With its natural mineral springs, beautiful views, and access to Pikes Peak, Manitou Springs attracts a lot of visitors. This makes it a great place for business owners, particularly in the retail and restaurant sectors. If you are among the many business owners in this municipality, you can protect your investment with a suitable business insurance policy package.
Local independent insurance agents make shopping for coverage easy. These agents can help you find all the coverage you need at the most affordable prices. Find an insurance agent in or near Manitou Springs to start comparing customized business insurance quotes.
What Kinds of Liability Coverage Do Manitou Springs Businesses Need?
In our litigious society, having the right liability coverage can be crucial for protecting your company’s finances. Business liability insurance is designed to absorb expenses like court costs, legal fees, settlements, judgments, and damages if your company is sued for a covered event.
There are many different kinds of commercial liability coverage available. An independent agent can do a complete risk assessment of your business and can recommend the right policies to cover against any liability exposures.
Examples of some of the policies you may want to consider include the following.
- Premises liability insurance: This covers against third-party injuries or property damage that occurs on your business premises.
- Product liability insurance: This covers against third-party injuries or property damage caused by a defect in a product your business produces or sells.
- Employment practices liability insurance: This covers against accusations of illegal employment practices like discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This covers your financial obligations and liabilities if hackers break into your company’s computer system and access your clients’ or employees’ personal or financial data.
- Environmental liability insurance: This covers cleanup costs and damage if an accident or disaster leads to the pollution of the land, air or water by toxic substances produced, sold, or used by your business.
- Professional liability insurance: This covers individuals in professional positions if they are sued for damage caused by negligence or an error in judgment.
Talk to a local insurance agent to learn more about these and other liability products that may be a good fit for your Manitou Springs business.
What Does Commercial Property Insurance Cover in Manitou Springs?
All business insurance policies provide commercial property insurance. It is designed cover the cost of repairing or replacing your company’s property if it is damaged or destroyed by a covered event.
Businesses in Manitou Springs are most likely to experience property damage caused by accidental fires, wildfires, property crimes, and severe weather events like tornadoes, hailstorms, windstorms, and electrical storms. Fortunately, these hazards are covered by your commercial property insurance.
A local insurance agent can help you determine whether commercial property insurance on its own is enough, or if your business property can also benefit from the protections offered by inland marine insurance, boiler & machinery insurance or other supplemental coverage.
What Is Not Covered by Commercial Property Insurance?
Not all potential hazards are covered by commercial property insurance. Fortunately, supplementary policies are available so you can build a policy package that fully protects your business property. For instance, your insurance agent may recommend the following.
- Flood insurance: Floods pose a significant threat to business owners throughout the Manitou Springs area. A commercial flood insurance policy through the National Flood Insurance Program (NFIP) can provide your business with up to $500,000 in structural coverage and $500,000 in contents coverage if your business is damaged by flood waters.
- Earthquake insurance: There is an elevated risk of seismic activity in the Manitou Springs area. In fact, the earthquake risk in this city is 728% greater than the national average. An earthquake insurance policy can cover damage to the structure of your building and your business-owned property if it is damaged by a seismic event.
Learn more about this supplemental coverage and start comparing quotes by consulting a local independent insurance agent.
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Is Business Interruption Insurance Necessary in Manitou Springs?
Property damage isn’t the only expensive risk your business faces during a catastrophic event. Major damage caused by disasters like fires and tornadoes can potentially force your businesses to remain closed for several weeks while repairs are made.
Without an ongoing stream of revenue, many small businesses would be forced into bankruptcy. Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to temporarily close because of damage caused by a covered event.
Talk to a local independent insurance agent for help determining whether business interruption insurance is a good fit for your Manitou Springs business.
Do All Manitou Springs Businesses Need Workers’ Compensation Insurance?
If you have employees in Colorado, you are required by law to carry workers’ compensation insurance. There are a few exceptions. For instance, it is not necessary to cover sole proprietors, corporate partners, LLC members, independent contractors, domestic servants, and real estate agents.
Workers’ compensation insurance is designed to cover medical treatments, lost wages, and other related expenses if your employees are injured on the job. This insurance can also pay out survivor benefits to family members in the unfortunate event that a workplace injury proves fatal.
Costs for workers’ compensation insurance are based primarily on the types of jobs your workers do. The more dangerous the job, the it will cost to insure, Therefore, it costs much more to cover a roofer than it does to cover a salesperson at a gift shop.
An independent insurance agent can help you compare rates from a variety of reliable insurance companies that specialize in covering businesses likes yours.
What about Purchasing Insurance Benefits for Your Employees?
Studies by human resource professionals have shown that workers who have health insurance tend to use fewer sick days, and offering an attractive benefits package helps businesses recruit and retain some of the best employees.
If you are looking for insurance products to include in your employee benefits package, an independent agent can explain your various options and can help you find suitable coverage at a competitive price.
Why Work with an Independent Insurance Agent in Manitou Springs, CO?
There is no such thing as a one-size-fits-all business insurance plan. With a wide variety of products and options at your disposal, you, as a business owner, can fully customize your company’s insurance coverage portfolio. Unfortunately, this can get confusing if you try to do it on your own.
Independent insurance agents take the guesswork out of building a comprehensive business insurance policy package. These agents can evaluate your coverage needs, recommend the appropriate insurance products, and help you find the policies you need at the most competitive prices.
Contact an insurance agent in or near Manitou Springs to get started.