The success of a business, whether it's a tiny enterprise run out of a basement or a large corporation, is largely
dependent on hard work and ingenuity. However, no matter how industrious you are, one disaster can wipe out all your profits
and even destroy your business. The key to making sure that all the effort and money you have invested in a business
doesn't disappear when a disaster strikes is to protect it with the appropriate insurance. Consider Cyber Risk Coverage;
Cyber breaches are on the rise and taking longer to resolve. For businesses that experience a cyber breach, it takes an
average of 14 days to resolve the attack and costs an average of $17,696 per day. We've created a  
short video to help
address some of the common misconceptions about cyber risk
  Business Insurance
Commercial insurance is designed to help protect many of the risks your business can face.        (click to read more)
          Can your Agent answer these questions, or will they even consider your need for any of these coverage's?
  • Can I insure the life of a key employee?
  • Do I need professional liability insurance?
  • What does kidnap and ransom insurance cover?
  • Do I need a Bond?
  • What is a Buy-Sell agreement?
  • What is employment practices liability insurance (EPLI)?
  • Do I need a commercial auto insurance policy?
  • What about Executive Bonus Plans?
  • What does a business owners policy cover?
  • How can I insure my home-based business?
  • Do I need business interruption?
  • Are there any disasters my property insurance won't cover?
  • How can I disaster-proof my business?
  • Do I need Life and Disability Insurance?
  • How do I find the right agent?

While businesses count on insurance to protect the investment in time, money and other resources, consumers can also be
protected when businesses are insured. Should anything go wrong with goods and services, certain insurance may compensate
people who interact with a business.
                                         WHAT INSURANCE SHOULD MY BUSINESS HAVE?
Most businesses need to purchase at least the following five types of insurance:
  • Health and/or Supplemental Insurance
  • Property Insurance
  • Liability Insurance
  • Business Vehicle Insurance
  • Workers Compensation Insurance Workers compensation questions
                             Required Insurance for Small Businesses in Colorado
Workers Compensation insurance - is required for all businesses with employees
  • All public and private employers in Colorado, with limited exceptions, must provide workers
    compensation coverage for their employees if one or more full or part-time persons are
    employed. A person hired to perform services for pay is presumed by law to be an employee.
    This includes all persons elected or appointed to public sector service and all persons
    appointed or hired by private employers for remuneration. There are a few exemptions to this
  • Colorado state law mandates that a business provides workers’ compensation coverage for all
    employees. This insurance provides prompt, partial wage replacement and covers medical
    expenses for workers injured on the job. The business must pay the full cost of this insurance.
    It is unlawful to deduct the cost of this coverage from an employee’s wages.
Unemployment Insurance
  • All businesses with employees are subject to Unemployment Insurance tax. Unemployment
    Insurance is not regulated by the Division of Insurance, it is in the Colorado Department. of
    Labor and Employment.
Automobile Insurance - Any vehicles used by the company must be properly insured according to
Colorado law, whether they are owned, borrowed or leased.  The minimum limits of liability required by
Colorado law are:
  • $25,000-per person for bodily injury
  • $50,000-per accident for bodily injury
  • $15,000-per accident for property damage.
  • Safeguard your investment in your automobile. Pay for medical expenses in case of an
    accident. Provide financial protection from lawsuits. Cover losses caused by uninsured or
    underinsured drivers. Pay for damage due to theft, vandalism or natural disasters.
Policies are not limited to these minimums and additional coverage may be purchased. A person who
is injured in a car accident is not restricted to seeking only those amounts if the damages or medical
costs are greater, and may attempt to collect additional damages or reimbursement for losses directly
from the business or vehicle owner.
                             Other Insurance for Small Businesses in Colorado
Professional Liability Insurance is required for certain professions. For other professions, it may be
strongly recommended, if not required by law. This type of insurance is specific to the risks/liabilities in
their profession. Professional Liability Insurance may be called “Malpractice” insurance for some
professions (doctors and other health professionals) and Errors and Omissions (E&O) for other
professions. This type of insurance can pay the costs to defend the professional’s reputation and
cover the potential damages to anyone who was harmed by improper actions or negligence. (See
below for more information on types of liability insurance.)
  • Lender-required insurance -- If the business acquires a loan to purchase a building, vehicles
    or equipment, the bank or lender may require insurance to protect their investment in the
    structure, items or materials being purchased.
  • Other types of business insurance
Depending on the type of service or products offered, a small business may purchase insurance
coverage which includes:
  • General liability;
  • Errors and omissions (E&O);
  • Property coverage for fire, water damage and more;
  • Spoilage of inventory;
  • Business equipment and equipment breakdown;
  • inland marine for mobile equipment
  • Crime; employee dishonesty, burglary & robbery
  • Business interruption;
  • Commercial automobile and use of non-owned vehicles;
  • Property of others
  • Employers’ liability
  • Umbrella & excess Liability
  • Farm or crop coverage.
click to read more)
Welcome to the
Insuring Your Business:
Small Business Owner's
Guide to Insurance.
There are over seven
million small businesses
in the U.S., ranging
from construction firms
to grocery stores to
businesses. All have
one thing in common:
Without the right
insurance coverage,
each could be wiped
out by a disaster or a
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