Colorado Business Insurance

Whether they specialize in business accounting or have private clients, accountants in Colorado handle sensitive financial data every day—and they can have a huge impact on their clients' financial wellbeing. Fortunately, mitigating the litigation risk associated with an accountant's work can be as simple as securing a comprehensive insurance policy.

Most accountants will choose the protection of professional liability insurance, which is also known as errors and omissions insurance. This policy would protect an accountant even in cases in which they haven't made a mistake, such as if they make a recommendation to improve a business's finances, but the client ignores that recommendation, suffers a business loss, and blames the accountant for not making the recommendation clearer.

General liability insurance, which protects against claims of bodily injury or property damage, would protect an accountant if, for example, a client slips and falls in the accountant's office. And a business owner's policy, which combines general liability insurance and business property insurance, would cover damage to the accountant's property, such as if the accountant's office is damaged in a fire.

From janitorial businesses that focus on commercial buildings to cleaning services that specialize in residential homes, Colorado's cleaning professionals face specific risks every day. They work on-site at customers' offices and homes, handle delicate and expensive items, use harsh chemicals, and operate cleaning equipment owned by clients. Even baseless liability claims can strain a business's assets, so Hiscox specializes in providing tailored coverage that protects cleaning professionals from potentially litigious situations.

Most cleaning professionals choose the protection of general liability insurance, which protects against a third party's claims of bodily injury or property damage. Protection against bodily injury might be needed, for example, if a client slips on a freshly mopped floor, falls, and suffers an injury; even if the incident doesn't seem to be the employee's fault, the cleaning business can still be held liable for the cost of the client's medical care. In another scenario, an employee of the cleaning service might knock over an expensive antique while dusting a shelf, and the customer may demand that the cleaning service pay for the cost of repairing or replacing the item. General liability insurance also protects against claims of personal injury, such as if an employee is overheard gossiping about a client, who subsequently sues the business for slander.

With services that might include maintaining confidential information while offering managerial advice and recommending financial plans and investment strategies, the job of a business consultant in Colorado is a sensitive one, so it can benefit from a range of small business insurance policies.

Professional liability insurance, also called errors and omissions insurance, covers claims against businesses that provide professional and personal services, such as a business consultant. It offers protection even in cases in which the business consultant hasn't made a mistake, such as if a business consultant advises a client to change an internal process to increase productivity, but the client does not implement the recommendations exactly as specified. When productivity subsequently drops instead of improving, the client sues the consultant in an attempt to recoup the financial loss. A Hiscox-obtained claims specialist will deal with this baseless claim of negligence.

General liability insurance, which protects against claims of bodily injury or property damage, is also helpful for a business consultant who might frequently travel to client companies' headquarters, branch offices, or clients' homes to discuss plans and strategies. If the consultant accidentally knocks over an expensive vase while visiting a client's office or if a client visiting the consultant's office trips, falls, and sustains an injury, a general liability insurance policy will cover the costs of medical care or property repair.

Business consultants can also benefit from a business owner's policy, which combines general liability insurance and business property insurance. It can cover damage to property or equipment, such as if laptops, webcams, phones, or printers are stolen or damaged.

Whether they build custom furniture or kitchen cabinetry, carpenters in Colorado face unique risks, no matter how cautious or experienced they are. Working on-site at clients' homes and businesses, dealing with others' personal property, and using hazardous professional equipment all bring a heightened liability risk that can benefit from custom, comprehensive small business insurance, and an insurance policy inspires confidence in clients as they decide which carpentry business to hire for a project.

General liability insurance is one of the most important types of coverage for a carpentry business to have. Because it protects against bodily injury, the carpenter's business will be protected if, for example, a client trips over the cord of the carpenter's electric drill and falls, breaking their wrist; the policy will cover the client's medical costs and protect the carpenter in the case of legal action. Because it protects against claims of property damage, it will cover the costs incurred if, for example, the carpenter damages a home's hardwood floors while installing custom shelving. And because it protects against personal damage, the business will be protected if, for example, one of the carpenter's employees is overheard gossiping about a client in a false and unflattering way, and the client subsequently hears about the discussion and sues for slander. In those cases, the policy will cover the resulting claim and pay for a defense attorney when necessary.

Hiscox knows the insurance business inside and out, so an insurance agent can put their trust in Hiscox to find the small business insurance policies that can protect insurance professionals against the risks associated with being a small business owner in Colorado.

Typically, an insurance agent in Colorado will want the protection of professional liability insurance, or errors and omissions insurance. Professional liability insurance would protect an insurance agent if, for example, a client instructs the agent to purchase a policy and gives the agent a check for the premium, but the agent's assistant forgets to purchase the policy. If the uninsured client is later involved in an accident, they may demand that the insurance agent pay for the loss.

In addition, general liability insurance can protect an insurance agent against a third party's claims of damage to property, bodily injury, associated medical costs, such as a claim from a client who slipped and fell in the insurance agent's office. Insurance agents can also benefit from a business owner's policy—a combination of general liability and business property insurance—which can protect your business equipment against damage from fires, burst pipes, and more, making it easier to recover from accidents and natural disasters.

General liability insurance, known as Commercial General Liability (CGL), protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Some examples of what could be covered are below:

• Bodily injury: An interior designer invites a prospective client to their home office to review color and fabric samples. The client trips on the steps and breaks their arm. The designer has a general liability insurance policy which could cover the costs of the client’s injuries.
• Property damage: An IT consultant is performing maintenance on a client’s server. The temporary assistant he hired to help with the project spills a cup of coffee on the server, damaging it beyond repair. The consultant’s general liability insurance policy could cover the cost to replace the server.
• Defamation and slander: A marketing consultant posts on social media on behalf of a client. The post includes what is supposed to be a lighthearted reference to a competitor, but there is a typo in the post that changes the meaning. The resulting post is quite derogatory, and the competitor sues. The consultant’s client sues them, but they could be protected with a general liability insurance policy.

Learn more about how much general liability insurance costs.

Professional liability insurance, also known as errors and omissions insurance (E&O insurance), covers another person’s claims against businesses that provide professional and personal services. Some examples of what could be covered include:

• Negligence: A personal trainer suggests a new exercise to a client. The client fails to disclose to the trainer that he had back surgery recently and the new exercise causes back pain. The client sues the trainer. A professional liability insurance policy could protect the trainer, even if they didn’t make a mistake.
• Copyright Infringement: A graphic designer creates a logo for a client in the technology space. Several months after the client begins to use the logo, they receive a cease and desist order from a large corporation in another industry, stating that the logo infringes on their copyright. The client sues the designer to recover the costs to redesign the logo and reprint their marketing materials. The designer is protected by a professional liability policy, which could cover their costs.

Learn more about professional liability insurance.

Business owners policy (BOP) is a combination of general liability and business property insurance. BOP is often used to provide balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:

• An IT consultant’s server is damaged when there is a power surge, and it cannot be repaired. The cost to replace the server could be covered by the consultant’s Business Owner’s Policy.
• There is a gas leak in the strip mall where a retail store is located, forcing the store to shut down for a week. A business owner’s policy that includes business interruption coverage could protect the retailer from the costs associated with the loss of business.

Learn more about business owners insurance.