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If you only use your boat for a few months, you may ask whether you should maintain boat insurance all year through. If my boat spends most of the time parked, is it not sensible to cancel my insurance to save money? While canceling your boat insurance halfway may seem like a cost-saving strategy, it can be expensive in the long run. Compass Insurance in Centennial, CO has the answers as to why you should maintain boat insurance all year long.

Most risks don’t have an off-season.

You may be off the hook with collision risks, but your boat isn’t safe from perils like fire, theft, falling objects, and vandalism even though it’s parked. That said, please invest in boat insurance all year through to protect your boat in and out of the water.

It may be required

If a loan finances your boat, your lender will likely require you to invest in boat insurance all year through. Always read through your loan agreement to see your obligations regarding boat insurance.

For peace of mind

If you don’t have boat insurance, you will likely worry about perils that may damage your boat. And even if you have home insurance, coverage is only up to $1,000. I am sure your boat costs more than this. If you don’t want to spend sleepless nights thinking about your boat, please invest in boat insurance.

It’s cost-effective

Most insurance companies entice policyholders with reduced deductibles for every claim-free year. If you cancel your boat insurance halfway through, you will end up paying the full amount of deductible. Also, think about the cost of repairing or replacing your uninsured boat. Will your savings for not paying for your boat insurance be sufficient to cover the financial loss?

You don’t need all the boat insurance policies when your boat is parked. You can maintain comprehensive coverage but strike out liability and emergency coverage policies. If you are still unsure how to manage your boat insurance policy in Centennial, CO, please get in touch with Compass Insurance.

When you’re in business, having the right insurance coverage is essential. If a natural disaster hits your area and causes damage to your property or business assets, your financial security could be at risk.

You should always have a plan.

Compass Insurance recommends having a business continuity plan as the first step in preparing for any emergency.

Your plan should include the following:

An assessment of how to deal with the disruption and its financial impact on the organization.
A procedure for communicating with employees, customers, vendors, and other stakeholders after an emergency. This includes providing information about how they can obtain assistance (such as temporary offices).
A strategy for data backup procedures that protect systems from damage during disasters and ensure minimal downtime after one occurs; also consider investing in mobile technology, so it’s easier to access your files when needed!
A disaster recovery plan outlines how much time will be lost due to its effects on operations – this way, there won’t be any surprises later down the road when work starts up again.

Know what your insurance covers.

Secondly, knowing your commercial insurance policy covers is key to your Centennial, CO business’s survival. Ensure you are covered for any additional costs outside your business liability. Many companies overlook how their expenses will change after experiencing a natural disaster. For example, utility providers unable to restore services immediately due to downed power lines and poles due to strong winds may pass those charges on to businesses. Or you may need a temporary location while service is restored.

In the End

If you aren’t sure what your policy covers, one of our business insurance specialists at Compass Insurance will be happy to review your current coverage to ensure your business is protected should a natural disaster strike Centennial, CO.