How Do I Know if I Need Commercial Insurance?

commercial auto insurance vs personal auto insurance

If you own a business, you may need commercial insurance. However, the line between personal and commercial policies can be confusing. If you are a sole proprietor, you will have different insurance needs than a large corporation. At Centennial State Insurance Agency in Bailey, CO, our agents help clients understand their insurance needs. 

Commercial Auto Insurance vs Personal Auto Insurance

The line is often blurred when it comes to personal vs commercial auto insurance. You don’t have to own your own business to need a commercial insurance policy. If you use your vehicle to commute to work, you don’t need a commercial auto insurance policy.

However, if you frequently use your vehicle to transport things for your job, you do. This includes delivering pizzas or transporting people. If you carry equipment to the job site, you may need commercial auto insurance as well.

Another rule of thumb, if you are driving while you are on the company’s time, you will probably need commercial insurance. If you work for a company, the company may cover you under its commercial policy, but you need to be sure before you drive as part of your job. 

Commercial Insurance vs Homeowner’s Insurance

This is another grey area. In many cases, it’s clear. If your property is strictly for business use, you will need a commercial insurance policy. If you work from home, it’s not so cut and dry. Commercial insurance is much more flexible than residential insurance, so it’s possible to tailor a policy to your needs. If you own a home-based business, commercial insurance can cover your business equipment and liability associated with your business. Your homeowner’s policy isn’t likely to cover a customer getting injured on your property or lost inventory. 

Which policies you need can be complex. At Centennial State Insurance Agency in Bailey, CO, our agents will discuss all your options and help you decide which policies are best for your needs. 

Small Business Insurance Coverage in Buena Vista, CO

small business insurance coverage in Buena Vista, CO

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:

Property Coverage

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

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.

small business insurance Buena Vista

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.

Cyber Insurance

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

If you are looking for any form of small business insurance in Buena Vista, CO, our experts at Centennial State Insurance Agency are ready to help!

As a proud member of the Buena Vista marketplace, we understand what is takes to secure proper commercial coverage at the right rates to ensure your small business is effectively taken care of. 

Contact us to compare quotes and properly insure your business, property, and auto today!

Selecting a Commercial Insurance Policy: 3 Things to Know

selecting a commercial insurance policy

Before you select a commercial insurance policy in Bailey, CO, Centennial State Insurance Agency wants you to keep a few things in mind. Most businesses are required to have some type of coverage, but not every policy is created equal. These three tips can make it easier to decide if you’re coming down to the wire. 

Selecting a Commercial Insurance Policy: 3 Things to Know

#1. Consider the Worst

Insurance is all about preparing for both the expected and unexpected. So if a snowstorm causes your roof to collapse, you don’t have to file for bankruptcy. Not every plan will cover certain things, so you need to think about how this will affect you.

For example, a standard-issue policy may help the vast majority of the expenses for a roof repair, but it may not cover the income you lost while you had to close up. To get that extra consideration, you would need to purchase more comprehensive coverage. 

#2. Liability Concerns 

Customers can sue for any number of reasons, and the legal fees from even a single case can be devastating for commercial business owners. Choosing a policy with a low amount of coverage can end up destroying a business from the inside out.

Some people will even go so far as to take out umbrella insurance policies that will give them additional coverage when the hit the limits of a normal policy. 

#3. Having a Contact Matters 

Who you choose to cover you is almost as important as the type of plan you purchase. If you have questions about the right options for you, call Centennial State Insurance Agency.

We help the business owners of Bailey, CO find coverage that will be of use to them when the tough times strike.

Contact us to compare quotes and properly insure your commercial business today!

Do You Need Commercial Insurance If Your Business Is Located In Your Home?

If you have a home-based business, you probably have questions regarding the type of insurance coverage you need to adequately protect yourself from risk. If your home also serves as the location of your business, you should learn about the types of commercial coverage you need to have a blanket of protection.

Commercial Insurance For Your Home Based Business

If you work from home, there are generally two different types of commercial insurance you will need to purchase to have adequate coverage. The first is commercial liability coverage to protect you from harm to others and damage to your property. The second is commercial property coverage which protects your assets in your home-based business such as your structure. To determine which types you should purchase, as well as the level of coverage, you should consult an experienced insurance agent.

Finding The Right Agency

Finding an agency that can meet your needs and deliver personalized customer service is a major step towards acquiring the commercial insurance coverage you need to protect your home-based business. If you are looking for coverage options and live near the Bailey, CO area, you can count on Centennial State Insurance Agency to provide you with the tools you need to protect your business and property. They can even help you file a claim during the life of your policy.

Get the insurance products you need, complete with top-notch customer service from the agents at Centennial State Insurance Agency serving Bailey, CO and the surrounding areas. Call or stop by the office today to speak with an agent or to schedule a consultation regarding coverage for your business.

Why All Good Employers Have Commercial Insurance

Getting commercial insurance for your business can often seem like just another unnecessary business expense. If you value your employees, however, nothing could be further from the truth. The truth is that all good employers have commercial insurance for a variety of reasons. If you own a business in the Bailey, CO area, Centennial State Insurance Agency is here to help you get the commercial coverage you need. Here’s what you need to know:

Commercial Insurance Protects You and Your Business

A good commercial policy will keep you protected in a wide variety of scenarios, such as property damage from flood or fire, theft, liability lawsuits from clients, and employee injury. Because of this, there are different kinds of coverage you can have under your commercial policy, and we are happy to sit down with you to evaluate your specific needs. After all, you don’t want to be caught unguarded by an expensive and life-changing event.

Commercial Insurance Reassures Employees

It can be downright dangerous to work for a business without a decent commercial insurance policy in place. Why? Because this means that things like employee injury (worker’s compensation) may not be covered should a person come into harm’s way at work, leaving them with devastating medical costs. Furthermore, it can also mean that the employees are unprotected if a client tries to sue them and the business, leaving them with legal expenses that aren’t rightfully theirs in the first place. Basically, good employees are more likely to stay longterm with an employer who is responsible enough to have commercial insurance.

The insurance experts at Centennial State Insurance Agency in the Bailey, CO area have over 20 years of experience and are happy to discuss what you need (and don’t need) in a good commercial policy. When you’re ready, give us a call, shoot us a message, or drop by our offices to learn more.

Commercial Insurance: Why Choose a More Comprehensive Policy?

When you have a business, you know you need to protect it and your investment in it. But what is the best way to do that? One of the ways is to choose a commercial insurance policy because these policies reduce financial risk and liability if there is a claim made against the business you own. That claim could come from you, employees, customers, vendors, or someone else, but protection against claims matters. Fortunately, Centennial State Insurance Agency can help protect your Bailey, CO area business with the right commercial insurance policy, including one that is more comprehensive than you have now.

If you do not have a commercial policy, it may be time to get one. If you already have one, you may need to upgrade it to something that is more comprehensive in order to ensure that your business has the level of protection it really needs. There are several reasons you would want to have a more comprehensive policy, and these can include an expansion of your business, a high-risk type of business, and other factors that would make it more likely that a claim would be filed in, by, or against your company. By getting a more comprehensive policy, you will be covered more directly and have a higher level of peace of mind, as well.

Reach out to us at Centennial State Insurance Agency today, and get your Bailey, CO area business protected with the right level of commercial insurance. You might want to upgrade the policy you currently have, or you may want a new policy for a new business you are starting up. No matter where you are in the lifecycle of your company, having a more comprehensive policy can help protect you and your interests.

Cyber Insurance is a must have for any small business

Cyber crime is the fastest growing crime in the United States and 60% are perpetrated against small businesses. Small businesses who have been hit often do not have the proper insurance coverage and a high percentage end up closing their doors after an attack. Many owners don’t fully understand what these attacks are, or the costs associated with them. Any small business needs to have cyber insurance coverage.

Malware or Ransomware attacks are the most common. Malware destroys information or makes it impossible to access. This kind of attack suspends your ability to do business. You can lose clients from the inability to access accounts and spend thousands of dollars to get your system back up and running. Ransomware attacks occur when a hacker encrypts or steals the personal information you have on file. This could include the client’s social security number, credit card or banking information, etc. The hackers demand payment in order to “unlock” your system and may threaten to publicly release the client’s information. When these attacks happen, you’re obligated to notify all clients that were affected, hire an IT investigator to find where the leak came from and how to secure your information in the future, and pay local, state and federal fines. Many states, including Colorado, have enacted strict laws on how your business is required to protect others information.

Hackers are not the only way a cyber crime 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.

A Cyber Insurance policy is two-fold in coverage. The 1st party liability coverage includes notification to those clients affected, the cost of a computer forensic expert, man hours involved in contacting the clients by phone or mail. Extortion costs, media liability and public relation costs can be included. Business interruption coverage is available to keep your business afloat while your doors are closed. The 3rd liability coverage helps with the cost of litigation if you find yourself in a lawsuit.

Cyber insurance is available with most carriers, and coverage limits can vary to your specific needs. Call us today to discuss your cyber exposure and insurance needs.