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 well-being. 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. In addition, general liability insurance, which protects against claims of bodily injury or property damage, may protect an accountant if, for example, a client slips and falls in the accountant's office. A business owner's policy, which combines general liability insurance and business property insurance, may cover damage to the accountant's property, such as if the accountant's office is damaged in a fire. Cyber security insurance may protect the accountant from computer- and technology-related losses.

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. 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.

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

If you're looking for professional liability insurance in Colorado as a business consultant, this coverage can offer crucial protection. Also known as errors and omissions insurance, it helps cover claims related to the professional advice and services you provide, even if you haven’t made a mistake.

General liability insurance, which protects against claims of bodily injury and 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 may 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, in addition to the third-party coverage provided by general liability insurance.

A cyber security insurance policy can protect a business consultant from technology- and computer-related losses like a data breach or phishing attack.

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 small business insurance, and an insurance policy inspires confidence in clients as they decide which carpentry business to hire for a project.

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

General liability insurance, also 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: A client trips over their personal trainer’s workout bag during their training session and breaks their ankle. A general liability insurance policy may cover the claim for medical expenses up to the policy limits.
• Property damage: A tax preparer gets contracted to do a major corporation’s taxes on site. While setting up, the tax preparer spills his tea over the corporation’s server causing irreparable damage. A general liability policy may cover the claim, up to policy limits.
• Personal injury: A consultant in a public relations company is overheard talking about one of the company’s top clients in an untrue and unflattering way. The client hears about what was said and sues the company for slander. General liability insurance could cover the subsequent claim, up to general liability policy limits.

Learn about how much general liability insurance costs

Professional liability insurance, also known as errors and omissions insurance (E&O insurance), covers claims against businesses that provide professional services. Here are some examples of what could be covered.

• Scope creep: A marketing consultant is working for a client who continually changes the scope of the project. When the client asserts the consultant didn’t meet the shifting expectations, the client sues. Even if you haven’t made a mistake, professional liability insurance coverage could cover the cost of defending you up to policy limits.
• Negligence: An investment consultant advises a client to invest in a start-up company that goes bankrupt in a year. It is later discovered that the consultant did not thoroughly research the company before advising the client to invest, and the client sues. A professional liability insurance policy may protect the consultant, including defense costs, up to policy limits.

Learn more about professional liability insurance.

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

• Loss or damage to business property.
• Third-party claims of property damage or bodily injury.
• Office insurance for fire and business interruption.

Optional coverage may also be available at additional cost as outlined below.

• Electronic data loss insurance.
• Hired or non-owned vehicle liability insurance.
• Commercial crime insurance to cover the dishonesty of your employees.

Learn more about business owner's insurance.

Cyber security insurance, sometimes called cyber liability insurance, protects businesses from losses that are computer- or technology-related. It can cover the financial implications of data breaches, ransomware demands, and other digital threats. Here are some examples of situations that may be covered by cyber security insurance.

• Phishing email: A retail store employee clicked a link in a phishing email, unknowingly installing ransomware that froze the entire point-of-sale system. Sales halted for days. Cyber coverage may help the company recover quickly by covering the cost of restoring operations and lost revenue.
• Data breach: A boutique marketing agency failed to update its system’s security software. Hackers accessed sensitive client data, including ad budgets and customer lists. The agency faced lawsuits and regulatory action. Cyber liability insurance may help pay the cost to notify affected parties as well as legal fees and client indemnification.

Learn more about cyber security insurance.