Property Insurance

What is Property Insurance?

Insurance that protects your tangible property against loss by various perils. Coverage can be on a named perils basis which is considered very basic coverage or a broader list of perils under "Direct risk of Physical Loss". This coverage used to be called "All Risk" insurance and is now referred to as "Special Form". Property Insurance can also be written on either Replacement Cost basis or Actual Cash Value basis (replacement cost less depreciation).

Examples of Types of Property to insure:

• Building
• Business Personal Property (Furniture, Computers, Copiers, Phones, Equipment)
• Inventory
• Tenants Improvements and Betterment
• Outdoor Sign
• Fencing & Landscaping
• Others' Property in your care

General Liability

What is General Liability Insurance?

General Liability Insurance can be purchased alone or in a package policy along with other types of insurance. General Liability insurance coverage is essential in protecting the assets of your business in the event a claim is made for bodily injury and/or property damage in conduct with your business. Sometimes a claim is made for which it is ultimately found you were not liable, but until that ruling is finalized you may have defense costs which can also be provided under liability insurance. How much Liability Insurance should our business purchase? This depends on many factors and it is sometimes ruled by a contract you are being required to sign that asks for minimum acceptable liability limits in order for your company to get the job. Other considerations should be the loss exposure, type of work, risk factor, state in which you operate, type of business formation and company assets.

Examples:

• Business Premises Liability–covering your location or locations
• Products Liability
• Completed Operations Liability
• Advertising Injury Liability
• Personal Injury Liability (i.e. libel and slander)

Worker's Compensation

What is Worker’s Compensation Insurance?

Commonly known as "Work Comp", this type of insurance covers your employees medical expenses, rehabilitation costs, death benefits, and loss wages if they are injured in the course of employment. This also includes if an employee becomes ill due to workplace exposure. In the State of Colorado it is required that you carry Worker’s Compensation if you have one or more employees, even if they are part-time. However, all state laws differ so if you hire an employee in another state and have an employee that routinely travels to another state you may need others state coverage. This is a statutory obligation on part of the employer.

Coverage Limits:
Coverage A–Workers' Compensation Insurance
- Specific benefits levels as determined by the state in which employee resides or works

Coverage B–Employers Liability
- Basic Limits (These limits can be increased):

• $100,000 Bodily Injury by Accident
• $500,000 Bodily Injury by Disease–Policy Limit
• $100,000 Bodily Injury by Disease–Each Employee

Business Auto Insurance

What is Business Auto Insurance?

If your business owns a vehicle or has use of a vehicle you will need business auto insurance to cover your liability along with the possible damage to the vehicle. Under normal circumstances, a personal auto policy may not cover commercial use. The pricing of business auto insurance will depend on the business location, use of the vehicle, driving record, and type of vehicle. In addition, if you purchase physical damage coverage on the vehicle other factors will come into play as well.

Examples:

• Bodily Injury to you and passengers in your car
• Bodily Injury to individuals in other cars
• Property damage to your car, other cars or other property
• Comprehensive (Other than collision loss)
• Collision
• Both subject to chosen deductible
• Medical Payments for those in your car (optional)
• Uninsured and Underinsured Motorists
• Non-Owned and Hired Auto Liability

Professional Liability

What is Professional Liability Insurance?

Also known as Errors & Omissions insurance, this type of liability insurance protects situations arising out of your professional negligence or your failure to perform professional duties. Most General Liability coverage forms exclude liability for professional services. This type of coverage will also cover the cost of defense if a lawsuit is brought against you claiming an error or omission in your professional conduct.

Examples:

• Doctors
• Accountants
• Attorneys
• Consultants
• Website Designers
• Technology Companies
• Telecommunications
• Media & Film Industry
• And…Businesses that provide highly specialized services

Other Categories

• Business Income and Extra Expense
• Umbrella Liability
• Builders Risk
• Management Liability:
  - Directors & Officers Liability
  - Fiduciary Liability
  - Employment Practices Liability
• Entertainment and Creative Industry Insurance 
• Employee Benefit Liability
• Flood • Earthquake
• Inland Marine
• Ocean Marine
• Wrap Insurance
• Fidelity & Crime
• Garage Liability
• Garagekeepers Liability
• Bonds