There are over 547,000 businesses operating in Colorado, with nearly 7,400 in Grand Junction. Health care, hospitality, and construction firms are prevalent in Grand Junction. Whether you own a small construction firm or a medical clinic, you need comprehensive business insurance to protect your assets and your employees if something goes wrong.
Every business has unique risks. That’s why it’s so 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, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Grand Junction, CO
Lawsuits against businesses are common. Retailers and other businesses that invite the general public onto their premises often face “trip and fall” claims. Restaurants and other businesses that serve or sell food can be held responsible for illnesses caused by tainted food. Any store or business can be sued for manufacturing or selling a faulty product. No matter what type of business you are in, any type of lawsuit will be costly to defend against. And if you are required to pay settlements to injured parties, your company may never recover.
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. Additional types of commercial liability policies are 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 Grand Junction Businesses
You may need additional or supplementary liability insurance if your business is impacted by a cyber hack or data breach. In many of these cases, your business liability insurance may not offer the coverage for costs associated with informing customers about the breach, shoring up your systems, and managing the public relations fallout.
- 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.
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 Grand Junction, CO
Grand Junction has a fairly dry climate with warm summers and frigid winters. Fires and flooding are the biggest weather-related threats to business property in Grand Junction and throughout Colorado. What’s more, your business can fall victim to break-ins, theft, vandalism, and other types of property damage at any time.
- Number of federally declared disasters in Colorado since 1953: 83
- Most common reasons for declared disasters in Colorado: Fires and Floods
Commercial property insurance covers your company’s physical assets when they sustain some kind of damage. It is necessary to help you repair, rebuild, or replace buildings, office space, merchandise, inventory, tools, machinery, computers, and office furnishings when physical damage occurs. Commercial property insurance typically 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 are 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 this coverage.
Business Interruption Insurance for Grand Junction Businesses
A variety of unforeseen events such as fires, severe weather, or even vandalism can leave you unable to operate for some time while you repair or rebuild your commercial property.
Business interruption coverage, or business income coverage, replaces lost income if your business is unable to operate after a covered loss. If you are forced to close or relocate in order to make repairs or rebuild, 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.
Worker's Compensation Insurance for Grand Junction, CO Businesses
Worker's 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 worker's compensation insurance. In Colorado, any person hired to perform services for pay is presumed by law to be an employee. Worker's 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 worker's 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 worker's compensation laws in Colorado and find appropriate coverage from a commercial provider.
Employee Benefits for Small Businesses in Colorado
Employee benefits are an essential part of any business insurance program. Health insurance, life insurance, and wellness programs don’t specifically cover any physical assets or protect against lawsuits, but they do play an important role in ensuring that you have a healthy, satisfied, and top-quality workforce.
- 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 health care coverage in Colorado: $6,550/person or $20,171/family
There are many different employee benefits programs 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?
A local independent insurance agent can answer your questions about insuring your Grand Junction business. There are many business insurance products and options available, and with the help of a knowledgeable agent, you can choose the insurance companies and policy options that fit your unique needs and budget. Independent agents can help you assess your risks and find insurance companies that specialize in the type of work that you do. Find an agent in or near Grand Junction to get started.
©2021, Consumer Agent Portal, LLC. All rights reserved.
Insurance information institute
ponemon institute 2018 cyberseurity in small and midsize business
Kaiser family foundation