Best General Liability Insurance in Colorado (2023)

MoneyGeek found the best general liability insurance companies in Colorado by considering key factors like affordability, customer satisfaction, financial stability and the online quote process. Nationwide claimed the top spot based on high scores across these metrics. An average policy from this insurer costs $36 per month for LLCs with 20 employees and $35 per month for sole proprietors with no employees.

MoneyGeek also ranked companies on affordability, finding that Next offers the cheapest general liability insurance in Colorado for small business owners on a budget. General liability coverage from Next costs $26 per month for LLCs with 20 employees and $25 per month for sole proprietors with no employees.

MoneyGeek determined that the best general liability insurance company in Colorado is Nationwide, earning a MoneyGeek score of 89 out of 100. Customer satisfaction was the tie breaker between Nationwide and Next, which also earned a MoneyGeek score of 89 out of 100.

The table below shows our rankings of the companies we analyzed in Colorado with their average costs and MoneyGeek scores.

Next offers the cheapest general liability insurance in Colorado, with an average rate of $26 per month for LLCs and $25 per month for sole proprietors.

To rank companies in this category, we generated an “affordability” score that combines the monthly costs for sole proprietors and LLCs. As such, our winner may not have the lowest cost for both entity types.

Colorado employers looking for general liability insurance may fare best with Nationwide, which received a MoneyGeek score of 94 out of 100. An average policy from this company costs $36 per month.

We based our rankings in this category on the average monthly cost for LLCs with 20 employees. Employee count is a significant factor affecting the cost of general liability insurance. Businesses with fewer than 20 employees will likely pay less than our average cost, and the opposite for more than 20 employees.

With a MoneyGeek score of 97 out of 100, biBERK provides the best general liability insurance in Colorado for sole proprietors. Its policy cost is approximately $23 per month.

We ranked companies based on their average costs for sole proprietors with no employees. Those in riskier industries like construction may pay more for general liability insurance.

Although general liability insurance is not required by Colorado state law, it makes sense to purchase a policy to protect your business against financial loss due to liability claims from third parties. It provides coverage for:

• Third-party bodily injuries: General liability insurance helps cover medical costs if a customer sustains an injury at your business.
• Third-party property damage: General liability insurance pays for the cost of damages to someone else’s property caused by your business or employees.
• Personal and advertising injury: If someone sues your business or employees for libel, slander or copyright infringement, general liability insurance covers your legal expenses and damages.

Note that getting general liability coverage may be required to obtain business licenses or win contracts in certain industries.

In Colorado, businesses are required to purchase other types of business insurance, including workers’ compensation insurance if they have one or more employees. They are also required to get commercial auto insurance for company-owned vehicles with at least the following limits:

• $25,000 per person for bodily injury liability
• $50,000 per accident for bodily injury liability
• $15,000 per accident for property damage liability

The average cost of general liability insurance in Colorado is $48 per month for LLCs with 20 employees and $27 per month for sole proprietors with no employees.

Note that these rates are for a policy with a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible. The aggregate limit refers to the maximum amount an insurance provider can pay out for claims during a policy period, whereas the occurrence limit is the maximum amount an insurer can cover per claim. The deductible is the amount that business owners have to pay out of pocket before insurance kicks in.

The cost of general liability insurance varies for each business based on these important factors:

Your best option for general liability insurance will depend on your specific business needs and other factors. We answered some commonly asked questions to help you gain more valuable insight.