Business Insurance Companies in Colorado (Review) 2022
Just picture this: you had a contract to deliver items worth $100,000. Unexpectedly, on the day of delivery, riots broke out in the city and your inventory was stolen. The sudden incident leaves you with a loss of a hundred thousand dollars! That is the reason to find the best business insurance for your company.
Unforeseeable circumstances can affect the operations of any business. If you’re operating your business in The Centennial State, you will have to follow the state’s law to get your business insured against potential risks and save it from any financial losses. In this guide, we will talk about all the essentials of business insurance in Colorado, which will help you do your business with minimized risk.
If you are looking for affordable business insurance outside of Colorado – make sure to check out our list of best business insurance providers in the US.
Business Insurance in Colorado Stats and Facts
Here are some of the facts that relate to the state of Colorado small business insurance:
- In the year 2019, insurance companies in Colorado paid taxes that totaled $314.9 million
- In the year 2017, the insurance industry contributed $6.8 billion
- The U.S. Department of Commerce showed that the insurance industry in Colorado contributes $6.8 billion to the state’s gross state product (GSP)
How Much Does Business Insurance in Colorado Cost?
Typical small business insurance averages in Colorado are somewhere between $300 and $5,000. The costs for the insurance vary from business to business. If your business comes under the category of high risk, your insurance will definitely be higher. The factors that will have a big impact on your cost of insurance is:
- Payroll size
- Property and location
- Your industry
- Business insurance claims history
Insurance Requirements for Businesses in Colorado
Colorado law requires insurance for business. The following two insurance policies are required for Colorado businesses:
- Commercial Auto Insurance
All business-owned vehicles in Colorado should be covered by commercial auto insurance. The state requires:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $15,000 property damage liability per accident
- Workers Compensation Insurance
In Colorado, a workers compensation insurance policy is required for all employees of both private and public businesses. This policy needs to cover medical bills for illnesses and work injuries.
Best Business Insurance Companies in Colorado
|Company||Rating||Best For||Key Features|
|The Hartford||AM Best: A+
|People who are looking for a variety of policies||Best customer service
Online quote generator
|Hiscox||AM Best: A
|Small business owners who want coverage plans customized for their industries||Provides coverage for 180+ small businesses
Custom coverage for different industries
24/7 online claims filing
|Suracy||N/A||People looking for tailored insurance programs||Offers customize insurance policies
May offer tips for your business
|Progressive||AM Best: A+
|People who want discounts||Online quotation
Pay bill online
Good customer support
|BiBerk||AM Best: A++
|Businesses that need quick coverage||Strong financial affiliation
Option to buy insurance online
Sells insurance policies directly
With this insurance company, your search for small business insurance in Colorado is over. It comes with great features. Apart from offering the standard workers compensation coverage, The Hartford also offers additional services.
For employees who are injured at work, the insurance company provides pay-as-you-go billing and other multiple resources. The insurance claims form can easily be filled online.
Injured employees can access around 65,000 pharmacies nationwide without any out-of-pocket expenses. The company has been in business for years and is one of the oldest insurance providers in the U.S. Its seniority shows that the company has a huge experience in the industry and can pay off its financial liabilities.
Hiscox insurance is the best company to go with if you’re looking for:
- Business Owners Policy
- Commercial Property Insurance
- General Liability Insurance
- Workers Compensation Insurance
- Professional Liability Insurance
The policy can be purchased online or through an agent/broker. A good thing about the company is that it has a wide range of insurance products that offer customized solutions for different industries.
For businesses that need more options, it has umbrella and surplus lines coverage. Its 14-day money-back guarantee is an attractive factor for a lot of consumers. Compared to other large insurers, this company is more transparent about pricing and insurance claims processing.
Suracy Insurance Agency
This insurance company is the best for people who are looking for a variety of policy options. It lets you create customized insurance plans for your business and industry. One of the important features of Suracy is a cyber liability, which lets you recover your losses caused by a cyber-attack. It also helps you pay for legal fees that you incur.
To get the quote, you can reach out to the Suracy customer service team by calling or through email. It also offers assistance and 24/7 online claims service.
Progressive Business Insurance
Progressive is one of the leading Colorado business insurance companies that provide a wide variety of coverage. Small businesses can easily get their coverage customized through this insurance company. Progressive has a wide network of customer service representatives that help you get the quote in a timely manner.
It offers insurance policies that include commercial property, commercial auto, general liability, and workers compensation. It has competitive and affordable rates. Progressive is a renowned company that has been offering great services for many years now.
For businesses that are looking to save on insurance costs, BiBerk is a great and affordable option. The company provides instant quotes that allow you to buy insurance online. The company claims that its cost is lower than the pricing of other similar providers.
Some of its features include 24/7 claim filing through the website, nationwide coverage, online purchases, and automatic payment discounts. These features make the clients’ experience quite convenient.
The Final World
Once you have started your business in the state, you should look for the best business insurance in Colorado to protect your business against all covered perils. With the help of this guide, you can decide which insurance company is more suitable for your business.
Pros & Cons
What types of insurance are required by Colorado?
The 2 types of insurance that are required by law for Colorado businesses are:
- Workers compensation insurance
- Commercial auto insurance
How do I get business insurance in Colorado?
Assess the risk that your business may have to face. Think about accidents, natural disasters, or lawsuits that you may have to deal with in the future.
Then, find an insurance agent and ask them what policy is the best for your business. Make sure to review at least a few insurance companies before you settle for one.
What business insurance do I need in Colorado?
Here are some types of insurance that you must consider for your small business:
- Public liability insurance
- Professional indemnity insurance
- Business insurance
- Management liability insurance
- Cyber liability insurance
- Business interruption
- Tax audit insurance
How much does business insurance cost in Colorado?
The price of your insurance depends on the risk that your company faces. The cost of business insurance may vary anywhere between $300 and $5,000.