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6 Best Small Business Insurance in Colorado for 2022

Colorado has been recognized as one of the finest places to do business in the United States because it is exceptionally business-friendly and a magnet for expanding firms and startups. The U.S. Chamber of Commerce’s annual assessment had ranked Colorado in the top ten for its talent pool, business climate, infrastructure, and economic performance.

More than 630,000 small businesses in Colorado, from Fort Collins to Colorado Springs, employing more than 1.1 people, need business insurance to protect their businesses. There are more than 100 companies offering business insurance coverages in Colorado, we recommend the 6 best providers for your consideration.

The 6 best business insurance companies in Colorado

  • CoverWallet: Best for comparing several quotes online
  • NEXT: Best for contractors in Colorado
  • The Hartford: Best overall
  • Hiscox: Best for a bundled policy of general liability and professional liability coverages for small businesses in Colorado 
  • Pie Insurance: Best for workers comp insurance
  • Progressive: Best for commercial auto insurance 

CoverWallet: Best for comparing several quotes online

CoverWallet is an online insurance broker that allows small-business owners to compare prices from many insurance providers at the same time.  If you’re looking for low-cost business insurance, CoverWallet can save you the time of calling different insurers to compare prices.

CoverWallet partners with various prominent business insurance companies and offer several quotes from their partners so that you can easily compare to select the best one for your company.

The quotation process is simple, and you can rely on CoverWallet regardless of your company’s industry or the insurance coverages you need.

Below is a general liability insurance quote sample from CoverWallet for a small business in Colorado.

NEXT: Best for contractors in Colorado

Next Insurance was founded to serve millions of contractors across the country. They provide a simple and fast online platform for contractors of all sizes to buy contractors business insurance online. If you are a general contractor or an independent handyman, you can count on Next insurance to protect your business.

All of your Colorado business insurance may be acquired online using AI technology, eliminating the need to talk with a broker or agent. Those who still prefer to speak to an agent in person can do as well.

Below is a general liability insurance quote sample from NEXT for an independent plumbing Contractor in Colorado.

The Hartford: Best overall

For the third year in a row, The Hartford is the top-ranked insurance business on JUST Capital and CNBC’s list of America’s Most “JUST” Companies for 2022.

The Hartford has an outstanding complaint resolution rating and a high customer satisfaction rating, and it provides standard small business insurance types like as business property, general liability, business income, workers’ compensation, and commercial vehicles.

Although Hartford offers some of its quotes online, you may need to speak to their agents to complete your insurance purchase.

Hiscox: Best for a bundled policy of general liability and professional liability coverages for small businesses in Colorado 

Hiscox is a financially sound multinational insurer with a ‘A’ Excellent rating from A.M. Best, a major credit ratings firm that specializes in insurance firms. Since 1901, they have provided tailored plans for small business insurance coverage to each company individual’s needs, focusing on insurance for businesses with less than ten employees.

Hiscox’s customizable plans may include general liability, professional liability, errors and omissions, cybersecurity, and business owners policy (BOP).

Below is a bundled insurance quote including professional liability insurance and general liability insurance coverages from Hiscox for a small business in Colorado.

Pie Insurance: Best for workers comp insurance

Pie Insurance specializes in providing workers’ compensation insurance to small businesses. Many states mandate workers compensation insurance, even if you just have one employee. Pie promises to be able to save you 30% above other companies.

In the sphere of small company insurance, Pie insurance is part of a digital revolution. Pie, for example, aims to make the entire process of purchasing company insurance totally online, as well as reasonable and straightforward as possible.

Pie insurance provides workers’ comp across a wide range of businesses, this insurance provides medical, disability, survivor, burial, and rehabilitative benefits to your employees.

Pie insurance is backed by the Sirius Group, which underwrites its policies, earning them an A- from A.M. Best for financial strength. Even though Pie is relatively a new company with limited experience, they have the financial resources to pay claims.

Below is an estimated workers’ comp insurance quote from Pie Insurance for a small accounting firm with 5 employees in Colorado.

Learn more at the best workers comp insurance companies and the cheapest workers comp insurance companies.

Progressive: Best for commercial auto insurance 

Progressive is our #1 choice for the finest commercial auto insurance, as well as one of our picks for truck-specific products. Progressive has been rated the number one commercial truck insurance in America—it covers a wide range of vehicle types, gives online rates, and allows for an unrestricted travel radius in most states.

Progressive offers product bundles that can help business owners save money. Its website has a wealth of information, and the company itself has widespread name awareness and is frequently rated well for customer satisfaction.

Learn more at the best commercial auto insurance companies.

What business insurance is required in Colorado?

Workers comp insurance and commercial auto insurance are the only two required coverages for small businesses in Colorado. If you have employees, even just one, you must have workers comp insurance; and if you use a vehicle for business purposes, other than commuting, you must have commercial auto insurance. That is required by the state laws.

Commercial auto insurance is required in Colorado

Commercial auto insurance is required in Colorado for all business-owned automobiles. Colorado’s minimal standards are as follows:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $15,000 property damage liability per accident

Personal automobiles driven for work reasons should be protected by hired and non-owned auto insurance (HNOA), even if it is not required, because personal auto plans typically exclude business usage. It can be added to general liability or a business owner’s coverage (BOP).

Worker’s compensation insurance is required in Colorado

If you have employees, even just one, in Colorado, you must have workers comp insurance. It pays medical benefits and replaces lost income for employees when they suffer from work-related injuries and illnesses. Having workers comp insurance also helps you avoid lawsuits by your employees when they are injured at work.

What other insurance coverages a small business might need in Colorado?

In terms of what insurance is required, each firm is unique. Your insurance needs as a small business owner in Colorado will be influenced by elements such as your industry, employee numbers, and risk factors.

Below are the business insurance coverages a small company might need.

General liability insurance in Colorado

General liability insurance protects against typical business risks such as customer injury, property damage, and advertising damages. It shields your small business from the high expenses of lawsuits and assists you in obtaining leases and contracts.

This form of insurance is required by nearly every firm, regardless of sector, especially if you do business from a specific location.

Learn more at the best general liability insurance companies and the cheapest general liability insurance companies.

Professional liability insurance in Colorado

Professional liability insurance protects your company from legal litigation and negligence liabilities arising from professional mistakes, whether you committed them or a customer believes you did.

This is sometimes known as errors and omissions (E&O) insurance. It assists with the payment of litigation fees and damages if your firm is accused of making work mistakes or delivering unfinished projects that cause a client to lose money. It is also called malpractice insurance in medical or legal fields.

If your business is involved with providing advice and services to your customers, it is likely that you will need professional liability insurance or E&O or malpractice insurance. Below is the our guide to find the best coverages for different professionals:

Cyber liability insurance in Colorado

Cyber liability insurance coverage protects small firms from the high expenses of a data breach or malicious software attack. It pays for things like customer notification, credit monitoring, legal fees, and fines. It’s not a matter of if, but of when your company will be breached. Cyber liability insurance is essential for businesses that handle credit card numbers, work in the cloud, or are involved in cybersecurity. Learn more at the best cyber insurance companies and the best data breach insurance companies.

Business Owner’s Policy (BOP)

A business owner’s policy (BOP) combines general liability and commercial property insurance into a single policy. It is usually less expensive than purchasing the insurance separately. BOP insurance protects your company from claims arising from events such as fire, theft, or other covered hazards. A BOP is an excellent option for small enterprises that interact with the public and possess property. Learn more at the best BOP insurance companies.

How much does business insurance cost in Colorado?

A typical small business in Colorado should expect to pay between  $250 – $5,000 per month for all of its business insurance needs. The ultimate cost of liability coverage will differ greatly from one firm to the next based on the SIC code or the insurance company’s own categorization scheme for GL rating, and other factors. Additional considerations used to calculate insurance cost include 

  • The kind of your business,
  • Geographical location
  • Policy limits and deductibles
  • Past claims experience, and 
  • The number of years it has been in operation.

Before making your final selection, we recommend you shop around with a few firms and compare various quotations.

How to find cheap business insurance in Colorado

Inexpensive general liability insurance may appear to be a wonderful idea, especially if you’re a small business owner that needs to watch every penny, especially given how expensive insurance can be. Unfortunately, less expensive insurance often implies less coverage. We recommend that you consider prices, multi-coverage discounts, and if the provider is accessible in your state when selecting an insurance.

To find cheap business insurance in colorado we suggest the following

  • Seek Multiple Quotations: Every insurance company has a “taste,” or a sort of risk that it is most willing to insure. Typically, a carrier may give more cheap general liability to organizations that fit inside its criteria, so seek at least three or four quotations before purchasing.
  • Coverage evaluation: General liability policies have two limits: aggregate, which is the total amount your insurer pays for all claims during the policy period, and per occurrence, which is the amount it pays for any particular claim. Higher coverage limits are more expensive, so select a quantity that protects against danger without overinsuring.
  • Bundling policies: Many carriers give savings when you buy multiple policies since it improves the likelihood that you will renew with them. Most have a BOP particularly intended to make general liability and property insurance more economical for small businesses.
  • Managing risks: One of the elements insurers evaluate when determining your rate is your claims history. Taking actions to limit your odds of making claims will help lower your premium.
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