Month: October 2021

Who Needs Boat Insurance in Colorado?

Posted on by AgentInsure

If you own a boat or are about to buy one, you can be sure about fun-filled days in the water. But as you bask in the beauty of Colorado waters, you need to think about boat insurance. But who needs boat insurance? While boat insurance isn’t mandatory in Colorado, your lender might require you to purchase a basic boat insurance policy until you pay off your outstanding loan. 

However, it’s not only those whose boat is loan-financed who need boat insurance — every boater needs boat insurance from Compass Insurance of Centennial, CO, regardless of the season or the type of boat. 

Why do you need boat insurance?

Then, if everyone needs boat insurance, how does it benefit me? We are glad you asked. Investing in boat insurance yields the below advantages.

Liability protection

While boating accidents aren’t as common as auto accidents, they can still occur. And when they do, you might be held responsible for bodily injury and property damage you cause to others. And since these costs can be expensive, you need boat insurance to bail you out.

Peace of mind

A time in the water should be worry-free. But how can you be relaxed without boat insurance? Watercraft insurance ensures that your time in the water is hassle-free — you don’t have to think about water accidents as they are taken care of by your coverage.

Asset protection

Whether you own a sailing boat, fishing boat, or personal watercraft, it has cost you money. And just like any other investment, you would want to protect it from risks like fire, theft, and so on. Thankfully, comprehensive and collision coverages of your boat insurance repair or replaces your boat following an accident. 

Buy boat insurance today!

As you enjoy Colorado waters, you need boat insurance to sail with you. If you are in Centennial, CO and its environs, don’t hesitate to contact Compass Insurance for an affordable quote. 

What Types of Commercial Insurance Does My Centennial, CO Business Need?

Posted on by AgentInsure

At Compass Insurance in Centennial, CO, we stand ready to assist you with all of your commercial insurance needs. Colorado requires all businesses with one or more employees to carry worker’s compensation insurance. Additionally, nearly all businesses must carry professional liability insurance. Moreover, companies transporting material goods, people, or hazardous materials must have a commercial vehicle insurance policy, even if employees use their personal vehicles to perform work-related tasks.

Worker’s Compensation

Even businesses with as few as one employee other than the business owner in Colorado must pay workers’ compensation insurance. Notably, a few exceptions exist for independent contractors. Nevertheless, the state assumes employee status unless you provide complete autonomy of working conditions AND the worker owns a business that performs the tasks you require of them.

Commercial Vehicles

Any motor vehicles that carry material goods, people, or hazardous materials within the state or between states must purchase a commercial vehicle insurance policy, even if the employee uses a personal vehicle to conduct business.

Professional Liability Insurance

Colorado requires professional liability insurance to cover contingencies such as malpractice, nonperformance, or allegations of shoddy construction, as well as errors and omissions on contracts. Healthcare professionals, lawyers, building contractors, and architects fall into this category. 

Other types of commercial insurance, while not required by the state, nevertheless provide an added layer of protection for your company. These include employment practices liability, which protects your firm from allegations by disgruntled employees. In addition, ransomware attacks, an ongoing threat to internet security, oblige companies to purchase policies covering data breaches and denial of service attacks. In addition, some policies specifically address losses from crimes committed against your business, including injury to employees. Finally, business disruption policies cover catastrophic losses. Call Compass Insurance in Centennial, CO today!