When it comes to managing your business, it is common to get so wrapped up in your day-to-day tasks that business insurance coverage can often seem like an afterthought. However, it is crucial that your business has the appropriate coverage to protect your organization against any claims or lawsuits that may arise.
Depending on the severity of the claim, just one lawsuit could have the potential to bankrupt your business. At the very least, it can severely damage your organization’s reputation, making it more difficult for your business to attract new clients and retain your current ones. Here are a few of the most common types of business insurance and how they can benefit your business:
Commercial General Liability Insurance
This is one of the most essential types of coverage for your business to have. Liability coverage protects your business in the event that someone injures themselves while on the premises. This can include both customers and your employees. Even if you think that it is unlikely that anyone can get hurt on your property, it is always possible that someone can trip and fall, potentially holding your business responsible.
The amount of coverage you will need will depend on the nature of your facility. For example, a bank or law office will likely require less coverage than a construction site or manufacturing plant, where potential hazards are more prevalent.
Commercial Property Insurance
This is another essential type of business insurance coverage. It protects the building itself, as well as the equipment or inventory contained on the property. If you own the building that your office is in, this coverage can protect you in the event of any damage or theft. Even if you rent the facility from a landlord, you will likely still want to obtain your own coverage, as the landlord’s coverage may only cover the building itself and not its contents. The higher the value of the property and its contents, the more coverage you will need.
If you have employees, you MUST have Workers Compensation Insurance, plain and simple.
Commercial Auto Insurance
If your business uses vehicles for any aspect of its operations, like making deliveries to clients, transporting products to retail outlets, providing mobile services or even offering your top employees company cars, you’ll need to have coverage for these vehicles. The amount of coverage required will depend on where you are located, as well as the type and value of the vehicle. Most states require you to have at least general liability and bodily injury coverage. However, you may wish to add on additional coverage for collision, uninsured motorists and other options for additional protection.
Business Insurance in Denver
Here at Insurance Town and Country, we are proud to serve Denver and the surrounding areas with our business and personal insurance coverage options. Our associates will be happy to answer any questions you may have to help determine the most appropriate coverage options to meet your needs. If you need a business insurance quote in Denver, call us today to learn more.