Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
Computer Electronic Repair Insurance Colorado
Computer Electronic Repair Insurance Colorado. Almost every day a person or business may need to have their computers fixed. If you run a computer repair business, you know how complicated it can be to get these types of devices fixed. Although you can make money, many risks come with operating this kind of business.
Computer repair facilities maintain, service, and fix computers and peripherals such as printers for businesses and individual consumers. The service can be located in individual shops, in a home basement or garage, in the department store or computer store where the computer was originally purchased, or at the manufacturer's premises. A store or manufacturer may contract with an outside operation to provide service to its customers. The operation may make repairs at customers' premises or offer pick-up and delivery services.
Something as simple as lost of data can put you in financial hot water. With the number of risks involved in this business, having computer electronic repair insurance Colorado is a must.
Computer electronic repair insurance Colorado protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Computer & Electronic Repair Risks
An owner of a computer and electronics repair business you are faced with unique problems. Sometimes a device you are restoring may contain sensitive information valuable to the owner of the device. Speed is also a must when running this type of business because your clients need their devices to complete work and other tasks.
You also need computer electronic repair insurance Colorado if you are using a building or home to operate your business. When working on a client's device there's always the risk of dropping the device and destroying it. In a case like this, you can be held liable for the damages. Also, the place where you work from can be destroyed by a natural disaster or a fire. You client's device can also be destroyed which makes having insurance even more important.
Below we'll take a look at some of the different insurance policies you can get to protect your business.
Computer and Electronic Repair Shop Business Insurance
As a computer and electronic repair shop, you need to consider purchasing the following computer electronic repair insurance Colorado policies:
Commercial General Liability Insurance: If you cause injury and property damaged to a third party, then your business is protected by this type of insurance. Your business is protected from a broad range of liability risks with this type of computer electronic repair insurance Colorado. If you spill coffee on a client's computer or device, general liability will cover the damages.
Professional Liability Insurance: Also know as errors and omissions (E&O) coverage. If a customer sues you over a perceived work mistake, this coverage will protect you. For example, if you install and anti-virus software and your client suffers a virus that causes a data loss, E and O will kick in and pay legal fees and court costs.
Cyber Liability: A breach of data is possible when you are working on a client's device which is why it's important for you to have this type of insurance for your business. A client can sue you if you lose their data which this insurance also protects you from.
Business Property Insurance: You should also ensure the buildings you use for your business stay protected which is why having CO business property insurance is important. The building(s) you use for the operation of your business are at risk of being destroyed by things like fire, weather, smoke, vandalism and other types of damages which make having this insurance a valuable part of your operation.
Business Interruption Coverage: There are times when you may need to stop the operation of your business. When this is the case, you'll need to have business interruption coverage in place. Destruction of your business because of a natural disaster may force you to have to relocate which is why this insurance policy is necessary.
This computer electronic repair insurance Colorado covers any financial support required during this period. Whatever it is that causes your business to stop operations is covered by this insurance.
Workers' Compensation: If you have people working for your then it's important to have workers comp - and required in most states for any non-owner employees. CO workers comp protects your employees while they are working for you. Anything associated with the injury such as medical bills is covered when you have this type of insurance.
Colorado Computer Maintenance Repair Risks & Exposures
Premises liability exposure at the repair shop can be moderate if customers visit the premises. Customers should not be permitted in the repair area. There should be adequate aisle space, no frayed or worn spots on the carpet, and no cracks or holes in the flooring. The number of exits should be sufficient, well marked, and have backup lighting 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 shop conducts repairs at the customer's home or place of business, repair persons should be trained in proper procedures to prevent premises damage such as fire while working on faulty appliances.
Personal injury exposures include assault and invasion of privacy. Failure of the shop to run background checks and review references on employees both increases the hazard and reduces available defenses.
Products liability exposure is generally low. The use of faulty components or improperly repaired appliances can cause electrical problems that could result in fire or other property damage. Employees should be trained in proper repair procedures. Improper work can nullify warranties and transfer the responsibility for properly working products from the manufacturer to the repair shop. The products liability exposure increases if used and refurbished items are sold. Professional liability coverage may be required if the shop performs any type of software design.
Workers compensation exposures include electrical shock, cuts, puncture wounds, eye fatigue, foreign objects in the eye, repetitive motion injuries, and burns and splashes during soldering operations. Back, hernia and other lifting injuries may occur from moving heavy computer equipment and peripherals such as printers. Off-premises injuries, including trips, falls, automobile accidents, and animal attacks, can result from repairpersons traveling to customers' premises.
Property exposure generally includes an office, servicing area, and storage space for supplies and customers' items awaiting pickup. Ignition sources include electrical wiring, heating and air conditioning systems, and overheating of equipment used to repair computers and peripherals. Computer repair may include the use of flammable cleaning solvents, soldering, electrical wiring, and repair of plastic cabinets. Flammables and combustibles need to be used away from soldering operations. Solvents should be properly stored in fireproof cabinets or rooms.
Theft can be a concern as computers are target items. Appropriate security controls should be taken including physical barriers to prevent access to the premises after hours and an alarm system that reports directly to a central station or the police department.
Crime exposure comes from employee dishonesty and money and securities, particularly if repair persons collect payment at the time of service. There must be receipt procedures and monitoring to encourage accurate reporting and collection. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements. Employees may have access to customers' passwords. The potential for identity theft is high. If there is off-site work, there is also the possibility of employees taking clients' property. Background checks should be conducted before permitting any employee to visit clients.
Inland marine exposures include accounts receivable if the shop offers credit, bailees customers, computers, tool floater, and valuable papers and records for customers' and suppliers' information. Bailees include the goods of customers while being repaired or if the operation offers pick-up or delivery service. Items should be padded and tied down during transit to prevent damage.
There must be documentation of computers received and records kept of who owns each item. Security should be appropriate for the type of computers being worked on. Off-site exposures can be high due to the tools, equipment, and supplies carried to and possibly stored at customers' premises.
Commercial auto exposure may be limited to hired and nonownership. The exposure increases if the shop offers pick-up and delivery service to its customers or repairs computers at the client's premises. Custom or specially designed equipment may be installed in vehicles. Drivers should have appropriate licenses with acceptable MVRs. All vehicles must be well maintained with documentation kept in a central location. If vehicles are provided to employees, there should be a written policy regarding personal use by employees and their family members.
CO Computer Electronic Repair Insurance
There are many things your business can be sued for which is why you should get the necessary insurance policies in place to protect it. Now that you know a little more about the type of policies available to your business the next step is speaking with an insurance professional and finding the right policies to cover your 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 Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
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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.