Owning your own business can be tough, especially this time of year. But tax season is also a great time to think about your business insurance coverage needs as well.
Whether you’re a general contractor or own your own brewery or child care center, we recognize that different businesses can have very different insurance needs. Each industry has its own set of unique risks and requires specialized insurance to protect what matters most. Our insurance advisors have in-depth knowledge and experience with a variety of industries.
So what insurance do you need for your small business?
For most small businesses, general liability insurance is recommended. Beyond that, it depends on your unique situation, but you may also need workers’ compensation, business auto, and commercial property insurance as well.
The first step is lining up general liability insurance. This will cover any property damage or personal injuries connected to your business, including the notorious “slip-and-fall.” Among other things, it will pay for legal fees and medical bills related to injuries, while covering any havoc you accidentally wreak on a rental property. From there, the type of coverage you need depends on the size and nature of your business.
Firms with employees will need workers’ compensation insurance, which is usually mandated by the government. Keep in mind that hackers are getting more strategic, and cyber incidents are growing in frequency each year. To keep your business protected, cyber liability insurance provides the coverage you need to keep your business’s data safe.
If you have a fleet of company vehicles, commercial auto insurance is a must. It could also be necessary if you’re using your own car to ferry around people or products.
Finally, professionals should have specialized professional liability insurance that covers negligence and legal fees.
This kind of coverage isn’t only for doctors and lawyers; everyone from personal trainers to beauticians to IT consultants can end up on the wrong side of a lawsuit.
For over a decade, we’ve specialized in helping liquor stores, bars, restaurants and breweries with “anything you need” insurance. Colorado Licensed Beverage Association Members are eligible for up to a 10% discount on their premium.
Contact us today and we can thoroughly assess your business and situation to develop creative, comprehensive, cost-effective solutions that fit your needs.