).
You can choose to list the vehicles separately on your auto policy based on each vehicle's characteristics and corresponding Colorado funeral home insurance coverage.
Aside from the standard Colorado funeral home insurance policy, you can explore other options with your insurance agent to find out ways in which you can protect your business and employees.
Worker's compensation insurance policy protects your workers from costs relating to illness and injury and is required for any non-owner employees in most states. On the other hand, a package such as excess liability coverage can provide additional coverage or supplemental liability protection, giving your business coverage beyond the normal limits offered by standard policies.
Other types of coverage that may be of interest include pollution liability insurance, employment practices liability insurance, and employee theft or crime. When shopping for the best CO funeral home insurance, discuss with your agent all items that may need coverage, and find a policy tailored to your specific business. Small businesses need a trusted advisor who will be able to guide them in finding quality, affordable insurance that shields them from the myriad problems that can arise at the workplace.
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 2018.
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 2018 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 Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Luggage Store
- Music Store
- Nursery And Greenhouse
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
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