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 Luggage Store Insurance
Colorado Luggage Store Insurance. Luggage dealers may sell and repair all types of luggage, briefcases, attache cases, and other related leather items and goods. The store may be independent or part of a regional or national chain. Some offer custom-made items or repair services. Some may offer delivery services.
From leather luggage and suitcases, to handbags used as carry on luggage, to high end / high cost travel bags, the items you have in your store for sale can be expensive. Due to the nature of your inventory, it is important to ensure you choose the right insurer and right policy terms, when it comes to protecting your business.
So consider some of these factors in selecting an insurer for your Colorado luggage store insurance policy.
Colorado luggage store insurance protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Do You Need CO Luggage Store Insurance?
Owning a CO luggage store, you might think not much can go wrong. Sure, theft might occur locally in the commercial sector, but you have several cameras and CCTV equipment in place to protect your assets. However, there are other issues which can and do arise in the normal course of business.
Consider this situation; one of your employees is bringing down luggage for a customer. In doing so they scratch and ruin dozens of pricey leather suitcases, which would cost you hundreds, if not thousands of dollars in inventory loss. Without a Colorado luggage store insurance in place, you are stuck paying out of pocket, and losing this inventory. This is just one of the issues which can occur with your store.
For this, theft, damage caused by storms, damage caused by customers who are careless, or any other possible problems which occur, you need Colorado luggage store insurance to protect your shop. You know some of the risks, so now you have to choose the proper coverage to protect your assets, employees and your store.
How Much Coverage Do You Need?
There are a number of factors to consider when choosing your Colorado luggage store insurance policy. In deciding how much coverage you require consider:
- Square Footage. (to cover inventory as well as the physical store and areas you keep inventory in storage spaces).
- Cost Of Inventory. Leather, high end, or designer luggage will be pricier to insure than "bulk" or "cheap priced" luggage you sell.
- Zip Code. Some areas are more dangerous or prone to theft, water damage, or other possible risks. In these "high risk" areas, your coverage will typically be higher.
- Your Assets. The number of bags, suitcases, luggage accessories, and items you have in your shop, will also affect your premium rates.
Some travel bag store operators owners also want to add incidental coverage. Some will choose to add additional coverage for flood damage if they live in an area where flooding is prevalent. The amount of coverage you require, is truly up to you as a business owner; with this in mind, you can't skimp on coverage, or not purchase insurance at all, as this will put your business in a bad place in the event something actually does go wrong.
Compare Before You Buy
Just like any other insurance policy - when you are purchasing Colorado luggage store insurance, you should to compare insurers. You have to know what they cover, if they offer additional coverage for high end items, whether or not they protect theft and vandalism, or whether they simply protect inventory. Asking these questions,and comparing the level of coverage offered, from top insurers, for the price they charge, is the only way to find the right policy and insurer, and of course find the best price when you are finally ready to choose an insurer.
As a business owner, if you want to save, the only way to do so, without compromising on level of or quality of the coverage you purchase, is to compare top insurers which provide this type of coverage for your business needs.
Colorado Luggage Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor coverings must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. 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 in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposure is from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low. Direct importing of raw materials and finished items can add to the exposure. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer.
Workers compensation exposures are from lifting which can cause back injury, hernias, sprains and strains, and from slips and falls. Shelves should be easily accessible for storage. Stepladders should be available. Training in proper lifting and handling of stock is important. Housekeeping in storage areas, especially during peak times, is vital in preventing trip and falls.
Manufacturing, repair, cutting and sewing operations can result in cuts and repetitive motion injuries. In any retail business, hold-ups can occur. Employees should be trained to respond in a prescribed manner.
Property exposure may be high from the treating and dying of leather if manufacturing is done on premises. Otherwise, ignition sources are limited to electrical wiring and heating and cooling systems. These should be maintained and meet current codes for the occupancy. Should a fire occur, the stock provides a combustible fire load that is highly susceptible to water and smoke damage.
Individual items may be shoplifted. High-value or designer items may be stolen in larger quantities after hours. Appropriate security should be in place including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank reconciliations. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit; computers to transact sales and monitor inventory; and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. If the store alters or repairs items for customers, there will be a bailees exposure. There may be goods in transit between stores or if the store delivers items.
Business auto exposure is generally limited to hired and non-owned for employees running errands. If the store delivers items to customers, anyone who drives an insured vehicle must have a valid license and acceptable MVR. Vehicles must be regularly maintained with records kept.
CO Luggage Store Insurance
Purchasing Colorado luggage store insurance can be a time consuming process. The good news is that you just have to work with a professional insurance broker that will take you through the various coverage options and help you find competitively priced policies, for all the coverages you need.
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 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.
- Adult Novelty
- 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
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- 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
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. 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.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
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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