Small Business Coverage in the Centennial State
Small businesses have a big impact in Colorado, where more than 691,000 small businesses make up 99.5% of all businesses. All together, these businesses employ 1.2 million people, or 47.6% of all employees in the private workforce, according to the U.S. Small Business Administration.
Helping to keep the state a friendly place for business is the Colorado Small Business Development Center Network, a state-supported resource that helps existing and new businesses grow and thrive in the state. But every business faces risks, so it's essential for Colorado businesses to consider protecting themselves through a comprehensive small business insurance policy.
Top covered industries in Colorado
Thanks to Hiscox's in-depth knowledge of many different fields, small businesses from a wide range of industries can find small business insurance coverage with Hiscox. Some of Hiscox's most commonly insured small business owners in Colorado include those in the accounting, janitorial and cleaning, business consulting, carpentry, and insurance industries.
More professions we insure in Colorado
Colorado Small Business Insurance
Hiscox can help you if you have a professional services business in Colorado. We currently offer a range of small business insurance coverage, including professional liability insurance, general liability insurance and more. We offer Colorado small business insurance across the state. Hiscox small business insurance products include:
Key Colorado laws and conditions driving increased business liability rates
In every U.S. state, all employers with at least 15 employees must guarantee freedom from employment discrimination based on race, color, national origin, sex, religion, and disability. Employers with at least 20 employees must guarantee freedom from age discrimination, and employers with at least four employees must guarantee freedom from discrimination based on citizenship status.
Colorado goes above and beyond this baseline level of protection, requiring employers with even just one employee to guarantee freedom from employment discrimination based on race, color, ancestry, national origin, sex, pregnancy, religion, disability (including physical, mental, or learning), age, sexual orientation, and transgender status. In addition, employers with at least 25 employees may not discriminate against couples who are married, plan to marry, or are in a civil union with one another.
Like most states, Colorado is an "at-will" employment state, meaning that employment can be terminated at any time for any reason. But fired employees can still sue for breach of contract if their employment contract promises job security, and CO recognizes implied employment contracts based on oral promises, statements in an employee handbook, or employer conduct that creates an impression of job security.
These regulations all work together to protect Colorado's workforce, but they also allow for potential lawsuits alleging wrongful termination, discriminatory hiring, or retaliation—when a worker claims that an employer has disciplined them, fired them, or unfairly passed them over for a promotion because of their involvement in a discrimination complaint. While most business owners will do their best to mitigate risks like these through careful management practices, all small business owners can obtain the additional peace of mind through a comprehensive insurance policy.
Colorado workers compensation laws and requirements
According to the National Federation of Independent Businesses, all employers in Colorado are required to carry workers compensation insurance for employees, both full- and part-time. Exemptions are allowed for casual maintenance or repair work performed for a business for under $2,000 per calendar year; for certain domestic, maintenance, or repair work performed for a private homeowner for less than full time (40 hours or 5 days a week); and for licensed real estate agents and brokers who work on commission. Certain independent contractors and drivers are also exempt.
Businesses may purchase a workers compensation insurance policy through a provider like Hiscox, or they may obtain a permit to self-insure through the Colorado Division of Workers' Compensation. However, self-insurance is only permitted for employers who regularly employ 300 or more employees in Colorado or who are a division or subsidiary of a parent company that has a minimum of $100,000,000 in assets.
Penalties for failing to obtain workers compensation insurance can be severe and include penalties of up to $250 per day for the first violation and from $250–500 per day for any subsequent violations. Businesses found to be in violation may also be issued a stop work order, and an employer who fails to maintain workers compensation insurance can be sued in court for negligence by an injured worker.
How Hiscox can help your Colorado small business?
At Hiscox, you'll never be stuck with a one-size-fits-all insurance policy. We work with each individual client to ensure that their coverage—whether it's liability insurance, a business owner's policy, workers compensation, and more—meets their specific business's and industry's needs. We also offer a range of benefits:
- Flexible payment options: We offer you the option of making monthly, quarterly, semi-annual or annual payments (with no additional fees) to help you manage your cash flow.
- Customized insurance: We specialize in businesses like yours and customize coverage to the risks in your field.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claims representative to assist you.
- Worldwide coverage: A business insured through Hiscox is covered for work done anywhere in the world, as long as the claim is filed in the U.S., a U.S. Territory or Canada.
Get a fast, free quote now, and get the protection you need for your Colorado business. If you have questions, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET.
Hiscox Customer Reviews
Julie, Denver CO
”Easy, informative, and economical!”
Researching the policies was easy through the website. Then, when I needed some specific help, a quick phone call answered all my questions. I really appreciate that I can request an ACORD (COI) whenever I need it. The online tools seem very helpful - and the cost was reasonable. Thanks
Julie, Colorado Springs, Colorado
"Quick & Easy"
I truly appreciate the easy on-line nature of the Hiscox application process. The prices are reasonable and the whole experience was so simple for me as a first-time business insurance applicant.
"Customer service was great"
Met our business needs
Clarance, Yonkers, NY
“Excellent service by Hiscox”
Very fast modern and efficient process!
Dulcinee, Chico, CA
“Awesome customer service answered all my questions and questions I didn’t think about I got answers for.”
Our products have been approved by the Colorado Division of Insurance and are underwritten by Hiscox Insurance Company Inc., a Chicago, Illinois, insurance company.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverage is subject to underwriting and may not be available in all states.
Administered by Hiscox Inc., a Delaware corporation that is a licensed insurance producer in all states and Washington, D.C. 5 Concourse Parkway, 21st Floor, Atlanta, GA 30328.