Category: Commercial Insurance

You have finally started your own business, or maybe you have had a business for a while, but did you know that in Colorado, there are certain insurance requirements in place for your business?

Workers’ compensation insurance

If you are a business owner who has employees working for you, you must carry worker’s compensation insurance on them. You must have this type of insurance policy for your employees if your business is located in the state of Colorado. You must do this whether you own a private business or a public one. Worker’s compensation is designed to cover the medical bills for any employee who is hurt while on the job or if an employee suffers an illness due to their job.

Commercial auto insurance

In Colorado, if you have vehicles that are owned by your business or used for your business, you must obtain commercial auto insurance for each vehicle. State requirements dictate that the minimum amount of auto insurance is a liability policy that includes $25,000 for bodily injury per person, $50,000 of liability insurance for each accident that occurs, and property damage insurance of at least $15,000 for every accident that happens.

Also, if you or your employees use your own vehicle for work-related activities, each of those vehicles must be covered by a business insurance policy since personal auto insurance policies typically do not include a vehicle when it is being used during the course of doing business. This type of policy can be added to your business owner’s policy or even your general liability insurance policy.

General liability insurance

General liability insurance is optional yet imperative for all Colorado business owners to obtain. It will cover some of the most common risks, such as damage to customers’ properties or for any injuries sustained by customers as a result of your product or service. It will also cover people if they are injured while visiting your business.

If you are renting space for your business, this type of policy will then be likely be required for you to obtain by the property owner. Commercial business insurance can even cover libel or slander lawsuits and property of your customers that are damaged by your product or service.

To create the best policy for you and your business, you will need to enlist the help of an insurance agent with knowledge and experience with commercial insurance. The staff at the Atrium Insurance Group in Centennial, CO is ready to assist you. Call for an appointment today!