Colorado General Liability Insurance – CO
Colorado General liability insurance is crucial coverage to have for most businesses big or small.
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This form of insurance protects your business against many claims stemming from damage to third parties or your customers.
The fact is that many businesses face some level of risk, which is why they must have general liability insurance.
This type of coverage can help shield your business against claims relevant to malpractice or bodily offenses.
General liability insurance in Colorado is available in different types of coverage, and the one you require will depend on the form of business you have.
For example, if you run a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Key Reasons Why You Must Have General Liability Insurance in Colorado
One of the most common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that growing any size of a business is already risky.
General liability insurance in Colorado not only protects your business against claims originating from injury and property damage, but also from any liabilities as a tenant if you are renting a space.
Further, it provides coverage for not only your business, but also your employees against claims originating from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 key reasons your business requires general liability insurance.
Workers’ Compensation Insurance in Colorado
If you are a handy worker, you already know about the money you can lose if you fall ill.
As a handyman, you are not shielded by government workers’ compensation advantages, therefore you should explore CO handyman insurance.
Research reveals that injuries to independent workers in Colorado were increased by a whopping 12 percent.
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When you buy Colorado general liability insurance, you are protected financially for medical costs related to the injury at the worksite.
Depending on the general liability insurance policy you opt for, you may also be eligible for cash for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to get general liability insurance in Colorado.
If your company provides services that can cause injury to others including customers, then buying general liability insurance should not be an option.
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One good example of this is CO dog walker insurance, which protects your pet sitting business if the dog causes hurt to others.
Another example is when you are restoring your client’s drywall, and they slip over your tools, then you will be liable for their injury.
If you have general liability insurance in Colorado, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Colorado is to safeguard your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly break an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance contract.
Colorado General liability insurance can help protect your business against any lawsuits stemming from claims that you did not deliver services as promised.
Things such as negligence can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agency to check if they offer this kind of insurance.
While general liability insurance shields your business against several different types of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling things under your own brand, then it is wise to have general liability insurance in Colorado, and here is why!
If a customer claims bodily harm due to the use of your company’s products, then general liability insurance will protect you against these types of claims.
And if you sell your products online, then it is a smart idea to check out CO eCommerce insurance to better safeguard your interests.
Take, for example, your company is selling facial creams, and a client has an allergic reaction to your offering, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are some things that may not be covered under your insurance contract.
The first thing that may not be protected is against claims not related to your services. Employee illnesses may also not be covered under your general liability insurance contract.
As a business, you may be carrying several expensive tools in your vehicle or even at your end user’s property.
If these accessories do get stolen, you will have to get specialized general liability insurance.
In the incident of theft of your personal tools, your truck insurance policy will not replace these tools against theft.
Another area where general liability insurance may not offer protection is if you make errors in your services.
When getting general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not cover costs that are higher than your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is an umbrella term for myriad types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL kind of insurance protects your company against claims that cause bodily injury or property damage to third parties.
Further, general liability insurance also covers your business against reputational harm or oversight in your advertising.
Some examples of things general liability insurance will cover your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes claims against your entity that stem from errors in the services you provide.
For example, if you are a chartered accountant that offers a client with wrong figures, and they sue you, professional liability insurance will cover the legal expenses.
If you provide professional services to customers, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your business has several staff, opting for employee liability insurance is a great idea.
This form of insurance covers your staff against any injury they may experience at the work location.
Further, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance changes across insurance providers. It depends on several different factors including the sort of business you are operating.
For example, if you are running a construction business, then the price for your premiums will be above that of other types of businesses, hence you should check out CO roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk companies can expect to pay higher premiums such as construction categories.
You can save funds if you pay for your insurance policy in full annually.
Furthermore, you can also save money on your general liability insurance policy if you group all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance policy.
How to Locate General Liability Insurance Companies in Colorado?
When searching for the best general liability insurance company in your city, it is important to check the organization’s reputation.
You should then choose your coverage limit, where the higher the limit, the higher the cost of premiums.
But it is critically important that you select the right amount of coverage.
If you do not know about the coverage limit you need, speak to your general liability insurance agent to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most chosen coverage limits of general liability insurance.