The value of your inventory probably makes up a sizable amount of your company’s overall assets. It’s important to have adequate coverage in the event of a covered loss. The team at Colling Insurance Services Inc. understand how important protecting this aspect of your Lakewood, CO area business is, and we are here to help. With the right commercial insurance policy, you can rest assured that you have the coverage you need to meet your inventory loss needs. Don’t be caught with an inadequate policy level because you miscalculated your inventory coverage needs.

Make sure you have sufficient coverage for inventory loss

Commercial policies need to do a lot of work, they’re there to protect your plant and equipment, injuries sustained by employees or customers, commercial vehicles, property, and the list goes on. With all of the assets that businesses need to protect it is not surprising when some are overlooked. Inventory can often fall by the wayside when firms are calculating exactly how much comprehensive commercial coverage they need. There are also times when inventory is valued in the moment rather than looked at on an annual basis. If you determine your coverage when inventory is at a seasonal low, you may be underinsured if an incident occurs when your inventory levels are at their highest. Make sure that you protect your inventory, no matter the time of year, with a comprehensive policy that is calculated properly. Your local agent can take the time to review all of your needs.

Is it time to review your current commercial insurance policy and make sure that you have the coverage you need? Call or stop by Colling Insurance Services Inc. today and let us help you protect your Lakewood, CO area business from inventory loss. 

Lakewood, CO, like many cities, towns, and states across America is seeing a surge in the numbers of companies working with independent contractors, as well as a surge in the number of people running a small business, being self-employed, and working as an independent contractor due to the shift toward the gig economy. Whether you are a small or large company, an Uber driver or a carpenter, it can be confusing trying to figure out where you understand without talking with your Colling Insurance Services, Inc. Agent. Here’s some information to give you the basics. 

Is Workers Compensation Required For Self-Employed or Independent Contractors? 

The State of Colorado requires all employers to carry workers’ compensation insurance, with very few exceptions.  You are required to carry workers comp if you: 

• Employ any workers in Colorado, even part-time. 
• Hire workers, even if you don’t consider them employees.  

There are common law guidelines to help you distinguish employees from independent contractors, but Colorado has a strict workers compensation system and is firm about independent contractors and subcontractors being considered employees unless they don’t qualify under specific exceptions in Colorado state law. 

Here are the few exceptions:  

Corporate officers and members of an LLC – If you own at least 10% of the company you can opt-out of coverage if the rejection is done in writing, otherwise, Colorado includes you in coverage.

Sole proprietors and partners — You have the option to include yourself but are excluded from required coverage. 

Maintenance and domestic workers: Some maintenance and domestic workers may not need to be covered by the law if they only perform work on a part-time, limited basis for a homeowner. 

Do Self-Employed and Independent Contractors Need To Buy Their Own Workers Comp? 

While workers’ compensation insurance is not required in Lakewood, CO, it is a good idea for self-employed and independent contractors to provide coverage for themselves, as the chance of injury still exists for entrepreneurs.  

Whether you are an SMB or a large corporation, an independent contractor or self-employed, if you have questions about your worker’s comp needs, give the insurance experts at Colling Insurance Services, Inc. a call or come by our office for answers today.