The answer to whether or not you are required to have commercial insurance for your business is not as straight-forward as it may sound. It depends on the type of business you own, and how you conduct your business. Learn more about this complex form of insurance from Premier Group Insurance.
The Bare Minimums
If you are planning to hire employees, you’re required to have some form of workers’ compensation (which falls under the commercial insurance umbrella.) For business owners in Colorado Springs and Lakewood, CO, they need a way to protect their workers from any injuries that may occur when they’re on the premises. Injuries can range from a broken foot when a stray piece of office furniture was left in an aisle to chronic back pain after sitting in the wrong chair. If you have a car, then you’re required to have commercial auto insurance for that vehicle as well. However, successful business owners know they need to do more than just the bare minimums to get by.
It may not be required for you to have coverage to cover your physical property (e.g., office electronics, furniture, etc.), though that doesn’t mean that you should leave your expensive equipment to chance. Also, if you choose to rent your property, you may be required by the landlord to have commercial property insurance, depending on their leasing requirements. Finally, if you’re planning to deal with customers, you should likely have some type of liability insurance in case of injury or product malfunction.
Premier Group Insurance serves the business owners of Colorado Springs and Lakewood, CO, and we’re here to help you too! Call us today if you’re looking for more information about the best possible type of commercial insurance for you.