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.  

The Importance of Business Interruption Insurance in Centennial, CO

Many commercial insurance policies are not as comprehensive as some clients need them to be. The professional agents at Compass Insurance understand the complexities that can come with obtaining the appropriate policy for business entities in the greater Centennial, CO area. Business interruption insurance often goes overlooked, and is not thought about until it is too late. Don’t let this happen to your business.

Business interruption insurance is helpful in cases where:

  • Loss or damage to the firm’s headquarters or other building that prevents the company to operate as normal,
  • Destruction of inventory or the means of conveying products to market, and
  • Theft of intellectual property or other disruptions to the firm’s products and market knowledge.

Appropriate business interruption insurance can make the difference between weathering a storm and having to fold your business. Additionally, many small business owners utilize personal assets, such as their home, to secure financing for their firms. Do not let an unforeseen situation cause your family to lose their home! Base-level commercial insurance policies may not provide the protection that you would be necessary to overcome many of life’s unforeseen obstacles.

Our agents recommend annual insurance policy reviews in order to determine if your coverage is growing with your business. As businesses grow and change, their insurance needs may also require adjustment. If you are just starting out and are looking for a comprehensive business policy, or you want ot ensure that your current coverage is adequate, the agents at Compass Insurance can provide the guidance you need.

If you are a business owner in the greater Centennial, CO area, the Compass Insurance company is here to help! Business interruption insurance can help give you the peace of mind that comes with knowing that your business will be protected.

Livery Drivers Consider Your Commercial Insurance Needs

With the advent of so many new competitors in the livery market, it is important to make certain that you are protected in the event a point of liability occurs. At Compass Insurance located in Centennial, CO we place you in the right location to satisfy all of your insurance needs – right here with us.

At times prospective delivery drivers are so eager to hit the road and make the money they need to live their lives that they do not properly consider the liability they may encounter on that open road. That is the job of a good insurance agent. Your job is to trust them to steer you in the right direction.

Companies that sponsor delivery drivers may thrust a contract at you and have you sign before you are out on the road making money for them and for yourself. Wait – put the brakes on. Chances are your personal automobile policy does not cover all points of liability when you are driving for commercial sake – i.e as your business. 

We have just the package to fit your entire lifestyle. At Compass Insurance we specialize in auto, homeowners and commercial insurance. In addition because we are also residents of the gorgeous state of Colorado we offer "other" insurance. Come in to our offices in Centennial, CO where we can discuss your "other" baby – you know  – your outdoor buddy – your boat, your ATV your RV. Compass Insurance is the right direction, (pun intended) for wherever you are going to. 

Facts About Commercial Liability Insurance In Centennial, Colorado

Insurance comes with a myriad of benefits in terms of protecting you from losses arising from certain risks. In Centennial, CO, if you are starting a business or own one, getting a commercial liability insurance, also known as general liability insurance or commercial general liability insurance is a wise investment. This type of insurance will protect your business assets as well as pay for a range of liabilities.

Here are some key facts about this insurance that you should know about.

Need For A Commercial Liability Insurance
It is not mandatory for you to obtain a commercial liability insurance for your business in Centennial, CO. However, even if you believe you are unlikely to face any claims, the litigious environment in which businesses operate make it necessary to obtain this insurance.

Purchasing The Commercial Liability Insurance
The typical way to obtain your commercial liability insurance in Centennial, CO is to purchase it on its own. However, you can also have it included as part of your business owner’s policy. This combines both property insurance and the commercial liability insurance into a single policy. However, it is important to find out the limit of the commercial liability coverage in the business owner’s policy. With the two insurance covers bundled together, the limit for the liability insurance may be quite low, which means you will have to consider additional coverage through a different policy.

Assessment Of Coverage Needs And Premium Costs
Your type of business will determine how much cover you need it terms of its associated risks. Your insurance premiums will also be based on factors such as the type of products or services you provide and the history of your claims.

For more information on commercial liability insurance in Centennial, CO, visit Compass Insurance.



Does Commercial Insurance Cover Inventory?

When it comes to owning a business there are some serious issues that you need to keep in mind. Especially for those businesses that have physical inventory to sell, what your commercial policy covers is sort of a big deal. If you have a commercial policy, odds are it covers a great deal more than you might even realize making it a great investment for those that want to keep their business safe and for those that want to make sure they are covered in the case of any issues. For those that live in the Centennial, CO area, the agents with Compass Insurance can help you to find out just what your policy covers.

For the most part, a commercial policy is going to cover things like damages, employee injury, lawsuits that might be leveled against the business, and the inventory that is in the business. Since your inventory is such a huge part of any business that sells merchandise, it is important that your commercial policy cover any damages, theft, or destruction of your inventory so that you can get back to working even if something happens.

The goal of commercial insurance is to make sure that you can get back to work even if something happens that is catastrophic. Say your business is damaged by fire. Your inventory might be lost but your commercial policy is going to help you get the money you need to get your items back or to remake them so that your business can get back to work despite anything that may have happened. Commercial policies are a must for many businesses. If you live in the Centennial, CO area, the agents with Compass Insurance can help you find the policy that is going to fully protect your business no matter what.