The municipality of Arvada, Colorado is a mainly commuter town for people who work in Denver and Boulder. There are still plenty of businesses in this small town though, especially along Wadsworth Boulevard, Kipling Street, and Ralston Road, where a number of retail stores can be found.
If you are among the business owners in Arvada, you will want to be sure that your company is suitably covered by the right business insurance products. Independent insurance agents can take away the guess-work and help you build a comprehensive and affordable business insurance plan. Find an insurance agent near you to get started.
Why Is Liability Insurance Important for Arvada Businesses?
Considering that the majority of liability lawsuits against businesses in the U.S. result in judgments exceeding $1 million, liability coverage can prove very valuable to your company.
Commercial general liability insurance (or CGL, for short) is one of the most important coverages a business can have. It is part of all commercial insurance policies. CGL is designed to cover your business against the costs associated with many of the common liability risks it faces. In particular, it includes:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage if they occur as a result of an accident on your business premises.
- Product liability insurance: This can cover your Arvada-based business against lawsuits regarding injuries, illnesses, or property damage caused by products your company produces, sells, or promotes.
Other types of commercial liability insurance that make be right for your business include:
- Professional liability insurance: This can cover those in professional positions if they are sued for perceived errors in judgement or other professional mistakes.
- Employment practices liability insurance: This can cover your business against accusations of illegal business practices such as wrongful termination, discrimination, and harassment.
- Cyber liability insurance: This is designed to cover businesses that store sensitive customer data electronically in the event of a data breach.
- Commercial vehicle liability insurance: This is required of businesses that own and operated a vehicle or fleet of vehicles. It can cover your business’s liability expenses if one of your drivers causes an accident while driving a company vehicle.
- Environmental liability insurance: This covers business that use or produce toxic materials in the even that an accident results in the pollution of the land, water, or air. It can cover clean-up costs and damages.
Every business is different. In some cases, other types of liability coverage may be appropriate. An independent insurance agent can determine whether these or any other commercial liability products are right for your business.
What Does Arvada Commercial Property Insurance Cover?
Commercial property insurance can pay to repair or replace your business property if it is damage or destroyed by a covered event. Covered assets include such things as computers, office furniture, tools and machinery, signage, display cases, inventory, supplies, and more.
Arvada businesses most are at risk for damages caused by such hazards wildfires, property crimes, and severe weather events. Tornado activity in this area is 20% greater than the national average. A tornado has the potential to destroy all of your business property, so it is important to ensure that your coverage levels are high enough.
Flood damage can also present a risk to Arvada businesses, particularly for those in that are located near Ralston Creek. However property damage caused by floods is rarely covered by commercial insurance. If your business is at risk, be sure to talk to your local independent agent for help supplementing your business coverage with a suitable flood insurance policy.
How Can Business Interruption Insurance Benefit Businesses in Arvada, CO?
Business interruption insurance is designed to provide your company with a continuation of income in the event that it is forced to close for an extended time due to damages caused by a covered event. This insurance enables your business to continue to pay monthly expenses and employee salaries until you can resume normal business operations.
- Number of federally declared disasters in CO: 80
- Most common cause of disasters: Wildfires
- Average number of tornadoes in CO each year: 49.5
For example, one of the worst tornadoes ever to strike in the area was an F3 twister that touched down 11 miles from Arvada’s city center in 1988. This tornado caused millions of dollars’ worth of damage and forced a number of businesses to remain closed for weeks. Those with business interruption insurance were protected. Is yours?
Does Your Arvada Business Need Workers’ Compensation Insurance?
If your employees are injured on the job or suffer from an occupational illness related to the work they do for you, your company is responsible for covering their associated expenses and lost wages. Workers’ compensation insurance is designed to provide this coverage. If a workplace injury is fatal, this insurance can also provide compensatory benefits to surviving family members.
The cost for workers’ compensation is dependent mainly on the types of jobs your employees do. Companies whose employees have a high risk of sustaining serious injuries, such as construction firms, will pay more for coverage than companies with a low risk of employee injuries, such as administrative facilities.
In Colorado, all employers are required to carry workers’ compensation insurance, even if they have just one part-time worker. There are a few exceptions. For example, it is not necessary to cover:
- Casual maintenance or repair workers
- Private domestic workers
- Independent contractors
- Real estate agents and brokers who are paid by commission
- Drivers working with a contract carrier
- Sole proprietors, corporate officers, or members of an LLC
Talk to a local insurance to learn more about purchasing workers’ compensation insurance for your Arvada business.
What about Insurance Products for Employee Benefits?
- Annual amount spent on healthcare coverage by CO businesses: $858,947,000
- Ranked 24th for highest medical insurance costs in the US
- Avg. annual cost of health care in CO: $5,396/person or $16,636/family
Unfortunately, rising health insurance costs often make shopping for this type of coverage seem daunting. Fortunately, an independent agent can help.
These agents can explain the various types of health insurance coverage you can purchase for your employees and can help you make an informed decision about which is the best to choose.
Why Talk to An Independent Insurance Agent in Arvada, CO?
Business owners in Arvada can find the best and most affordable commercial insurance policies when they work with local independent agents. These experienced insurance professionals can help you identify the various risks faced by your business, and can they help you find the right insurance policies to cover those hazards.
Find an insurance agent in or near Arvada to discover how easy it can be to build an appropriate and affordable business insurance policy.
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