Natural disasters, accidents, fires, and even theft can all threaten your small business. Whether you are a start-up working out of your home or a long-time established retailer in your town, all it takes is one major incident or lawsuit to close your doors for good. Instead of putting your business’s cash flow and assets at risk, we here at Hopson Agency want to help you obtain comprehensive coverage solutions that fit your commercial insurance needs.
Our goal is to help you continue business as normal in spite of the financial challenges a loss may represent. With the right insurance, you can protect your business structure, vehicles, and employees – all while feeling confident that everything you worked so hard to build is safeguarded against a potential loss event.
Types of Small Business Insurance
Like individuals, small businesses need different lines of insurance coverage to mitigate exposure to risks. Each business has different coverage needs depending on various factors, such as:
- Business size
- The number of employees
- Where your business operates
- And more
Depending on these variables, we can offer recommendations for coverage that can benefit your company now, as well as additional coverage you may need as you prepare for growth and expansion in the future.
Certain types of coverage may be recommended for nearly all small business owners, as they protect against the types of accidents, natural disasters, and other events that can threaten nearly any business. Others may be more specific to certain occupations and industries and the unique risks therein.
Your business may need coverage for:
One of the biggest threats to any business is a major liability. You can be sued for nearly anything, from slip-and-fall injuries on your premises to injuries caused by faulty products, services, or installations. General liability insurance, as well as other types of coverage like product liability, can protect your business if you are sued for third-party injuries or property damages. This coverage can help pay for the damages you are responsible for, as well as any court and legal costs you may incur, regardless of fault.
How much would you lose if your business went up in flames? Could you afford to rebuild from scratch, replacing your inventory and furnishings, as well as rebuilding the structure of your business? Property insurance helps protect your company against these types of expenses when they are cause by covered events, such as fire, natural disasters, theft, and vandalism.
Business Auto Insurance
Business vehicles need insurance coverage, too. Whether you use one vehicle or an entire fleet for your business operations, we can help you find commercial auto insurance that protects your business against a wide range of losses, including collision and comprehensive damages, as well as liability for third-party injury and property damages.
Workers Compensation Insurance
Whether you have one part-time employee or an entire staff of full-timers spread across more than one location, you are responsible for creating a safe working environment for all of your workers. If someone is injured on the job, workers compensation insurance protects your business by paying an employee’s lost wages and medical expenses, all the while limiting the amount of compensation the worker can obtain from your business. In the event that a worker dies as a result of his or her injuries, workers compensation insurance can also pay benefits to the surviving family members.
Employment Practices Liability Insurance (EPLI)
EPLI is protection against unfair employment practices. This coverage can pay for your liability up to the limits of your policy if your business is guilty of violating an employee’s, former employee’s, or applicant’s legal or civil rights. Even if you are not guilty of wrongdoing, however, EPLI can help cover your legal fees and other necessary costs associated with defending yourself against accusations and claims.
Errors and Omissions (E&O)
Errors and omissions insurance is professional liability protection against mistakes that cause injury or loss to a client or patient. E&O is usually recommended for business owners who are hired for skilled services, consultation, or advice. Examples include accountants, real estate agents, and even physicians. E&O can cover your legal fees and attorney fees if someone accuses you of errors or omissions in your services or advice. It can also help pay for judgments against your business if a court finds you at-fault.
Key Employee Coverage
Are there employees on your staff who are integral to the day-to-day operations of your business? For some companies, success is almost wholly contingent upon the abilities or talents of certain employees. Without them, it may be impossible to continue providing services and generating cash flow for your company. Key employee coverage compensates your business if an essential employee is no longer able to work due to disability or death.
Commercial Umbrella Coverage
Most businesses have extensive liability protection in their general liability policies, EPLI, and other lines of coverage. However, those policies are only beneficial up to their limitations; any damages in excess of a policy’s limits are still the responsibility of the business. Instead of liquidating business assets or pulling funds from your cash flow to settle a legal debt, consider purchasing a commercial umbrella policy instead. This coverage supplements your primary liability coverage with millions of dollars in supplemental protection.
Colorado Small Business Insurance Quotes
If you own a small business in Colorado, we here at Scott Hopson Insurance want to help you find all of the coverage you need at competitive prices that suit your company’s budget. Whether you have been serving your community for many years or are merely in the start-up phase of a business, we understand the unique risks your company faces and the matters that concern you most. We are committed to maximizing your savings by shopping and comparing rates, and perhaps even helping you consolidate certain coverage lines into a simple and affordable business owners policy (BOP).
To find out more about Colorado small business insurance or to request your free quotes, contact our office today.