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.
Toy Store Insurance Colorado
Toy Store Insurance Colorado. To many, toy shops are places for fun toys and games. However, toy shop owners know that owning this type of store comes with a lot of responsibility. This includes making sure that the store is a safe place for both customers and employees. In cases when accidents, crime and unexpected occurrences happen, the store owner must have adequate coverage to pay for legal and medical claims as well as repair and replacement costs. This is where toy store insurance Colorado comes in.
Toy store insurance Colorado protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Toy Stores
There are a number of different toy store insurance Colorado types that apply to toy shops. These include general liability insurance, business owners policy, workers compensation and product liability insurance:
General Liability Insurance - offers coverage for injuries and property damages to third parties faced by the store owner. This toy store insurance Colorado policy protects you from any financial damage when accidents happen in the store that causes harms to customers or to their personal property. For example, if an accident occurs inside the store or within store premises that injures a customer, premises liability coverage will pay for his or her medical bills. If the customer files a legal claim, this policy may be used to cover legal costs and expenses.
Product Liability Insurance - covers store owners from any injury or accident caused by a product that was sold or manufactured by the store. This coverage can be included in general liability insurance or can be bought as a stand-alone policy. This coverage protects the store from any claim arising from injury or property damage caused by a product from the store. This coverage includes legal claims or lawsuits and medical costs. For example, if a toy was incorrectly labelled and this resulted to injury in a young child, costs of medical procedures and related expenses will be covered by this policy.
Business Owners Policy (BOP) - this toy store insurance Colorado policy provides coverage for general liability as well as coverage for tangible assets of the business such as the building structure and its contents, coverage for store books and electronic data, newly acquired assets and even for employee dishonesty or fraud. This package policy covers many accidents or unforeseen events that could cause damage to business property such as fires, storms - usually in the form of financial coverage for repair and replacement costs.
CO Commercial Auto - if you use motor vehicles as part of your CO toy store operations, such as for picking up merchandise and making deliveries, you may be required to have commercial vehicle insurance. This policy will cover you for any accident that occurs during trips that resulted to bodily injury or damage to property.
Workers Compensation - provides coverage for workers who fall sick or are injured on the job. For example, if an employee who is restocking shelves trips and falls, employer's liability insurance will cover medical expenses until he or she recovers. Workers comp is mandated in most states for any non-owner employees.
Additional Types Of Toy Shop Insurance
Other types of toy store insurance Colorado that can be useful necessary include crime insurance and cyber liability insurance:
Crime Insurance - provides coverage for the damage that results from crimes committed by passersby, customers or employees like burglaries, theft, shoplifting or vandalism. The policy can cover the cost of lost items and repair expenses for the damage caused by the crime.
Cyber Liability - covers damages arising from crimes against the store's website or against the store's electronic data.
Colorado Toy Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris. Flooring should be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring.
Sufficient exits must be provided and be well marked with backup lighting systems in case of power failure. All goods should be kept on easily reached shelves so that customers do not pull items down on themselves. Crowd control may be a concern if the store offers special cut-rate sales during peak seasons.
Security must be adequate to prevent injuries. As children may climb, jump or play with floor displays, there should be enough employees on duty to supervise activities of customers.
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. Carts provided for customers' use should be frequently retrieved from the parking lot to prevent damage to vehicles. Children's items on display outdoors present an attractive nuisance.
If vendors provide services, the store should require certificates of insurance verifying appropriate limits of liability.
Personal injury exposures are from dressing rooms, which must be well maintained with privacy carefully guarded, and from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low unless there is direct import of the products. Foreign-made items should come from a domestic-based wholesaler. Any direct importer should be considered as a product manufacturer. If assembly is provided, the store must comply with all manufacturers' instructions.
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. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting.
Equipment used in repair operations should be appropriately maintained to prevent injury. Housekeeping in storage areas, especially during peak times, is vital in preventing trip and falls. In any retail business, hold-ups can occur. Employees should be trained to respond in a prescribed manner.
Property exposures are low because ignition sources are limited to electrical wiring, heating and cooling systems. These should be well maintained and meet current codes for the occupancy. While most items for sale are moderately susceptible to fire, smoke and water damage, some are highly combustible. Paper goods and packaging materials increase the fire load.
If there are high-value or collectible items, theft may be a concern. Appropriate security measures must be taken 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.
Business interruption can be high as the store may do the bulk of its business during the Christmas holiday season. Backup facilities may not be readily available and the most sought after toys not quickly replaceable.
Crime exposures are from employee dishonesty and loss 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, goods in transit if the store delivers items, and valuable papers and records due to vendors' and customers' records. Backup copies of all records, including computer records, should be made and stored off premises.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands. If deliveries are made, anyone who uses a vehicle must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.
Do You Need CO Toy Store Insurance?
If you own and operate a CO toy shop and you deal with customers personally on a day-to-day basis in your store premises, you need commercial insurance. Accidents and injuries, although not commonplace in most commercial establishments, can and will happen, so it is better to be prepared - so that your business emerges from these situations operational. Business insurance coverage can help you sleep better at night, knowing that whatever happens, you are protected by ample financial assistance to meet the needs of your business, workers and employees when accidents and other contingencies occur.
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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