Establishing strong, reliable commercial business insurance is one of the most important steps you can take when setting up a Denver business. Commercial business insurance can bring value to your business beyond just safeguarding against potential liabilities and damages. In addition to providing an umbrella of protection, commercial insurance for Denver businesses increases your businesses’ credibility in the minds of customers and the surrounding community. Quality commercial insurance will protect your business in the event that you experience significant financial loss. As such, it can often be the difference between crumbling under significant debt and staying afloat during troubling times.
Different Types of Commercial Insurance
There are three main types of Denver commercial business insurance: liability insurance, property insurance, and workers compensation coverage. Liability insurance covers you from damages that your company inflicts on other organizations or third parties. For example, liability insurance may protect a catering business if it accidently causes significant property damage during an event. While property insurance also covers damage to property, it is designed to cover damage to property within your place of business, such as fire or flood damage. The third most common type of business insurance, workers compensation insurance, is designed to protect your business when an employee is injured on the job. It prevents employees from filing negligence suits against you or other employees for injuries sustained while on the job.
Benefits of Commercial Insurance
Whether it’s property damage or an employee injured on the job, Denver commercial insurance can protect your company against a variety of accidents and claims. While most businesses begin with general commercial business insurance, workers compensation, professional liability coverage, and commercial auto insurance are also useful and popular. In addition to offering a wide array of general protection, commercial business insurance can increase your business’ credibility, minimize financial losses, and protect your employees’ in the event that they are injured on the job.
Minimize Financial Loss
Significant financial loss from an injury to your employee or other lawsuit can leave your business in a terrible position. Commercial insurance for Denver businesses can help prevent this financial loss by protecting your business in multiple ways. From repairing or replacing property damaged by a covered loss to helping cover the legal costs from a lawsuit, business insurance can help your business through the unexpected. Without adequate business insurance, you can find yourself on the hook for costs related to repairs, legal fees, replacement costs and medical expenses. If you don’t immediately have the finances necessary to cover these expenses, your business could go into debt or out of operation entirely.
Here at Moody Insurance, we specialize in preparing Denver businesses for all kinds of insurance possibilities. Our risk management services include technical strategies, resources, and guidelines for effectively controlling losses caused by insurance claims. When you partner with us, our in-house loss control experts will begin by conducting a comprehensive survey of your company’s current policies and procedures. Once this survey has been completed, we will then develop a custom strategy, including commercial insurance plans and possibilities. To learn more about how to protect your business through Moody Insurance, contact our team today.
Increase Credibility
One of the most crucial benefits of Denver commercial business is its potential to increase your business’ credibility in the eyes of potential partners, clients, and customers. Depending on the industry you’re in, some contracts may even require your business to have commercial insurance to begin working on a project. Protecting your business’ livelihood through commercial liability insurance also shows prospective clients that you are serious and intend to expand your business in the years to come. This reinforces trust between you and your client, and makes it significantly more likely that a client will refer your business to a friend or industry colleague.
If you’re looking to increase your business’ credibility in your industry, offering comprehensive commercial business insurance is sure to bolster your reputation. No matter your industry, our insurance experts here at Moody Insurance can provide you with a specific plan for your business. Our insurance experts bring experience across multiple industries, from real estate to construction to the energy sector. To discover how commercial insurance can benefit your business, contact us today.
Commercial Insurance Protects Employees
Your business’ most valuable asset are its employees, not the products that you manufacture. Denver commercial business insurance protects your business and employees through a combination of liability and workers compensation coverage. Even the most safe and soft workspaces can see injuries that sometimes result in employee injury or illness. Workers compensation insurance creates a safety net that helps injured employees receive the medical coverage they need without bankrupting your business. Expenses covered under workers compensation insurance include medical costs, lost wages, ongoing care costs, and even funeral expenses. Sometimes, unfortunate injuries are severe enough to permanently disable your employees, leaving your business in a potential storm of financial liability. Fortunately, workers comp also covers long term disability by supplementing employees’ missed wages and medical costs through disability benefits.
Here at Moody Insurance, we understand that your business’ employees are some of its most valuable assets. Our employee benefits coverage services make finding the right insurance package for your business easy. With built-in cost optimization and HR compliance resources, our strategies are built for seamless integration into your organization so you don’t have to waste any time. To learn more about how our employee benefits coverage can save you time and money, contact our team here at Moody today.
Save Money in the Long Run
Purchasing commercial business insurance is only one component of your business’ financial liability coverage. When paired with effective management and financial strategies, commercial insurance can save your business thousands in the long run. Claims and lawsuits are costly and can put your business in a tight space if you have the bad luck of enduring multiple lawsuits simultaneously. Implementing strong risk management practices through commercial insurance can help minimize the chance you are sued. And, with fewer claims on your policy, you may end up paying a lower insurance rate in the end. As your business grows and hires more employees, having commercial business insurance keeps your business ready to handle and absorb any financial ramifications resulting from employee accidents or injuries.
Contact Moody Insurance Today
Moody Insurance has been a reliable commercial insurance provider for Colorado businesses for years. No matter which industry you are a part of, our team has the expertise and skills necessary to ensure your staff and business are adequately covered through Denver commercial business insurance. Call us today at 303.824.6600 or complete our contact form to send us an email and one of our team members will be in touch soon.
