Name: The Hartford - Greenwood Village, CO
Address: 4000 Greenwood Village Blvd, Greenwood Village, CO, 80111
Price range: $$

The Need for Business Insurance in Denver

Small businesses make up 99.5% of the State of Colorado’s business ecosystem.¹ These small businesses employ nearly half of the state’s employees.²Denver has experienced a substantial amount of small business growth. In fact, 160 tech startups opened within the last few years.³The recent boom is excellent for Mile High small business owners. With so many small businesses popping up, there’s never been a better time to learn about business insurance in Denver, CO.

We have over 200 years of experience helping small businesses propel forward. Get a quote or call 855-829-1683 and speak with our small business insurance team today.

About Denver Small Business Insurance

At a minimum, Denver, CO small businesses should have business property, general liability and business income coverage. We bundle these three types of coverage in our Business Owner’s Policy (BOP).

Business property insurance is a type of coverage for your business that helps protect the physical location your business owns or leases. It also helps protect property you use to conduct your business, such as business tools, equipment or inventory. Coverage applies whether you own or rent the business property.

For example, if a fire damages some of your business equipment and furniture, business property insurance can help cover costs to fix or replace it. If the fire damaged the building, business property coverage can also help you cover repair costs.

General liability insurance helps protect small businesses from claims alleging:

Property damage
Bodily injury
Personal and advertising injury

Business income insurance supplements lost income when businesses are unable to operate because of a theft or property damage.

For example, if your business can’t operate because the building needs repairs, this coverage can help you recover the income your business loses while it’s closed.

These types of insurance get bundled through our BOP. You can also buy general liability or business property insurance as standalone policies. If you get business property insurance, it also includes business income coverage.

Minimum Requirements of Small Business Insurance in Denver, CO

Different states require businesses to carry different levels of coverage. Whether you’re in Colorado Springs or Denver, the state requires almost all public and private businesses to have workers’ compensation coverage for employees. The state also requires businesses to have commercial automobile insurance for company-owned vehicles. Certain businesses in the state also have to have professional liability insurance.⁴

Workers’ compensation helps protect you and your employees when a work-related injury or illness occurs. Workers’ comp helps employees by providing benefits to help them recover from a work-related injury or illness. It can also provide disability payments and help replace some of their lost wages if they take recovery time away from work.

Workers’ comp helps protect employers by limiting their liabilities related to an injury or illness that occurs from work. Without workers' comp, employees sick or hurt from their job won't receive benefits to help pay for their medical costs. And health insurance coverage won't help them either since it's a work-related injury or illness.

You can get workers' comp from private insurance companies, like The Hartford. Without coverage, you may have to pay out of pocket for your employee's medical costs if they get hurt or sick from their job.

Workers’ compensation can help if:

Your employee trips over a box in the office and ends up in the emergency room. Workers’ compensation can help cover his medical costs.
A cook spills boiling water in the kitchen and suffers severe burns. Workers’ compensation can help cover her treatment costs. It can also help cover any ongoing care she may need to help her recover.
Your office worker develops carpal tunnel syndrome from bad ergonomic work habits. Workers’ compensation can help cover their medical costs to recover from the repetitive stress injury.

Commercial automobile coverage is necessary if a business owns, leases or rents vehicles. It’s also required if your employees drive:

Personal vehicles for business reasons
Company-owned vehicles

Commercial auto insurance helps cover claims alleging property damage and bodily injury if a business owner or your employee is in a car crash and found to be at fault. For example, commercial auto insurance can help if your employee:

Hits a pedestrian while driving during a business trip, and the pedestrian needs medical treatment. Commercial auto insurance can help pay their medical bills.
Swerves off the road and hits a building while running a business errand. Commercial auto insurance can help cover the property damage.
Hits and totals a car while traveling on business. Commercial auto insurance can help cover claims alleging property damage.

Professional liability coverage, also known as errors and omissions insurance, helps protect businesses if a customer files a lawsuit because of a mistake in the services provided. Professional liability coverage can be helpful for many businesses, including:

Professional tech firms
Travel agencies
Consulting firms
Interior design businesses
Accounting or tax firms

A few ways professional liability can help protect your business include:

An employee of your tax firm makes a clerical error on a client's tax returns. The returns get filed incorrectly, and your client has to pay extra taxes and fees after the error is fixed. Your client then files a lawsuit against your business. Professional liability can help cover your business’s legal costs.
After shooting a client's wedding, you start editing the photos. The files get corrupted and damaged. Your client files a lawsuit against your business. Professional liability can help cover your costs to resolve the issue.
An employee at your accounting firm forgets to include a large expense on your client’s financial statement. Your client has to pay a fine for submitting an incomplete financial statement, so they file a lawsuit against you. Without insurance coverage, you’re responsible for the damages. Professional liability can help cover your legal costs and any damages that may get awarded.

Get Customized Small Business Insurance for Denver, CO Businesses

Every small business is unique. There isn’t a one-size-fits-all business insurance policy. We’ve been protecting customers for over 200 years, and we have in-depth knowledge of different risks small businesses face. Our small business insurance team helps business owners, like you, create customized policies to drive their Denver small business and employees to success.

Get a quote for small business insurance for your Denver business today. You can also contact an insurance agent or call 855-829-1683 and speak to one of our specialists.

Business Insurance in Other Colorado Cities

We help protect business owners in Denver and other Colorado cities with our coverages, like:

Additional Business Insurance for Denver, CO Businesses

^1,2U.S. Small Business Administration: Office of Advocacy, “2018 Small Business Profile: Colorado”

³Downtown Denver Partnership, “State of Downtown Denver”

⁴ Colorado Department of Regulatory Agencies, “Small Business Insurance”

Business Insurance Denver, CO