5 Things Colorado Businesses Need to Know to Secure Themselves Against in 2022
From IT specialists to software developers, employers in the tech industry can suffer from many accidents and incidents at the workplace. Consequently, tech businesses are vulnerable to significant financial losses and litigation if they are found responsible for any untoward eventualities. Business owners and employees must be aware of the insurance policies they need to acquire to gain protection while doing their jobs and providing services to clients. Here are essential insurance policies in the tech landscape.
If an employee suffers from a work-related injury or develops an occupational illness, a business can be held accountable for its health and wellbeing. Workers’ compensation is an insurance policy that helps cover ongoing care after a work-related accident, hospitalization bills, missed wages during the recovery phase, and death benefits in the case of fatal incidents at the workplace. Here is a list of things you need to know to secure your business in 2022, particularly if you are considering to get workers comp in Colorado for your staff.
- Is worker’s compensation a requirement for tech companies?
In the United States, certain states have their own unique laws regarding workers’ compensation requirements for tech companies. For instance, every technology business in Colorado is deemed to carry workers’ compensation insurance as soon as they hire their first employee. Independent contractors, sole proprietors, and partners must have workers’ compensation from a reputable insurance provider. Workers’ compensation insurance is ideal for one-person companies as their health insurance policies may deny claims for work-related mishaps.
- Employer’s liability insurance
A comprehensive workers’ compensation policy covers most injuries that occur on the job. It provides adequate protection for employees who decide to file a claim against their employers if they suffer from injuries at the workplace. An employer’s liability insurance typically covers court expenses, attorney’s fees, settlements, judgments, and many more. Without an employer’s liability insurance in place, employees may have to shoulder all costs when they file a lawsuit against their respective employers.
- General liability insurance
This policy will cover expenses related to property damage and client injuries at the workplace. In addition, it offers protection from advertising injuries such as slander and defamation. Technology businesses are typically recommended to bundle general liability insurance with commercial property insurance, also known as a business owner insurance policy (BOP).
- Fidelity bonds
IT companies are often made aware of sensitive client information. Unfortunately, this means an employee may jeopardize the future of your business through illegal acts such as unauthorized access, theft, and fraudulent activities. Fidelity bonds protect IT businesses against employees who engage in such criminal activities.
- Commercial auto insurance
This insurance policy applies to business-owned vehicles. It typically covers medical bills and property damage in the case of an accident that involves your company vehicles. Additionally, commercial auto insurance offers coverage for incidents like weather damage, theft, and vandalism.
Conclusion
Partnering with an insurance company specializing in catering to tech companies will protect your business in every aspect of a workers’ compensation claim. Furthermore, an insurance company serving tech companies is equipped with a stronger expertise in dealing with technology business risks.
