Insurance For Contractors Denver – What You Need to Know
If you’re a general contractor in Denver, you should get the right insurance package. Next Insurance specializes in small business insurance and will tailor a package to your business’ needs. General liability insurance, for example, covers the risks that many small business owners face. Although it’s not required by law, some clients may request a certificate of insurance. To avoid any problems, be sure to discuss your needs with an insurance professional to find the right package for your business.
General liability
When it comes to finding an affordable Denver contractor insurance policy, many things should be considered. While some contractors are required to be licensed in Colorado, this is not always the case. The fact is, even contractors who are licensed are exposed to risks. By purchasing an insurance policy, they can transfer those risks to a top-rated commercial insurance company. Contractor General Liability Insurance (GLI) will protect your company against third-party lawsuits that arise out of employee or contractor negligence.
In addition to choosing an affordable policy, make sure to review the specific terms and conditions of the policy. In Colorado, general liability insurance must comply with state liability laws. It is imperative for businesses to obtain coverage to protect themselves from lawsuits and claims of libel or slander. The National Association of Insurance Commissioners offers a guide to Colorado’s insurance regulations. In addition to comparing policies, you can also consult an insurance agent who is knowledgeable about Colorado law. Finally, if you are not familiar with insurance policies, it is important to understand the differences between insurance companies and agents.
Tools and equipment
Many small business owners in Denver have no idea how much their tools and equipment are worth. These items aren’t always covered by their household insurance. Tools and equipment insurance can cover lost or stolen items as well as damage caused by vandals. The cost of theft at construction sites is over $1 billion annually, so getting coverage for your tools is an important step in protecting your investment. To get started, you can start by getting a quote online.
When you start a business, you need to have tools and equipment. This insurance helps pay for repair costs and replacements. Some Denver insurance for tools and equipment even offers additional protection to your general liability policy. You can get tools and equipment insurance online in less than 10 minutes, and the best part is that you can review the policy online. You’ll be able to determine the exact amount of coverage you need in less time than you’d think.
Errors and omissions
If you’re in the business of repairing or installing roofs, electrical wiring, or any other type of building, you need to consider purchasing Denver Errors and Omissions Insurance. The coverage is important for a variety of reasons, but the most common is to protect your business from unjustified claims of negligent construction or faulty design. Errors and omissions insurance can also cover the costs of hiring new employees to complete your work.
The policy limits for errors and omissions coverage in Denver vary. However, the amounts of coverage are typically adequate for most businesses. The following coverages are common for most businesses, but some industries require additional protection. Check with your Denver insurance agent to determine what your company needs. This type of insurance can also protect your business against expensive legal fees. In addition to paying legal fees, errors and omissions insurance policies can help cover your company’s assets in the event of a lawsuit.
Business vehicle
Colorado contractors need to purchase business vehicle insurance for their vehicles to protect themselves from liability. The right type of coverage will protect both the company and the contractors themselves from financial loss. However, finding the right type of coverage for your business can be complicated. First, determine what type of vehicles and machinery you need covered. You may also want to consider additional coverage for your onsite equipment, such as storage. A licensed insurance agent can help you choose the best coverage for your needs.
Another type of insurance for Denver contractors is workers’ compensation coverage. While it may not be expensive, it’s important to keep in mind that Colorado requires businesses to have workers compensation insurance for any employees. This coverage can protect you from costly lawsuits that may arise from injury to workers. Businesses in Colorado are required to carry workers’ compensation insurance if they have more than three employees. This coverage is necessary for all businesses with more than three employees.