What to Know about Business Insurance

in Colorado

Laws & Facts about Business Insurance in Colorado

Although business insurance is not required by law, many business owners opt to purchase it. This is because in a state like Colorado, where hazards such as tornadoes, wildfires, and hail are common, commercial insurance can cover expensive damage. This insurance can also prevent costly lawsuits from leading businesses into insurmountable debt, bankruptcy, or even permanent closure.

More Colorado business insurance facts

  • CO businesses collect nearly $3 billion in claims every year
  • Wildfires are Colorado's most common cause of natural disasters
  • In 2002, the Hayman Fire burned more than 138,000 acres in CO
  • An F3 tornado in Windsor caused $147 million in damage in 2008

What is the Average Cost of Business Insurance in Colorado?

Because every commercial insurance policy package is customized to meet the specific needs of the business it covers, the costs for this insurance can vary greatly from one company to the next. Factors that influence rates include the business’s size, revenues, liability risks, assets, and number of employees. When you work with an experienced insurance professional, you can be sure you are paying only for the coverage your business actually needs.

Average Cost for the Top Business Insurance Claims in CO

top business insurance claims

Why Choose an Independent Insurance Agent?

  • Independent agents work for you not an insurance company
  • Independent agents do the comparison-shopping legwork for you
  • Local agents understand the needs of people in your community

Find an independent agent in Colorado

We were looking for commercial insurance - we got some information from TrustedChoice and their agents were really helpful. The process was fast and easy and I would recommend them to anyone who is unsure about finding the right business insurance.

five stars Sally of Greeley, CO Consumer Affairs

What Does a Business Insurance Policy Cover in Colorado?

Your business insurance policy can be customized to meet the specific coverage needs of your company. There is a wide variety of policy types and options available for you to choose from. That is why many business owners opt to work with an insurance professional when purchasing commercial insurance. Some coverage types that most Colorado businesses include in their policies are:

  1. Liability insurance: Covers your legal defense, damages, and other associated costs if your business is on the wrong end of a covered liability lawsuit.  Your ski resort is sued after a guest slips on a wet floor and fractures a vertebra.
  2. Property insurance: Covers the cost to replace or repair lost or damaged property.  A severe windstorm in your area destroys your company’s outdoor sign and damages tools and equipment stored outside.
  3. Business interruption insurance: Provides a continuation of income if a covered event forces a long-term closure. A local wildfire burns the building your business is housed in, and it is months before you can reopen.
  4. Workers’ compensation insurance: Covers the cost of medical treatment, lost wages, and other expenses when an employee is injured on the job. A worker at your manufacturing plant is severely burned by malfunctioning equipment.
  5. Commercial auto insurance: Mandatory coverage for business-owned vehicles. The driver of your company’s delivery van becomes drowsy at the wheel and causes a serious collision.

If your business is located in a flood zone or you are concerned about floods in your area, be sure to talk to your agent about commercial flood insurance.

Top Insurance Companies That Support Independent Agents in Colorado

There are currently 252 independent insurance agencies in Colorado who are ready to help you find the best insurance policies to cover your company. Your agent can save you time and money by working with several different insurance companies to obtain appropriate coverage at the most competitive rates. Talk to an agent near you to start comparing customized business insurance quotes.

Why go Independent

Why Go Independent when looking for Business Insurance

  • Expertise in Your Business
  • Multiple Quotes From One Agent
  • Get More Value for Your Money