What Types Of Commercial Insurance Do I Need For My Business?

As a small business owner in Arvada, Co, you probably understand the importance of purchasing commercial insurance. You may, however, be confused about what kind of commercial coverage your particular business needs. Some types of coverage are required by law, while others are dictated by your professional circumstances. Read on to find out what your Alliance Insurance Services policy should cover based on your small business needs.

If You Have Employees

If you have employees, the state of Colorado requires you to carry the following types of coverage:

  • Worker’s compensation insurance
  • unemployment insurance

According to the Colorado Workers’ Compensation Act, every business in the private and public sector that hires employees must carry worker’s compensation coverage.

This coverage extends to both part-time and full-time workers. Compensation coverage reimburses your workers with partial wages and covers medical costs in case of injury on the job.

Additionally, you must pay for unemployment tax, which partially covers your employees’ wages in the immediate aftermath of getting fired.

If you Use A Vehicle

If your business requires the use of a vehicle in any capacity, you need to purchase commercial auto insurance.

For a business registered in Arvada Co, you need to carry the following amount of coverage per business vehicle:

  • Bodily harm: $25,000 per person
  • $50,000 per accident for bodily harm
  • $15,000 per accident for property damage

In case of an accident, the other party can sue you over these minimum limits, therefore, it’s smart to purchase more commercial auto coverage. The state’s law mandates that should the other party’s damages exceed your auto policy, your business is responsible to cover the difference.

If You Are A Practicing Professional

It’s fair to say that all business owners are professionals. However, certain types of professions require you to carry coverage for charges made against your services or products. In general terms, this type of coverage is classed as liability insurance.

If you’re a practicing doctor or lawyer, you need malpractice insurance. As an architect, realtor or engineer, you should seek errors and Omissions coverage. Any other small business owner should purchase business liability insurance, which protects them from being charged in case of harm caused by their service or product.

Are you ready to protect your business? Contact a friendly Alliance Insurance Services agent to discuss the type of policy that works best for you.

Avoid These Four Commercial Inurance Policy Pitfalls

You perhaps started your own business because you wanted to do work you love. Then, just as many other Alliance Insurance Services business clients operating in Arvada, CO have learned, pursuing your passion could cost you your entire profits unless you prepare for what you hope will never happen but might. However, knowing you need commercial insurance is not enough. Avoid these four pitfalls when shopping for coverage for your company.

 

1. Forgetting about inflation —You have to remember, for instance, to account for what the price of new equipment might cost you 10-20 years from now. The same is true of damaged property if disaster strikes decades after you started operating in Arvada, CO.

2. Not thinking about costs of occupational injuries —If you have employees, it is highly recommended that you protect yourself against financial loss if one of them needs treatment after becoming hurt on the job. If your company is liable, you might also have to pay for lost wages, so be prepared.
3. Not being thorough enough with inventory — You might not have enough to replace equipment and supplies if you don’t account for all that you own. This could hurt your business because you maybe will not be able to serve as many clients with the sudden downsizing of your operational inventory.
4. Not protecting yourself against theft or vandalism —You need financial security as well as physical security to protect your property. You especially need this if you have customers entering and leaving your place of business all day long.

We Can Assess Your Insurance Needs

Alliance Insurance Services does not want you to lose your business and give up your passion. Contact Alliance Insurance for help with choosing the right commercial insurance plan for your operation.

 
 

Does Your Side Business Need Commercial Insurance?

Having a side hustle in Arvada, CO is great, because you are making some extra money and probably doing something you are passionate about. However, your side hustle is still a business, and you want to protect it with the right commercial insurance. Without the right insurance, your side business could be in trouble.

It doesn’t matter what your side business is, since it’s a small business and every small business should be protected. A business owner’s policy, or BOP, is a packaged policy that includes the coverage a business owner needs. This includes liability, property insurance, vehicle insurance, and business interruption insurance. You can customize this to suit your business needs. Speak with an agent at Alliance Insurance Services to see exactly what this policy would include for your specific business.

Professional liability insurance is going to be the most important. This will cover claims against you that are due to negligence, mistakes, or failures to perform. If your business causes any bodily harm or property damage, then this insurance will protect you.

It’s important to protect the space where your side hustle is happening. If you are renting out space, you want property insurance to cover any equipment, inventory, and furniture. If you are running your business out of your home, your homeowner’s policy won’t cover any business owned assets or equipment.

If your side hustle has grown to have more than one employee, then you will need to have workers compensation insurance in Arvada, CO to protect you for any sort of injuries on the job.

If you are using your vehicle for any business-related things, then you also need to have commercial auto insurance. This applies to any employees who drive their own car to deliver goods or services.

Cyber liability can help protect you if you store personal client information. If you suffer a hack, you could be sued for breach of privacy, and this insurance can help cover lawsuits and settlements.

Contact Alliance Insurance Services to get a quote for commercial insurance for your side business.

Benefits of RV insurance

Recreational vehicles are meant for fun. But, they also represent a tremendous financial investment, which means that the owner can suffer a substantial financial loss if it’s not appropriately protected through insurance coverage. In Colorado, recreational insurance is essential since your standard auto and homeowner’s policy doesn’t cover physical damage or liability for your recreational vehicle. At Alliance Insurance Services, we provide recreational insurance in Arvada, CO and its surrounding environs.

Many people don’t know that recreational vehicles include motorhomes, boats, pull-a-longs, and fifth wheels. No matter the type of recreational vehicle you own, it’s essential to have an insurance policy that protects you, your investment, as well as your passengers.

Benefits of RV insurance

RV insurance is categorized into different coverages. The property damage and bodily injury liability policies will pay for the damages or injuries you cause to another party. You can also get a comprehensive/collision policy to pay for your RV if it gets damaged in a collision or stolen no matter who is at fault. Other coverages that you can get include medical payments for covering medical expenses after an accident and underinsured/ insured motorist’s policy which pays for losses if you are involved in an accident with an individual who lacks the financial resources to compensate you.

When you have these coverages, you will not worry when you are using your RV no matter where you are. Also, your RV insurance can provide extra coverage that applies specifically to your RVs exposure and size. For instance, roadside assistance coverage will help if your recreational vehicle breaks down and requires towing. You can also get emergency expense coverage to cover the expenses incurred if you have to call the fire department to save your recreational vehicle.

If you own an RV, a visit to Alliance Insurance Services in Arvada, CO will be beneficial; you’ll get the perfect coverage to protect you when you need it most. Feel free to talk to us today.

 

How to Lower the Cost of Your Motorcycle Insurance

Motorists everywhere know the dangers of motorcycle driving. Whether it’s because of a motorcycle’s small size, the biker’s exposure or a disregard of motorcycle safety, motorcyclists in Colorado account for over 20% of roadway fatalities and are 26 times more likely to be in an accident than car or truck drivers.

With these factors in play, motorcycle insurance becomes incredibly important for Arvada, CO motorcyclists. Here are a few tips to lower the cost of your motorcycle insurance by making yourself safer on the road.

Limit the Mileage and Usage of Your Motorcycle

One element of risk associated with any type of vehicular use is the amount of time spent on the road. As more driving causes increased risk, individuals who spend a lot of time riding their motorcycles are likely to pay extra. Bikers who want to keep their costs down should limit how often they bike in order to keep their overall mileage down.

Bikers who wish to reduce their risk to insurance companies by controlling their mileage might also consider only using their motorcycles during limited seasons of the year. Bikers may be able to get seasonal coverage for their bikes, mitigating expenses during the months when they’re not out on the road.

Improve Your Motorcycle’s Security

Motorcyclists who take steps to increase the safety of their motorcycle can sometimes receive a discount from the insurance company. Electric alarms or motorcycle immobilizers may help deter theft, as can motorcycle cameras and other precautionary devices. Motorcyclists who take steps to secure their motorcycle can both save money and be less likely to have their bikes stolen.

Take a Motorcycle Training Course

Motorcyclists who take steps to improve their road-handling skills may receive a discount on their motorcycle insurance, much like how car drivers can save by taking defensive driving courses. These classes can both save you money and help keep you safe whenever you’re on the road.

There are many factors to take into consideration when purchasing motorcycle insurance, and the cost is only one of them. Reach out to Alliance Insurance Services today to get a customized quote and decide if our motorcycle insurance services are right for you.

The cold, hard truth about life insurance

You may be like others in Arvada, CO who believe that life insurance is an option. You are sorely mistaken. Life insurance is an absolute necessity that no fiscally responsible breadwinner should go without. The agents at Alliance Insurance Services can give you the facts about the indemnity option and show you the reality of life insurance not being as expensive as you thought. 

Life insurance is not an option.

Too many hard-working adults pass on the opportunity of obtaining life insurance when they are young because they believe the indemnity option is for "old people." Did you know, though, that it is much cheaper to buy a policy when you are in your twenties and thirties than when you are over fifty-years-old? Life insurance works so that those who plan ahead and buy early are rewarded with lower rates. You get even more discounts if you are both young and in model health. A basic term policy may not be as expensive as you think, which means that you have little excuse for not investing in a life insurance plan. 

A policy for your children does not exclude you from needing a plan.

Some parents make the mistake of believing that purchasing a life insurance policy for their kids means that the family will be covered if something were to happen to them, the breadwinners of the group. The reality is that an assurance plan for your children has no bearing on consequences surrounding your quality of life. The family would still be in a financial bind if you were severely injured or, save fate, died. The only way to secure financial stability for your family beyond the grave is with a life insurance policy of your own. 

Alliance Insurance Services is happy to help you find the right life insurance policy so that your family can live comfortably in Arvada, CO long after your time. Call us today for a quote!

Starting a Business in Arvada? Here’s why you need a Commercial Insurance

As an aspiring business owner in Arvada, CO, it is prudent to take up commercial insurance for your business. The coverage will cushion you financially from risks such as expensive legal suits and natural hazards. Here are other reasons why you should consider taking up commercial insurance;

It is a legal requirement
The law requires that any business with one or more employees have a workers’ compensation cover. Failure to have this could result in criminal penalties and fines which are costlier than the cost of a policy.

It enhances your eligibility for credit
When you are requesting for a business loan, one of the requirements from financial institutions is the proof of the business’ insurance. 

It caters to your employees’ welfare
Having an insurance cover for your employees not only protects your business against liability claims and lawsuits but is also a way of attracting and retaining qualified employees. Along with a good salary and good working conditions, workers are attracted to such things as disability and health insurance.

You are guaranteed of business continuity
With access to loans from financial institutions, your business can grow and compete. In the event of a loss, you are guaranteed that you will resume your business operations once your insurance claim is settled.

It provides credibility to your business
Having an insurance cover for your business assures your suppliers and customers that should anything go wrong they will be compensated. Indeed, most contracts demand that you present an insurance proof.

Are you starting a business in Arvada? Contact Alliance Insurance Services. Our services are tailor-made to meet your commercial insurance needs. Browse our website for an estimate of your coverage options. While at it, have a look at our other insurance solutions in Arvada, CO. 

Does My Home Insurance Policy Cover Flood?

Nobody knows what the future holds. Nobody even knows what will happen in the next minute. It’s not easy to be a homeowner in America, which is why you need to protect your house from the unknown. Disasters happen every now then, and as a homeowner, you have a lot to lose from such. You need to protect the investment that is your home.

Homeowner’s Insurance

How can you do that? Simple, by getting a homeowner’s insurance policy to shield yourself from financial losses that may arise from the occurrence of a disastrous event. A homeowner’s insurance policy typically covers the structure of your home and some of the personal belongings in it. For instance, if a fire breaks out and destroys your home and everything inside, you are entitled to compensation for the house itself, most of the belongings inside, and depending on the terms of your policy, accommodation as the repair work for your home continues.

Does Your Homeowner’s Policy Cover All Types of Risks?

A typical homeowner’s insurance covers a lot of perils from theft to fire, vandalism, and natural disasters. But it doesn’t cover everything. In most cases, high-value items such as jewelry are not catered for by a standard homeowner’s policy, and you have to get additional coverage if you want such items covered. Most notably, standard homeowners’ policies don’t provide coverage against floods. If you want your home covered against losses in the event of a flood, you will have to purchase a standalone flood policy.

The federal government, through the National Flood Insurance Program (NFIP) in collaboration with the Federal Emergency Management Agency (FEMA), provides coverage against floods to areas considered to be flood prone. You can also purchase a private flood insurance policy from reputable insurance providers. If you live in Arvada, CO, Alliance Insurance Services has got your back. For information on our private flood insurance policy, call us and speak to one of our agents directly.

Does Your Motorcycle Insurance Cover You Without A Helmet?

Motorcycle riders in Arvada, CO know that they are required, by law, to wear a helmet when they ride. Colorado is one of the states that makes this mandatory, but what if you ride without one? Will a policy from Alliance Insurance Services still cover your accident?

Any accident you suffer while on a motorcycle covered by insurance is likely to be covered by your policy. This fact is true even if you aren’t wearing a helmet. However, the lack of a helmet could complicate your coverage a little and make some instances of coverage more difficult.

For example, continually wearing your helmet and following the law will likely decrease your claim if you do get in an accident. That’s because the helmet will protect you from the kind of serious head injury that can often be so debilitating in motorcycle accidents.

For example, one study has shown that hospitalization costs go up by more than one-third after an accident if you fail to wear a helmet. Your policy will struggle to pay for these extra costs and may not cover everything, leaving you with a large bill to pay.

Just as importantly, getting in a crash without a helmet may cause you to get fined for not obeying the helmet laws. When this fine is reported to your insurance company, they are likely to increase your rates. That’s because you are now a high-risk driver who has shown poor driving choices when on their bike.

In some instances, your Arvada, CO motorcycle insurance policy may not insure you if you are doing anything illegal. For example, some may consider riding without a helmet an illegal act which may invalidate your policy.

However, liability insurance will pay for damage to others caused by your motorcycle accident, no matter what the cause. So contact us at Alliance Insurance Services to learn more about this situation and avoid serious financial difficulties.

What Types of Terrain Are Ideal to Drive an SUV On?

To properly take care of your SUV, you will want to be aware of your surroundings. Take for example that you’re driving through the snow in Arvada, CO. If the roads are slippery, then dropping the SUV down into four-wheel drive is a great choice to make. This can help ensure that you get to your destination safely. For now, let’s take a quick look at the different types of terrain that are ideal to drive an SUV on.

What Types of Terrain Are Ideal to Drive an SUV On?

When it comes to driving your SUV through different types of terrain, you first need to consider the type of drivetrain your vehicle has. Did you know that nearly 33 percent of the vehicles operated in the United States have four-wheel drive or all-wheel drive drivetrains? And while both types of drivetrains boast various benefits, they still differ from one another.

Years ago, to drop your SUV into four-wheel drive, you would have to exit the vehicle and manually make sure the front wheel hubs were locked. Thanks to advancements in technology, though, you can now simply press a button and your SUV will automatically put itself into four-wheel drive. Putting your SUV into the four-wheel drive is especially advantageous when driving on terrain that is covered in snow or ice. It is not ideal, though, for driving on terrain that requires you to make sharp turns and abrupt stops.

An SUV that is the all-wheel drive is generally far more ideal on terrains that require you to make sharp turns than a vehicle with four-wheel drive. However, it is important to understand that all-wheel drive SUVs do not come with low-range gearing, meaning they are not ideal for off-road use.

Protect Your SUV Today

Whether you have an all-wheel drive or four-wheel drive SUV, you will want to travel the roads safer by making sure you have proper insurance coverage. Contact Alliance Insurance Services serving the Arvada, CO area to learn more about adding insurance to your SUV.