Fort Collins Business Insurance

Your Complete Guide to Fort Collins, CO Business Insurance

Find the right business insurance policy for you.

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There are over 547,000 businesses operating in Colorado. Fort Collins has over 8,500 businesses, including many in the service and manufacturing industries. The city is also home to many high-tech companies that are drawn to the research facilities at Colorado State University. 

Whether you are a large manufacturer or the owner of a small local business, you need a comprehensive business insurance plan to protect your assets and your employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, coingmpare policies and quotes, and make an informed decision.

Liability Insurance for Small Businesses in Fort Collins, CO

Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating. What’s more, even if claims against you are unfounded, you always have to defend yourself if you are sued. And mounting any defense will be costly. 

That’s why all businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers court costs, attorney fees, and even settlements or judgments that you must pay to the injured party. Not every kind of liability risk is covered by a CGL policy. There are additional types of commercial liability policies available for many of these scenarios. Talk to your independent insurance agent about why you might need commercial auto liability insurance, environmental liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits. 

Cyber Liability Insurance for Fort Collins Businesses

Would your standard business liability insurance protect you if your electronic data were stolen, your website were shut down by a power failure or by being hacked, or if someone filed slander or libel allegations against your business based on a social media post?

  • Number of identity theft complaints in Colorado per year: 6,272
  • Ranked 28th highest for identity theft complaints in the US
  • Only 22% of businesses have a cyber/data breach response plan

Almost every business has at least some cyber risk exposure that needs to be addressed; any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them. 

Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business. 

Property Insurance for Small Businesses in Fort Collins, CO

Fires, floods, and severe weather events can cause extensive damage to your Fort Collins commercial property.

  • Number of federally declared disasters in Colorado: 330
  • Most common reasons for declared disasters in Colorado: Fires 

Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, and office furnishings when physical damage occurs. Your business property policy covers damage due to fires, severe weather, theft, vandalism, and a variety of other causes of loss. 

An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If you live in an area that is prone to flooding, you're likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local agent can help you purchase coverage.

Business Interruption Insurance for Fort Collins Businesses

Unexpected events, from minor to catastrophic, can easily damage your building, your suppliers’ buildings, local utilities, and more. A tornado or fire can leave you unable to operate for some time while you repair or rebuild your commercial property. 

Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. If you are forced to close your doors for an extended period in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need. 


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Workers’ Compensation Insurance for Fort Collins, CO Businesses

Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. It allows you to protect your employees from the costs of these injuries, and it protects you from lawsuits related to workplace accidents. 

All public and private employers in Colorado with one or more full- or part-time employees must provide workers’ compensation insurance. In Colorado, any person hired to perform services for pay is presumed by law to be an employee. Workers’ compensation insurance is mandatory, with a few exceptions. 

  • Sole proprietors and partners are excluded from coverage but may elect to be included.
  • Corporate officers are included in coverage, but those who own at least 10% of the corporate stock may elect to be exempt from coverage.
  • LLC members are treated as corporate officers; they are included in coverage but can elect to be exempt. 

Fortunately for Colorado business owners, the state has one of the most affordable workers’ compensation markets in the US. There is a wide variety of very competitive providers, which allows rates to stay low for most occupations. Your independent insurance agent can help you learn more about the workers’ compensation laws in Colorado and find appropriate coverage from a commercial provider. 

Employee Benefits for Small Businesses in Colorado

An employee benefits plan that includes health insurance, life insurance, vacation and sick time, and other perks help companies attract and retain top employees. While employee benefits are often complex and expensive, they are a necessary part of keeping your workforce healthy and satisfied.

  • Average amount spent per year on healthcare coverage by Colorado businesses: $858,947
  • Ranked 24th for highest health insurance premium spending in the US
  • Average annual cost of healthcare coverage in Colorado: $5,396/person or $16,636/family

There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. A local independent agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent? 

There are many business insurance products and options available to protect your Fort Collins business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work that you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies. Find an agent in or near Fort Collins to get started. 

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