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Business Insurance

An integral part of running a business is understanding and managing various risks and exposures. Certain incidents may prove unavoidable even if you operate in a relatively low-risk industry and are diligent about implementing and maintaining optimal safety precautions. Fortunately, your business can protect itself from losses and damages by having good loss control practices, including a robust insurance portfolio. 

For nearly 25 years, Nick Hammer Agency has helped individuals, businesses and families in Littleton, Highlands Ranch, Lakewood, Aurora and the Denver metro area assess and address their insurance needs. 

How Does Business Insurance Work? 

In most cases, business insurance does not refer to a single policy but rather a collection of suitable coverages. Our agents have the expertise and experience to analyze your company’s unique circumstances and determine specific coverage needs. After building your insurance portfolio with the proper components and as long as you continue to pay your regular premiums (e.g., monthly), your business can access funds that may be crucial in the aftermath of an accident or error. 

What Business Insurance Do I Need? 

Although all businesses, regardless of size or sector, should acquire some form of business insurance, coverage needs may vary. But the following policies are recommended for most: 

  • General liability—This type of insurance can help pay for losses and costs arising from an incident that affected a third party for which you were responsible, such as the following: 
  • Bodily injury 
  • Property damage 
  • Personal and advertising injury (e.g., libel, slander, copyright infringement) 
  • Commercial property—This coverage, also referred to as business property insurance, may provide financial assistance if property used to operate your company is damaged, including the following: 
  • Buildings 
  • Equipment 
  • Tools 
  • Inventory 
  • Furniture 
  • Signage 
  • Business interruption—If your business is forced to cease its normal operations temporarily, this type of insurance, also known as business income insurance, can help cover the following costs: 
  • Rent/mortgage payments 
  • Employee payroll 
  • Lost income 
  • Workers’ compensation—This coverage focuses on providing for your business and employees following a workplace injury or illness and can help pay for the following costs: 
  • Medical treatment 
  • Lost or reduced wages 
  • Disability and death benefits 
  • Legal expenses 
  • Professional liability—If another party alleges that your business provided products or services that were inadequate, incomplete or late, this coverage can help with various legal expenses, such as the following: 
  • Damages 
  • Defense costs 
  • Disciplinary proceedings 
  • Lost income 
  • Subpoena assistance 

While these coverages may apply to most businesses’ insurance needs, your company may require further protection. Depending on your operations and circumstances, it may also be necessary to acquire additional insurance, such as the following: 

  • Commercial auto insurance 
  • Cyber liability insurance 
  • Employment practices liability insurance 
  • Directors and officers’ insurance 
  • Commercial umbrella insurance 

How Much Does Business Insurance Cost? 

Like many types of insurance, the cost of suitable business insurance coverage may vary significantly. In most cases, providers must weigh several factors to provide an accurate quote, including the following: 

  • Location 
  • Industry 
  • Workforce size 
  • Assets and revenue 
  • Policy details (e.g., types of coverage, policy limits, deductibles, etc.) 
  • Prior claims history 

How to Get Business Insurance 

We’re here to protect your business’s finances and future. At Nick Hammer Agency, our business insurance experts have the knowledge and experience to diligently analyze your company and accurately assess its coverage needs. We will work with you to build ideal coverage at optimal prices. Contact us today to get started. 

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