No matter the size of your business, you should have insurance to protect your company. Commercial insurance policies protect businesses’ financial assets, as well as intellectual and/or physical property. Many small business owners make the mistake of not purchasing business insurance because they don’t know what type of coverage they need — don’t make that mistake! It’s never too late to get covered. If you haven’t yet invested in business insurance or you’re starting a new business in 2019, here’s what you need to know about the different kinds of business insurance.

  • Property Insurance – Without property insurance, you will likely have to pay out-of-pocket for any property damage as a result of vandalism, fire, or natural disasters. Instead, if you have property insurance you’ll be able to remain financially sound while recovering from the incident.
  • Liability Insurance – There are three main types of liability insurance.
    • General liability insurance protects your business from claims of bodily injury, property damage, reputational harm, advertising errors, and/or medical costs.
    • Product liability insurance protects your business from claims of bodily injury or other damage as a direct result of your product(s).
    • Professional liability insurance protects your business from claims that errors in the services you provided caused a customer financial harm.
  • Commercial Auto Insurance – Just like you need personal auto insurance, your business needs auto insurance in case any accidents occur to you or your employees while driving for business.
  • Workers Compensation Insurance – If your business has more than one employee, it’s a good idea to offer workers’ comp to cover the costs of any employees who are unable to work due to a work-related injury or illness.
  • Group Health Insurance – As your small business grows, consider offering group health insurance as part of the employee benefit package.
  • Key Person Insurance – For certain invaluable members of staff, it may be worth taking out key person insurance, which is a special kind of life insurance policy. The company pays for this life insurance policy and is the beneficiary should one of the key people involved in the business pass away unexpectedly.

The main thing to consider when choosing which policies are right for you is the nature of your business. What are the key objectives and risk factors? A company that relies on their workers’ ability to perform physical labor will have vastly different needs from an office-based company.

If you’re looking for business insurance in Colorado, and still aren’t sure what’s best for you, your business, and your employees, DCInsurers – Mountain can help analyze the risk factors associated with your business. One of their experienced independent commercial insurance agents will help you find the right policies at the right prices.

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