Month: January 2023

In Colorado, two types of commercial insurance are required for many businesses. If you own a business in this state, it’s best to know whether your business requires them. Getting the commercial insurance you need is vital for staying compliant with the law and protecting your business. Call Alliance Insurance Services in Arvada, CO to get your commercial coverage.

Worker’s Compensation

If your Colorado business has any number of employees, even just one, you must have coverage for workers’ compensation. In this state, the government considers anyone who does work for you to be your employee. Workers’ comp insurance covers the medical bills for any employee who gets injured on the job or sick with a work-related illness. This insurance is smart because it protects your business against paying expensive medical bills that could be a hardship for your company. Always ensure you have this coverage. 

Commercial Auto 

Commercial auto insurance is required for all Colorado businesses that own a vehicle of any type. If your business owns one or more vehicles, you need this coverage so that an accident will be paid for by the policy instead of your business. Two types of coverage are required within these policies, and both are types of liability coverage. One is for bodily injury, and the other is for property damage. This pays for other people’s damages if your vehicle were to cause an accident. 

Get Commercial Insurance

To protect your business and stay within the law, call us at  Alliance Insurance Services in Arvada, CO to get started. 

Making sure your family is taken care of financially in the event of an unexpected death can be difficult. Knowing what type of life insurance is right for you and your family is essential. Keep reading to learn more about term life insurance in Arvada, CO and how Alliance Insurance Services can help.

Understanding Term Life Insurance 

Term life insurance is a temporary policy with coverage over a specified period, such as 10 or 20 years. The beneficiary will receive a lump sum payment if the insured dies during this period. After the term ends, however, there is no coverage and no value in the policy other than what has been paid into it. 

Pros Of Term Life Insurance 

The primary benefit of term life insurance is affordable coverage over a specific time. It can also provide protection while someone pays off debts or provide income replacement if they become disabled or unemployed due to an illness or injury. Additionally, some policies may offer return-of-premium features that allow policyholders to get back all premiums paid if they outlive their policy’s term. 

Cons Of Term Life Insurance 

One potential drawback of term life insurance is that it does not build cash value and cannot be used as an investment vehicle as whole life insurance can. Additionally, if the insured dies after the term expires, their beneficiaries will not receive any death benefits from the policy; this means that if you outlive your policy’s time and still need coverage, you will have to purchase a new one at potentially higher prices due to age or health conditions. Lastly, premiums are usually more expensive for younger individuals who buy long-term policies.    

Ultimately, deciding whether or not term life insurance in Arvada, CO is suitable for you depends on your circumstances and goals. Contact Alliance Insurance Services today to learn more!