The Hartford tops our analysis of Colorado business insurance providers because of its strong customer service and comprehensive coverage. NEXT and Simply Business are also reliable options for small business owners across the state.
Business Insurance in Colorado
The Hartford tops our Colorado business insurance rankings with a MoneyGeek score of 4.65 out of 5.
Find affordable coverage that protects your small business in Colorado below.
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Updated: August 26, 2025
Advertising & Editorial Disclosure
Key Takeaways
Small business owners can get the best business insurance in Colorado from The Hartford, NEXT and Simply Business.
The best business insurance in Colorado depends on your industry risks, employee count and preferred coverage limits.
To find the best coverage, assess your risks, compare multiple quotes, research provider service quality and maximize available discounts.
Best Business Insurance Companies in Colorado
| The Hartford | 4.65 | 1 | 2 | 3 |
| NEXT | 4.64 | 3 | 1 | 2 |
| Simply Business | 4.49 | 5 | 5 | 1 |
| Nationwide | 4.48 | 7 | 2 | 4 |
| Coverdash | 4.41 | 6 | 6 | 2 |
| biBerk | 4.39 | 8 | 2 | 5 |
| Progressive Commercial | 4.33 | 4 | 7 | 5 |
| Thimble | 4.30 | 2 | 8 | 5 |
| Chubb | 4.27 | 9 | 3 | 4 |
| Hiscox | 4.27 | 7 | 4 | 6 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
NEXT and The Hartford lead Colorado's general liability coverage options. The Hartford stands out for business owner's policies (BOP) and workers' compensation, while NEXT provides the best professional liability insurance.
| Business Owners Policy | The Hartford | 4.71 |
| General Liability | NEXT | 4.57 |
| General Liability | The Hartford | 4.57 |
| Professional Liability (E&O) | NEXT | 4.71 |
| Workers Compensation | The Hartford | 4.64 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best Colorado Small Business Insurance Reviews
Our research identified the three best business insurance providers in Colorado based on coverage options, rates and customer service. Each company offers unique advantages for small business owners seeking comprehensive protection.
The Hartford
Best for Affordability
MoneyGeek Rating
4.7/ of 5
4.7/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$81This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$68This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5Our Survey: Likely to Be Recommended to Others
4.5/5
NEXT
Best for Customer Experience
MoneyGeek Rating
4.6/ of 5
4.5/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$102This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$68This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5National Ranking: #4Our Survey: Likely to Be Recommended to Others
4.8/5National Ranking: #1
Simply Business
Best for Coverage Availability
MoneyGeek Rating
4.5/ of 5
4.5/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost of General Liability Insurance
$97This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$72This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Research: Policy Management
3.7/5Our Survey: Likely to Be Recommended to Others
4.2/5
Cheapest Business Insurance Companies in Colorado
The Hartford provides the most affordable business insurance in Colorado at $83 monthly ($993 annually). Thimble and Simply Business round out the top three budget-friendly options with rates of $93 and $96 per month. Compare coverage details and pricing for these providers and more in the table below.
| The Hartford | $83 | $993 |
| Thimble | $93 | $1,115 |
| Simply Business | $96 | $1,154 |
| Progressive Commercial | $98 | $1,182 |
| NEXT | $99 | $1,188 |
| Coverdash | $100 | $1,201 |
| Nationwide | $100 | $1,205 |
| biBerk | $103 | $1,235 |
| Hiscox | $107 | $1,285 |
| Chubb | $116 | $1,397 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in Colorado
Colorado business owners can find the cheapest general liability coverage through The Hartford at $81 monthly. Simply Business offers the next best rate at $95 per month. Compare all provider rates in the table below.
| The Hartford | $81 | $973 |
| Simply Business | $95 | $1,139 |
| Nationwide | $96 | $1,154 |
| Progressive Commercial | $99 | $1,190 |
| NEXT | $102 | $1,226 |
| Coverdash | $103 | $1,230 |
| Thimble | $106 | $1,275 |
| Hiscox | $113 | $1,357 |
| biBerk | $113 | $1,358 |
| Chubb | $118 | $1,414 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in Colorado
NEXT offers the most affordable professional liability insurance (E&O) at $70 monthly ($840 annually). The Hartford is another low-cost option for comprehensive business insurance in Colorado.
| NEXT | $70 | $840 |
| The Hartford | $71 | $847 |
| Progressive Commercial | $74 | $893 |
| Thimble | $75 | $906 |
| Simply Business | $76 | $910 |
| Hiscox | $76 | $915 |
| Coverdash | $77 | $929 |
| biBerk | $79 | $950 |
| Nationwide | $82 | $983 |
| Chubb | $88 | $1,056 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in Colorado
The Hartford offers the cheapest workers' comp coverage in Colorado at $68 monthly ($812 annually). NEXT and Thimble also provide competitive rates, making all three solid choices for affordable business coverage.
| The Hartford | $68 | $812 |
| NEXT | $68 | $821 |
| Thimble | $70 | $839 |
| Progressive Commercial | $70 | $842 |
| Hiscox | $71 | $848 |
| Simply Business | $71 | $848 |
| Coverdash | $72 | $864 |
| biBerk | $74 | $890 |
| Nationwide | $80 | $960 |
| Chubb | $84 | $1,008 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in Colorado
The Hartford offers the cheapest BOP rates in Colorado at $112 per month ($1,340 annually). Business owners can also find affordable coverage with Thimble, Simply Business and Nationwide.
| The Hartford | $112 | $1,340 |
| Thimble | $120 | $1,438 |
| Simply Business | $143 | $1,719 |
| Nationwide | $144 | $1,724 |
| biBerk | $145 | $1,742 |
| Coverdash | $148 | $1,781 |
| Progressive Commercial | $150 | $1,802 |
| NEXT | $155 | $1,864 |
| Hiscox | $168 | $2,020 |
| Chubb | $176 | $2,110 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in Colorado?
Business insurance in Colorado costs between $73 and $146 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $146 |
| General Liability | $103 |
| Professional Liability (E&O) | $77 |
| Workers Comp | $73 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in Colorado vary significantly by industry and coverage type. Our analysis found speech therapists pay just $6 monthly for workers' compensation, while pressure washing businesses pay $1,317 monthly for a business owner's policy.
Data filtered by:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $32 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
High business insurance premiums in Colorado can impact your bottom line. Below are the key factors that determine your insurance costs in the state.
Industry Risk Level
Your business type drives your insurance costs more than any other factor. A roofing company in Colorado pays substantially more than a consultant because construction work involves more accidents and injuries. A roofer might pay $500 monthly for coverage, while an accountant pays under $50.
Geographic Location and Weather Risks
Colorado's location and climate affect your business insurance rates. The state ranks 8th nationally in FEMA disaster declarations, with severe storms, wildfires and hail causing extensive property damage. These weather risks, combined with the state's high elevation work conditions, push insurance costs higher than in many other states.
Business Size
Larger businesses pay more for insurance because they have more risk exposure. Workers' compensation costs increase with each employee, calculated at a rate per $100 of payroll. A construction company with 20 workers faces much higher premiums than a solo contractor doing similar work.
Claims History
Filing claims raises your rates for years afterward. Even a single property damage claim can increase premiums across all your business coverage types. Insurance companies offer their best rates to businesses that maintain claim-free records.
Coverage Types and Limits
Your choice of coverage directly impacts your costs. Higher liability limits increase your premiums, but bundling coverage through a Business Owner's Policy often saves money. The right balance protects your business while keeping costs manageable.
Years in Business
New businesses start with higher insurance rates because they lack a track record. After operating claim-free for several years, your rates often decrease as insurance companies see you as a lower risk. This especially matters in high-risk industries like construction.
Professional Certifications
Safety certifications and professional licenses can lower your insurance costs. Many Colorado insurers offer discounts for OSHA training certificates and industry-specific credentials because they show your commitment to reducing workplace accidents.
Colorado Business Insurance Buying Guide
Running a business takes all your focus, and finding the right insurance coverage shouldn't add to your stress. Getting business insurance is straightforward in Colorado, and our guide breaks down exactly what you need to know to protect your company.
What Coverage Is Required?
We've researched all Colorado business insurance requirements to save you time. Check the section below for a complete breakdown of what coverage your business needs.
Workers' Comp
Colorado requires workers' compensation insurance for all businesses with one or more employees, including part-time workers. This makes Colorado one of the most comprehensive states for employee protection. You can purchase coverage through a commercial insurance carrier or qualify for self-insurance programs if you meet stringent financial requirements. The only exemption applies to casual maintenance or repair work for a business under $2,000 per calendar year. If you're self-employed without employees, you may want to consider health and disability insurance for personal protection, though workers' comp isn't required.
Commercial Auto Insurance
Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. Colorado requires all business-owned vehicles to carry minimum liability coverage of $25,000 per person for bodily injury, $50,000 per accident for bodily injury and $15,000 for property damage (25/50/15). These minimums apply whether vehicles are owned, leased or borrowed for business use. Personal vehicles used for business purposes should be covered by hired and non-owned auto insurance, as personal auto policies typically exclude business use.
Professional Liability Insurance
Certain professions in Colorado must carry professional liability insurance (also called errors and omissions insurance):
Required for physicians: All Colorado licensed physicians must maintain medical malpractice insurance with minimum limits of $1 million per incident and $3 million annual aggregate.
Required for real estate professionals: Real estate agents, brokers and appraisers must carry errors and omissions insurance with minimum limits of $100,000 per claim and $300,000 aggregate. Mortgage loan originators also need this coverage plus a surety bond.
Disclosure required for attorneys: While not mandatory, Colorado attorneys in private practice must disclose to clients whether they carry legal malpractice insurance.
What Coverage Do We Recommend?
Colorado keeps business insurance requirements minimal, but that means you need to make smart coverage choices. Here's our expert analysis of the best insurance options for the state's leading industries:
Manufacturing | General liability, product liability, professional liability, cyber liability, commercial property, export controls coverage, government contract coverage, hail damage protection | Colorado aerospace manufacturers face severe hailstorms damaging facilities and aircraft, export control violations, and product liability from defense contracts. High-altitude testing creates specialized equipment risks and government compliance exposure. |
Cannabis | General liability, product liability, commercial property, crop insurance, theft protection, cyber liability, regulatory compliance coverage, wildfire protection, business interruption | Colorado cannabis businesses face product contamination lawsuits, high-value inventory theft, and wildfire threats to cultivation facilities. Banking restrictions create cash handling risks, while strict seed-to-sale tracking requirements increase compliance liability. |
Tech/IT | Professional liability (E&O), cyber liability, general liability, commercial property, intellectual property insurance, directors & officers (D&O), hail damage coverage | Colorado tech companies in Denver and Boulder face cyber attacks, data breaches, and intellectual property disputes. Severe Front Range hailstorms can damage data centers and equipment, while altitude affects cooling system performance. |
Construction/Contractor | General liability, workers' compensation, commercial auto, equipment coverage, builder's risk, altitude-related coverage, hail damage protection, wildfire evacuation coverage, winter weather delays | Colorado construction faces extreme weather challenges, altitude sickness risks for workers, and hail damage to projects. Mountain construction has limited access during winter months, creating seasonal project delays and specialized equipment needs. |
Startup | Professional liability (E&O), cyber liability, general liability, commercial property, intellectual property insurance, directors & officers (D&O), hail damage coverage, employment practices liability | Colorado startups in the Denver-Boulder corridor face intellectual property theft, cyber attacks, and investor disputes. Hail damage to offices and equipment can disrupt critical development phases during Colorado's severe weather season. |
How to Get the Best Cheap Business Insurance in Colorado
Small business owners in Colorado often struggle to find the right insurance coverage at reasonable rates. These practical steps can help you secure solid protection while keeping your insurance costs in check:
- 1
Assess Your Actual Risks First
Start by evaluating real business risks rather than accepting blanket recommendations. A Denver restaurant needs strong liability and property coverage, while a Boulder tech startup might focus on cyber security and professional liability protection.
- 2
Get Quotes from Multiple Insurers
Insurance companies calculate risk differently, leading to significant price variations. A Colorado business owner can save substantially by comparing rates from at least three providers, often finding hundreds in annual savings.
- 3
Choose Providers Based on Service Quality
Investigate insurer reputation, financial strength and industry expertise before selecting coverage. A Centennial manufacturing company needs an insurer familiar with equipment coverage, while a Fort Collins retail store wants responsive customer service.
- 4
Maximize Available Discounts
Combine policies where possible and use safety programs to reduce costs. A Colorado Springs landscaping company can save by bundling general liability with commercial auto insurance and maintaining a clean claims record.
- 5
Review Coverage Annually
Business needs evolve with growth and market changes. A small Aurora consulting firm that expands to multiple locations needs updated property coverage, while adding delivery services requires new vehicle insurance considerations.
Colorado Business Insurance: Bottom Line
Based on our analysis, The Hartford, NEXT and Simply Business are Colorado's best business insurance providers. However, what's ideal for you depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in Colorado: FAQ
Small business owners in Colorado often ask questions about choosing the right business insurance coverage. Here are answers to the most common questions.
What business insurance is required by law in Colorado?
Colorado businesses with one or more employees must carry workers' compensation insurance. Commercial auto insurance is required for business vehicles, with minimum limits of $25,000/ $50,000/ $15,000. Some contractors need surety bonds.
How much does business insurance cost in Colorado?
Depending on coverage, business insurance costs range from $73 to $146 monthly. Workers' comp is the least expensive at $73, while BOPs cost $146. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in Colorado?
The Hartford offers the lowest rates at $83 monthly in Colorado, followed by Thimble ($93) and Simply Business ($96). Compare quotes since rates vary based on specific business factors.
What business insurance do I need for my small business in Colorado?
Start with general liability to protect against customer injuries and property damage, with coverage starting at $83 monthly through The Hartford. Add workers' compensation and commercial auto if needed. Retail stores need property coverage, while contractors require tools and equipment insurance.
What is the best business insurance company in Colorado?
The Hartford leads business insurance in Colorado with a MoneyGeek score of 4.65 out of 5. NEXT and Simply Business are also excellent choices. Compare multiple providers to find coverage that matches your business requirements.
Do small businesses in Colorado need workers' compensation insurance?
Yes, Colorado businesses with one or more employees must carry workers' compensation insurance. This requirement protects both employers and workers from financial losses due to workplace injuries.
What factors affect business insurance costs in Colorado?
Your industry type significantly impacts costs. Construction businesses pay higher premiums than retail stores. Location affects rates, with urban areas having different risks than rural ones. Employee count influences workers' compensation costs, while claims history and safety measures impact premium rates.
How do I get cheap business insurance in Colorado?
Assess business risks carefully before purchasing coverage. Compare quotes from top insurers like The Hartford and NEXT. Research their service quality and bundle policies for potential discounts.
What's the difference between general liability and errors and omissions (professional liability) insurance in Colorado?
General liability protects against physical injuries and property damage at your business. Professional liability covers service-related mistakes like missed deadlines or incorrect advice. Service-based businesses often need both types of coverage.
Can I get business insurance quotes online in Colorado?
Yes, online quotes are readily available from top Colorado business insurance providers. Complex businesses like contractors may need agent assistance for specialized coverage options.
How We Scored the Best Business Insurance Companies in Colorado
Small business owners in Colorado need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help Colorado entrepreneurs navigate challenges and the state's optional workers' compensation laws.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): We compared rates across multiple carriers, factoring in premiums, deductibles and coverage limits to identify the most cost-effective options for Colorado businesses.
- Customer experience (30% of score): Our analysis examined claims processing speed, customer service quality and digital tools based on verified policyholder feedback.
- Coverage options (15% of score): We evaluated policy customization options, industry-specific endorsements and coverage flexibility to meet diverse business needs.
- Financial strength (5% of score): We assessed each insurer's ability to pay claims using ratings from AM Best and other major agencies.
This approach helps Colorado small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
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- Simply Business. "Simply Business Offers Insurance to Third-Party Sellers Through Amazon Insurance Accelerator." Accessed July 25, 2025.
- The Hartford. "Customer Claims Ratings and Reviews." Accessed July 25, 2025.
- Trustpilot. "NEXT." Accessed July 25, 2025.
- Trustpilot. "Simply Business US." Accessed July 25, 2025.
- Trustpilot. "The Hartford." Accessed July 25, 2025.