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What Are 5 Insurance Needs for your New Business in Lakewood, CO?


Exploring insurance options for your new business? Here’s a breakdown of the top 5 essential insurance plans you should consider to safeguard your venture:

  1. General Liability Insurance: Protects your business against legal threats stemming from accidents, injuries, or negligence claims. This coverage handles legal defense costs and settlements, shielding you from liabilities like property damage, slander, or libel lawsuits.
  2. Professional Liability Insurance: Also known as “errors and omissions” insurance, this is crucial for service-based businesses. It shields you from lawsuits alleging negligence in service provision, ensuring your business is protected from malpractice claims.
  3. Commercial Insurance (Commercial Property Insurance): Safeguards your property against various risks such as fire, vandalism, theft, or other potential losses. Tailored policies are available based on your industry, covering perils like floods or criminal activities targeting your business.
  4. Product Liability Insurance: Essential for businesses involved in manufacturing, distribution, or retailing. Protects against lawsuits if a consumer sustains injuries from a product your business sells, providing coverage tailored to your industry.
  5. Group Health Insurance: While not mandatory for businesses with fewer than 50 employees, offering health insurance can enhance employee satisfaction and attract top talent. Avoid potential IRS fines and provide valuable benefits to your workforce with the right health insurance plan.

Navigating the world of business insurance can be daunting, but our local team is here to help. We understand the unique challenges you face and can tailor an insurance strategy to fit your needs and budget. Contact us today for personalized assistance with these essential insurance types–we’re here to support your business every step of the way, with no obligation.

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