Month: January 2019

Is Boat Insurance a Legal Requirement in Colorado?

Posted on by AgentInsure

When the spring thaw comes many people will be considering buying a boat or enjoying the one they have stored for the winter. Boating is a great way to enjoy the great outdoors in Colorado, however, it is important that you stay safe and up to date on the newest regulations. At Compass Insurance we want you to have the most fun this summer on your boat, but safely so your person and your property is not damaged in the process. We serve Centennial, CO and the surrounding area with quality insurance for all aspects of your life. 

Is Boat Insurance Required, Legally?  

In the state of Colorado, you are not legally required to carry boater’s insurance in order to operate your boat or to receive a registration. However, due to the nature of the sport, it is highly recommended that you insure your boat for your own safety net in case something occurs on the waters. There is nothing like losing your property to halt all fun, or being liable for someone else’s property in an accident. Boater’s insurance can have your back if something goes wrong on the water.

Boating requirements do include the rule that you must be registered with the state and receive a registration number that is displayed on the vessel. A Boater education card proves you took the courses for safety and knowledge of state laws. Be sure to do these two things and legally you can enjoy the water. However, insurance is always the best idea. 

Contact us at Compass Insurance to find out about boat insurance rates and what sort of coverage you want. We serve Centennial, CO and the surrounding areas. 

When is Commercial Insurance Required?

Posted on by AgentInsure

If you are the owner or manager of a business, you will need to make important decisions and choices on a daily basis. One important decision that business owners need to make is when they decide on insurance for their company. Having commercial insurance is a good idea for all Centennial, CO businesses, but there are several situations in which it is actually a requirement for a business to have. 

When Employees are Hired

Most states have requirements when it comes to having workers compensation insurance and Colorado is no exception. In this state, you are required to carry workers compensation coverage if you have one or more employees. This will give adequate coverage if someone is injured while they are working. If you do not have this type of coverage in place, you could face stiff penalties. 

Lender Requirements

Most businesses would benefit from having positive banking relationships. If you ever need to take out a commercial loan, the lender will undoubtedly require that you carry commercial insurance at all times. This will typically include carrying property insurance to protect their collateral and liability insurance to protect you against liability-related lawsuits.

Local Ordinances

Depending on the type of business you operate and where you work, local zoning boards may also require that you carry liability coverage. Violating this requirement could prevent you from doing business in that town going forward. 

Since there are clear requirements when it comes to having commercial insurance, it is important that you speak with a company that can help you to decipher your commercial insurance needs. One company that could help you to do this is Compass Insurance. The team at Compass Insurance can help any Centennial, CO area business figure out what their needs and responsibilities are when it comes to commercial insurance.