Getting commercial insurance in Colorado must be done to stay compliant with state law. There are two types of commercial insurance that are required for most small businesses, and there are other policies that come in handy but are not required. If you want to know more about helpful commercial policies, call us at Alliance Insurance Services in Arvada, CO.
Colorado requires every business of every size to have workers’ compensation insurance for each of its employees. This coverage is required for every business that has one or more employees. And, people who do work for the company are presumed by the state to be employees, and they have to have this coverage for them even if they are not signed on as employees. Workers’ compensation insurance pays for the bills due after an employee gets sick or injured while performing work for your company.
Commercial Auto Insurance
Every vehicle that is owned by your business must be covered by a commercial auto policy. These policies come with a number of different mandatory minimums for several types of coverage. These include bodily injury liability and property damage liability. It is not required by the state to have this coverage for vehicles that you use for work but that are not owned by the company. However, personal auto policies generally will not pay out when there is an accident while you’re doing work tasks. In these cases, you need to get a type of policy known as hired and non-owned.
Get Your Commercial Insurance Policies
If your business is required to have commercial insurance, don’t risk going without it. Not only could you end up owing money, but you could also end up with fines and fees. Give us a call today at Alliance Insurance Services in Arvada, CO to find out more.