Linked below is a great article from Forbes.com that outlines what insurance products your business may need and a brief description of each product. This is a great article for your Denver or Colorado based business to get introduced to types of insurance your business should consider. These products include General Liability, Business Property, Workers Comp, Professional Liability, and Commercial Auto. The article includes 13 products with a brief description that helps to gain understanding of the coverage. A few examples below:
1. General Liability Insurance: Every business, even if home-based, needs to have liability Insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
4. Commercial Auto Insurance: Commercial Auto protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
5. Worker’s Compensation: Workers Compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
Please click on the link below for the entire article. It will be worth your time.
Orcutt Insurance Group is a Colorado insurance agency providing insurance policies to the companies that call this great state home. Please contact us so we can find an affordable insurance policy that meets the needs of your unique business.
Thank you for your consideration.
The Orcutt Group Team