Insurance for Your Business

This page offers comprehensive guidance on obtaining the right insurance for your business, ensuring it is protected against potential risks. You’ll find detailed information on various types of coverage, tips for selecting the best policies, and advice on maintaining adequate protection for your business operations.

Insurance Protection Types

General Business Liability

This comprehensive coverage safeguards you against losses stemming from injury, damage, or even death caused by business negligence. You may be liable for medical and disability expenses, as well as death and funeral compensation for the dependents of the injured party. Your responsibilities might extend beyond the general liability you initially anticipated.

Property Insurance

This coverage protects both the buildings and contents owned by your business, as well as your customers’ property. It offers protection against losses if your business suffers damage due to natural disasters, fire, burglary, or vandalism, ensuring you are safeguarded even if your property is partially or completely destroyed.

Commercial Automobile Insurance

Colorado law mandates this coverage. Consequently, if your business owns any motor vehicles, you must ensure that the insurance policy is issued in the business’s name.

Product Liability Insurance

If your business manufactures products, product liability insurance can provide coverage for the goods you produce. It typically protects against claims related to the product itself, but it also safeguards you as the manufacturer in the event that someone experiences personal injury or property damage resulting from the use of your product.

Completed Operations Insurance

As a contractor, you can obtain insurance for incidents that may occur after you have left the job site. Covered issues can include personal injuries or property damage resulting from your completed work.

Business Interruption Insurance

This coverage can compensate for income losses resulting from property damage caused by environmental factors, natural disasters, or vandalism, until your business can resume operations. The coverage limits vary and are based on the actual losses incurred. You can select limited coverage for specific durations and reimbursement amounts.

Inland Marine Insurance

This insurance safeguards valuable assets such as computers, mobile property like motor truck cargo, and contractor’s equipment. Additionally, it provides coverage for your property even when it is located away from your business premises.

Errors and Omission/Professional Liability Insurance

Employees, owners, and directors of businesses are strongly advised to consider this coverage. Errors and omissions and professional liability insurance protect against legal actions that could arise due to professional actions or decisions made within the business.

Unemployment Insurance and Workers' Comp Insurance

This is a legal requirement for businesses with employees.

Steps to Purchasing Business Insurance

  1. Assess Your Risks: Consider potential accidents, natural disasters, or lawsuits that could impact your business. Determine if your location is susceptible to seasonal events that might pose a threat.
  2. Find a Licensed Agent: A good commercial insurance agent can help you find policies tailored to your business needs. Since they earn commissions from insurance companies, ensure you choose an agent who prioritizes your interests as much as their own.
  3. Shop Around: Prices and benefits can vary widely. Compare rates, terms, and benefits from multiple agents to find the best insurance offers for your business.
  4. Re-assess Annually: As your business grows, so do your liabilities. If you’ve purchased or replaced equipment or expanded operations, contact your insurance agent to discuss any changes and how they affect your coverage.

Find Trusted Insurance Providers from Superior Chamber Members

Here, you can find insurance providers who are members of the Superior Chamber. These trusted professionals are part of our community and ready to assist with your insurance needs.