From large companies like JBS Swift and Banner Health to small businesses like family-run diners and accounting firms, Greeley, Colorado is home to thousands of commercial enterprises. The most common industries in Greeley are educational services and construction, but all types of industries can benefit from having the right business insurance.
If you are a business owner in Greeley, a local independent insurance agent can help you build a commercial insurance plan that will provide suitable coverage against all of your company’s potential risks. Contact an insurance agent near you to learn more and to start comparing customized quotes for business insurance.
Why Do Businesses in Greeley Need Liability Insurance?
A liability lawsuit against a company can often result in a judgement exceeding $1 million. That is why liability insurance is a crucial part of every commercial insurance policy. This insurance can cover the various expenses related to these kinds of lawsuits, including court costs, legal defense fees, and financial damages.
All business insurance policies include commercial general liability insurance (CGL). It has two main coverage components: premises liability insurance, which covers third-party injuries, injuries, and damage that occur on your business property; and product liability insurance, which covers third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.
Most businesses will need to carry additional liability policies in order to be fully covered against all of their liability exposures. An independent insurance agent in Greeley can make recommendations about which of the many other commercial liability insurance products are right for your particular business. Examples of other liability policies you may want to consider include:
- Cyber liability insurance: This covers your business if hackers break into your computer system and steal customer data like credit card numbers, social security number, or personal data.
- Environmental liability insurance: This covers your business if an accident involving toxic materials used or produced by your company pollutes the land, water, or air.
- Employment practices liability insurance: This covers your business against accusations of illegal practices such as discrimination, harassment, and wrongful termination.
- Professional liability insurance: This covers individuals in professional positions if negligence, errors in judgement, or other mistakes lead to third-party damage.
- Commercial vehicle liability insurance: This is required if your business owns and operates vehicles. It can cover your increased liability risks if one of your drivers causes an accident.
Talk to your local independent insurance agent to learn more about these and other commercial liability insurance products that are available to you.
How Does Property Insurance Protect Greeley Businesses?
Commercial property coverage is another major part of every business insurance policy. It is designed to cover loss or damage to your company-owned assets. Hazards your Greeley business are most likely to face include fires, property crimes, severe storms, hail, floods and landslides.
Tornadoes also pose a significant risk in the Greeley area. In 2008, an F3 twister touched down about 13 miles from the Greeley city center. This tornado caused more than $145 million in damage to homes and businesses.
While property damage caused by tornadoes, storms, wind, fire, and crime are covered by a standard business insurance policy, damage caused by floods, landslides, and mudslides are not. You will need to supplement your coverage with additional policies in order to be covered against these risks.
You may also want to consider adding inland marine insurance to your coverage portfolio. This will cover your portable assets whenever they are in transit or at a worksite. Talk to your local insurance agent to learn more.
Is Business Interruption Insurance a Good Idea in Greeley, CO?
A major disaster, like a tornado or structure fire, can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance provides your company with a continuation of income during such times.
- Number of federally declared disasters in CO since 1953: 80
- Most common reasons for declared disasters: Wildfires and Floods
- Average number of tornadoes in CO per year: 49.5
This optional insurance enables you to have the income you need to cover your monthly expenses, loan installments, employee salaries, and other regular business expenses until you are able to resume normal operations. Most policies will provide this coverage for up to twelve months.
Business interruption insurance isn’t a good fit for all businesses. A local independent insurance agent can help you evaluate whether it is right for you.
Do Businesses in Greeley Need Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover the cost of medical treatment, follow-up care, prescriptions, lost wages, and other expenses related to work-related injuries and occupational illnesses. Rates for this coverage are based on how dangerous the work your employees do is. A construction worker would cost far more to insure than a financial analyst.
The state of Colorado requires all employers to carry workers’ compensation insurance. There are a few exceptions, however. It is not necessary to cover:
- Sole proprietors, corporate partners, or LLC members
- Casual maintenance or repair workers charging less than $2,000 a year
- Private domestic maintenance or repair workers not working full time
- Independent contractors
- Real estate agents and brokers who are paid through commissions
- Drivers working with a contract carrier
A local independent insurance agent help you obtain a competitively priced policy through a commercial provider that specializes in covering businesses like yours.
What about Employee Benefits for Businesses in Greeley?
- Annual amount spent on healthcare coverage by CO businesses: $858,947,000
- Ranked 24th for highest medical insurance costs in the US
- Average annual cost of health care in CO: $5,396/person or $16,636/family
There is no denying that subsidizing health insurance coverage for your employees is expensive. However, many small businesses that do so can qualify for tax deductions, and there are other cost-saving benefits as well.
Studies done by human resource professionals have demonstrated that when businesses offer attractive benefits packages, they are more likely to recruit and retain ideal employees. It has also been shown that workers who have access to health care use fewer sick days than those who do not.
If you are interested in purchasing health or life insurance for your employees, an independent insurance agent can help you find good policies at a competitive price. There are several different healthcare coverage types for you to choose from, so you may find it beneficial to receive guidance from one of these local insurance professionals when you are looking for the best plan.
Why Work with an Independent Insurance Agent in Greeley, CO?
Every business has its own specific coverage needs. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy. The wide range of insurance products and policy options available to business owners in Colorado enables you to fully customize your commercial coverage.
A local independent agent can help you navigate through the many choices you will have to make while you are shopping for coverage. That way, you can select the coverage that is best-suited for your particular business. Contact an insurance agent in or near Greeley to start comparing customized quotes for business insurance.
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