Denver, CO has quickly become a hub for small businesses. The city's thriving startup scene is quickly contributing to the already 563,917 Colorado businesses that employ 991,542 individuals. But these companies suffered $7,161,207 in losses, making Denver the 11th highest state in the country for losses. Property damage, lawsuits, and worker injuries are just baseline risks that your company needs protection against.
Luckily, there are a number of Independent Insurance Agents armed at the ready to get your business set up with the best business insurance on the market. If you're just starting out and need some guidance or you want to review alternative policies, visit your local agent today.
Liability coverage is the most basic form of protection a business owner can have. A lawsuit that lands on your desk due to a client fall, negligence claim or malfunctioning product could cause serious financial and emotional stress. Stay protected with these foundational coverages to keep things running smoothly.
- 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. A simple accident could bring medical bills and legal costs to your desk. But general liability insurance keeps you protected from basic slips and falls and from unfortunate scenarios that may occur on your property or by an employee.
- Product Liability: If a product that your Denver company sells, produces or distributes causes injury, you could be held liable. In fact, 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. Avoid big payments by having the right product liability coverage, tailored to your business.
- Professional Liability: Also known as errors and omissions insurance, this coverage is designed for accountants, architects, and consultants who regularly give advice to their customers. If a client claims you gave negligent advice, you could be held liable. Let an agent explain how professional liability coverage gives you an extra layer of protection.
Denver, Co Business Interruption Insurance
Your small business's success is essential not only to your well-being but also to your economic stability as a whole. In fact, Colorado's gross state product increased by 3.8% — 1.6% more than the increase in the country's recent gross domestic product. If an unsafe situation or natural disaster forces your small business to shut its doors, you could see a decline in profits. Business interruption insurance compensates you for the revenue you would normally be making so you can continue to pay bills and employees during a temporary closure.
Property Insurance for Businesses in Denver, CO
There were 119 natural disasters in the United States in recent years, and only 61% of losses from natural disasters were covered. Nearly $9.7 billion of damage was uncovered, and Colorado was the second highest state in losses, with $1.702 billion in insured catastrophe losses in recent years, forcing property owners to pay for repairs and rebuilding costs out of pocket. Don't let your small business suffer for something that isn't your fault. Talk to an agent about your property insurance and coverage options.
Workers' Compensation for Denver Businesses
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 an employee is injured while on the job. Reliable agents will walk you through potential workers' comp policies and explain how this coverage is necessary to the well-being of your company and employees.
Employee Coverages for Denver 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
Did you know that Colorado's average health care premium rates are 4% less for a single person's plan and 4% more for a family plan than national averages? Health care is complicated, and agents can help you wade through the murky waters. At the end of the day, you need employee coverages that give ample protection to your employees and their families. It's a morale boost for current workers and can bring new prospects in the door — creating a happy and healthy work environment in Denver.
Cyber Crime Insurance for Denver, CO Businesses
- Number of identity theft complaints in recent years: 4,579
- 13th highest for identity theft complaints in the U.S.
- Only 22% of small businesses have a cyber/data breach response plan
Regardless of how much or what kind of data your small business stores, you need a cybercrime insurance plan. It's a must-have for any company in today's increasingly technological world, gives you peace of mind and helps you avoid a post-breach downfall. Our agents know the unique cyber coverages you need and can find a policy that meets your budget.
Find the Right Denver Commercial Insurance for Your Business
Independent insurance agents aren't tied down to one carrier and can gather a number of quotes from various reputable insurance companies. If you're interested in a specific coverage or want the whole kit and caboodle, visit your local agent today to start talking details. We will find you a comprehensive Denver business insurance policy that meets your needs and budget and gives you full protection around the clock.