Business insurance comes in many different types, and the exact mix that you need depends on where you do business, the value of the equipment you do business with, and many other factors. Before you pick up business liability insurance and call it good, look at other types of commercial insurance coverage in Colorado to see if you need additional protection.
Commercial liability coverage is a good place to start with your insurance needs. This type of insurance handles claims due to employees getting injured during business hours, property damage, or damage caused by products you sell. Professional liability coverage helps with companies who offer services to others, such as accountants. It protects you from getting sued if an error or another issue comes up throughout the course of the service.
Business interruption insurance provides you with payments during a period where you are unable to continue normal activities because commercial property is damaged. The insurance company not only covers the cash flow you would get during this time, you also get overhead expenses paid for.
If you use your vehicle for commercial purposes, a personal auto insurance policy isn’t going to cut it. Commercial auto insurance is necessary when you use your car for your company, or if you have your own fleet of vehicles. In addition, if employees have their cars on your property, you may want a policy that covers liability for damage to vehicles at the workplace.
Worker’s compensation comes into play when you have employees. This commercial insurance covers payments for employees who get injured on the work site, and prevents the employees from bringing suit against your company when injuries happen.