Located about ten miles north of Denver, the municipality of Thornton is home to a number of businesses representing a wide range of industries. Whether you own a large business with several employees or you are a sole proprietor working alone, a well-built set of business insurance policies can protect your investment and help your company remain profitable.
Independent insurance agents in Thornton can help you identify your company’s various exposures and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to learn more.
Why Do Businesses in Thornton Need Liability Insurance?
There is no denying that we live in a litigious society. If your business ends up on the wrong end of a liability lawsuit, having the right liability insurance in place is crucial in order for it to avoid large financial losses. Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your business is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL). It is designed to cover a number of common liability risks faced by businesses. It provides:
- Premises liability insurance: This covers against third-party injuries or property damage that may occur on your business property.
- Product liability insurance: This covers against third-party injuries or property damage that may occur due to a defect in a product your company produces, sells, or promotes.
- Advertising mishap insurance: This covers against a wide range of lawsuits related to advertising, such as for copyright infringement or deceptive pricing.
Most businesses have liability risks that go beyond what CGL insurance can cover. An independent insurance agent can help you identify your business’s other liability exposures, and can recommend the right policies to cover against them. Examples of some of the many commercial liability insurance policies you may want to consider include:
- Cyber liability insurance: This is designed to cover restitution and damages if hackers break into your business’s computer system or attach skimmers to your credit card readers and access sensitive customer data like financial and personal information, which can be used to commit identity theft, extortion, and fraud.
- Employment practices liability insurance: This is designed to cover your business if a current, former, or prospective employee makes an accusation of discrimination, harassment, wrongful termination, failure to pay overtime, or other illegal employment practices.
- Environmental liability insurance: This is designed to cover clean-up cost and damages if an accident results in your company polluting the land, water, or air.
Talk to your insurance agent to learn more about these and many other commercial liability products that may be a good fit for your Thornton business.
What Are the Property Damage Risks in Thornton, CO?
Every business insurance policy also includes commercial property insurance. This is designed cover loss or damage to your company’s assets, including merchandise, furniture, computers, tools, outdoor signs, and more.
Businesses in Thornton are most likely to experience loss or damage due to accidental fires, property crimes, windstorms, hail, heavy snows, and freezing temperatures. Your commercial property insurance is designed to cover against all of these hazards.
Some disastrous events, however, are not covered by a standard business insurance policy. Damage caused by floods, earthquakes, and landslides can only be covered if you have purchased additional supplemental policies like flood insurance and earthquake insurance.
Because independent insurance agents live and work in your community, they are aware of the risks your business faces and they will be sure to recommend all the policies necessary to keep it fully covered against large financial losses.
How Does Business Interruption Insurance Help Companies in Thornton, CO?
Occasionally, businesses in Thornton are impacted by catastrophic events like accidental fires. This city also has an elevated risk of tornado and earthquake activity.
- 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
Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event like a structure fire. Major damage to your business could potentially force it to remain closed for weeks or months while repairs are made. Without an ongoing stream of revenue, many businesses cannot handle this financially and end up going bankrupt.
Business interruption insurance protects against this risk by providing a continuation of income when your company is forced to temporarily close down because of damage caused by a covered event. This insurance provides the funds your company needs to pay monthly bills, loan installments, and salaries until you can get back to normal operations.
Talk to a local independent insurance agent to learn more about business interruption insurance for your Thornton business.
Are Employers in Thornton Required to Carry Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages, and other related expenses if they are suffer a work-related injury or an occupational illness. This insurance can also offer survivor benefits to family members in the unfortunately event that a workplace injury is fatal.
All employers in Colorado are required by law to carry workers’ compensation insurance. This is true even if they have only a single, part-time employee. There are a few exceptions. It is not necessary to buy coverage for:
- Sole proprietors, LLC members, or partners
- Casual, part-time repair and maintenance workers
- Drivers working with a contract carrier
- Independent contractors, real estate agents, and brokers paid through commissions
The cost for workers’ compensation coverage is based your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do. An independent insurance agent can help you compare rates from insurance companies that specialize in covering businesses in your industry.
Are You Looking for Insurance to Include in Employee Benefits Packages?
Some businesses offer their employees great benefits packages that include health insurance, life insurance, paid vacation and sick time, and other perks. If you are looking to build a benefits package for your workers, you may need some help finding affordable insurance products to include in it.
- Average amount spent on healthcare coverage by CO businesses: $1,568,586
- Ranked 3rd for highest medical insurance costs in the US
- Average annual cost of health care in CO: $6,086/person or $17,530/family
While there is no denying that health insurance is expensive, providing it to your employees can actually save your business money. Studies by human resource experts have shown that workers who have health insurance tend to use fewer sick days, and that when companies offer good employee benefits, they are better able to attract and retain ideal workers.
When it comes to health and life insurance products, there are many different policy types and options available to you. You may find it beneficial to have the guidance of an experienced independent insurance professional when you are making a selection.
Why Work with One of Thornton’s Independent Insurance Agents?
There is no such thing as a one-size-fits-all business insurance policy. Insurance companies offer a wide variety of products and options so that business owners can fully customize their insurance coverage portfolio. Independent insurance agents in Thornton can help you choose the right policies and options to meet your company’s specific coverage needs.
Because they do not work for a particular insurance company, independent agents can shop around for the best business insurance policies at the most competitive prices. Find an insurance agent near you to get started.
©2020, Consumer Agent Portal, LLC. All rights reserved.