The Importance of Reviewing Your Commercial Insurance Needs Annually

As a business owner, there are a lot of things that you need to keep top of mind. You are always thinking about the financial state of your business, the health of your revenue stream, the perception of your brand, and more. When was the last time you gave your commercial insurance coverage a good look, though? It is important to get in the habit of reviewing your commercial insurance coverage needs on a periodic basis.

When you think about your business, chances are things that change at a rapid pace. There is always going to be fluctuation in what you do, how you do it. The employees will change, your office location will alter, product offerings differ, etc. With all of these changes, what you can expect to see if a shift in terms of the risk exposure which you have.

A change in risk exposure is something you need to be aware of as a business owner as you need to alter your approach to commercial insurance. The coverages that you had last year may no longer be applicable in the coming year ahead. This is why you want to be sure you are reviewing what you have for commercial insurance on a periodic basis.

You want to be working with your commercial insurance agency in order to get a good understanding of your insurance needs. There are so many businesses in Centennial, CO to compete within the market and to ensure you are stable and can recover from losses, insurance is a must. If it has been a while since you have taken a look at your commercial insurance coverage, it is time to get a refresh. Reach out to the Compass Insurance agency to begin your review today.

How Do Centennial Businesses Benefit from Commercial Insurance

The city of Centennial, CO is well known for having a great local economy and plenty of tourist traffic. Due to these factors, it can also be a great place to start and own a business. While there is a lot of potential for success in this area of Colorado, business owners should still make sure that they have a quality commercial insurance policy. A full commercial insurance policy can benefit a company in many different ways. 

Reduces Your Concern of Liability

All business owners are going to take the proper steps to ensure they deliver quality and safe produce. However, accidents do happen from time to time. In these situations, the business owner could be found liable if a customer suffered an illness or bodily injury. When you have a commercial insurance policy for your company, it will give you coverage for liability. This will drastically reduce your liability risk.

Covers Your Company Assets

To get your business up and running, there is going to need to be an investment in inventory, equipment, and other assets. Businesses that lose these to theft, fire, bad weather, or another unforeseen issue could be financially devastated. Due to this risk, you need to keep a full commercial insurance policy at all times. This insurance will protect you and make sure that you continue to have financial support if your business assets do incur these types of losses.

Those that are in the Centennial, CO area will find that choosing the right commercial insurance policy can be complicated. Because of this, it will make sense to work with a seasoned insurance professional to choose a good policy. Compass Insurance is a great resource for anyone in the area. Compass Insurance will explain all of your options and help you to get into a good policy. 

Why a Centennial Business Needs Commercial Insurance

There are many different reasons why people will want to start their own business. When you are looking to start your own business, Centennial, CO is a great place to do as it has an amazing local economy. To ensure that you are properly protected when starting a business, having commercial insurance is beneficial. There are several reasons why you should have commercial insurance when you are the owner of a business. 

Ensures Compliance 

One reason why you will need to have commercial insurance is that it will ensure compliance with a wide variety of agreements. Many different stakeholders in your company, including commercial lenders, vendors, investors, and even state regulators will require that you have commercial insurance. This is because having insurance will help to ensure you are able to stay financially solvent if there is an unexpected accident. 

Financial Stability

Most importantly, having insurance is a great way to ensure that you will stay financially stable. There are many unpredictable situations that could arise when you own small business. Whether it is theft, an accident that results in liability claims, or fire damage, you are always at risk of something happening to your organization. Fortunately, you also have the option of getting commercial insurance, which will help to protect your business and keep your organization running even when something bad and unpredictable comes up. 

Maintaining commercial insurance for your Centennial, CO area is always a very good decision. If you are going to own a business and want to learn more about your options for insuring your business, Compass Insurance is a great place to start your search. The team at Compass Insurance will help you to find a policy that will properly protect your business assets and minimize liability. 

Additions to Customize Your Commercial General Liability Policy

General liability insurance from Compass Insurance protects your business from court-ordered costs associated with the use of your products and services. Your policy helps pay for medical costs, repairs, and replacement of others’ property.

However, your general liability coverage has some serious limits that could leave your Centennial, CO business vulnerable. Here are some additions to your policy that decrease specific risks to your commercial operation.

Liquor Liability

For establishments that sell alcohol, this policy addition helps pay for legal costs associated with the use of their product. From a destructive and inebriated client to partial liability for damages that occur as a result of consuming alcohol, this coverage is important for bars, eateries, and manufacturers.

Pollution Liability

Your manufacturing plant makes more than items for sales purposes. It also makes chemical and material byproducts that can pollute the air, water, and land around your production plant. Pollution liability helps pay for damages and clean up associated with runoff and debris from your production facility.

Director’s Liability

Running a corporation isn’t easy. Your decisions as a board member can sometimes have unforeseen effects. When things don’t go as planned, a director’s liability policy ensures you can defend yourself in court without risking your personal wealth. This coverage is designed specifically for corporate officers.

Errors and Omissions

The business world relies on contracts to keep everyone honest, open, and prevent problems between partners. However, we are all human and prone to mistakes. Don’t let a momentary lapse of memory derail your entire business plan. An errors and omissions clause protects you from incomplete or erroneous information in your business contracts.

Compass Insurance carries commercial policies for businesses in the Centennial, CO area. Contact our agents to learn how to customize your general liability coverage to match your business goals and style.

Does Commercial Insurance Cover Weather and Flood?

Commercial insurance offers a huge range of coverage for nearly anything you could imagine. That being said, there are some things that it does not cover. Your commercial policy is going to cover a large number of different occurrences from things like an injury to employees to theft of merchandise. If you live in the Centennial, CO area, the agents with Compass Insurance are ready and waiting to help.

Between weather damage and flood, commercial insurance only covers one of the two techniques. Commercial insurance covers weather damage to your building but in some cases might cover flood that is associated with that damage. It does not, however, cover flood that is associated with general flooding. A good way to look at this is to consider a scenario. Say your business was damaged by a storm that tore a hole in the roof, your store then flooded because of the hole and you had to do extensive water clean- up, this would be covered on your commercial policy. Similarly, your commercial policy would also cover flooding associated with something like a burst pipe in your business. It does not cover flooding that is associated with general flooding.

Your commercial policy covers a great deal and it is always best to speak with an agent about what your policy covers and what you can expect if you have to file a claim on your insurance. Your agent can discuss with you what your policy covers and what it does not cover so that you can get a better idea about what your policy is for. If you live in the Centennial, CO area, the agents with Compass Insurance can help to get you the policy you need and can help you determine what policy you need.

When is Commercial Insurance Required?

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. 

3 Things You Need to Know About Commercial Insurance

How do you protect your business in Centennial, CO from risk? If you own a business in Colorado, you need to protect it regardless of whether it is big or small. Get the help of reputable insurance agencies such as Compass Insurance. They will work with you to find the most appropriate quote depending on the needs of your business. The following are some important facts about commercial insurance.

You Need Commercial Insurance When You Run a Home-Based Business

If you run your business from your home, you may falsely assume that your homeowner’s insurance covers you. That is not true. You need insurance to cater to your business needs. If, for example, you need to make deliveries to your clients, you need commercial auto insurance for your vehicle. You need insurance for your business property and equipment too.

Commercial Insurance Does Not over Criminal Activities

Your commercial liability insurance may offer you protection for accidental damage to other people’s property. It also covers you if third parties get injured your business property. It, however, does not cover your business if you or your employees commit intentional acts of crime such as fraud, theft, or assault.

You Can Get Coverage to Suit Your Industry Needs

Different industries face different types of risks. What may be the perfect coverage for one business is not necessarily suitable for another. Your Colorado insurance agency can write a quote for you depending on the needs of your business. Commercial insurance covers you against different risks depending on the risks that your business faces.

Get your quotes for commercial insurance in Centennial, CO from Compass Insurance. They have a team of attentive and professional agents who will help you find the most appropriate quotes for your business.

Why Your Business Needs Commercial Insurance

Every business owner understands the fact that running a business comes with numerous inherent risks that you can’t avoid. A natural disaster could destroy your business property, or your customer could file a lawsuit against your business leading to significant financial losses that could even bring down the entire company.

Therefore, commercial insurance from Compass Insurance is necessary to protect your business and personal assets against such worst-case scenarios that could occur. Here are some of the top reasons why your business requires commercial insurance.

It’s the Law

The law in most states across the US requires all businesses to have specific types of insurance depending on the size of the business. For instance, your business is expected to have a liability insurance policy to cover the medical bills of your clients who may get hurt at your business premises.

Failure to carry the legally required business coverage could result in hefty fines, exclusion from the public contracts, and a possible jail term. So, before you think of any other benefit, think about the legal implications if you fail to purchase a commercial insurance policy for your business in Centennial, CO.

To Protect Your Business Property and Assets

The other reason why you should purchase a commercial insurance policy from Compass Insurance is that it protects your business property from disasters and theft. Remember the fact that some of your business equipment is expensive to acquire and without the necessary coverage; you could find yourself in a mess when the worst happens. 

The property insurance coverage is also designed to protect your business premises and everything inside the building. This coverage will protect your enterprise from losses associated with some of the expensive business equipment when the damage is caused by an external covered event.

The Other Party May Not Be Insured

What is the first thing that comes to your mind when the negligence of another person damages your business property? You hope that the responsible party has sufficient insurance to cover the damage. But, what will happen if this isn’t the case? You will need your commercial insurance coverage to help you cover the loss.

Are you a business owner in Centennial, CO? Contact us today for a client-friendly commercial insurance policy.

How Much Commercial Insurance Do I Need?

If you own a business, there are many different important decisions that you will have to make. One of the most important decisions that you will have to make as a business owner is the decision to buy commercial insurance. There are several factors that you will need to take into consideration when trying to determine how much commercial insurance you need.

Workers Compensation

One of the most important types of insurance that you will need for your commercial insurance policy is workers compensation. For businesses in the Centennial, CO area, as well as the rest of the state of Colorado, having workers compensation insurance is in place if you have one or more employees.  You will want to have enough coverage to ensure it comfortably covers your employee’s medical bills if they are injured.  

Liability Needs

When you are trying to determine how much commercial insurance you need for your business, you also need to consider your liability risk.  All businesses are taking on liability when they serve customers and have anyone to their place of business.  The amount of liability insurance protection you should have will need to be based on the potential loss that you could incur if someone is injured using your product or service. 

For those that are in the Centennial, CO area, choosing the right type of commercial insurance and the right policy amounts is a big decision.  While a business owner wants to make sure they have good coverage, getting too much is a waste of money.  For those that are looking to better understand their commercial insurance needs, speaking with Compass Insurance would be a great option.  Compass Insurance will help to explain to you what the right types of coverage and policy limits are based on the risks of your business. 




Does Commercial Insurance Cover Fire?

Commercial insurance is a great idea for anyone that has a commercial property of any type. It is important that you take the time to really understand what your commercial policy covers so that you can be sure your property is fully covered. For those that live in the Centennial, CO area, the agents with Compass Insurance can help you find the right commercial policy and see just what it covers.

All in all commercial policies are pretty inclusive and cover a huge range of instances. This is to protect your business from all that may happen to it. Things like theft, vandalism, storm damage to the building and even injury to employees are all covered by a commercial policy. For those that do have a commercial policy, fire is also covered. Fire is covered to help protect the building as well as the contents of any one building.

This is to protect business owners so that they are not responsible for repayment entirely on their own. Most commercial policies will also help cover the cost of repairing and cleaning up after a fire as well. These policies will help you to replace inventory that is lost as well as any repairs that need to be done to the building following a fire. It may also help cover any injury that occurs during the fire if there are people inside and it can also help to cover other expenses that are associated with the fire and the clean up to get your business back to working order.

For those that live in the Centennial, CO area, the agents with Compass Insurance can help you to determine what your policy covers and what type of extra coverage you may need to help keep your commercial property fully covered and safe.