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 Garage Door Installer And Repair Insurance
Colorado Garage Door Installer And Repair Insurance. If you are thinking about starting up a garage door installation and repair business, there's no doubt that you have a lot on your mind. You want to make sure you choose the best name for your company, that you have a well-designed website, and that you employ the best professionals and have the highest quality products to ensure you deliver exceptional service.
Garage door retailers sell, install, service and repair overhead doors for commercial or residential use. The doors may be fiberglass, metal, or wood. Installation includes framing work, such as structural support for the new door, assembly and hanging of component parts, then testing the final installation to be sure the door opens and closes properly.
There's one thing that you might be overlooking, however: business insurance. Commercial insurance is vital for any business, including CO garage door installation. It safeguards you, your employees, and your clients from any legal issues that may arise. There are a lot of options available for Colorado garage door installer and repair insurance, so it's important to have a firm understanding of the policies you can get and what they offer.
Colorado garage door installer and repair insurance protects your company from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Do You Need CO Garage Installation & Service Insurance?
Garage door installers are professionals who specialize in the installation and repair of various types of garage doors for both residential and commercial properties. Not only do you install the garage door, but you also install other elements that are needed to secure the door to the structure, such as the frame, any hardware that is needed, operators, trim, handles, and possibly even windows. You also make repairs to garage doors that were previously installed in a structure.
Because of the complexity of this job and the heavy equipment that is involved, there are several risks that are associated with this type of business. For example, if a door is not installed properly, it could cause an accident that results in an injury to someone, or it could damage property.
In order to protect the financial assets that are associated with your business in the event of an accident, a poor installation, or faulty equipment, Colorado garage door installer and repair insurance is a requirement in order to own and operate this type of business.
General Liability Insurance For Garage Door Service
If you operate a CO garage door installation and service company, there's one type of insurance that you are going to want to have: commercial general liability insurance. This type of policy is the most basic form of insurance for garage door installation companies and it provides coverage for several things, including:
- Products liability: Under general liability insurance, any products you use will be covered, such as the garage door and the products that are used to install or repair it. For example, if there is an issue with the garage door after it has been installed or repaired, such as defective hardware that has prevented the door from opening and a client files a legal claim, products liability will cover the costs of the damage.
- Premises Liability: It's likely that you have an office for your CO garage door installation and repair business. If you do, you need to make sure that you are protected from any injuries that may occur on the premises. Commercial general liability insurance also offers coverage for premises liability. So, in the event that a client slips and falls at your office and sustains an injury, your insurance policy will cover the costs medical care, as well as any legal proceedings that may arise.
- Completed Operations: Completed operations offers protection for any issues with equipment that may arise after it has been installed. For instance, if there was an issue with the garage door frame that caused the door to fall on top of a customer after it was installed, the completed operations portion of commercial general liability insurance will cover the costs of any medical care that is needed, as well as legal proceedings that may arise.
Additional Insurance Coverage Options
There are other types of Colorado garage door installer and repair insurance coverage that you might want to consider purchasing for your garage door installation and repair company outside of general commercial liability insurance. These options include:
- CO Business Auto Insurance - If you or your employees drive vehicles for your business, having a business auto insurance policy is a good idea. Should an car accident occur, this type of insurance will cover the damages the vehicle sustains, as well as bodily injuries and damaged equipment within the vehicle. Also most commercial auto policies also cover theft or vandalism.
- CO Workers Compensation - If you have an non-owner employees on your payroll, you are likely going to be required to have workers comp. Each state differs regarding requirements for this type of insurance, but in general, it is meant to protect your company and your workers in the event someone is injured on the job. Accidents do happen while installing garage doors and your workers should be covered.
Garage Door Repair & Service Coverage Options
Work with your agent to provide information about your business and get quotes for your CO garage installer & repair insurance based on your specific situation and risk tolerance.
CO Garage Door Sales, Service & Repair Risks & Exposures
Premises liability exposures come from slips and falls due to public access to the retail premises. Floor coverings must be in good condition with no cracks or holes in flooring. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. Parking lots and sidewalks need to be level and in good repair with snow and ice removed.
At customers' premises, liability exposures are very high as much of the work may have to be carried out during working hours while the homeowner or the business customer's employees are on the premises. Access to the installation or repair area should be controlled. Welding presents potential for burns or setting the property of others on fire if not conducted safely. Tools, power cords, and scrap all pose trip hazards even when not in use. If there is work at heights, falling tools or materials may cause damage and injury if dropped from ladders or scaffolding.
Property exposures include office, retail store, and storage areas. Ignition sources are generally limited to heating and cooling systems and electrical wiring. Wood doors are flammable and susceptible to damage from fire, smoke, and water.
Flammables such as paints, varnishes, strippers, degreasers, and solvents used for repair operations must be properly stored, separated, and controlled. Plastics will cause an oily smoke that can permeate items, reducing any salvage opportunities. Forklifts inside the warehouse should be recharged in an area with good ventilation away from combustibles. There should be no smoking on premises.
Business interruption is a concern as sales may peak at particular times during the year.
Workers compensation exposures are high as door panels are heavy and awkward. Back injuries from lifting, slips and falls, cuts and punctures from hand tools, and foreign objects in the eye are common. Installation, service and repair work may be done in severe heat during the summer or inclement weather in the winter. Springs can snap, resulting in severe injury. When work is done on ladders and scaffolds, there is a potential for severe injury or death from falling or being struck by falling objects.
Safety equipment should be provided. Workers should be trained on proper lifting techniques. Conveying devices should be available to help with lifting. Drivers of delivery vehicles may be injured in auto accidents.
Crime exposures are from employee dishonesty and loss of money and securities. Background checks should be conducted on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. If installers can accept payment, a receipt procedure must be in place with funds immediately taken to the office.
Inland marine exposures include accounts receivable if credit is offered, contractors' equipment, goods in transit, installation floater, tools (including employees' tools), and valuable papers and records for customers' and vendors' information. Backup copies of all records, including computer records, should be made and stored off premises.
Products liability exposure can be high as overhead doors are used in both commercial and residential structures. Should the door fail, it could fall and severely injure persons or damage property. Installation should follow the specifications provided by the manufacturer. Older doors made before improved safety features were introduced may be in use for decades.
Commercial auto exposures are moderate as the overhead doors are transported to customers' premises for installation. Door panels are heavy and require tie-downs during transport to prevent shifting that can cause overturn. Drivers must have appropriate licenses. MVRs must be checked regularly. Vehicles should be routinely maintained with documentation kept at a central location. Garage door retailers generally provide vehicles to sales representatives who travel to customers' premises. There should be written procedures regarding private and permissive use.
Insurance Classification Of Garage Door Sales, Service & Repair Companies
Insurers classify garage door businesses using several coding systems. You can wind up paying more for your insurance if your company is not properly classified - like a residential garage doors operation being coded as commercial installer. Below are the most commonly used coding systems for garage door sales, installation and service insurance:
- ISO General Liability Codes: 91342, 91746
- NAICS CODES: 238290 Other Building Equipment Contractors, 238350 Finish Carpentry Contractors
- SIC CODE: 1751 Carpentry Work
- Suggested Workers Compensation Codes: 3724
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 Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Builders Risk
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Siding Contractor
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Swimming Pool Contractor
- Tree Surgeon
- Tree Trimming
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.