The municipality of Edgewater, Colorado, is mainly a bedroom community for people who work in Denver and other nearby cities. However, there are still plenty of businesses in this small town, especially along Sheridan Boulevard, where several stores, offices, and restaurants can be found.
If you are among the proud business owners in Edgewater, you will want to be sure that your company is suitably covered by the right commercial insurance products. Local independent agents can eliminate the guesswork and help you build a suitable and affordable business insurance policy package. Find an insurance agent near you to get started.
Why Is Liability Insurance Important for Edgewater, CO, Businesses?
When you consider that many liability lawsuits against businesses in the US result in judgments exceeding $1 million, you can see why liability coverage can prove very valuable to your company.
Commercial liability insurance can help your company avoid large financial pitfalls by covering court costs, legal fees, settlements, judgments, and other damages if your business is sued for a covered event.
You will need to be sure that all of your business's liability exposures are covered by the right insurance products. For instance, depending on what your company does, your agent may recommend some or all of the following business liability products.
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, or property damage caused by products your company produces or sells.
- Professional liability insurance: This covers individuals in professional positions if they are sued for negligence, errors in judgement, or other professional mistakes.
- Employment practices liability insurance: This covers against accusations of illegal employment practices such as wrongful termination, discrimination, and harassment.
- Cyber liability insurance: This covers against losses caused by data breaches if hackers access financial or personal data that your company has stored electronically.
- Commercial vehicle liability insurance: This covers your business’s liability expenses if one of your drivers causes an accident while driving a company vehicle.
- Environmental liability insurance: This covers cleanup costs and damage if an accident or disaster leads to the pollution of the land, water, or air by toxic substances used, sold, or produced by your company.
A local independent insurance agent can determine whether these or any other commercial liability products are a good fit for your business.
What Does Commercial Property Insurance Cover in Edgewater?
Commercial property insurance can cover the cost of repairing or replacing your business property if it is damaged or destroyed by a covered event. Covered assets include such things as computers, office furniture, tools and machinery, outdoor signs, supplies, inventory, and more.
Edgewater businesses most are at risk for damage caused by hazards like wildfires, property crimes, and severe weather events like electrical storms, hailstorms, and tornadoes. Fortunately, these risks are covered by commercial property insurance.
What Does Commercial Property Insurance Not Cover in Edgewater?
As with any insurance product, commercial property insurance has some limitations. For instance, it will not cover the following.
- Flood damage: When winter snows melt or heavy rains fall, flash flooding can occur just about anywhere in Edgewater. Fortunately, a local independent agent can help you supplement your commercial property insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
- Earthquake damage: The risk of earthquake activity in the Edgewater area is 721% greater than the national average. Your insurance agent can help you protect your business with a supplemental earthquake insurance policy.
Talk to a local insurance agent to learn more about how you can mitigate these exposures.
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How Can Business Interruption Insurance Benefit Businesses in Edgewater, CO?
Business interruption insurance is designed to provide your company with a continuation of income if it is forced to close for an extended time due to damage caused by a covered event. This insurance enables your company to continue to pay monthly expenses and employee salaries until it can resume normal business operations.
- Number of federally declared disasters in CO since 1953: 96
- Most common cause of disasters: Wildfires, floods, and severe storms
- Average number of tornados in CO per year: 53
Tornado activity in the Edgewater area is 23% greater than the national average. One of the worst to strike in the vicinity was an F3 twister that touched down just 7.2 miles from the Edgewater city center causing more than $5 million in damage.
Disasters like tornadoes can result in long-term closures for area businesses. Make sure that yours can stay profitable in the wake of a disaster by investing in business interruption insurance.
Does Your Edgewater Business Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover the cost of medical treatments and lost wages if your employees are injured on the job. Costs for this coverage are based mainly on the types of jobs your employees do and the likelihood that they will be seriously injured while doing them.
With a few exceptions, all employers in Colorado are required to carry workers’ compensation insurance, even if they have just one part-time worker. Talk to a local insurance for help finding a suitable workers’ compensation insurance policy for your Edgewater business.
What about Insurance Products for Employee Benefits?
Unfortunately, rising health insurance costs make finding suitable coverage daunting. The good news is an independent agent can help.
Your agent can explain the various types of health insurance coverage you can purchase for your employees and can present you with a selection of suitable policies and quotes that you can review and compare together. That way, you can make an informed decision about which is the best the purchase for your employee benefits package.
How an Edgewater, Colorado, Independent Insurance Agent Can Help
Local independent agents can help area business owners find the best and most affordable commercial insurance policies. These experienced professionals can help you identify the various risks your business faces and can recommend the right insurance policies to cover against them.
Find an insurance agent in or near Edgewater to discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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