Required Commercial Insurance for Colorado Businesses

There are three types of mandatory commercial insurance for Colorado businesses, though not every business is required to have all three. If you have questions about commercial insurance and your business, contact us at Compass Insurance in Centennial, CO. 

Workers’ Compensation

This type of insurance is a powerful way to protect your business, as well as your employees, in case any of them were to get sick or injured at work. This type of insurance pays for their resulting medical bills as well as their lost wages if necessary after an accident. In Colorado, this insurance is required for all businesses that have one employee or more. This insurance helps your business in the event of an injury or illness at work and provides the funds for the medical bills so that your business doesn’t have to come up with them.

Commercial Auto

If a vehicle is at all used for work in Colorado, it is required to have a commercial auto insurance policy. The vehicle does not have to be owned by the company to require this insurance policy. It simply has to be used for work tasks. There are required minimums for bodily injury, property damage liability, and bodily injury liability. 

Professional Liability

There are a few professions that require the company to keep a professional liability insurance policy in place. This type of insurance covers errors and omissions that can come about while using your expertise as a part of your job. In Colorado, it is often required for those who work in the health field, but it is recommended for a few other professions such as architects and lawyers. 

Get Your Commercial Policies

If your business is in need of commercial insurance, call us today at Compass Insurance in Centennial, CO to find out more.