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As a business owner in Colorado, business insurance is important for your protection from loss. This can be purchased in a package known as a ‘Business Owners Policy’ or BOP, which offers coverage for the most common risks. BOPs usually include property and business interruption insurances to cover your business in the event of catastrophe, and liability coverage in the event of harm or injury to another person. However there are many other levels of risk to a business and you may need to customize your own insurance to suit the needs of your particular operation.

Some other types of business coverage include:

• Workers Compensation - compulsory for most businesses with employees, unless an exemption applies;
• Auto insurance for business / commercial vehicles;
• Group health coverage for workers;
• Death and disability insurance;
• Crime insurance;
• Earthquake and flood coverage;
• Specialized liability – including Professional Liability, Employment Practices, Directors and Officers and Business Identity Theft;
• Terrorism coverage;
• Key Employee insurance;
• Electronic Data Loss insurance;
• Umbrella policy – which provides broader liability coverage;

To work out the amount of coverage you need for your specific business you need to analyze your business and examine the levels of risk involved in operating it and the likely loss if particular events occurred. To help make this easier, a professional agent should be able to assist you to find the right types Colorado business insurance coverage for your business.  

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Driving a safe vehicle not only improves your chances of protecting yourself and your passengers on the road, but if it results in fewer accidents it should also mean lower CO auto insurance premiums and deductibles in your future. In addition, avoiding accidents also means that you are more likely go on the record as a safe driver, which in itself may reduce your insurance premiums even more over time.

The Insurance Institute for Highway Safety (IIHS) provides information on automobile safety, including rankings for various vehicle models. It also lists a number of ways to improve the safety of any vehicle. These include installing airbags, which have been shown to significantly reduce fatalities, especially when combined with seat belts, and safety systems such as Electronic Stability Control (ESC) and collision avoidance technology. In fact vehicles are not able to meet the IIHS’s highest ratings for safety without airbags and an ESC system in place.

Regular maintenance and keeping your car in good condition can also help to improve the safety performance of your vehicle. Alarms, anti-theft and immobilizing devices are all helpful ways to make your car less attractive and vulnerable to would-be thieves.

When an insurance provider sees you as less of a risk, they are more willing to insure you and to give you good rates in the process. When you are looking for CO auto insurance for your vehicle, be sure to ask us about discounts for anti-theft and safety features as well as for a good driving record.

You just bought a new car, congratulations! Now, you need to protect it under a CO auto insurance policy. But because the value of your car will depreciate most in its first year, how can you get coverage for the amount you actually paid for your car, rather than its current market value?

There are two options: gap insurance or new car replacement insurance.

If you total your car, gap insurance can cover you for the difference between your car’s market value and what you owe on the vehicle. This type of coverage can help ensure that if you do total your car, you won’t be left paying off the balance of the loan and possibly unable to afford another vehicle. Remember, as soon as you sign the contract, your car depreciates in value, so the difference between the amount owing on your loan and the market value of your vehicle can be substantial.

New car replacement coverage is usually more expensive, but more comprehensive. With this type of coverage, if your new car is totaled, you can receive the purchase price of the car or the purchase price of a similar new car, so you won’t lose money because of depreciation. However, this coverage can usually only be used within a limited period after you buy a new car, so make sure you read the fine print on your CO auto insurance policy.

Owning a dance school could be a potentially lucrative business in a world in which people are seeking to reconnect face-to-face in the wake of social media overdose! However, this type of business can have a potential minefield of risks, so making sure you have the right kind of Colorado business insurance is crucially important.

Think about the daily activities of your dance school. You may have groups of people, ranging in age from young children right through to seniors, coming in and out through the day and into the evening. Some will be complete beginners and others will have some or extensive experience.

Accidents can - and probably will - happen.

Obviously, you will need basic property insurance to cover your building and its contents. But, you will really need to look closely at what will work best for you in the way of liability insurance since that is going to be one of your major risk areas.

The right Colorado business insurance can be tailored to fit your dance school’sunique needs so that you can have that added financial protection against unforeseen accidents. With comprehensive coverage, you can get on with the business of teaching people the joys of dancing.

Adding towing and labor coverage to your CO auto insurance policy can come in very handy. If your car has ever broken down far from your destination and you had to have it towed, you’ll know how much of an inconvenience and how expensive it can be to tow it back home. There is really no good alternative for getting an inoperable car to its destination, which is why towing costs can be so exorbitant.

Having coverage for towing and labor means you will be covered for the cost of having your car towed. The costs of towing your car to the nearest point of service and the labor involved in getting it running again are covered. Be mindful that this coverage won’t pay for any car parts that have to be repaired or replaced - just the labor.

Because this is an optional form of coverage, you should decide whether it is worth taking out. This coverage can be very helpful if you do a lot of long-distance driving. But if you have roadside assistance that already covers towing and labor, and you don’t venture out to areas where the roadside assistance might not be available, then this coverage may not be necessary. If this isn’t the case, then towing and labor coverage could be a handy addition to your CO auto insurance.

If you have a CO auto insurance policy, then insurance fraud is costing you money. That’s because the more fraudulent claims an insurer has to pay for, the more they will have to charge all of their policyholders in order to stay in business. If you’re an honest individual, you could be surprised by the many faces of auto insurance fraud. Here are just some of the more common ways that individuals and groups attempt to defraud insurers:

Faked, exaggerated or prior injuries & over-treatment

Injuries are big business. With the potential for legal and medical fees, and court-awarded damages payments, it’s probably no surprise that some individuals see a car crash as an opportunity. Fraud in this arena ranges from a vehicle occupant exaggerating an injury, to professional practitioners taking advantage of the situation when it comes to billing.

Staged crashes and vehicle thefts

Some individuals don’t wait for an opportunity, they create one! Whether it’s an individual whose intention is to have their vehicle written off and receive payment, or a group of individuals who conspire to stage an accident for the purpose of filing injury and vehicle claims, this type of fraud appears to rise in tough economic times.

Insurers take fraud investigation seriously. However, there is still a tendency for the public to turn a blind eye to insurance fraud. Why? Perhaps because some people see insurers as high-profit giants who can afford to pick up the tab. What’s wrong with that perception? They’re not picking up the tab – you are; every time you pay for CO auto insurance!

Water is the stuff of life, but when it comes to your Coloradohomeowners insurance, it can also be the stuff of disasters. Water damage can occur for many reasons, in many places throughout the home and can result in substantial and costly damage. Unfortunately, not all types of water damage are covered by homeowners insurance.

Most homeowners insurance policies cover water damage from storms, as well as problems like ceiling cracks and leaks, ice-related issues, and burst pipes - provided these aren’t maintenance-relatedissues. However, because dealing with water damage can be so involved, it's worth taking some steps to ensure that things don’t become a bigger problem than they have tobe. You can reduce your risk by undertaking regular pipe inspections and fixing any leaks. Also, maintain any appliances that use water and keep leak-prone areas such as gutters in good shape.

With MartinInsurance Group our agency can help homeowners like you stay protected forlife. Although rain damage is fairly easy to manage, when it comes to flooding and sewer blockages, things are a little less clear. Flooding isn't usually covered, and worse, in some cases, what may appear to be water damage from a storm may actually be considered flood damage by your insurance provider. If you live in a flood-prone area, thenconsider investing in additional flood protection, as floods simply aren’t covered by your Coloardo homeowners insurance policy.

Almost every adult has experienced some damage to their car or property as a result of an accident. Perhaps your car has been hit in the supermarket parking lot or someone has taken the corner too fast and crashed their car into your front fence. Even if the damage has been minor, there is always a bill at the end of it. But, what happens if you cause the damage? The property damage liability component of your CO auto insurance policy is designed to ensure the damage your car causes to someone else’s property can be covered.

This insurance covers your car and will be valid as long as the person driving at the time of the accident has your permission to drive your car and there are no other circumstances that would allow your insurer to deny the claim. If the driver hits another car, a building, a structure on private property or even a lamp post, your property damage liability coverage is designed to prevent you from being required to pay the repairs from your own personal funds.

Even relatively minor accidents can result in big bills. While this type of coverage is designed to pay for the damage your vehicle has caused, it doesn’t cover the damage to your car. You’ll need comprehensive CO auto insurance to safeguard you from having to pay the expenses of repairing your own vehicle after damage.

When you’re just starting out in business, particularly if you’re operating from home, there are a hundred things to think about and do. Somehow, insurance often ends up on the bottom of the new business owner’s list – but if you’re setting up a new enterprise in Colorado, business insurance should be given a high priority. However, it may not be as simple as you imagined. Here are four important things you should know:

1. If you’re operating from home and will have clients visiting your premises, the liability coverage on your home insurance policy may not cover you if you’re using the home as your “business premises.” Your business equipment may not be covered either. You’ll need to clarify these issues to determine if additional coverage is required.

2. Similarly, if you’re using your personal vehicle for business purposes, your private car insurance may no longer be sufficient. Do you travel to client’s premises or deliver completed work or stock in your vehicle? If so, it’s likely you’ll need to upgrade to a business auto policy.

3. Are you a consultant, a professional, or a new media business? Liability comes in all shapes and forms. Whether you’re a social media management business or an architect, there’s always the risk that something you do (or don’t do) will negatively affect a client and result in a lawsuit. As your business probably represents your major source of income, it makes sense to take out insurance to cover this risk.

4. Taken on your first employees? It’s your responsibility to provide a safe working environment and to take out workers’ compensation insurance.

If you’re unsure what the needs are for your Colorado business, insurance advice is just a phone call away, so find out what you need to know sooner rather than later.

It’s astonishing how many possessions you amass over the years. If you need to make a Colorado homeowners insurance claim, it’s likely to be a lot easier if you’re prepared with an up-to-date inventory that lists your possessions and includes proof of possession and their value.

Your inventory should include:

• a description of your belongings, including details of place of purchase and purchase price;
• serial numbers of electronic equipment and major appliances;
• purchase records such as credit card transactions and store receipts; and
• valuations or appraisals for items such as artwork, jewelry, antiques andcollectibles.

A picture is worth a thousand words, so videos or photographs are a very useful way to supplement the inventory list; go through each room of your home and photograph its contents, including valuable items that are stored in drawers and cupboards.

Don’t put off starting your inventory because you don’t have all the receipts from years ago – an incomplete inventory is much better than nothing at all! Make it a habit to update the inventory each time you acquire a new possession, while the details are still fresh in your mind.

In case your home is badly damaged or destroyed in a disastrous event, keep a copy of your inventory (and copies of the other backup documents like receipts and photos) in a secure place away from your home. If you ever need to make a claim on your Colorado home insurance, you’ll be glad you took the time to compile an inventory – without one, you may not be able to prove to the insurer that you owned the items you’re seeking reimbursement for, and that might result in a reduced payment.