General Liability Insurance
Protecting your business is one of the most important steps you can take. You’ve worked hard to build your company. Now, you need comprehensive commercial insurance to cover your assets while mitigating your liability risks. The right type of coverage is important and no two companies are the same, making customization necessary in every situation. Two key types of coverage most businesses benefit from are general liability insurance and Business Owner Policy (BOP).
What Is General Liability Insurance?
General liability insurance in Colorado provides protection from claims made against your business. This is a blanket type of liability insurance plan. It provides protection from most risks business owners face at small to medium-sized companies. When a third party, which is someone that does not own, manage, or otherwise work at the company files a claim due to some loss they’ve incurred as a result of the actions or inactions you’ve taken.
In Colorado, general liability insurance provides coverage for:
- Bodily injury claims, which are instances in which the individual suffered some type of physical injury as a result of being at your commercial location
- Property damage claims, instances in which a third party suffered damage to their property your company caused
- Personal injuries and advertising injuries, which can include claims of libel, slander, copyright infringement or use of another person’s image without permission
For example, a customer may come into your business, slip and fall, and become injured. That individual’s medical bills may be covered under your general liability insurance policy. Your business doing work at a customer’s home may cause damage to a major system, causing extensive damage. There are many instances in which general liability insurance becomes valuable to your company.
What will general liability insurance help you with?
This policy can provide extensive support for business owners. Most general liability insurance policies in Colorado provide for:
- Coverage for attorneys’ fees when you must take the case to court
- The settlement amount or the payment provided to the injured third party
- Other defense costs including investigations and expert witnesses
- Court costs
- Judgments placed against your company
General liability insurance isn’t something overlook. Claims are very often made against businesses for both accurate and frivolous actions or inactions. And, even when your company does everything well, you may face extensive lawsuits and costly legal fees defending yourself.
What Is Business Owner Policy?
Business Owner Policy is less of a specific policy and more a combination of individual types of coverage wrapped into one package. These are the types of insurance most small businesses in Colorado need. By purchasing them all in one location, they tend to be much more affordable.
A key feature of BOP is the ability to customize it. You choose the types of commercial insurance right for your business here. This gives you a lot of flexibility to find a policy that’s right for your business.
BOP can often include:
- A General Liability Insurance plan (just like the one we’ve already mentioned here)
- Professional liability insurance to provide for coverage for those who give professional advice
- Commercial auto insurance for those organizations that use a vehicle as a part of their business activities
- Property insurance to protect physical structures where you operate your business, store your inventory or otherwise use in the course of your business
- Business interruption coverage which helps to cover some of your costs if your business is unable to operate for a longer amount of time due to a covered claim
You can further add to your BOP with employee practice insurance, electronic data and equipment cover, employment practice cover, and much more. It’s very easy to make this policy as comprehensive as you would like it to be.
Each component of BOPs will provide specific insurance protections. For example, your property insurance will cover loss of the building from fire, windstorms, and vandalism. Your commercial auto insurance plan provides protection for liability and property coverage for the vehicles you own.
When is BOP not enough protection? Generally, you can obtain a BOP if you are a small business. If your company is larger, it may not work for you. Additionally, in some cases, customized policies can be a better fit. For example, many high-risk industries, such as construction work, do not have BOP access.
Find the Policy Right for You in Colorado
Customization of a BOP or General Liability insurance policy is a must. When you review your needs with C&I Insurance, you’ll get a custom quote for just the coverage right for your business. Contact us today to learn more about how we can save you money on commercial insurance in Colorado.