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.
Nonprofit Organization Insurance Colorado
Nonprofit Organization Insurance Colorado. If you are in charge of fraternal organization, charitable foundation, or house of worship, then you must take steps to protect your non-profit from liability by obtaining a high-quality insurance policy. Your non-profit organization, or NPO, must shield itself from financial loss with a policy that is tailored to the custom needs and inherent risks that you face.
If your NPO handles large amounts of revenue and works with a lot of people, it's doubly important to review your nonprofit organization insurance Colorado needs with a licensed agents.
Nonprofit organization insurance Colorado protects your 503(c) from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Coverage Types Nonprofit Groups Should Consider
There are more than 1.5 million non-profit, tax-exempt organizations operating in the United States. Around two-thirds of them are public charities, while less than 100,000 are private foundations. Civic leagues and fraternal organizations account for nearly a half-million of these NPOs, and non-profits pay around 10 percent of all salaries and wages in the country, making up around 5.5 percent of the gross domestic product.
Although they don't operate for profit, CO non-profit organizations must protect their assets and finances in much the same way as businesses do. Business insurance policies for these types of groups are specially designed for the individual coverage needs of each group. Being fully covered against damage and loss is important to the health of the organization. Some of the different types of nonprofit organization insurance Colorado coverage for non-profits to think about include:
- Commercial liability insurance. General purpose insurance that protects the non-profit from liability claims is an important purchase. This covers accidents and ideuries on the premises as well as damages caused by representatives of the non-profit elsewhere.
- Vehicle insurance. Obtaining vehicle insurance for commercial purposes is important for non-profits. Personal vehicles used in the course of commercial activity are typically not covered on a personal auto policy.
- Property insurance. Property insurance covers damage to your property, including your organization's building, equipment, and other items.
- Director's and officer's insurance. This type of insurance covers directors' and officers' liability insurance to cover specific liability incurred by these professionals.
NPO Insurance Protection
While many charity groups and non-profits are under the misconception that they are not at risk for liability and claims from others, the truth is that they are just as vulnerable. The actions of representatives of the non-profit or charity, including its volunteers and its employees, are the responsibility of the non-profit. As an organizer or founder or the non-profit, it's crucial that you take measures to mitigate any claims by having a good nonprofit organization insurance Colorado policy in place.
Non-Profit Liability Coverage
In today's society, there are many litigious people, and even the most frivolous of claims can turn expensive for the non-profit agency. A good non-profit insurance policy has a sufficient level of liability coverage. This type of coverage protects the non-profit from third-party claims for property damage or bodily injury. It can also cover court costs and fees for legal representation.
Some instances that necessitate a strong nonprofit organization insurance Colorado liability policy:
- Organizations that own the building housing their non-profit. This is particularly true if the CO NPO owns the building in which it conducts its business, since most mortgage brokers and lenders require that the NPO keep coverage as a condition of their loans. If running the NPO from home, a homeowner's policy may not be sufficient; check with an agent to find out if you should purchase a more extensive policy.
- The CO nonprofit rent the building where they conduct their operations. If an NPO rents the building in which it operates, then most rental companies require a business insurance be in place prior to commencement of operations, just as if the NPO were a traditional business entity.
- Charity owes a substantial amount of money to a lender. Even if the building in which the NPO operates is not financed, if the NPO owes a substantial amount for operational loans or other loans, then it makes sense from the lender's perspective to require business insurance. The lender wants to ensure that a claim against the NPO does not cause it to go bankrupt, which would cause a default on the loan.
- The CO nonprofit rents a venue to hold a fundraiser. When holding a gathering at a banquet hall, hotel, or other venue, the NPO must have a sufficient amount of insurance coverage to cover the people and the venue's property in the event of an accident or other occurrence.
- Ideuries on the job for employees or volunteers. Bodily injury and worker's compensation are both essential for NPOs to cover ideuries or illnesses related to the job or volunteer service.
Most insurance experts recommend that the basic NPO carries at least $1 million in nonprofit organization insurance Colorado general liability coverage. The more your organization can afford, the better.
Commercial Auto Insurance for Nonprofits
Another area to consider is CO commercial vehicle insurance. If the CO NPO owns a van, truck, or car that it uses for business operations, then it is important to carry commercial insurance. Likewise, if the charity's members sometimes use their private cars while performing business for the organization, then a non-owned or vehicle-for-hire policy is a good investment, since it protects the organization from liability and claims involving those types of vehicles.
Buying a Non-Profit Insurance Policy
Check with your insurance agent for specific types of nonprofit organization insurance Colorado insurance and riders that you may need to consider for your non-profit's specific needs to guard against potential liability and to cover any claims against the NPO that might affect its financial future.
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 Non-Profit Insurance
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
- Fraternal Organization
- Labor Union
- Parent Teacher Organization
- Public Administration
- Social Work Services
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
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