Small Business Insurance Colorado. A small business, as defined by the Small Business Administration, is one with 500 or fewer employees. As of 2016, there are 27 million or more small businesses in operation within the U.S., ranging from sole-proprietorships owned by the self-employed to construction firms, small stores, beauty salons, and even community banks. Regardless of their volume of business, all small businesses share a common thread - the need for obtaining proper small business insurance to protect their businesses from all angles.
Small business owners in CO can work request a quote to find the right small business insurance Colorado policies for their businesses. From rate and policy comparison to finding the exact coverage that meets a specific business need, we can help you find policies for the your CO business needs. Small business insurance Colorado protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Small business insurance Colorado protects your business from lawsuits with rates as low as $29/mo. Get a fast quote and your certificate of insurance now.
The smallest home businesses that have no employees are not subject to governmental requirements for purchasing insurance. Nonetheless, businesses with employees, even small businesses need certain types of insurance - some to remain compliant with government requirements and others that protect the business owner in the event of work-related accidents, illnesses, ideuries, or even death. Companies with employees may need:
Worker's comp policies for CO small businesses. This type of small insurance Colorado may be available through the worker's compensation insurance program in CO or through a commercial agent selling small business policies. The requirements for worker's compensation insurance are specific to Colorado, making it important that small businesses consult with an insurance pro for CO requirements to ensure their compliance.
Unemployment insurance for CO small businesses. Unemployment insurance is paid for using UI taxes collected by each individual state. After a business establishes itself and registers with the Colorado Department of Labor, the business owner begins paying UI taxes and is covered in the event of layoffs and other related unemployment issues.
Disability insurance policies for small CO businesses. The purchase of disability insurance by small business owners can be a valuable type of insurance for small businesses looking to build up their employee benefits packages.
Group medical coverage for CO small businesses. Small businesses with more than 50 employees may be required to purchase group health insurance for their employees under the Affordable Care Act. Even if you have no employees, you should consider coverage under a small business insurance Colorado policy for yourself and your family.
A type of optional insurance coverage, small business insurance Colorado provides your business with the coverage it needs to maintain operations after a lawsuit or catastrophic event. Lawsuits can wreak devastation to your business model, as can extreme weather events, fires, and accidents.
As many as 50 percent of businesses that undergo a natural disaster such as a hurricane, tornado, fire, or major flooding fail within a five-year period. Businesses that fail to resume operating in the aftermath of disaster within a 10-day period tend to close within a month's time in 80 percent of instances. These CO businesses usually lack a solid insurance policy that helps the business to remain profitable and resume operations as soon as possible after setbacks due to covered perils.
Small business insurance Colorado needs vary widely, due to the vast numbers and types of small businesses in operation. Some considerations for the CO small business owner when purchasing small business insurance to protect against loss and damage:
An important component of any commercial business insurance policy CO is small business liability insurance. While the risk you need to protect your business from differs based on your industry, it is difficult to find a one-size-fits-all policy. Small business insurance Colorado policies are customizable, so your agent can tailor the policy to fit your risk threshold and the assets you need to protect. Some CO small business liability insurance options are:
The amount and type of coverage needed by your business determines the rates. Insurers also look at the likelihood of a business facing liability suits when determining the rates charged.
Customized small business insurance Colorado plans are designed to fit your particular business model and may include other types of coverage that is uniquely necessary for your individual business. For example, your business may need:
Finding the right policy for a small business is no easy task, since business vary as much as the policies available. According to the SBA, "You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing."
Request a free quote today to get help in assessing your business' risks and formulate the right policy for your specific needs and risks.
Our agents can help you get a small business insurance Colorado quote online from several companies, which is instrumental in finding the right policy that meets your budget. We work with multiple companies and are not bound to sales for a particular company, making it easier to compare rates and options.
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.
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.
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.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also learn about Colorado small business insurance requirements for general liability, business property, commercial auto & workers compensation including CO business insurance costs. Call us (720) 500-2051.