Business owners have risks that the general public doesn’t have.  Many business owners only think about general liability coverage, although there’s a number of different types of business insurance that business owners should be aware of.  It’s important that you speak with a trained professional who can help you navigate the types of business insurance.

General Liability:  A standard insurance policy issued to businesses to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability.  This is the type of insurance that most landlords, general contractors and additional insureds will require.

Commercial Auto: Many businesses own vehicles or use vehicles in their day to day operations.  It is important that if your business owns or leases vehicles that they be insured on a commercial auto policy. Personal auto policies often exclude business use vehicles, which could leave you and your company at risk of a large financial loss in the event of an accident.  Even businesses that don’t own vehicles should carry some forms of commercial auto coverage, such as non owned auto coverage and hired auto coverage.  

Professional Liability / E&O Insurance: This type of insurance is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.  Just about any person or business that offers advice or training needs professional liability.

Tenant Legal Liability: This coverage pays for damage by fire to the rented premises (including garages) the tenant occupies.  If you rent space for your business, a typical policy does not provide coverage for damage accidentally caused by you or an employee to the space you occupy.  Tenants need to have Tenant Legal Liability to rebuild the areas that are in their care custody and control after a loss.

Garage Keepers Liability:Mechanics, auto body shops and garages often have many vehicles in their care, custody and control (but not owned by the business).  If you, or an employee, is test driving a car and gets into accident, the business must have Garage Keepers Liability for coverage to be available.

Employment Practice Liability Insurance: Claims arising out of employment (or lack to employ) are protected by Employment Practice Liability Insurance, or EPLI. Employers oftentimes find themselves accused of claims from employees, such as wrongful termination, failure to promote, age discrimination and many other potential claims.  Employers should carry EPLI to help pay costs associated with such claims.  

Workers Compensation:  Not only is carrying workers compensation a good idea, it’s the law in Colorado.  Employers who are found without this coverage can face steep penalties from the State of Colorado.

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