Commercial insurance brokers in Castle Rock, CO provide an important service for business owners in the town. Whether, you are setting up your business or have an existing concern in the town, getting the right insurance is bound to be on your list of concerns. Castle Rock is a fast developing business and residential center. As the seat of Douglas County, the town has a variety of malls, shops and recreational facilities for its residents. The facilities and safe living have earned the town the first rank in Family Circle magazine's nationwide survey of the best towns for families held in 2010.
Why Opt for Commercial Insurance?
Businesses require insurance as part of risk management and to take care of unexpected claims from clients or workers. Commercial insurance helps businesses keep their operations running and tide over unexpected events which affect business continuity like adverse weather, financial shocks, accidents and calamities. Insurance helps in asset protection as well by ensuring a payout in case critical business assets like vehicles or plant machinery are damaged. Whether you own an established multi outlet business, a family run store or a modern startup, the right insurance is an essential part of your business planning.
Types of Commercial Insurance
Commercial Insurance in Colorado is of two types- mandatory and optional. The types of insurance which are mandatory for small businesses in the state are Worker Compensation Insurance, Automobile Insurance for all vehicles owned by the company, Professional Liability Insurance and Lender-required Insurance. Worker Compensation Insurance protects businesses in case of workplace injuries or deaths. The policy covers partial wages and medical expenses of the employee. This is mandatory for all businesses which have at least one full time or part-time employee on its rolls. All vehicles used by the company must be mandatorily insured. Colorado has moved to the tort system from the no fault system from 2003, so vehicle owners and drivers are also liable for bodily harm or damage caused to other drivers or pedestrians in an accident. Auto insurance is mandatory whether the vehicles are owned, borrowed or leased by the business. Professional liability insurance is required for certain professions and is optional for other businesses. It covers the risks of claims against the business by vendors or customers caused by negligence or malpractice. Banks and other institutions require borrowers to get insurance on the asset they have taken loans for like house, car or realty. This is done to protect the lender in case of inability to repay their loan.
Non-mandatory commercial insurance policies are mainly tailored for specific requirements of different businesses. Such policies are farm or crop insurance to protect agriculturists and famers, casualty insurance which protects businesses from unexpected general liabilities, commercial umbrella insurance which provide a range of coverage to small and other businesses, property insurance for protection of real estate assets, flood insurance which is required as a separate policy or rider, inland marine insurance which covers damage to goods which are used away from the business premises, Key Employee insurance and healthcare coverage for employees.
Why Opt for Commercial Insurance?
Businesses require insurance as part of risk management and to take care of unexpected claims from clients or workers. Commercial insurance helps businesses keep their operations running and tide over unexpected events which affect business continuity like adverse weather, financial shocks, accidents and calamities. Insurance helps in asset protection as well by ensuring a payout in case critical business assets like vehicles or plant machinery are damaged. Whether you own an established multi outlet business, a family run store or a modern startup, the right insurance is an essential part of your business planning.
Types of Commercial Insurance
Commercial Insurance in Colorado is of two types- mandatory and optional. The types of insurance which are mandatory for small businesses in the state are Worker Compensation Insurance, Automobile Insurance for all vehicles owned by the company, Professional Liability Insurance and Lender-required Insurance. Worker Compensation Insurance protects businesses in case of workplace injuries or deaths. The policy covers partial wages and medical expenses of the employee. This is mandatory for all businesses which have at least one full time or part-time employee on its rolls. All vehicles used by the company must be mandatorily insured. Colorado has moved to the tort system from the no fault system from 2003, so vehicle owners and drivers are also liable for bodily harm or damage caused to other drivers or pedestrians in an accident. Auto insurance is mandatory whether the vehicles are owned, borrowed or leased by the business. Professional liability insurance is required for certain professions and is optional for other businesses. It covers the risks of claims against the business by vendors or customers caused by negligence or malpractice. Banks and other institutions require borrowers to get insurance on the asset they have taken loans for like house, car or realty. This is done to protect the lender in case of inability to repay their loan.
Non-mandatory commercial insurance policies are mainly tailored for specific requirements of different businesses. Such policies are farm or crop insurance to protect agriculturists and famers, casualty insurance which protects businesses from unexpected general liabilities, commercial umbrella insurance which provide a range of coverage to small and other businesses, property insurance for protection of real estate assets, flood insurance which is required as a separate policy or rider, inland marine insurance which covers damage to goods which are used away from the business premises, Key Employee insurance and healthcare coverage for employees.