If you own a business in Colorado, there are certain requirements you must meet when it comes to commercial business insurance. You will want to ensure that you are following these requirements to protect yourself, your business, and your employees.
Requirements for small business insurance in Colorado
Workers’ compensation insurance
In Colorado, if you have employees working for you at your business, you will need to obtain workers’ compensation insurance. This type of insurance is required for all public or private businesses and any person who performs work or services for your business is assumed to be an employee of your business and you must cover them. This type of policy covers medical bills for any injuries or illnesses that employees sustain as a result of working at your business.
Commercial Auto Insurance
Any vehicles owned for use by your business must be covered by a commercial auto insurance policy. In Colorado, you must have at least liability insurance in the amount of $25,000 for bodily injuries sustained by each person in an accident, at least $50,000 of bodily injury insurance per accident, and at least $15,000 of property damage liability insurance per accident. Personal vehicles that are used for the business should also be covered under this policy even though in Colorado it is not required.
Although other policies are not required in Colorado under commercial insurance, you should definitely consider them since your business is a huge investment and your livelihood. Those include general liability insurance in case someone is injured on your business property or is injured by a product you produce or sell. This will also cover someone who slips and falls at your business or other accidents that could happen.
To obtain the best possible commercial insurance policy for your business, you will need to enlist the help of an experienced and trusted commercial insurance agent like the ones at Compass Insurance in Centennial, CO. Call for an appointment today!