There are nearly 548,000 businesses operating in Colorado, with just over 16,000 in the Denver suburb of Lakewood. The Lakewood economy is diverse; some of the largest employers in the city are in the government, service, and transportation industries. Whatever type of business you own in Lakewood, property damage and lawsuits can devastate your finances. Whether you have to rebuild after a storm or defend yourself from a serious lawsuit, you need business insurance to help you protect your assets.
An independent insurance agent is the best place to turn to understand the unique risks you face. Independent agents can help you review policy options from multiple insurance companies so you can make an informed and affordable choice.
Liability Insurance for Small Businesses in Lakewood, CO
If you were sued for some kind of negligence, would you have the funds on hand to pay for the injured party’s medical expenses or property damage? Would you be able to pay for an attorney and all of the costs of mounting a defense?
Commercial general liability (CGL) insurance offers protection from many types of negligence claims, from simple trips and falls on your premises to major product liability cases. It covers your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you are required to pay. You might need additional liability coverage as well because while CGL policies offer broad protection, they don’t cover everything. Ask your independent agent if you have any gaps in your coverage. They may suggest coverage such as:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Professional liability insurance: Covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damage.
Cyber Liability Insurance for Lakewood Businesses
Any business that handles electronic data—especially personally identifiable information about its customers—is particularly susceptible to cyber threats. Data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more.
- Number of identity theft complaints in Colorado per year: 4,579
- Ranked 13th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
If your business is sued because of a data breach or other cybercrime, you’re responsible for paying legal fees, court-ordered judgments or settlements, and any other court-related costs. You’ll also need to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your public image. Imagine the financial blow this would be, especially for a small business.
Cyber liability insurance protects your business assets by paying for your legal defense, settlements and judgments, and even PR and other related expenses. Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a stand-alone solution. A local independent agent can help you assess your risks and decide if this type of coverage is right for your Lakewood business.
Property Insurance for Small Businesses in Lakewood, Colorado
Colorado is no stranger to fires, floods, and severe weather events. That’s why you need commercial property insurance. It covers your physical assets (buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more) when physical damage occurs due to fires, severe weather, theft, vandalism, and certain other perils.
- Number of federally declared disasters in Colorado since 1953: 83
- Most common reasons for declared disasters in Colorado: Fires and Floods
While commercial property insurance covers most of your business property, you might still require some special policies or endorsements. Talk to your independent insurance agent to make sure you have all of the coverage you need.
Business Interruption Insurance for Colorado Businesses
Business interruption insurance can mean the difference between recovering after a disaster and closing your doors for good after sustaining serious damage to your commercial property. It is typically part of your commercial property insurance or business owners policy, and pays for certain ongoing expenses (employee salaries, rent, relocation expenses) and lost income after a covered event. An independent insurance agent can help you assess your risks and get the coverage you need.
Workers’ Compensation Insurance for Lakewood, CO Businesses
Workers’ compensation insurance is more than just an expense for your business. It is an affordable way to protect your business and your employees from the costs of work-related injuries. The best way to reduce the number of workers’ compensation claims for your business is to provide a safe and healthy workplace. But when an accident happens, workers’ compensation insurance is invaluable.
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, 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.
Colorado has one of the most affordable workers’ compensation markets in the US. Numerous providers operate and compete in Colorado, allowing rates to stay low for most occupations. It’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. Failing to comply with workers’ compensation laws can lead to fines and penalties for employers.
A local agent can work closely with you to help you understand how the law affects you and to help you find an appropriate Colorado workers’ compensation policy.
Employee Benefits for Small Businesses in Lakewood, CO
Employee benefits are an important component of your comprehensive business insurance plan—and one of the most complex and expensive.
- 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: $5,396/person or $16,636/family
From health insurance and life insurance to vacation time and wellness programs, employee benefits play a major role in employee satisfaction, retention, and loyalty. As you design your employee benefits plan, remember that many of the most successful employee benefits packages revolve around choice, flexibility, and customization. An independent insurance agent in your area can help walk you through all of your options and choose the best ones for your workforce and your budget.
Why Work with an Independent Agent?
There is a wide variety of insurance products and options available to Lakewood business owners. The best way to be sure you are getting appropriate coverage for all of the risks you face is to work with a helpful and knowledgeable independent insurance agent.
Get started by contacting a local agent now.
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