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 $7,161,207 in losses, making Colorado the 11th highest state in the country for 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 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
Colorado's gross state product changed by 3.8% — 1.6% more than the change in the recent gross domestic product — and a sign of great things to come. But 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
Of 119 natural disasters in the United States in recent years, only 61% of the losses were covered, leaving property owners to pay for $9.7 billion of uncovered damage. In fact, Colorado was the second highest state in catastrophe losses, with $1.702 billion in losses in recent years. 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 $1.27 for every $100 in wages, or $612 per employee. 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
- Total recent spending on premiums in Colorado: $858,947
- 28th highest premium spent in the U.S.
- Annual cost of health care for small businesses in recent years: $5,413/single person plan, $16,636 for a family plan
Your employees work hard for you, so shouldn't you offer them affordable and comprehensive health and life insurance? Colorado average premium prices were 4% lower for a single person plan and 4% higher for a family plan than national averages, but you have a wide array of options at your disposal. Go over your options with a local agent to find something that meets your business and your employees' needs.
Cyber Crime Insurance for Colorado Springs, CO Businesses
- Number of identity theft complaints in recent years: 4,579
- 13th highest for identity theft complaints in the U.S.
Did you know that only 22% of small businesses have a cyber/data breach response plan? 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.