Every business is predisposed to different types of risks including natural disasters and accidents. It is vital for every business owner in Ft. Collins and Lakewood, CO to carry the right commercial insurance coverage from Premier Group Insurance to protect their business against catastrophic events or lawsuits. In fact, such events can wipe out a startup before it even gets off the ground. Here are some of the most crucial commercial insurance options you should have in place.
Property insurance
The property insurance coverage option is very important regardless of whether you own the business premises or are renting. The coverage will protect your furniture, signage, inventory, and all business equipment against events or disasters such as fires or theft. However, if you need to protect your business against mass-destruction events such as earthquakes or floods, you need to purchase a separate policy. Discuss with one of our agents for more details on how to get these separate policies. It is also advisable to have a vehicle insurance policy for your business’ vehicles.
Professional liability insurance
Also referred to as Errors and Omissions (E&O) coverage, Professional liability insurance is meant to protect your company against negligence assertions that may result from failures or mistakes. The policy has different variables and is not a one-size-fits-all package for every business. Therefore, you should evaluate your business or industry’s specific needs before purchasing this policy.
Workers’ compensation insurance
The law requires that employers should carry a worker’s compensation policy. The policy covers disability, medical bills, and death benefits in case an employee gets injured or dies while at the workplace or executing work-related tasks. Even if your employees perform low-risk tasks, certain medical conditions like carpal tunnels syndrome can lead to pricey claims.
Home-based businesses
Starting your startup at home in Lakewood, CO is possible. However, your home insurance policy will not protect your home-based business the way a commercial property policy will. Therefore, discuss with your insurer on how to ensure that your home-based business’s inventory or equipment is fully protected with a home-based business commercial insurance coverage option.
Are you a business owner? Do you want to learn more about how to protect your business? You can contact our knowledgeable Premier Group Insurance commercial insurance specialists for more information and guidelines on how to get started.
