Many experts recommend that Colorado businesses always get commercial general liability insurance, especially if they involve high risk activities. Here are five of the main details you might not know about commercial general liability in the state of Colorado:
- The first thing you need to know is that Colorado is a fault state, and general liability insurance is not mandatory. That being said, there are still many important reasons why general liability insurance for small business Colorado is recommended, as higher risks or a greater volume of interaction with the public can raise your chances of having to cover large sums of money in certain cases.
- The cap for non-economic damages in Colorado is somewhere between $400 and $500, but it can be increased to more than $900 by the court, if the evidence is convincing enough.
- The statute of limitation for any lawsuit involving personal injury and products liability is 2 years, with an additional year added if a vehicle accident was involved.
- Depending on the products you work with and the risk your business entails, the typical range of coverage for Colorado commercial general liability should be between $500k and $1 million. However, if your business is high risk, you might want to consider increasing that coverage even further.
- Premium costs in Colorado can vary, and are typically assessed by taking a look at how long you’ve been in business, what types of risks your business entails, as well as what your claims history looks like.