Hundreds of days of sunshine, miles of gorgeous trails, crystal rivers, and towering mountains--no wonder it sometimes seems like everyone in the Rocky Mountain state is smiling. All that goodwill can make Colorado seem like the perfect place to do business. And it certainly can be. Until, that is, something goes wrong. If you're a business owner in that circumstance, you'll wish you had shopped for Colorado business insurance quotes. A company car crashes in a snowstorm. A forest fire encroaches on your home-based business. A hiker is injured from a contractor clearing trees. If you want to know that your assets are safe, and that you're protected from lawsuits, Colorado business insurance is the only way to know.
Colorado Workers' Compensation
The state requires employers to buy a workers' compensation policy if you have one or more employees. And this is beneficial to you, because it can save you from big future expenses in the event of an injury or illness. But how does the cost of this part of Colorado Business insurance work? Well, there's no single formula. Let's say you operate a ski resort. There's a good chance you have a lot of employees. The more people you're covering, the more your Colorado business insurance quotes will rise. On the other hand, wages might be pretty low on average; most of your employees, such as lift operators, will have an hourly wage. Since replacing lost wages due to injury is part of workers' compensation, this can drive your premium down. Some insurers may see this industry as risky, but if you have a clean accident history and low history of employee claims, you can still find low Colorado business insurance premiums.
Risk is also a huge part of your liability costs. And every business needs some form of liability protection as part of its Colorado business insurance. Maybe that same ski resort operator takes a look at the thousands and thousands of visitors zipping down the runs of his resort each winter and realizes the potential for injury. But there are risks in any kind of commerce. Take a natural food store in Boulder. Customers might sue for a defective product, so consider what can happen if a customer chokes on a capsule. Or maybe the owner is new to the industry, and wrongfully claimed a product had a certain benefit. Misleading advertisements are also a part of liability coverage. See if you can package them in a general liability policy within your Colorado business insurance quotes.
Buildings and Inventory
Consider a pretty common problem: snow. If you live in Colorado, you know it might dump several inches anytime from October to April. Most of the time this is a minor inconvenience. But then there are instances like the storm in April 2003. In Fort Collins, a King Soopers closed for months because snow made the ceiling collapse. If you buy a property policy in your Colorado business insurance, your premises will be protected from common perils--including the weight of ice and snow. At the same time, you need to make sure the contents of your place of business are adequately covered, and then consider additional coverages such as automobile insurance for company vehicles.
Saving on Colorado Business Insurance
Costs can add up pretty quickly, which even a cursory look at Colorado business insurance quotes will reveal. First, figure out your industry-specific risks and see if you can combine coverage for all of these in a single policy, such as a business owner's policy (BOP). Then see which insurers will offer coverage and compare all of these Colorado business insurance quotes. You can do so easily by taking advantage of a service like NetQuote.com, which will compare premiums for no cost. Even in an untimely snowstorm, it's a good way to keep business owners smiling.