There are over 547,000 businesses operating in Colorado. In Pueblo, more than 6,600 businesses represent a variety of industries, including hospitality, construction, and educational services. Pueblo business owners need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong.
Since every business has unique risks, it’s 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 Pueblo, CO
Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating. What’s more, even if claims against you are unfounded, you always have to defend yourself if you are sued, and mounting any defense will be costly.
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. CGL policies typically include premises liability insurance, which covers incidents on your business property, and product liability coverage, which pays for third-party damage, illnesses, or injuries caused by defective products that you produce, sell, or promote.
Not every kind of liability risk is covered by a CGL policy. There are additional commercial liability policies available for many possible scenarios. Talk to your independent insurance agent about why you might need the following types of liability protection:
- Commercial auto liability insurance: This is necessary if your business owns and operates any vehicles. It covers your vehicle fleet and drivers if an employee causes an accident while driving an employer-owned vehicle.
- Environmental liability, or pollution liability coverage: Protects companies from the costs associated with damage caused by improperly disposing of hazardous waste or causing environmental harm.
- Employment practices liability insurance: Covers your business against accusations of harassment, discrimination, wrongful termination, or other illegal business practices.
- Professional liability insurance: Covers lawsuits arising from rendering negligent professional services or failing to perform professional duties. It is often recommended for people in professional positions, such as lawyers, accountants, architects, and IT professionals, but it is becoming more common for a variety of business types.
An independent agent can help you determine which commercial liability products are right for your Pueblo business.
Cyber Liability Insurance for Pueblo, CO Businesses
Would your standard business liability insurance protect you if your electronic data were stolen, your website were shut down by a power failure or by being hacked, or if someone filed slander or libel allegations against your business based on a social media post?
- 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; any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them.
Cyber liability insurance protects your business assets by paying for many of the costs related to a data 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 Pueblo, CO
Fires, floods, and severe weather events can cause extensive damage to your Pueblo commercial property.
- Number of federally declared disasters in Colorado: 330
- Most common reasons for declared disasters in Colorado: Fires
Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs. Your business property policy covers fires, severe weather, theft, vandalism, and certain other perils.
An independent insurance agent can help you determine if you need more than just a basic commercial property policy. Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets. Be sure to talk to your agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit.
Business Interruption Insurance for Pueblo, CO Businesses
Unexpected events, from minor to catastrophic, can easily damage your building, your suppliers’ buildings, local utilities, and more. A severe storm, fire, or snowstorm can leave you unable to operate for some time while you repair or rebuild your commercial property.
Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of a covered event. If you are forced to close your doors for a while in order to make repairs, 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.
Workers’ Compensation Insurance for Pueblo, CO Businesses
Workers’ 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 workers’ compensation insurance. In Colorado, any person hired to perform services for pay is presumed by law to be an employee. Workers’ compensation coverage 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 workers’ compensation markets in the US. There is a wide variety of very competitive providers, which allow 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 Colorado
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: $6,551/person or $20,171/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 are many business insurance products and options available to protect your Pueblo business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work you do. And your agent can help you assess your risks and get quotes from multiple highly rated insurance companies.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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