What business insurance does a Colorado insurance agency or broker need?

Your insurance agency helps protect others – now it’s time to protect your own business. Whether you’re advising clients, managing policies or handling sensitive data, your work comes with risks. That’s why it's essential to have the right coverage for insurance agencies and brokerages in Colorado. Because we're a insurance broker ourselves, we understand your insurance needs and can help you find the best value.

SHORT SUMMARY (because we know you have a lot going on!)

Insurance agencies and brokers in Colorado face industry-specific risks that require customized insurance coverage.
A Business Owner’s Policy for agencies and brokers bundles general liability, property insurance and optional business interruption coverage.
General liability insurance for agencies covers injuries and damages caused by your business, along with advertising-related claims.
Property insurance helps your agency or brokerage repair or replace your damaged offices, equipment and furnishings.
Professional liability (errors and omissions) for insurance agencies protects against claims of negligence or harm from your services.
Workers’ compensation for insurance agency employees is required by Colorado and covers staff injuries and lost wages.
Commercial umbrella insurance for agencies and brokers provides extra coverage when other policies reach their limits.
Cyber insurance for agencies and brokerages covers data breaches, including regulatory fines and digital recovery costs.
Working with Mylo can help you find the right coverage at the best value!

FIVE BEST COVERAGES FOR COLORADO AGENCIES AND BROKERAGES:

Here are five essential coverages every agency owner should consider to stay protected and profitable:

1. Business Owner's Policy for insurance agencies

A business owner’s policy for salons (BOP) is a smart starting point. It bundles key coverages into one affordable package – ideal for new or growing agencies. Your BOP typically includes:

GENERAL LIABILITY FOR INSURANCE AGENCIES Covers legal and medical costs if a client is injured or their property is damaged while visiting your space. It also protects you from advertising-related claims. Examples:

A client trips on a rug in your lobby and breaks their wrist
A water leak from your office damages a neighboring tenant’s space
Another agency claims you stole their logo or slogan

PROPERTY INSURANCE Helps your agency or brokerage repair or replace your space and equipment if disaster strikes – like fire, theft, or vandalism. Examples:

A fire damages your computers and important files
A break-in results in stolen laptops and office equipment

BUSINESS INTERRUPTION INSURANCE Replaces lost income if you need to temporarily pause your operations because of covered property damage.

2. Workers' compensation for insurance agency employees

Colorado law requires workers’ compensation insurance for all agencies and brokerages with employees. It covers medical expenses and lost wages for injuries on the job and shields you from most employee lawsuits. Examples:

An employee develops carpal tunnel from repetitive keyboard use
A staff member slips in the break room and suffers a concussion

3. Professional liability (errors and omissions) for insurance agencies

This coverage protects you from claims of negligence or harm related to your professional services. Examples:

A client sues after claiming you failed to secure the correct coverage
An error in a policy application leads to a denied claim and financial loss

4. Cyber insurance for agencies and brokerages

Handling sensitive client data makes your agency a target for cyberattacks. Cyber insurance helps cover the costs of data breaches, ransomware and regulatory penalties. Examples:

Hackers access your client database and steal personal information
A phishing email leads to unauthorized wire transfers

5. Commercial umbrella insurance for agencies

A commercial umbrella policy provides extra protection when your other key policies like your general liability reach their limits.

THE BEST INSURANCE FOR AGENCIES AND BROKERS

We know how important your work is and want to safeguard your success. Mylo has been innovating insurance for ten years. Because we're a broker ourselves and don't sell our own insurance, we can give you an objective recommendation.

At no charge to you, we will: