3 Things to Know Before 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 tips can make it easier to decide if you’re coming down to the wire. 

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. Give us a call today to learn more about how we help. 

Home Insurance Basics: What Is A “Covered Peril”?

If you’ve been shopping for homeowners insurance for your Bailey, CO home, you may have come across the term “covered peril” and wondered exactly what it means regarding your policy coverage. The short answer is that a peril is any risk that can cause damage to your home or belongings, such as theft or smoke/fire damage. A covered peril means your insurance policy will pay specific reimbursements based on the limits in your policy if the peril is covered. Every homeowner’s insurance policy has lists of covered perils, but not all perils are covered by all policies. For information about specific perils, contact your Centennial State Insurance Agency agent. Here are some of the most common perils and whether most homeowner’s insurance policies cover them. 

Open Perils 

Your homeowner’s policy coverage may be based on open perils. This provides protection from all risks unless your carrier specifically lists and exempts them.  

Named Perils 

Most homeowner’s insurance policies name specific covered perils.  Because they don’t provide as much protection as an open peril plan, policies with named perils are typically lower in cost. These tend to appeal to homeowners who only require insurance against theft, fire, vandalism, hail, and other common risks. 

Common Perils 

The most common perils homeowners face include: 

Fire – Your home, belongings, and other structures such as sheds and garages are usually covered against loss due to fire or smoke damage.  

Hail – Most insurance companies provide insurance coverage for hail damage. 

Theft – Most insurance policies cover theft up to the limit of the policy. 

Windstorm – Tornadoes and hurricanes are generally covered by most property insurance policies., but it may require a higher deductible, and will not cover flooding.  

Flood – Flood insurance is generally not a covered peril in most homeowner’s insurance policies, and requires an additional rider for coverage. 

Earthquake – If you live in an earthquake-prone area, check your policy, because earthquakes are not usually covered by homeowners insurance without an additional earthquake policy.  

Remember that open peril homeowner’s policies don’t cover every loss, and named peril coverage may not be as limited as it sounds. If you have questions about what type of homeowners insurance will cover your Bailey, CO home best, give Centennial State Insurance Agency a call today. 

What You Need to Know About Auto Insurance

Making sure your car’s insured is important because cars can be big investments. You also want to have your vehicle protected since you need it to get to and from work, school, and other places. But what do you really need to know about car insurance? How can you choose the right policy for your needs? At Centennial State Insurance Agency, we can help ensure you have proper coverage for your Bailey, CO area vehicle. Here are a few things you should consider about your car insurance.

Auto insurance is required in Colorado, and there are limits you have to have to comply with state laws. While you don’t need to have collision or comprehensive coverage to be in compliance with the law, you do need to have basic coverage. Still, it’s a good idea to have more than just state minimums, since accidents and other problems can often put a strain on you. The more protection you have, the more peace of mind you’ll have, as well. If you aren’t sure what coverage you should have, or what you need to feel protected and safe, talking to a trusted agent can help with that.

At Centennial State Insurance Agency, we service the Bailey, CO area. Come in and talk to us, give us a call, or reach out online, and let us work with you to get the right auto insurance policy for your needs. You should know about the coverage options and requirements, so you can make an informed choice. We’ll do our best to give you all the information you need, and that way you’ll have the opportunity to get a policy that’s truly going to be right for you. That’s a great way to know your car will be properly covered.

How Many Life Insurance Policies Can You Have?

When you’re in Bailey, CO, it’s important to think about life insurance policies. You might have one policy from work and want to get another one personally. At some point, you have to wonder how many you’re allowed to have.

The quick answer is that there is no limit to the number of life insurance policies you can have. However, there can be a limit to the total benefit that you can obtain.

At Centennial State Insurance Agency, we can guide you through the life insurance buying process to determine if it makes sense for you to have multiple policies.

There are a few reasons why you might want additional policies. The first policy you have may not be enough. As such, you focus on getting another policy for additional coverage.

You may want to explore an advanced financial strategy where you stack term life insurance policies. It will allow you to pay lower premiums over time as you focus on paying off debts.

Then again, you may want to mitigate risks. If you worry that a life insurance company is going to go out of business, you may want the added layer of protection that comes with getting policies from multiple companies.

If there is no set reason for having multiple life insurance policies, it might be best to work with an insurance agent to decide what benefit amount will suit your family in the event of your death. Further, you can explore term, whole, and universal life insurance as viable options.

Ultimately, it’s all about having the right coverage in a life insurance policy. Whether you want one or ten, the options are out there. It’s a good idea to work with a professional insurance agent to ensure you’re making the right decisions so that you and your family are protected later on in life. Contact us at Centennial State Insurance Agency to help you with these decisions. 

Auto Insurance Premiums-How to Save Money

Below are some suggestions from Centennial State Insurance Agency.

There are ways for you to lower your insurance premium without lowering limits and protection.
First, what are your deductibles? Do you have an older vehicle where the deductible you are carrying is equal to greater than the value of the vehicle? If this is the case, you may not get anything from the insurance company if the vehicle is damaged or totaled. Can you raise your deductible? Can you afford more out of pocket if the vehicle is damaged? If so raising your deductible will lower your premium.
Policy discounts:
Are you getting all the discounts that you qualify for? Some of the more common ones that can impact your rate:
Good Student discount: Your teen driver will need a GPA of 3.0 or better but an important discount.
Defensive Driving discount: Most companies will offer this to teens drivers that have completed a certified class, and some will offer it to older drivers.
Multi Policy discount: Companies will offer a discount to both the home and auto for placing both lines of business with them You can a discount from 10% to 20% on both your home and auto by doing this.
Telematics: This is a new program being offered by insurance companies. You plug a device into your car for 90 days and they track your driving habits (speed, braking, time of day driving to name a few). At the end of the 90 days they evaluate the date and offer an additional discount. We have seen these range between 5% and 20%.
Annual miles driven: It is important to give the accurate miles you drive a vehicle. Companies will offer lower rates for fewer miles driven. They will often verify the miles each year so be accurate.
Pay plans: Companies will give you a discount for paying your premium in full. They will also give discounts on monthly pay plans if you set it up on EFT or credit cards with some companies
Give us a call at Centennial State Insurance to review your insurance policies and coverages. We will make sure you have the right coverages for the right premium.
303-838-0554 or on the web at centennialstateins.com.

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

Preparing for Wildfire Evacuation

Preparing for Wildfire Evacuation

Last week we talked about some things you can do long before the danger of wildfire hits your area. This week we have some tips for preparing for a potential evacuation and what to do after a wildfire. It is very important to make sure your insurance is at the correct coverage amounts before a wildfire hits your area. Once an area has an active wildfire you can not make any changes to your coverages or issue a new policy.

Evacuation Prep

Being evacuated from your home is scary and is often comes with little notice. The best thing you can do, is prepare for fire season, which will help an evacuation go as smooth as possible.

Start by preparing an evacuation bag

In the bag you want to include:

  • Irreplaceable items, such as family heirlooms, one of a kind items, and family pictures. An alternative to packing up framed pictures is to keep digital copies of all your pictures on a flash drive and packing the flash drive (don’t forget to update the flash drive every year).
  • ID’s, licenses, passports, social security cards and other valuable documents.
  • Keep a backup sets of keys in the bag so you aren’t floundering to find them.
  • Have a list of important phone numbers, such as your bank, insurance company, doctor and emergency contacts. Some people prefer to pack copies of their insurance or other policies but having the policy numbers would be enough information.
  • Important logins and passwords will allow you to access any accounts on the fly.

Prepare a list of items you use on a daily basis

Having a list of items that can’t be prepacked will help you grab these important items faster and reduce the number of forgotten items. The list should include things like:

  • Laptop or tablet and phone or computer chargers
  • Medicine, glasses/contact and toiletries
  • A few days of clothes
  • Water and snacks
  • Money and credit cards
  • Keep the evacuation bag in a secure, but easily accessible area of your home

Have a plan for your pets.

There are window stickers you can purchase that will notify firefighters of how many animals you have in your home if you are not able to take them with you, or if you are not home at the time of the fire.

  • Place crates and carriers where they are easy to grab, and practice loading your pets into the carriers, so they are comfortable with the process.
  • Know how much room you have in your vehicle for your evacuation bag and pet carriers and plan accordingly.
  • If you have livestock and horses, you may not have time to load them in trailers and evacuate them with you. Have a plan for these animals. There are organizations that help with animal evacuation, contact them and see how they can help.

Other things you can do to prepare include:

  • Make your home accessible to firefighters. Clear extra cars, ATVs, boats, campers and any other large objects from your driveway and around your house so that fire trucks can get close and turn around.
  • Move flammable objects like paint cans and ammunition to a shed or detached garage.
  • Take the extra measure of moving high value jewelry, paintings, heirlooms or other irreplaceable items to off site storage units or safety deposit boxes during fire season so you don’t have to worry about these investments.
  • Speak with neighbors, good friends and family members about your evacuation plans. Where do you plan to go if evacuated for a few days? What if it turns into a few weeks? Do they have your phone numbers to contact you if needed?
  • Sign up for your county’s Code Red program so that you will be contacted in the case of an evacuation, and make sure you have other county services phone numbers for emergencies.

It is a great idea to practice an evacuation, especially if you have children and pets. Set a time to pretend that the call comes in and that you have 15 minutes to vacate the premises. Grab your evacuation bag, children and pets. Set a rendezvous point if you have multiple drivers and vehicles. This is a great exercise to realize how fast an evacuation can happen and to see what areas you may need additional preparation for.

After the Danger has Passed

The fire danger is gone, and because of your preparation your family was safe. You can now return to your home. Upon returning home it is important to walk around your property. Depending on how close the fire came to your home, there may be areas that smolder for days. Be diligent and watch for any signs of fire. Check your home inside and out for signs of fire or smoke damage. You should also check for signs of theft or missing items from the home. If you have any doubts about damage or theft, call your insurance agent to discuss a course of action.

After a wildfire, there is an increased chance of mud slides, earth movement and water damage. Because the vegetation has burned off, the ground becomes unstable. Most insurance policies exclude coverage for flood and earth movement. It is important to be aware of these restrictions and mitigate the possibility of damage to your property.

Written by: Centennial State Insurance Agency, Bailey