As a business owner in Colorado, business insurance is important for your protection from loss. This can be purchased in a package known as a ‘Business Owners Policy’ or BOP, which offers coverage for the most common risks. BOPs usually include property and business interruption insurances to cover your business in the event of catastrophe, and liability coverage in the event of harm or injury to another person. However there are many other levels of risk to a business and you may need to customize your own insurance to suit the needs of your particular operation.

Some other types of business coverage include:

• Workers Compensation - compulsory for most businesses with employees, unless an exemption applies;
• Auto insurance for business / commercial vehicles;
• Group health coverage for workers;
• Death and disability insurance;
• Crime insurance;
• Earthquake and flood coverage;
• Specialized liability – including Professional Liability, Employment Practices, Directors and Officers and Business Identity Theft;
• Terrorism coverage;
• Key Employee insurance;
• Electronic Data Loss insurance;
• Umbrella policy – which provides broader liability coverage;

To work out the amount of coverage you need for your specific business you need to analyze your business and examine the levels of risk involved in operating it and the likely loss if particular events occurred. To help make this easier, a professional agent should be able to assist you to find the right types Colorado business insurance coverage for your business.  

*