There are more than 4,000 businesses registered in the town of Parker. Most are small, privately-owned companies. If you are among the many enterprising individuals in this Denver suburb, investing in suitable business insurance coverage can help your company stay profitable in times of trouble.
Independent agents can help you identify your company's risks and recommend the best and most affordable insurance products to cover against each. Find an independent insurance agent near you to discover how easy it can be to build a good business insurance policy package.
Is Business Insurance Required in Parker, CO?
No law says you have to have a business insurance policy, but there are times when certain types of commercial insurance coverage may be necessary. For instance:
- If you have a business loan, your lender may require you to have business insurance coverage until the loan has been paid off.
- If you are a contractor, prospective clients may ask for proof of liability insurance before hiring you to do a job on their property.
- If your business owns and operates vehicles, you are required by law to carry commercial vehicle insurance.
- If your business has employees, the state requires you to cover them with workers’ compensation insurance.
Even if you don’t need to carry it, business insurance is beneficial because it has the potential to save your company from bankruptcy if a hardship like a liability lawsuit, a natural disaster, or a forced temporary closure threatens its bottom line.
How Much Does Business Insurance Cost in Parker, CO?
Business insurance costs can vary significantly from one company to the next because insurers base their premiums on several factors like:
- The type of business you own
- Your company’s expected annual revenues
- The number of people you employ and the kinds of jobs they do
- The value of your company’s property and assets
- The crime rate and weather risks where your business is located
- Your company’s liability exposures
- Whether your business owns and operates motor vehicles
To find out how much coverage will cost for your business in Parker, you can contact a few insurance companies to request customized quotes. Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive price.
Local independent agents make comparison shopping easy by doing the legwork for you.
What Does Business Insurance Cover in Parker, CO?
A simple business owners policy (BOP) can provide all the coverage many small businesses need. Mid-sized companies and small businesses with complex coverage needs will be better suited by purchasing a standard business insurance policy and supplementing it with appropriate policies and options.
Whether you are covering your business with a BOP or a standard business insurance policy package, there are three main types of coverage you can expect it to include:
- Business liability insurance: This can protect your business if someone files a lawsuit against it.
- Commercial property insurance: This can protect your business from financial losses related to property loss and damage.
- Business interruption insurance: This can protect your business against revenue losses caused by specific forced temporary closures.
By adding additional policies and options to these main types of coverage, you can build a customized business insurance policy package that adequately meets your company’s specific coverage needs.
What Does Small Business Liability Insurance Cover in Parker, CO?
No business is too small to wind up on the wrong end of a liability lawsuit. Commercial liability insurance products cover legal fees, court costs, mediation costs, settlements, judgments, and other expenses if your company is sued for a covered event.
At a minimum, all BOPs and business insurance policies include general liability insurance. General liability insurance is designed to cover some of the most common liability risks businesses face. It includes:
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products sold or produced by your company.
- Media liability insurance: This covers accusations of marketing errors like copyright violations, deceptive pricing, and false advertising.
General liability insurance is not always enough to cover all potential risks. An independent agent can help you review your company’s liability exposures and recommend suitable commercial liability products to protect against them. Commonly purchased liability policies include:
- Errors and omissions insurance (E&O): This covers your business and the people who work for you if negligent acts, inadequate work, or other professional mistakes cause your clients to experience financial loss or other harm.
- Employment practices liability insurance (EPLI): This covers your business against accusations of illegal employment practices such as harassment, discrimination, wrongful termination, and retaliation.
- Cyber liability insurance: This covers your company’s financial obligations to affected individuals if cybercriminals break into your business’s computer network and access personal, financial, or other sensitive data.
- Liquor liability insurance: This covers businesses that sell or serve alcoholic beverages. It is beneficial because dram shop laws in Colorado state that if someone becomes intoxicated at your place of business and then causes an accident, the injured party can sue your company. Liquor liability insurance provides coverage if this happens.
- Workers’ compensation insurance: This prevents your company from facing liability lawsuits if a worker is hurt on the job. It pays for your injured employees’ medical care, lost wages, and other financial losses.
These are just a few of the many business liability insurance products available. Your insurance agent can help you determine whether these or any others are a good fit for your company in Parker.
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What Kinds of Property Coverage Does Business Insurance Offer to Companies in Parker, CO?
All BOPs and business insurance policies include commercial property insurance to cover repair or replacement costs if your business-owned property is damaged or destroyed by a covered event.
Common covered perils in Parker include:
- Fires: This includes damage caused by flames, smoke, and firefighting efforts.
- Property crimes: This includes violations like shoplifting and vandalism.
- Falling objects: This includes things like hailstones and uprooted trees.
- Severe weather events: This includes hazards like thunderstorms, windstorms, tornadoes, heavy snows, and prolonged freezing temperatures.
Commercial property insurance covers a lot, but it does not cover everything. That’s why some business owners in Parker opt to purchase supplemental coverage. Some commercial insurance policies you may want to consider to include:
- Inland marine insurance: This covers your company’s portable property while it is transported over land and when it is located away from your place of business, such as at a job site or in a warehouse.
- Flood insurance: Commercial property insurance does not cover flood damage. Fortunately, only around 3% of properties in Parker have a significant risk of sustaining serious flood damage over the next 30 years. If your business is among them, you may want to purchase commercial flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP).
Independent insurance agents in your community can help you be sure that your business property is suitably covered against all potential risks.
How Can Business Interruption Insurance Protect Businesses in Parker, CO?
Business interruption insurance is another part of every BOP and business insurance policy. It can protect against financial losses if damage caused by a covered event forces your business to shut down for an extended time while you make repairs.
This insurance can provide your business with a continuation of income while it is closed, so you can continue paying regular expenses like rent, loan payments, bills, and employee payroll. Coverage can continue until your business can resume normal operations.
Can Independent Insurance Agents Help Employee Benefits in Parker, CO?
Offering your workers excellent benefits can give your business a competitive edge when trying to recruit and retain some of the area’s best talent.
If you are planning to put together an employee benefits package, a local independent agent can help you find suitable:
Your agent can also ensure that the health insurance plan you choose for your employees is accepted by many local doctors and some of the area’s best medical facilities like Lincoln Medical Center and Parker Adventist Hospital. That way, your employees can easily obtain care if needed.
What Are the Best Business Insurance Companies in Parker, CO?
The best business insurance companies in Parker are the ones that have a solid track record of providing their policyholders with exceptional customer service, reliable coverage, and affordable prices.
Local independent insurance agents have teamed up with some of the top insurance companies servicing Colorado. This means you can be confident that any policies your agent recommends to you are offered by insurance providers you can trust.
How Can an Independent Insurance Agent Help Business Owners in Parker, CO Find the Best Coverage?
Local independent agents understand the risks that small business owners face in Parker. These knowledgeable agents can do a complete risk assessment of your company and can recommend the right commercial insurance products to cover against each identified exposure.
Independent agents are free to work with multiple insurers, so they can shop around to find the policies you want at the best prices. When you are ready to start comparing customized business insurance quotes, arrange an obligation-free consultation with an independent insurance agent near you.