Recently, 563,917 Colorado businesses employed 991,542 employees. And Colorado Springs, CO is a hot spot for small-business activity, thanks to its metropolitan location and engaging entrepreneurial community. But businesses statewide encountered $1.3 billion in losses. Clearly, there are a number of risks out there that could affect your physical property, employees and financial success — which is why you need proper business insurance and a reliable insurance agent on your side.
Independent insurance agents aren't tied down to one carrier and can gather numerous quotes from myriad insurance companies. That way, you'll receive options to choose from when it comes to coverage and price. You've worked hard to build your business, so let us help you get complete protection with a Colorado Springs business insurance plan. Your small business faces a number of risks, but the most basic form of protection comes in the form of liability insurance. These baseline policies create a foundation of coverage for your Colorado Springs company, so take a look at what applies to you.
- General Liability: According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and over 30% said they felt the least prepared to handle this concern. General liability insurance takes over if you face a lawsuit after a customer slips and falls or an employee damages a client's property.
- Product Liability: Does your small business manufacture, distribute or sell a product? If so, you need product liability protection if something goes wrong or malfunctions, and causes injury. A national study found that 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more, so you can't afford to be without this protection.
- Professional Liability: If you and your employees regularly give advice to clients whether it be for financial, property or advisory reasons, professional liability coverage handles any negligence claims that may come your way. Also known as errors and omissions insurance, this coverage helps your Colorado Springs business stay financially protected.
Business Interruption Insurance for Colorado Springs Businesses
If a natural disaster or unsafe situation forced your company to temporarily shut its doors, how would you continue to pay bills or employees? With business interruption insurance, you receive compensation for the revenue you would normally be making. It's an extra layer of protection you should talk to your agent about.
Property Insurance for Businesses in Colorado Springs, CO
Colorado was the third-highest state in catastrophe losses, with $1.4 billion in losses in 2019. Because the success of your Colorado Springs business relies on being open and functioning, you need property insurance to make repairs in a timely manner after a storm, fire or flooding occurs.
Workers' Compensation for Colorado Springs Businesses
Whether you own a factory or a consulting firm, your employees need protection against the unexpected. Nationally, the cost of workers' compensation coverage is $1.30 for every $100 in wages. It's a small price to pay if something goes wrong and a worker is injured while on the job or suffers from an illness related to work. Let an independent insurance agent walk you through your workers' comp options today.
Employee Coverages for Colorado Springs Businesses
Colorado employers pay on average 29.5% of payroll in employee benefits. The annual cost of health care for businesses in Colorado in 2019 was $6,551/single-person plan, $20,171 for a family plan. Go over your options with a local agent to find coverage that meets your business and your employees' needs.
Cyber Crime Insurance for Colorado Springs, CO Businesses
- Colorado had 6272 identity theft complaints in 2019
- 28th highest for identity theft complaints in the U.S.
According to one study, 60% of small businesses experienced a cyber/data breach in 2017. You can't afford to be without coverage in today's tech-focused world. Cybercrime insurance protects you far beyond an attack and covers the associated legal fees that you may face. Reliable agents can explain why this coverage is necessary and how it gives you peace of mind when dealing with personally identifiable information.
Find the Right Colorado Springs Commercial Insurance for Your Business
Independent insurance agents know the multitude of risks you face as a small-business owner in the Colorado Springs region. We will work alongside you to assess your needs and find you a Colorado Springs business insurance policy that is comprehensive, personalized and affordable. Find a local agent who will help you navigate the intricate insurance world.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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2017 Colorado Insurance Statistical report
bureau of labor statistics
insurance information institute
Bureau of labor statistics newsletter june 2020
Kaiser Family Foundation
Insurance information institute
ponemon institute 2018 cyberseurity in small and midsize business