Do I need boat insurance in Centennial?

Those that are in the Centennial, CO area will likely enjoy the beautiful weather that exists for much of the year. While Colorado is known for snow, the entire Denver area can also enjoy long and warm summers. If you want to enjoy your summer as much as possible, you should consider getting a boat. If you are a boat owner here, there are several reasons why you may also need to have a boat insurance policy. 

You Have Taken Out a Loan

One reason that you may need to have boat insurance when you are in Centennial is if you have taken out a loan. Buying a boat is a big purchase and due to this, it is common to finance it with a loan. If you do take out a boat loan, the lender will have insurance obligations that need to be met. This will help to protect their collateral in the event the boat is damaged or stolen.

You Want to Use Certain Water Access Points

Boat owners that want to use certain marinas or waterways in and around Centennial will need to have a full insurance policy. The water access points will want you to have liability coverage as it will ensure you are able to pay for damages if you cause an accident. In some cases, you may need to provide evidence of coverage prior to using the space. 

Anyone that owns a boat in the Centennial, CO area should get a proper boat insurance policy. If you are looking for a new policy here, you should reach out to the team at Compass Insurance. When you call Compass Insurance, you can learn a lot more about how you can protect yourself with boat insurance. It can then help to ensure that you remain properly protected at all times. 

Are third liability claims covered by commercial insurance?

What is commercial insurance?

Suppose you are wondering what would be a suitable insurance cover for your business; well, commercial insurance is a policy that covers your business against financial liability arising from damage to business property or injuries on your employees. At Compass Insurance in Centennial, CO, additional coverage may be provided upon request to cover business interruption, equipment breakdown, or workers’ compensation.

What factors to consider when purchasing commercial insurance?

  • Whether the business owns or leases property

Where a business leases property, the risks involved are higher. You must disclose this to our Compass Insurance agents to ensure your property is analyzed for all possible risks and fully covered.

  • Gross annual revenue

Have in mind the impact of loss should the business have to stop operations for some time. This could be a result of property damage or employee injury. 

  • Location

Your business may be predisposed to certain risks based on its location. A business near manufacturing companies or construction sites faces the risk of fire or property damage.

Types of commercial insurance

  • Workers compensation

This will cover your employees against injuries, supports medical expenses, and wage compensation should an employee not be in a position to work.

  • Commercial auto insurance

This covers your autos against thefts, break-ins, or accidents.

  • Third-party liability insurance

This covers injuries caused by third parties while on your property. This may include lawsuits and claims against the business that may exceed regular policies and are difficult to predict.

Benefits of commercial insurance?

  • Business continuity

Commercial insurance will ensure business continuity through compensation, where business operations are interrupted.

  • Cushion from financial obligation

Destruction of the property could result in substantial financial liability. Having a commercial insurance policy cushions you against such financial liability.

Please speak to our Compass Insurance agents in Centennial, CO, who will customize a policy that will meet your needs or visit our website for more information.

Home Insurance for New Homeowners

Maybe you’re buying a new home for the family, or you’re purchasing your first-ever home in Centennial, CO. Either way, if you’re a new homeowner, you need homeowners insurance. If you’re new, it can be hard to know what home insurance covers and what policy is right for you. Learn the in’s and out’s of home insurance with the experts at Compass Insurance. 

What Does Home Insurance Cover? 

Home insurance provides you with financial protection in the event that your home sustains damage from an accident or other type of incident. Since new homeowners may be unfamiliar with home insurance protection, here are some areas in which you can receive coverage with home insurance: 

  • Property damage
  • Damage sustained from a natural disaster
  • Liability
  • Injury 
  • Damage of another person’s property
  • Other structures on your property

These are just some of the areas in which home insurance can provide coverage. The specific coverage types and coverage amounts will depend on what home insurance policy you choose. To find the right home insurance policy for you, visit Compass Insurance for a consultation. 

Why Is Home Insurance Important?

Home insurance doesn’t just provide your home with protection, but it gives you relief from the fear of not being covered. Life can be unpredictable, and your home is your best investment. You want to do everything in your power to make sure that your home is properly protected. It’s always better to have coverage and never need it than it is to never have coverage and need it one day. 

Protect Your Home with Compass Insurance

When it’s time to choose a home insurance policy to protect you and your family, visit Compass Insurance to find the right policy for you. Our office serves the Centennial, CO area, and you can contact us online or over the phone to receive your consultation. 

5 Important Facts Every Driver Should Know about Auto Insurance

If you drive a car in Centennial, CO, you’re required to have auto insurance. Auto insurance is designed to protect you against mishaps that can occur during your travels. At Compass Insurance, we can help you obtain the right auto coverage for your lifestyle. Here are some important auto insurance facts every driver should know.

Auto Liability Coverage is Mandatory

Auto liability coverage is mandatory in most states and Colorado is no exception. Liability insurance pays for injuries and vehicle damage to other drivers in accidents that are your fault. Collision, comprehensive, and uninsured motorist (UM) coverage are optional.

Auto Policies Offer Various Types of Coverage

In addition to liability insurance, auto policies offer collision, comprehensive, UM, and roadside assistance coverage. Collision insurance covers collision damage to your car. Comprehensive covers theft and damage from non-collision sources. If you’re hit by an uninsured driver, UM coverage helps pay for your repair costs. Roadside assist covers towing and minor repairs if you have a breakdown on the road.

You Can Customize Your Auto Policy

Auto policies can be customized by being selective in your coverage. Customized coverage gives you more accurate protection for your lifestyle. It also helps reduce auto insurance costs.

Cheap Insurance Isn’t Always the Best Option

Cheap insurance may be lacking in the essential protection you need. Inadequate coverage could cost you more in the long run as you may have to pay for injuries or damages out of pocket. We don’t recommend you compromise coverage for the cost.

Auto Insurers Aren’t All the Same

Insurance companies vary in their coverage, services, and costs. By working with a reputable insurer, you’re more likely to receive quality coverage and services at reasonable costs.

To purchase the auto coverage you need in Centennial, CO, contact your Compass Insurance agent today.   

What is Toy Insurance?

Put simply, toy insurance is insurance for your expensive toys. It often refers to toy collectibles or recreational vehicles like ATVs. Toy insurance gets its name because the items it ensures are for fun instead of necessity. This puts them in different risk categories than things with a more utilitarian purpose. At Compass Insurance in Centennial, CO, we offer the financial protection you need for your favorite toys. 

Collectible Toy Insurance 

 Toys aren’t always frivolous. Many people purchase collectible toys as an investment. They may grow the collection and sell it later at a profit. Still, others do it for love and nostalgia. Regardless of the reason, these items are valuable. It’s important to protect your financial investment with toy insurance. These items might be covered under your home insurance policy, but the coverage limits for personal items are generally low. Homeowner’s insurance isn’t designed to protect very valuable personal items, which is why separate policies exist for valuables. 

Recreational Toy Vehicles

Recreational vehicles are very fun to own, but they do create unique risks. If you run into someone’s golf clubs and damage them with your golf cart, you are liable for the damages.

A few examples are:

  • Your ATV destroys a farmer’s fence
  • Someone gets seriously injured in an accident on your snowmobile
  • Your Jetski crashes into a boat

Liability insurance is essential for peace of mind when you are out enjoying your toy. 

However, many toy owners also choose property coverage. Property coverage covers damage to your recreational toy if there’s an accident. It may cover damages related to other things as well, like vandalism or storm damage. If you have a lien on your toy, your lender will likely require property insurance. Even if you own it free and clear, full coverage is wise if you can’t easily afford to replace your toy. 

If you own a toy in Centennial, CO, contact us at Compass Insurance. We can provide the right coverage for your toy, so you can enjoy it worry-free. 

Three things to know about motorcycle insurance in Colorado

Colorado motorcycle riders need to meet certain insurance coverage requirements to ride legally. At Compass Insurance, we can offer insurance policies that allow motorcyclists in Centennial, CO to meet their legal responsibilities.

The following are three things to know about motorcycle insurance in Colorado to meet state insurance requirements.

Colorado motorcyclists are required to carry bodily injury coverage.

In order to meet state coverage requirements, a motorcycle insurance policy in Colorado needs to offer $25,000 in bodily injury coverage per individual. Total bodily injury coverage per incident needs to be at least $60,000.

Colorado motorcyclists are required to carry property damage coverage.

Another requirement in Colorado is the property damage requirement. State law requires at least $15,000 in property damage coverage for a Colorado motorcycle insurance policy

Any other type of coverage in Colorado is optional.

There are numerous other types of coverage that Colorado motorcyclists can consider. For example, a Colorado motorcyclist might want to invest in collision coverage. This type of coverage will cover the costs of damages to the policyholder’s own bike.

Another option is uninsured motorist coverage. This provides added coverage for a situation where a motorcyclist gets in an accident with a motorist who is not carrying insurance.

Although Colorado motorcyclists have the option to purchase these other coverage types, they are not required to under state law. However, many of these optional coverages are a good idea for motorcyclists looking to protect their assets. 

If you’re looking for motorcycle insurance coverage in Centennial, CO, get in touch with us! We can provide you with information on motorcycle insurance requirements in Colorado and help you find a policy that meets your needs. Contact us at Compass Insurance today!

3 Things to Do Before You Put Your Boat in Storage

Winters in Centennial, CO can be harsh. Putting your boat in storage is one of the best ways to protect it from the elements. The agents of Compass Insurance can provide you with important information on how to keep your boat protected while it’s in storage. Whether you store your boat at home or rent space at a storage facility, you will want to take a few precautionary steps to keep your boat in good condition until next season.

Winterize Your Boat

Winterizing your boat makes sure that the motor won’t freeze during the cold winter months. You will need to drain the gas and other fluids to ensure that no water gets in the lines. It’s also a good idea to give your boat a good cleaning both inside and out. Polish the exterior and wipe down the interior thoroughly. Disconnect the battery and remove it from the boat.

Cover It

Cover your boat with a canvas cover or tarp to protect the interior from falling debris. You can also shrink-wrap your boat if you would prefer to have a tight seal that will prevent moisture from getting inside.

Talk to Your Insurance Agent

Talk to your insurance agent and let him know your boat is in storage. You may be able to purchase a storage policy for the months that your boat won’t be in use.

Compass Insurance serves boat owners who live in the Centennial, CO area. When you are planning on storing your boat for the winter, a quick call to their office will ensure that your boat remains insured even when it isn’t dashing across waves on the lake. Just because your boat is in storage doesn’t mean you should forget it. Protect it all year long with the right type of policy!

Commercial Insurance Requirements in Colorado

If you own a business in Colorado, there are certain requirements you must meet when it comes to commercial business insurance. You will want to ensure that you are following these requirements to protect yourself, your business, and your employees.

Requirements for small business insurance in Colorado

Workers’ compensation insurance

In Colorado, if you have employees working for you at your business, you will need to obtain workers’ compensation insurance. This type of insurance is required for all public or private businesses and any person who performs work or services for your business is assumed to be an employee of your business and you must cover them. This type of policy covers medical bills for any injuries or illnesses that employees sustain as a result of working at your business.

Commercial Auto Insurance

Any vehicles owned for use by your business must be covered by a commercial auto insurance policy. In Colorado, you must have at least liability insurance in the amount of $25,000 for bodily injuries sustained by each person in an accident, at least $50,000 of bodily injury insurance per accident, and at least $15,000 of property damage liability insurance per accident. Personal vehicles that are used for the business should also be covered under this policy even though in Colorado it is not required.

Although other policies are not required in Colorado under commercial insurance, you should definitely consider them since your business is a huge investment and your livelihood. Those include general liability insurance in case someone is injured on your business property or is injured by a product you produce or sell. This will also cover someone who slips and falls at your business or other accidents that could happen.

To obtain the best possible commercial insurance policy for your business, you will need to enlist the help of an experienced and trusted commercial insurance agent like the ones at Compass Insurance in Centennial, CO. Call for an appointment today!

Auto Insurance Coverage Options for Centennial, CO Drivers

As a driver in Centennial, CO, you are required by law to have an active auto insurance policy. Some insurance coverage is mandatory while other insurance coverage is optional. Here is what you need to know about auto insurance coverage options for Centennial, CO drivers.

Auto insurance coverage for CO drivers include:

  • Bodily injury liability (BI)
  • Property damage liability (PD)
  • Uninsured/underinsured motorist (UIM)
  • Medical payments coverage (MPC or Med Pay)
  • Collision coverage
  • Comprehensive coverage

Bodily Injury Liability – If you cause an accident that results in a severe injury or death, bodily injury liability helps with paying for damages and other associated fees.

Property Damage Liability – If you damage someone’s property, including physical properties, such as garage doors, building, utility poles, and similar physical property, damage liability insurance covers these damage expenses.

Uninsured/Underinsured Motorist – If you are involved in an accident and the other driver does not have adequate insurance coverage, uninsured/underinsured motorist insurance covers medical expenses, and other associated fees.

Medical Payments Coverage – Medical payments coverage started in January 2009 and requires CO auto insurance agencies to offer this coverage. This type of insurance policy is not required by law, but if you do not want medical payments coverage, you must opt-out or it will be added to your premium coverage automatically.

Collision Coverage – Collision coverage handles the expenses associated with the damage done to your car as a result of a collision with another car, fire hydrant, or other objects. Collision coverage is not mandatory in CO, but it may be required by your bank if you have an active auto loan.

Comprehensive Coverage – Comprehensive coverage handles the expenses if your car is stolen or damaged by nature, such as hail, flood, wildlife, and similar instances. Comprehensive coverage, like collision coverage, is options but may be required by your bank if you have an auto loan. 

Here at Compass Insurance, we take pride in the excellent customer service we provide. Our customers are our priority. We offer a variety of insurance solutions for Centennial, CO residents, including auto, home, commercial, and other insurances. Contact us today to learn more about our company and the insurance solutions we provide.

What Home Upgrades Should I Tell My Insurance Provider About?

Whenever you perform a home upgrade you will improve the value of your property. Ideally, you’ll insure these upgrades just in case it is ever damaged due to a storm, fire, or other issues. While you’re not obligated to tell your insurance provider about your home upgrades some are more important than others. Here at Compass Insurance, we want to help educate you on home insurance and the ins and outs within these policies. So, if you’re looking to upgrade and live around Centennial, CO, here are some of the upgrades you need to consider informing your insurance provider about. 

Kitchen and Major Bathroom Renovations

If you make any kind of major kitchen and bathroom renovations you should tell your insurance provider. If your home was damaged you wouldn’t want to repair these out of pocket all over again, would you? Now, if you just update fixtures and the paint color you don’t need to, but anything that you spend more than several thousand dollars on is something you should likely discuss. 

Finished Basement

If your home has a basement and you finished it up you’ll want to contact your insurance provider. This drastically improves the value of your home. You should consider doing the same if you finished your attic. 

Update Your Home Insurance Today

It doesn’t matter if you currently have home owner’s insurance, there’s a good chance you can find a policy that better fits your personal needs as a homeowner. If you’re interested in shopping around and finding a new policy that covers your property our staff here at Compass Insurance is here to help. So, if you live in Centennial, CO we are happy to address all the questions and concerns you might have.