Centennial, CO is home to the headquarters of United Launch Alliance, one of the top rocket launching and testing facilities in the world. This city is also home to hundreds of midsize and small businesses, each of which plays an important role in the local economy. If you own a business in Centennial, business insurance can help your company stay profitable.
Choosing the right business insurance policies can be a complicated task, but you do not need to go at it alone. Independent insurance agents in Centennial can help you build a comprehensive coverage package by identifying your company’s specific risks and advising you about the policies that can cover against them. Find an independent insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Centennial?
Liability insurance is an extremely important part of every business insurance policy. It is designed to cover your business’s court costs, legal fees and damages if you're sued for a covered event. All business insurance policies include commercial general liability insurance, or “CGL.” This standard coverage has two main components:
CGL cannot cover your business against all of its liability risks. An independent insurance agent can help you identify any other liability exposures your business may have and can recommend the appropriate policies to cover against them.
The following are examples of some of the many commercial liability insurance products available to your Centennial business:
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Environmental liability insurance: This covers businesses that use or produce toxic substances. It can pay for clean-up costs and damage if an accident leads to the pollution of the ground, water, or air.
- Professional liability insurance: This covers individuals in professional positions against lawsuits related to damage caused by errors in judgment and other professional mistakes.
- Cyber liability insurance: This covers financial losses and liabilities if hackers access your computer systems and steal sensitive customer data such as financial information, credit card numbers, social security numbers, or personal data.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Centennial Business Insurance Cover All Your Business Assets?
In Centennial, businesses are most likely to experience property loss or damage due to such hazards as accidental fires, wildfires, property crimes, freezing temperatures, severe storms, and hail. Tornadoes also pose a threat to area businesses. The tornado risk in Centennial is 30% higher than the national average rate.
All business insurance policies include commercial property coverage. This is designed to compensate your business for loss or damage to your commercially owned property, including office furniture, outdoor signs, merchandise, and inventory. Sometimes, specialized commercial property insurance policies are necessary. Depending on your business, your insurance agent may recommend adding:
- Inland marine insurance: This covers portable business property while it is in transit or is stored away from your place of business, such as at a work site.
- Boiler & machinery insurance: This covers the repair or replacement of broken down business equipment as well as business losses associated with machine malfunctions.
- Flood insurance: This is necessary for businesses at risk of flooding, since commercial property insurance will not cover flood damage.
Your insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary.
How Can Business Interruption Insurance Help Centennial Businesses?
Major disasters can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended period while repairs are made. A closure that lasts for weeks, or even months, can be financially devastating, especially for a small company. Business interruption insurance provides a solution to this problem.
- Number of federally declared disasters in CO since 1953: 80
- Most common reasons for declared disasters: Wildfires and floods
- Average number of tornadoes in CO per year: 49.5
Business interruption insurance is designed to provide your company with a continuation of income when a covered event leads to a long-term closure. That way, your business can afford to pay regular monthly expenses such as utility payments, loan installments and employee salaries even though your business is temporarily unable to generate revenue.
Do Centennial Businesses Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses. In the event of a fatal work-related injury, this insurance can also provide long-term benefits to surviving family members and dependents.
In the state of Colorado, all employers are required by state law to cover their full-time and part-time employees with workers’ compensation insurance. There are a few exceptions. It is not necessary to cover sole proprietors, LLC members, corporate partners, real estate agents, independent contractors, or domestic workers.
The cost of workers’ compensation insurance is based mainly on the types of jobs your employees do. The higher the risk that your workers will suffer significant injuries, the higher the price for coverage will be. A local independent agent can help you review your costs and can match you up with an insurance company that specializes in covering businesses in your industry.
What about Insurance Products for Employee Benefits Packages?
While it’s true that health insurance is expensive, it can have cost-saving benefits. Studies by human resources professionals have demonstrated that when businesses offer employee benefits like vacation time, sick time, life insurance and healthcare coverage, they find it easier to attract and retain good employees.
- Annual amount spent on healthcare coverage by CO businesses: $858,947,000
- Ranked 24th for highest medical insurance costs in the US
- Average annual cost of health care in CO: $5,396/person or $16,636/family
There are many different life and health insurance products available for you to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package. A local independent insurance agent can explain the pros and cons of each of your various options so you are able to make an informed decision.
Why Work with an Independent Insurance Agent in Centennial, CO?
Every business has it is own specific risks and exposures. That is why insurance companies enable you to fully customize your business insurance coverage. An independent agent can offer guidance and can shop around to help you find the best and most affordable commercial insurance policies to cover your Centennial business.
Contact an independent insurance agent with an office in or near Centennial to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package.
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