What Types of Commercial Insurance Does My Centennial, CO Business Need?

At Compass Insurance in Centennial, CO, we stand ready to assist you with all of your commercial insurance needs. Colorado requires all businesses with one or more employees to carry worker’s compensation insurance. Additionally, nearly all businesses must carry professional liability insurance. Moreover, companies transporting material goods, people, or hazardous materials must have a commercial vehicle insurance policy, even if employees use their personal vehicles to perform work-related tasks.

Worker’s Compensation

Even businesses with as few as one employee other than the business owner in Colorado must pay workers’ compensation insurance. Notably, a few exceptions exist for independent contractors. Nevertheless, the state assumes employee status unless you provide complete autonomy of working conditions AND the worker owns a business that performs the tasks you require of them.

Commercial Vehicles

Any motor vehicles that carry material goods, people, or hazardous materials within the state or between states must purchase a commercial vehicle insurance policy, even if the employee uses a personal vehicle to conduct business.

Professional Liability Insurance

Colorado requires professional liability insurance to cover contingencies such as malpractice, nonperformance, or allegations of shoddy construction, as well as errors and omissions on contracts. Healthcare professionals, lawyers, building contractors, and architects fall into this category. 

Other types of commercial insurance, while not required by the state, nevertheless provide an added layer of protection for your company. These include employment practices liability, which protects your firm from allegations by disgruntled employees. In addition, ransomware attacks, an ongoing threat to internet security, oblige companies to purchase policies covering data breaches and denial of service attacks. In addition, some policies specifically address losses from crimes committed against your business, including injury to employees. Finally, business disruption policies cover catastrophic losses. Call Compass Insurance in Centennial, CO today!