What are the risks of not carrying commercial insurance?

Operating your own business is not easy, and it is also expensive. One of the biggest expenses for any small business owner is commercial insurance. Therefore, many business owners decide to skip it and run their businesses without it. If you are one of them, you should be aware of the risks associated with operating a business without proper protection. Here is a list of them:

What Are The Risks Of Operating a Business Without Commercial Insurance?

The risks are the following:

  • Business interruption. If something unexpected happens, such as a flood or fire, and your commercial property and possessions are damaged, you will have to cover the damages yourself. Without proper business insurance, you will be left with interrupted business interruptions and financial consequences. 
  • Loss of property. One of the main risks of operating a business without insurance is losing your commercial property. Anything can happen to your commercial building; without business insurance, you risk losing it forever. 
  • Not protecting your employees. Workers’ compensation is an integral part of any commercial insurance. It takes care of employees if an accident happens and they are injured at their workplace. If you skip commercial insurance, you leave your employees without protection. 

Compass Insurance – Reliable Insurance Company Serving Clients In Centennial, CO

Are you a business owner operating your business in Centennial, CO, or any other nearby town in Colorado? Are you searching for a commercial insurance policy to protect your company, yourself, and your employees? Contact Compass insurance, a local company specializing in business insurance. We will help you find an insurance plan based on your insurance needs and budget. You are welcome to visit our office or give us a call. 

Your Livelihood Needs Protection – Get Commercial Insurance

Are you a business owner in Centennial, CO? Have you got your livelihood insured? If not, Compass Insurance can provide the protection you need.

But what is commercial insurance? Its coverage for corporations and businesses is designed to protect the business, its employees, and its ownership. This type of insurance comes in different configurations because of the many different needs of individual businesses.

There are many different types of commercial insurance. The most common are:

  • Business interruption insurance
    • You probably will lose revenue if your business operation is interrupted by a natural disaster, theft, or property damage. Business interruption protection covers events that may disrupt your earning ability. This coverage is ideal for all businesses as it is designed to return the business to its financial position before the loss.
  • Commercial general liability insurance
    • This coverage provides liability insurance for general business risks and should be the first type of coverage you should consider. It covers common threats such as property damage, medical payments, and bodily injury. You will be covered if your business is found to be responsible for a third-party injury or property damage.
  • Cyber liability insurance
    • You could face a lawsuit or lose revenue if you or a client is harmed by online activity. This coverage protects you from the four main types of risks depending on your scope of coverage: errors and omissions liability, media liability, network security liability, and privacy liability.
  • Property insurance
    • This provides coverage for your property and all the equipment. Tools, computers, desks, and other standard furnishings will be covered. It will also cover inventory.

Commercial insurance is necessary for all businesses, regardless of size. Let the insurance professionals at Compass Insurance answer any questions you may have or provide you with a quote. Contact our team today.

Is Your Business Protected from a Natural Disaster?

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. 

What Should I Do If I Have A Claim Under My Commercial Insurance Policy?

If you are a business owner, it’s important to know what to do if you have a claim under your commercial insurance policy. Commercial insurance policies can be complex, and it is vital to understand your rights and obligations in the event of a claim. In this article, we’ll discuss the steps that you should take if you have a claim under your commercial insurance policy.

1. Contact Your Insurance Agent or Broker

If you have a claim in Centennial, CO, the first thing that you should do is contact your insurance agent or broker. They will be able to help you navigate the claims process and ensure that you are taking the proper steps.

If you don’t have an agent or broker, you should contact the insurance company directly. Be sure to have your policy information handy when you call; they’ll need this to process your claim.

2. Notify the Insurer

Once you have contacted your agent or broker, they’ll notify the insurance company on your behalf. The insurer will then assign a claims adjuster to your case. The adjuster’s job is to investigate the claim and determine how much the insurance company should pay.

If you are dealing with the insurance company directly, you’ll need to notify them of the claim as soon as possible. You can do this by calling the claims department or filing a claim online. A reputable company such as Compass Insurance will promptly help you with the issue.

3. Cooperate With the Claims Adjuster

It’s crucial to cooperate with the claims adjuster throughout the process. They’ll need to gather information from you to assess the claim. This may include getting a statement from you about what happened and gathering documentation such as police reports or medical records.

The claims adjuster will also likely need to inspect the damaged property. This is to determine the extent of the damage and how much it will cost to repair.


If you have a claim under your commercial insurance policy, the best thing to do is to contact your insurance company or agent as soon as possible. They’ll be able to help you through the process and make sure that everything is handled correctly. If you have any questions, contact Compass Insurance. We’ll be more than happy to help.

Do all Centennial businesses need commercial insurance?

Those that are in the Centennial, CO area will find it is a good area to start a business. With the growth in the entire area and a strong economy, there is a lot of opportunities available. When you do start a company here, it is increasingly important that you get the right insurance for it. There are various reasons why a business in this area of Colorado will need to have commercial coverage. 

Coverage is Needed to Comply with Requirements

One of the reasons a business in this area of Colorado may need to get commercial insurance is that it is a requirement in order for them to comply with various insurance requirements. When you are going to start a business, you are bound to need financing, raise capital, and lease a place of business. Further, you will need to enter into various vendor and customer contracts. In many of these agreements, the other party will require that you carry proper commercial insurance to protect your organization.

Needed to Receive Valuable Support

A key reason that you should get a commercial insurance plan is so you can receive valuable support for your organization. A proper commercial insurance plan today will provide you with coverage for all of your core business assets and offer liability insurance support. These plans ultimately will help to protect your organization and can keep you solvent in some difficult cases.

There are a lot of reasons to get commercial insurance in the Centennial, CO area. As you are looking for a new plan here, calling Compass Insurance to start the process can be a good option. There are many factors to consider when you are looking for insurance support and Compass Insurance will offer any guidance you need to choose and build an ideal plan. 

Top 3 Risks Faced By Small Business Owners

Owning your own business brings with it a great sense of accomplishment and pride. It also brings with it certain risks as well. As a small business owner, it is important that you be aware of the risks you may face. At Compass Insurance serving Centennial, CO and the surrounding areas, we want to provide our clients with solid risk information so that they can make confident insurance choices. Keep reading to learn about the top 3 risks faced by small business owners. 


Liability is one of the top risks you will face as a business owner. Your company can be held liable for injuries that result on your property or as a result of using your goods and services. You can also be held liable for any damage or injury an employee may cause to a customer, their home, or their possessions. Facing a liability claim without the proper insurance could leave your company financially vulnerable. It is recommended that business owners carry sufficient liability insurance for this reason. 

Shut Down 

Another risk that business owners face is a shutdown. A shut down on your business could be the result of your place of business being damaged somehow, or from a threat posed against your place of business. Threats can include health threats, security threats, and weather threats. Any time your business must shut down, you lose money. You can protect against this with certain types of commercial insurance coverage. 

Property Damage

Another huge threat for business owners is the risk of property damage. If there is damage to your place of business because of fire, natural disaster, or burglary, the expense of repairs will come out of pocket unless you are properly insured. 

If you would like to learn about commercial insurance or any of our other insurance services, please contact us at Compass Insurance, serving Centennial, CO and the surrounding areas. 

Why Your Business Needs to Invest in Commercial Liability Insurance

Owning a business means you take on a lot of responsibility. After all, accidents can occur at any time and in any place. When an accident occurs in your place of business, you want to ensure that you—and your employees—are fully protected. With commercial liability insurance, you can rest assured that you’re protected, allowing you to worry a little less when it comes to employee injuries, legal expenses, and potential legal recourse.

At Compass Insurance, we offer commercial liability insurance for businesses of all sizes, shapes, and industries. As a Centennial, CO business, you may be curious about what this type of insurance coverage can do for you. Here are a few reasons you should invest in this business insurance coverage.

Cost of Injuries

Regardless of whether it is a slip, trip, or fall, you can get hurt in virtually any kind of work environment. In the event that an injury occurs in your workplace, there is the chance that there will be expensive medical bills involved. With commercial liability insurance, you can rest easy knowing that you’re protected from the financial burden of those bills.

Legal Expenses/Lawsuits

Should an employee feel they have just cause to pursue legal action against your business, commercial liability insurance will cover your legal fees.

Property Damage

Commercial liability insurance will cover any kind of damage to a property as a result of your business. For instance, if your products, services, or employees cause damage to the property, this insurance will cover the costs for repair or replacement.

The Future

If you are a small business, it often doesn’t take much to put your future in jeopardy. All it takes is a single unfortunate incident, such as a broken bone, to put your future at risk. The good news is that commercial liability insurance can protect your business as a whole, including your employees, profits, reputation, and future.

If you would like more information about commercial liability insurance and what type of business insurance is best for your Centennial, CO business, contact our team at Compass Insurance today to speak to one of our insurance agents.

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

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!

Required Commercial Insurance for Colorado Businesses

There are three types of mandatory commercial insurance for Colorado businesses, though not every business is required to have all three. If you have questions about commercial insurance and your business, contact us at Compass Insurance in Centennial, CO. 

Workers’ Compensation

This type of insurance is a powerful way to protect your business, as well as your employees, in case any of them were to get sick or injured at work. This type of insurance pays for their resulting medical bills as well as their lost wages if necessary after an accident. In Colorado, this insurance is required for all businesses that have one employee or more. This insurance helps your business in the event of an injury or illness at work and provides the funds for the medical bills so that your business doesn’t have to come up with them.

Commercial Auto

If a vehicle is at all used for work in Colorado, it is required to have a commercial auto insurance policy. The vehicle does not have to be owned by the company to require this insurance policy. It simply has to be used for work tasks. There are required minimums for bodily injury, property damage liability, and bodily injury liability. 

Professional Liability

There are a few professions that require the company to keep a professional liability insurance policy in place. This type of insurance covers errors and omissions that can come about while using your expertise as a part of your job. In Colorado, it is often required for those who work in the health field, but it is recommended for a few other professions such as architects and lawyers. 

Get Your Commercial Policies

If your business is in need of commercial insurance, call us today at Compass Insurance in Centennial, CO to find out more. 

What advantages come with commercial insurance in Colorado?

The Centennial, CO area continues to be well known for having a very strong local economy. Those that are going to live here could benefit from the economy by starting their own small business. If you would like to start a company in this area of the state, it is important that you get a commercial insurance plan. There continues to be a lot of advantages that come when you have commercial insurance coverage.

Liability Protection

A key advantage that comes when you get commercial insurance coverage is that you will get protection against the risk of liability. Any business will take on liability risk frequently. When someone is hurt through the use of your product or service, you could be held liable and would need to cover damages. With an insurance plan, your liability coverage will help manage this risk. 

Coverage for Business Assets

When you own a business there are bound to be assets that you will need to buy. Some common assets that you may need can include equipment, inventory, or even office furniture. Your business will continue to rely on these assets and losing them could be costly. Fortunately, with a commercial insurance plan, you will get the protection that is needed to repair or replace these items if they are stolen or damaged in any way. 

When you would like to get a commercial insurance plan and you are in the Centennial, CO area, you should reach out to the team at Compass Insurance. When looking for a new insurance plan, you may find that there are a lot of options, and picking the right one can seem confusing. Fortunately, the insurance professionals with Compass Insurance can make it easier for you by providing the guidance and support that you need.