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!

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. 

What advantages come with commercial insurance in Colorado?

The Centennial, CO area continues to be well known for having a very strong local economy. Those that are going to live here could benefit from the economy by starting their own small business. If you would like to start a company in this area of the state, it is important that you get a commercial insurance plan. There continues to be a lot of advantages that come when you have commercial insurance coverage.

Liability Protection

A key advantage that comes when you get commercial insurance coverage is that you will get protection against the risk of liability. Any business will take on liability risk frequently. When someone is hurt through the use of your product or service, you could be held liable and would need to cover damages. With an insurance plan, your liability coverage will help manage this risk. 

Coverage for Business Assets

When you own a business there are bound to be assets that you will need to buy. Some common assets that you may need can include equipment, inventory, or even office furniture. Your business will continue to rely on these assets and losing them could be costly. Fortunately, with a commercial insurance plan, you will get the protection that is needed to repair or replace these items if they are stolen or damaged in any way. 

When you would like to get a commercial insurance plan and you are in the Centennial, CO area, you should reach out to the team at Compass Insurance. When looking for a new insurance plan, you may find that there are a lot of options, and picking the right one can seem confusing. Fortunately, the insurance professionals with Compass Insurance can make it easier for you by providing the guidance and support that you need. 

Does Your Home Business Need Commercial Coverage?

If you recently started a home business, you may be wondering about insurance coverage. Commercial insurance isn’t only for traditional brick and mortar companies. Your home-based business can also benefit from what commercial policies that Compass Insurance has to offer. Here are a few ways you can protect your home business with commercial coverage.

Property Insurance

Commercial property insurance protects your business equipment such as computers, scanners, printers, phones, etc. This equipment isn’t covered under most home policies. If these items are stolen or damaged in a disaster, property coverage will compensate you for your loss. Property coverage also protects any business inventory you may be stored in your home or garage against damage or loss.

Liability Coverage

General liability protects your business assets by covering accidental injuries a customer may have while visiting your home for business purposes. If you’re sued for damages, liability covers your legal costs.

Business Interruption

If your Centennial, CO home business is disrupted due to disaster damage to your home, you could lose valuable revenue. Business interruption insurance helps cover your business losses while you’re shut down to keep you from going under.  This financial support could be instrumental in helping your business carry on.

Workers Comp

Colorado requires that all businesses with one or more full or part-time workers carry workers comp coverage. This insurance covers the medical costs of your employees’ work-related injuries so you don’t have to pay for these expenses out of your business assets.

Commercial Auto

If you use your personal vehicle for business purposes such as delivering goods to customers, you’ll need commercial auto coverage to protect you against accidents on the job.

To learn more about commercial insurance for your Centennial, CO home-based business, call or visit your Compass Insurance agent.

Are third liability claims covered by commercial insurance?

What is commercial insurance?

Suppose you are wondering what would be a suitable insurance cover for your business; well, commercial insurance is a policy that covers your business against financial liability arising from damage to business property or injuries on your employees. At Compass Insurance in Centennial, CO, additional coverage may be provided upon request to cover business interruption, equipment breakdown, or workers’ compensation.

What factors to consider when purchasing commercial insurance?

  • Whether the business owns or leases property

Where a business leases property, the risks involved are higher. You must disclose this to our Compass Insurance agents to ensure your property is analyzed for all possible risks and fully covered.

  • Gross annual revenue

Have in mind the impact of loss should the business have to stop operations for some time. This could be a result of property damage or employee injury. 

  • Location

Your business may be predisposed to certain risks based on its location. A business near manufacturing companies or construction sites faces the risk of fire or property damage.

Types of commercial insurance

  • Workers compensation

This will cover your employees against injuries, supports medical expenses, and wage compensation should an employee not be in a position to work.

  • Commercial auto insurance

This covers your autos against thefts, break-ins, or accidents.

  • Third-party liability insurance

This covers injuries caused by third parties while on your property. This may include lawsuits and claims against the business that may exceed regular policies and are difficult to predict.

Benefits of commercial insurance?

  • Business continuity

Commercial insurance will ensure business continuity through compensation, where business operations are interrupted.

  • Cushion from financial obligation

Destruction of the property could result in substantial financial liability. Having a commercial insurance policy cushions you against such financial liability.

Please speak to our Compass Insurance agents in Centennial, CO, who will customize a policy that will meet your needs or visit our website for more information.

The Importance of Reviewing Your Commercial Insurance Needs Annually

As a business owner, there are a lot of things that you need to keep top of mind. You are always thinking about the financial state of your business, the health of your revenue stream, the perception of your brand, and more. When was the last time you gave your commercial insurance coverage a good look, though? It is important to get in the habit of reviewing your commercial insurance coverage needs on a periodic basis.

When you think about your business, chances are things that change at a rapid pace. There is always going to be fluctuation in what you do, how you do it. The employees will change, your office location will alter, product offerings differ, etc. With all of these changes, what you can expect to see if a shift in terms of the risk exposure which you have.

A change in risk exposure is something you need to be aware of as a business owner as you need to alter your approach to commercial insurance. The coverages that you had last year may no longer be applicable in the coming year ahead. This is why you want to be sure you are reviewing what you have for commercial insurance on a periodic basis.

You want to be working with your commercial insurance agency in order to get a good understanding of your insurance needs. There are so many businesses in Centennial, CO to compete within the market and to ensure you are stable and can recover from losses, insurance is a must. If it has been a while since you have taken a look at your commercial insurance coverage, it is time to get a refresh. Reach out to the Compass Insurance agency to begin your review today.

How Do Centennial Businesses Benefit from Commercial Insurance

The city of Centennial, CO is well known for having a great local economy and plenty of tourist traffic. Due to these factors, it can also be a great place to start and own a business. While there is a lot of potential for success in this area of Colorado, business owners should still make sure that they have a quality commercial insurance policy. A full commercial insurance policy can benefit a company in many different ways. 

Reduces Your Concern of Liability

All business owners are going to take the proper steps to ensure they deliver quality and safe produce. However, accidents do happen from time to time. In these situations, the business owner could be found liable if a customer suffered an illness or bodily injury. When you have a commercial insurance policy for your company, it will give you coverage for liability. This will drastically reduce your liability risk.

Covers Your Company Assets

To get your business up and running, there is going to need to be an investment in inventory, equipment, and other assets. Businesses that lose these to theft, fire, bad weather, or another unforeseen issue could be financially devastated. Due to this risk, you need to keep a full commercial insurance policy at all times. This insurance will protect you and make sure that you continue to have financial support if your business assets do incur these types of losses.

Those that are in the Centennial, CO area will find that choosing the right commercial insurance policy can be complicated. Because of this, it will make sense to work with a seasoned insurance professional to choose a good policy. Compass Insurance is a great resource for anyone in the area. Compass Insurance will explain all of your options and help you to get into a good policy. 

Why a Centennial Business Needs Commercial Insurance

There are many different reasons why people will want to start their own business. When you are looking to start your own business, Centennial, CO is a great place to do as it has an amazing local economy. To ensure that you are properly protected when starting a business, having commercial insurance is beneficial. There are several reasons why you should have commercial insurance when you are the owner of a business. 

Ensures Compliance 

One reason why you will need to have commercial insurance is that it will ensure compliance with a wide variety of agreements. Many different stakeholders in your company, including commercial lenders, vendors, investors, and even state regulators will require that you have commercial insurance. This is because having insurance will help to ensure you are able to stay financially solvent if there is an unexpected accident. 

Financial Stability

Most importantly, having insurance is a great way to ensure that you will stay financially stable. There are many unpredictable situations that could arise when you own small business. Whether it is theft, an accident that results in liability claims, or fire damage, you are always at risk of something happening to your organization. Fortunately, you also have the option of getting commercial insurance, which will help to protect your business and keep your organization running even when something bad and unpredictable comes up. 

Maintaining commercial insurance for your Centennial, CO area is always a very good decision. If you are going to own a business and want to learn more about your options for insuring your business, Compass Insurance is a great place to start your search. The team at Compass Insurance will help you to find a policy that will properly protect your business assets and minimize liability. 

Additions to Customize Your Commercial General Liability Policy

General liability insurance from Compass Insurance protects your business from court-ordered costs associated with the use of your products and services. Your policy helps pay for medical costs, repairs, and replacement of others’ property.

However, your general liability coverage has some serious limits that could leave your Centennial, CO business vulnerable. Here are some additions to your policy that decrease specific risks to your commercial operation.

Liquor Liability

For establishments that sell alcohol, this policy addition helps pay for legal costs associated with the use of their product. From a destructive and inebriated client to partial liability for damages that occur as a result of consuming alcohol, this coverage is important for bars, eateries, and manufacturers.

Pollution Liability

Your manufacturing plant makes more than items for sales purposes. It also makes chemical and material byproducts that can pollute the air, water, and land around your production plant. Pollution liability helps pay for damages and clean up associated with runoff and debris from your production facility.

Director’s Liability

Running a corporation isn’t easy. Your decisions as a board member can sometimes have unforeseen effects. When things don’t go as planned, a director’s liability policy ensures you can defend yourself in court without risking your personal wealth. This coverage is designed specifically for corporate officers.

Errors and Omissions

The business world relies on contracts to keep everyone honest, open, and prevent problems between partners. However, we are all human and prone to mistakes. Don’t let a momentary lapse of memory derail your entire business plan. An errors and omissions clause protects you from incomplete or erroneous information in your business contracts.

Compass Insurance carries commercial policies for businesses in the Centennial, CO area. Contact our agents to learn how to customize your general liability coverage to match your business goals and style.

Does Commercial Insurance Cover Weather and Flood?

Commercial insurance offers a huge range of coverage for nearly anything you could imagine. That being said, there are some things that it does not cover. Your commercial policy is going to cover a large number of different occurrences from things like an injury to employees to theft of merchandise. If you live in the Centennial, CO area, the agents with Compass Insurance are ready and waiting to help.

Between weather damage and flood, commercial insurance only covers one of the two techniques. Commercial insurance covers weather damage to your building but in some cases might cover flood that is associated with that damage. It does not, however, cover flood that is associated with general flooding. A good way to look at this is to consider a scenario. Say your business was damaged by a storm that tore a hole in the roof, your store then flooded because of the hole and you had to do extensive water clean- up, this would be covered on your commercial policy. Similarly, your commercial policy would also cover flooding associated with something like a burst pipe in your business. It does not cover flooding that is associated with general flooding.

Your commercial policy covers a great deal and it is always best to speak with an agent about what your policy covers and what you can expect if you have to file a claim on your insurance. Your agent can discuss with you what your policy covers and what it does not cover so that you can get a better idea about what your policy is for. If you live in the Centennial, CO area, the agents with Compass Insurance can help to get you the policy you need and can help you determine what policy you need.