As a small business owner in Arvada, Co, you probably understand the importance of purchasing commercial insurance. You may, however, be confused about what kind of commercial coverage your particular business needs. Some types of coverage are required by law, while others are dictated by your professional circumstances. Read on to find out what your Alliance Insurance Services policy should cover based on your small business needs.
If You Have Employees
If you have employees, the state of Colorado requires you to carry the following types of coverage:
- Worker’s compensation insurance
- unemployment insurance
According to the Colorado Workers’ Compensation Act, every business in the private and public sector that hires employees must carry worker’s compensation coverage.
This coverage extends to both part-time and full-time workers. Compensation coverage reimburses your workers with partial wages and covers medical costs in case of injury on the job.
Additionally, you must pay for unemployment tax, which partially covers your employees’ wages in the immediate aftermath of getting fired.
If you Use A Vehicle
If your business requires the use of a vehicle in any capacity, you need to purchase commercial auto insurance.
For a business registered in Arvada Co, you need to carry the following amount of coverage per business vehicle:
- Bodily harm: $25,000 per person
- $50,000 per accident for bodily harm
- $15,000 per accident for property damage
In case of an accident, the other party can sue you over these minimum limits, therefore, it’s smart to purchase more commercial auto coverage. The state’s law mandates that should the other party’s damages exceed your auto policy, your business is responsible to cover the difference.
If You Are A Practicing Professional
It’s fair to say that all business owners are professionals. However, certain types of professions require you to carry coverage for charges made against your services or products. In general terms, this type of coverage is classed as liability insurance.
If you’re a practicing doctor or lawyer, you need malpractice insurance. As an architect, realtor or engineer, you should seek errors and Omissions coverage. Any other small business owner should purchase business liability insurance, which protects them from being charged in case of harm caused by their service or product.
Are you ready to protect your business? Contact a friendly Alliance Insurance Services agent to discuss the type of policy that works best for you.