How Commercial Liability Insurance Can Protect Your Contracting or Service-Related Business

If you own a contracting business or conduct services at homes and businesses in Bailey, CO, you need commercial liability insurance to protect your business in case of work-related damages. What would happen if one of your contractors damaged a client’s property or if a customer slipped on a wet floor in your restaurant? In today’s litigious society, people are likely to sue first and ask questions later. If you carry commercial liability insurance, you’re covered and can concentrate on running your business. Ask Centennial State Insurance Agency what coverage might work best for your business. In the meantime, here is some information to get you started.

What is Commercial Liability Insurance?

Liability insurance, also called commercial liability or business insurance, protects your business assets and covers costs that come up if someone is hurt in your business. It also covers injuries and damages caused by employees while they’re on the job. Purchasing liability insurance is typically required if you have outstanding loans or mortgages associated with your business. However, even if you don’t, there are many reasons to get it anyway.

What Does it Cover?

Commercial liability insurance pays for your legal defense plus any settlement against you in a lawsuit (up to the insured amount). The policy pays for compensatory damages, punitive damages, and other costs. If you own a transportation, construction, or retail business, commercial liability protects your assets for these and other unexpected losses, as written in your policy. Finally, if you work in real estate, medicine or other high-visibility industries, you may need protection against claims of libel, misleading advertising, or copyright infringement.

Contact Us

Call 303-838-0554 today to ask your agent at Centennial State Insurance Agency how commercial liability insurance can protect your business assets. Feel free to make an appointment for a quote on your business-related insurance needs.

Colorado Auto Insurance rates

Colorado insureds have seen their auto insurance rates increase significantly over the last 3 years and unfortunately, we are going to see it for at least the next 2 to 3 years.

What are the main reasons behind these rate increases? First, it has been the 5-year long cycle of catastrophic hail storms. Colorado saw the largest storm in state history in 2017, estimated at $2.3 billion. In addition to this storm, there has been several others that are in the top ten in dollar amounts of damage. Not only have these storms been in the Denver front range but we have seen damaging hail storms in Woodland Park, Jefferson, Bailey and Conifer. As result of these storms, Colorado is now the second leading filer of hail related claims in the country, behind Texas.

Second, is the increasing cost in bodily injury claims. These are claims that result from an injury in an auto accident. The one area we can all relate to that impacts these claims is the rapidly increasing cost of health care in the United States. In addition to this, the increase in litigation and legal expenses that come with these types of claims. These expenses are passed on to all of us.

Third, the increase in the population and the total miles driven in Colorado has led to an increase in the number of accidents. We have also seen an increase in the number of new vehicles being purchased. These vehicles come with all the innovative technology and the fancy bells and whistles we all love. Unfortunately, with this comes an increase in repair cost for these vehicles. Bumpers repaired on a 2006 for $500 – $1000 is going to be $1000 – $2000 for a 2017 vehicle. We are also seeing windshields in the $1000’s that were $200 – $500 to replace in the past. This is a result of the innovative technology in these windshields.

What can you do to help keep your increases down?

Make sure you are getting all the discounts you qualify for: Multi car, multi policy ( auto-home),and good student, if you have a teen driver. Companies such as Safeco, Travelers and Progressive are offering telematics programs. This is where you plug a device into your vehicle for 90 days. At the end of this time they can increase the discount based on the tracked driving habits. Companies also offer discounts for different pay plans, pay in full, EFT or credit card.

What can Centennial State Insurance do for you.

We will first make sure that you are properly insured in the event of a catastrophic hail storm or if you or a family member are involved in an accident. We want to make sure that you have the coverages to take care of your auto or home and that you have liability coverage to help protect your assets.
After reviewing your coverages and deciding on what is needed we will shop you with several different companies to make sure the rate matches the coverages. As an independent agency we have choices on the companies we can place you with.

Give us a call at Centennial State Insurance Agency to have us review your insurance needs and coverages. 303-838-0554, centennialstateins.com