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 Owner Operator Insurance
Colorado Owner Operator Insurance. If you own or operate a truck, then you need insurance that mitigates your risks and protects you from liability. Owning and operating your own truck can be a wonderful way for an entrepreneur to make a good income. With owning a truck comes freedom of being one's own boss, making it a worthwhile occupation for many owner operators. However, the need for insurance is an essential operating expense.
Protecting your business to the fullest requires that you buy a sufficient amount of Colorado owner operator insurance for your trucks.
Colorado owner operator insurance helps your business cover costs from an accident if you or an employee is found liable - with rates as low as $167/mo. Get a fast quote and your proof of insurance now.
Owner operators can make a substantial living from their businesses. According to the U.S. Bureau of Labor Statistics, the opportunities for owner/operators are poised to grow 9 percent by 2018. Most truckers bring home around $58K per year, although many make more. Most owner operators have invested a princely sum in their vehicles, and protecting them with the right level of insurance coverage is essential to the ongoing success of the small CO owner-operator or owner operators with multiple trucks.
While clearly this field is one that's rewarding, CO owner operators must protect their assets in the event that a theft or accident occurs. With the immense cost of buying a truck or fleet of trucks, it only makes sense to protect your investment with an adequate level of Colorado owner operator insurance. If an accident or theft occurs, specialized insurance is a godsend.
Insurance Requirements for Tractor-Trailer, Semi-Truck and Other Commercial Vehicle Owners
If you are a commercial vehicle owner, federal law requires that you maintain a minimum of $750K in liability insurance coverage. Since an accident in a large truck like a tractor trailer can potentially cause a significant amount of damage, some experts recommend that truck owners buy $5 million in coverage. It is always better to have more than you need than to have less than you need if a bad accident occurs.
The driver of your truck, if you lease it out to someone else, is responsible for carrying liability coverage on the truck. Still, if the responsible party does not carry insurance in a sufficient amount to cover an incident, you may need to buy it yourself to ensure that you are not left holding the proverbial bag if an accident occurs. Consult with a licensed agent to determine if you should purchase additional Colorado owner operator insurance to mitigate your risks.
Additional Truck Coverage Options
States vary widely in the amount of insurance required from owners of large trucks, tractor trailers and semis. Check your state to be sure you're fully insured and legal on the road. Based on your situation, you may need to purchase added coverage. Some other additional coverage options include:
- Physical damage policy. This type of coverage is likely required by your lender if you finance your truck, and when required, usually is required for the loan's term. You will have to pay premiums typically amounting to around 5 percent or so of the value of the truck, but your rate can be also based on your driving history. If your record is not so great, the cost of your policy will likely cause more. If your truck is involved in an accident, the insurance company will depreciate its value when determining a payout.
- Gap coverage. If you owe a lot on your vehicle, you should consider purchasing gap insurance. Like the name indicates, it bridges the gap between what you owe and what your vehicle is worth. In other words, if you total out the truck and still owe your lender for it, the difference in what the insurance company is willing to pay and what you owe is covered by gap insurance instead of coming out of your pocket.
- Equipment policies. Add this type of policy to your insurance to cover things like electronic equipment, tarps and other items that you add as after-market additions to your truck.
- Bobtail insurance. If you drive the truck without the trailer attached, this type of insurance covers any liabilities you face on the road if you were to collide with another vehicle or object.
- Cargo coverage. The U.S. government mandates the purchase of $5K or more in cargo coverage for the shipments you haul. Shippers and clients may require a higher level, depending on what you're actually hauling.
- Non-trucking liability coverage. If you are driving your truck outside the realm of conducting business, this coverage protects you from liability in the event of accident or injury.
- Occupational accident coverage. This protection supplements your employee's worker's comp benefits and provides other benefits such as accidental death and dismemberment coverage.
- Non-owned trailer. If you are using a trailer that does not belong to you, this type of coverage is essential to covering any damages that occur.
The Costs of Owner/Operator Insurance
In addition to basic coverage types for commercial drivers, you can also choose from an array of different Colorado commercial auto insurance coverage types based on your particular needs. For instance, you may wish to opt for rental replacement insurance to cover the cost of renting a vehicle while yours is being repaired. You may choose roadside assistance and towing coverage to help offset the costs of vehicle breakdowns.
Will Your Policy Cover Personal Use of a Business Vehicle?
Although your particular needs, driving history, credit, and other factors go into determining the amount of your Colorado owner operator insurance premium, comparing quotes makes a lot of sense. Your age, the condition of your truck, the equipment you've added to the truck, the cargo you normally haul, the route you take - these all go into determining the cost of your policy.
Although it's difficult to estimate, the following ranges are common:
- Primary liability insurance. This type of insurance starts at around $5K per year, but can be significantly more.
- Non-trucking liability coverage. This coverage starts at around $450 per year.
- Cargo insurance. Expect to pay around $1K annually.
- Physical damage insurance. Plan on paying around $2.5K.
Reduce your premiums by accepting higher deductibles or working with your agent to find discounts for which you qualify. Ask your agent to comparison shop for you to find a policy that is a blend of the protection you need and a budget you can afford.
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 Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Commercial Auto
- Commercial Van
- Dump Truck
- Food Truck
- Non-Owned and Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Request a free Colorado Owner Operator insurance quote in Akron, Alamosa, Arvada, Aspen, Ault, Aurora, Avon, Basalt, Bayfield, Bennett, Berthoud, Boulder, Breckenridge, Brighton, Broomfield, Brush, Buena Vista, Burlington, Carbondale, Castle Pines North, Castle Rock, Cañon City, Cedaredge, Centennial, Center, Cherry Hills Village, Colorado Springs, Columbine Valley, Commerce City, Cortez, Craig, Crested Butte, Cripple Creek, Dacono, Del Norte, Delta, Denver, Durango, Eagle, Eaton, Edgewater, Elizabeth, Englewood, Erie, Estes Park, Evans, Federal Heights, Firestone, Florence, Fort Collins, Fort Lupton, Fort Morgan, Fountain, Fowler, Fraser, Frederick, Frisco, Fruita, Georgetown, Gilcrest, Glendale, Glenwood Springs, Golden, Granby, Grand Junction, Greeley, Greenwood Village, Gunnison, Gypsum, Hayden, Holyoke, Hudson, Idaho Springs, Johnstown, Julesburg, Keenesburg, Kersey, Kremmling, La Junta, La Salle, Lafayette, Lakewood, Lamar, Las Animas, Leadville, Limon, Littleton, Lochbuie, Lone Tree, Longmont, Louisville, Loveland, Lyons, Mancos, Manitou Springs, Mead, Meeker, Milliken, Minturn, Monte Vista, Montrose, Monument, Mountain Village, Nederland, New Castle, Northglenn, Olathe, Orchard City, Ordway, Ouray, Pagosa Springs, Palisade, Palmer Lake, Paonia, Parachute, Parker, Platteville, Pueblo, Rangely, Rifle, Rocky Ford, Salida, Severance, Sheridan, Silt, Silverthorne, Snowmass Village, Springfield, Steamboat Springs, Sterling, Superior, Telluride, Thornton, Trinidad, Vail, Walsenburg, Wellington, Westminster, Wheat Ridge, Windsor, Woodland Park, Wray, Yuma and all other cities in CO - The Centennial State.
Federal Motor Carrier Safety Administration Information
- Federal Motor Carrier Safety Administration (FMCSA) - The Federal Motor Carrier Safety Administration's primary mission is to prevent commercial motor vehicle-related fatalities and ideuries.
- Safer System - The FMCSA Safety and Fitness Electronic Records (SAFER) System offers company safety data and related services to industry and the public over the Internet. Users can search FMCSA databases, register for a USDOT number, pay fines online, order company safety profiles, challenge FMCSA data using the DataQs system, access the Hazardous Material Route registry, obtain National Crash and Out of Service rates for Hazmat Permit Registration, get printable registration forms and find information about other FMCSA Information Systems.
- FMCSA Forms - All forms needed for the Federal Motor Carrier Safety Administration.
- Update MCS 150 - Form MCS-150 and Instructions - Motor Carrier Identification Report.
- How does CSA work? - CSA (Compliance - Safety - Accountability) re-engineers the former enforcement and compliance process to provide a better view into how well large commercial motor vehicle carriers and drivers are complying with safety rules, and to intervene earlier with those who are not.
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.