Colorado General Liability Insurance (QUOTES, COST & COVERAGE)
Get Colorado general liability insurance quotes, cost & coverage fast. Commercial general liability protects your CO business from another person’s or entity’s claims involving bodily injury or property damage.
Colorado General Liability Insurance
It may be hard for you to imagine how your business could cause another person serious harm or even death. But if you are ever found liable for someone harm or injury, general liability insurance can provide financial protection.
A business that purchases commercial Colorado general liability insurance, is covered for the cost of defending and settling real or fraudulent claims pertaining to bodily injury, that may be faced by a customer at the place of business or injuries sustained by employees at the client’s workplace; property damages; personal injury as a result of defamation; operations liability and advertising injury up to a maximum amount as stated in the contract.
Does My Business Need CO General Liability Insurance?
One of the most trying situations a business owner can face is liability claims for injury or damages to third party. Any business is exposed to bodily injury and property damage claims and the resulting litigation from the your business operations.
Legal fees and judgements can put small companies out of business. A Colorado general liability insurance policy would provide defense costs for a covered claim and pay damages if the business is found legally liable.
What Does Colorado General Liability Insurance Cover?
General liability is commercial coverage that is designed to provide financial protection for businesses from many types of risk exposures. A General liability insurance policy has 3 main parts of coverage; Bodily Injury and Property Damage Liability (Coverage A), Personal and Advertising Injury (Coverage B) and Medical Payments (Coverage C). Following are some of the most important coverages:
- The cost of medical care claimed by the injured party. For example, if a customer slips and falls on your premises and requires medical treatment, your policy would cover the costs.
- Restitution for death and loss of services.
- Compensation for physical damage to other people’s property and loss of use of the same. Even if you’re careful it’s still a possibility that something your business does, or doesn’t do, could cause damage another person’s or businesses property.
- Compensation to consumers for loss on account of using company manufactured products and retribution for loss due to services rendered by the company. So if something your business manufactures or a service your company provides causes an injury, your policy can pay for any resulting damages including legal expenses.
- Contractual liability coverage for any liability is assumed by entering into contracts like lease agreements for the building, elevator maintenance agreements or indemnity agreements.
- Coverage for hired and non-owned autos. Hired would be liability coverage for rented vehicles and non-owned is if employees use their personal auto on company business – like running to the bank or office store for supplies.
- Liquor liability if you do not sell, serve, furnish, manufacture or distribute, alcoholic beverages , your general liability insurance policy will cover you if are held liable for a liquor-related incident.
- The costs of legal defense. These costs commonly include compensatory damages, nonmonetary losses suffered by the injured party, and punitive damages.
- Coverage for advertising injuries as a result of publishing inaccurate information.
- Protection for violation of someone’s right to privacy and infringing on another company’s copyright, title or slogan.
What Colorado General Liability Insurance Doesn’t Cover
General liability typically does not cover:
- Professional mistakes – Only professional liability insurance (E&O) can cover lawsuits due to negligence and professional mistakes.
- Damage to your property – General liability only covers third-party property damage. You need business property cover yours.
- Employee injuries – CGL only covers non-employee bodily injuries. You will need workers compensation to cover employee injuries
- Employment disputes – Employment Practices Liability Insurance (EPLI), not general liability, covers lawsuits if an employee sues over harassment, wrongful termination, discrimination, and similar issues.
- Damage to your vehicles – Commercial auto will cover damages to your vehicles.
Claims-Made vs Occurrence
When buying commercial general liability it’s important know the difference between a claims-made or occurrence policy:
Claims-Made – Provides coverage over a specific time period, and only covers claims that are made during that time period – even if the claim happened at a different time. So if you had a policy that cancelled on January 1, 2020 – then a claim was filed on February 1, 2020 for an injury that happened on December 1st 2019 – you WOULD NOT have coverage.
Occurrence – This policy is different because it covers claims that occurred during a specified time period, and will not cover claims that occurred before the policy was effective. So if you had a policy that cancelled on January 1, 2020 – then a claim was filed on February 1, 2020 for an injury that happened on December 1st 2019 – you WOULD have coverage (if it wasn’t exlcuded from the policy).
How Much Does Colorado General Liability Insurance Cost?
How much does Colorado general liability insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. Following are some of the main factors that go into the price of a policy:
- Type of business (contracting, service, retail etc.)
- General liability classification code
- CO business location
- Years in business
- Business experience
- Annual payroll
- Annual revenue
- History of claims
Further Reading On Commercial General Liability Insurance
- Commercial General Liability Coverage Form
- General Liability Insurance
- CGL Exclusions Explained
- Contractors General Liability Insurance
- Difference Between General Liability And Auto Liability Insurance
- Does General Liability Insurance Cover Subcontractors?
- General Liability Insurance Claims-Made vs Occurrence
- Product Liability Insurance
- Product Liability Insurance vs General Liability
- What Damages Are Covered By A CGL Policy?
- What Does Commercial General Liability Insurance Cover?
- What Does Personal And Advertising Injury Mean?
- What Is A Premises And Operations Insurance Policy?
- What Is Damage To Premises Rented To You?
- What Is Products And Completed Operations Coverage?
- What Is The Difference Between Per Occurrence And Aggregate Liability Limits?
CO General Liability Insurance Quotes
Request a Colorado General Liability Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at 468 010 USD with a higher limit set at 936 030 USD for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from 500 000 USD to 1 000 000 USD in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least 25 000 USD per person and at least 50 000 USD per accident in liability insurance; as well as an additional 15 000 USD for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
Different States General Liability Insurance
If you are looking for state specific General Liability Insurance quotes, costs and information: