If you are in the Bailey, CO area, owning a car is usually a necessity. Not only will this help you to get around town, but it will also give you a convenient way to get out and see all that the state of Colorado has to offer. When you do own a car here, it is also a good idea to get auto insurance. There are several situations when someone here will need to have an auto insurance policy.
When Taking out a Loan
One situation when you will need to get an auto insurance policy is when you are going to take out an auto loan. If you do take out an auto loan, it is important that you continue to comply with all of your lender’s guidelines. This will almost always mean you have to carry a policy with a full collision and comprehensive insurance coverage.
When Driving on Public Roads
Another situation when you will need to have an auto insurance policy is when you are driving on a public road. Those that want to drive their car in public in Colorado need to comply with the state minimum requirements that govern auto insurance. This will require that you have liability insurance, which ensures you are able to pay for damages caused in an accident.
Picking a new auto insurance policy is always a big decision. When you are searching for a new policy in the Bailey, CO area, you should call the team at Centennial State Insurance Agency. When you work with Centennial State Insurance Agency to pick an auto insurance policy, you will receive a lot of support that can help you to choose a policy that is right for you based on your needs and situation.
As a small business located in Buena Vista, CO, when was the last time you reviewed your insurance coverages? Are you adequately insured? Are you wondering what coverages your business should have in place?
Doug Compton, CEO of Centennial State Insurance Agency, advises in his small business insurance video: “It’s important as a small business owner to protect your investment. You need to make sure that you have proper liability insurance, that your property is covered, and that you have [workers compensation] insurance if you have employees.”
Small Business Insurance Coverage
Below are some important coverages to secure for your small business:
Commercial property coverage protects your business structure. However, although commercial property insurance covers some types of water damage, flood insurance is designed to cover damage as a direct result of flooding from either natural or man-made causes. Therefore, it is a separate policy that requires a separate purchase from the standard commercial insurance.
Liability insurance protects your business assets and covers costs that come up if someone is hurt in your business. It also may cover injuries and damages caused by employees while on the job.
Commercial Auto Coverage
It is paramount that your business secures auto insurance for any commercial vehicles. Like other states, the state of Colorado requires that you always carry minimum liability insurance. To drive legally in the state of Colorado, you must also always carry $15,000 worth of property damage coverage. Additionally, you need to secure bodily injury coverage of at least $50,000 per incident and $25,000 per person.
Workers Compensation Insurance
Workers Compensation Insurance coverage helps you take care of your employees in the event of an accident and injury. It provides medical expenses, lost wages, and rehabilitation costs to people who became injured or ill at work. Additionally, workers compensation also pays death benefits to families of employees who have passed away while on the job or as a result of the job.
Doug Compton warns that “in today’s world, it is important to look at cyber insurance” regardless of the current size of your business. Many states, including Colorado, have enacted strict laws on how your business is required to protect others’ information.
Hackers are not the only way cybercrime can happen. Ex-employees can steal and distribute company data. Current employees can be tricked into breaking procedure or doing non-work-related tasks at the office. It can also be as simple as misplacing a flash drive or leaving your laptop in the booth at a restaurant.
Small Business Insurance in Buena Vista, CO: Centennial State Insurance Agency