Colorado General Liability Insurance
Colorado general liability insurance is one of the best and most affordable ways you can protect your business. Whether you are a plumber, electrician, or restaurant owner in Colorado, you can easily cover your assets and make yourself more marketable in the process by purchasing Colorado general liability insurance.
Examples of Liability Risks
There are risks associated with any company in Colorado. These risks can include risks to the general public, customers, or a customer's property. Colorado general liability insurance is coverage for your CO company assets in the event of property damage or personal injury to a customer. If you are an electrician in Colorado and you inadvertently installed the wrong gauge wire and caused a fire to a customer's home, you would be liable for the damages unless you have Colorado general liability insurance.
Perhaps you are a CO plumber and you install a faulty valve causing flooding to a customer's home. In this case, your general liability would cover the damages but you could also file a claim against the manufacturer for the product they sold you. The manufacturer's general liability coverage would reimburse your insurer for the loss.
Another good example is a Colorado restaurant owner whose employee trips as he is coming out of the kitchen with a bowl of hot soup spilling it in a customer's lap. If the restaurant owner does not have liability insurance, they could be liable not only for the medical costs for the burned customer, but may also have to pay for the litigation charges when the customer sued the restaurant. Colorado general liability insurance would cover both the medical costs and the litigation expenses.
Regardless of what kind of company you own, the cost of Colorado general liability insurance is far below the potential cash outlay if you have to pay for damages out of your own pocket. Most of your Colorado general policies will cover the above scenarios, but there are other general options to add coverage for businesses that need it.
Additional Coverage Options
There are many different coverage options that you can add to your policy to tailor it for your needs. Some examples of other items you might want to add would include pollution insurance for manufacturers, alcohol additions for venues who sell alcoholic beverages, or equine insurance for businesses who conduct trail rides. No matter what kind of business you have, there is commercial liability insurance available for you.
Reporting a Claim
If you do have an accident, there are several things you need to do in order to help your insurance adjuster perform the proper investigation. The first thing you should do is report the accident to your insurance company. If an employee is involved, take a written statement from the employee as soon as possible after the accident. Preferably within hours while the information is still fresh. Take photos of the accident site and conduct your own investigation into what the cause was. Cooperate fully with your adjuster during the investigation.
Colorado general liability insurance will cover you for any accidents that damage a customer's property, but it will not cover you in the instance of unlawful behavior by either you or your employee that caused the damage. It will also not cover you for any intentional damage that was performed by you or an employee. There are several things you can do to eliminate these risks. One would be to perform background checks on each of your employees. This would tell you if an employee is a potential risk factor to your company. You cannot perform these checks without the employee's consent so be sure to follow the proper procedures.
Eliminating Risk Factors
Colorado general liability insurance costs are determined in part by your risk factor. In order to help minimize your risks you should conduct safety meetings. Your safety meetings should be informative and should encourage the participation of your employees. If your employees are involved in the meeting, they will be more likely to retain the safety procedures you are trying to teach them.
Maintain good records of your safety meetings including a list of attendees and the topics of the meetings. Make sure your employees know how important safety is to the company by posting safety posters around the office and work site. There are some general liability companies in Colorado that will give you a discount if you have a solid safety program.
Colorado general liability insurance can be one of the best investments you will make for your company. Take the time to determine your risk factors and do what you can to minimize them. Get several quotes from reputable companies and compare rates. Once you purchase your coverage, you will have peace of mind knowing your company is covered in the event of an accident.