Month: May 2018
How Much Commercial Insurance Do I Need?
If you own a business, there are many different important decisions that you will have to make. One of the most important decisions that you will have to make as a business owner is the decision to buy commercial insurance. There are several factors that you will need to take into consideration when trying to determine how much commercial insurance you need.
Workers Compensation
One of the most important types of insurance that you will need for your commercial insurance policy is workers compensation. For businesses in the Centennial, CO area, as well as the rest of the state of Colorado, having workers compensation insurance is in place if you have one or more employees. You will want to have enough coverage to ensure it comfortably covers your employee’s medical bills if they are injured.
Liability Needs
When you are trying to determine how much commercial insurance you need for your business, you also need to consider your liability risk. All businesses are taking on liability when they serve customers and have anyone to their place of business. The amount of liability insurance protection you should have will need to be based on the potential loss that you could incur if someone is injured using your product or service.
For those that are in the Centennial, CO area, choosing the right type of commercial insurance and the right policy amounts is a big decision. While a business owner wants to make sure they have good coverage, getting too much is a waste of money. For those that are looking to better understand their commercial insurance needs, speaking with Compass Insurance would be a great option. Compass Insurance will help to explain to you what the right types of coverage and policy limits are based on the risks of your business.