Components of a Business Insurance Policy

The type of policy you need depends on what type of business you own and how you operate such business. Business insurance in Colorado may contain a combination of the following components:

General Liability Insurance

This is what will protect your business in the event of a bodily injury, property damage or personal injury claim. While this type of coverage is important for any business, it’s especially important for small business owners who might be financially unable to handle a lawsuit.

Professional Liability Insurance

This type is also called errors and omissions insurance. It protects you if you happen to be sued for negligence in connection to your business. It can cover your business in case of copyright infringement, personal injury like libel or slander, and alleged or actual negligence. It can also cover defense costs if you are sued for any of these acts.

Workers’ Compensation Insurance

This policy is mandatory, which means you need to avail this whether you like it or not. This type will cover your employees’ medical expenses and a portion of lost wages if they are injured on the job or, in some cases, if they become ill due to an occupational disease. Mandatory or not, it is always to your advantage if you’re insured for workers’ compensation.

Some other components of business insurance that you may elect as part of your policy include identity theft coverage, electronic data and equipment coverage, and employment practices liability, just to name a few. Our team can help you decide what combination of coverage is the best fit for your business, and since we shop more than 40 reliable carriers, we can make sure you get a great value.