What is Toy Insurance?

Put simply, toy insurance is insurance for your expensive toys. It often refers to toy collectibles or recreational vehicles like ATVs. Toy insurance gets its name because the items it ensures are for fun instead of necessity. This puts them in different risk categories than things with a more utilitarian purpose. At Compass Insurance in Centennial, CO, we offer the financial protection you need for your favorite toys. 

Collectible Toy Insurance 

 Toys aren’t always frivolous. Many people purchase collectible toys as an investment. They may grow the collection and sell it later at a profit. Still, others do it for love and nostalgia. Regardless of the reason, these items are valuable. It’s important to protect your financial investment with toy insurance. These items might be covered under your home insurance policy, but the coverage limits for personal items are generally low. Homeowner’s insurance isn’t designed to protect very valuable personal items, which is why separate policies exist for valuables. 

Recreational Toy Vehicles

Recreational vehicles are very fun to own, but they do create unique risks. If you run into someone’s golf clubs and damage them with your golf cart, you are liable for the damages.

A few examples are:

  • Your ATV destroys a farmer’s fence
  • Someone gets seriously injured in an accident on your snowmobile
  • Your Jetski crashes into a boat

Liability insurance is essential for peace of mind when you are out enjoying your toy. 

However, many toy owners also choose property coverage. Property coverage covers damage to your recreational toy if there’s an accident. It may cover damages related to other things as well, like vandalism or storm damage. If you have a lien on your toy, your lender will likely require property insurance. Even if you own it free and clear, full coverage is wise if you can’t easily afford to replace your toy. 

If you own a toy in Centennial, CO, contact us at Compass Insurance. We can provide the right coverage for your toy, so you can enjoy it worry-free. 

Three things to know about motorcycle insurance in Colorado

Colorado motorcycle riders need to meet certain insurance coverage requirements to ride legally. At Compass Insurance, we can offer insurance policies that allow motorcyclists in Centennial, CO to meet their legal responsibilities.

The following are three things to know about motorcycle insurance in Colorado to meet state insurance requirements.

Colorado motorcyclists are required to carry bodily injury coverage.

In order to meet state coverage requirements, a motorcycle insurance policy in Colorado needs to offer $25,000 in bodily injury coverage per individual. Total bodily injury coverage per incident needs to be at least $60,000.

Colorado motorcyclists are required to carry property damage coverage.

Another requirement in Colorado is the property damage requirement. State law requires at least $15,000 in property damage coverage for a Colorado motorcycle insurance policy

Any other type of coverage in Colorado is optional.

There are numerous other types of coverage that Colorado motorcyclists can consider. For example, a Colorado motorcyclist might want to invest in collision coverage. This type of coverage will cover the costs of damages to the policyholder’s own bike.

Another option is uninsured motorist coverage. This provides added coverage for a situation where a motorcyclist gets in an accident with a motorist who is not carrying insurance.

Although Colorado motorcyclists have the option to purchase these other coverage types, they are not required to under state law. However, many of these optional coverages are a good idea for motorcyclists looking to protect their assets. 

If you’re looking for motorcycle insurance coverage in Centennial, CO, get in touch with us! We can provide you with information on motorcycle insurance requirements in Colorado and help you find a policy that meets your needs. Contact us at Compass Insurance today!

3 Things to Do Before You Put Your Boat in Storage

Winters in Centennial, CO can be harsh. Putting your boat in storage is one of the best ways to protect it from the elements. The agents of Compass Insurance can provide you with important information on how to keep your boat protected while it’s in storage. Whether you store your boat at home or rent space at a storage facility, you will want to take a few precautionary steps to keep your boat in good condition until next season.

Winterize Your Boat

Winterizing your boat makes sure that the motor won’t freeze during the cold winter months. You will need to drain the gas and other fluids to ensure that no water gets in the lines. It’s also a good idea to give your boat a good cleaning both inside and out. Polish the exterior and wipe down the interior thoroughly. Disconnect the battery and remove it from the boat.

Cover It

Cover your boat with a canvas cover or tarp to protect the interior from falling debris. You can also shrink-wrap your boat if you would prefer to have a tight seal that will prevent moisture from getting inside.

Talk to Your Insurance Agent

Talk to your insurance agent and let him know your boat is in storage. You may be able to purchase a storage policy for the months that your boat won’t be in use.

Compass Insurance serves boat owners who live in the Centennial, CO area. When you are planning on storing your boat for the winter, a quick call to their office will ensure that your boat remains insured even when it isn’t dashing across waves on the lake. Just because your boat is in storage doesn’t mean you should forget it. Protect it all year long with the right type of policy!

Commercial Insurance Requirements in Colorado

If you own a business in Colorado, there are certain requirements you must meet when it comes to commercial business insurance. You will want to ensure that you are following these requirements to protect yourself, your business, and your employees.

Requirements for small business insurance in Colorado

Workers’ compensation insurance

In Colorado, if you have employees working for you at your business, you will need to obtain workers’ compensation insurance. This type of insurance is required for all public or private businesses and any person who performs work or services for your business is assumed to be an employee of your business and you must cover them. This type of policy covers medical bills for any injuries or illnesses that employees sustain as a result of working at your business.

Commercial Auto Insurance

Any vehicles owned for use by your business must be covered by a commercial auto insurance policy. In Colorado, you must have at least liability insurance in the amount of $25,000 for bodily injuries sustained by each person in an accident, at least $50,000 of bodily injury insurance per accident, and at least $15,000 of property damage liability insurance per accident. Personal vehicles that are used for the business should also be covered under this policy even though in Colorado it is not required.

Although other policies are not required in Colorado under commercial insurance, you should definitely consider them since your business is a huge investment and your livelihood. Those include general liability insurance in case someone is injured on your business property or is injured by a product you produce or sell. This will also cover someone who slips and falls at your business or other accidents that could happen.

To obtain the best possible commercial insurance policy for your business, you will need to enlist the help of an experienced and trusted commercial insurance agent like the ones at Compass Insurance in Centennial, CO. Call for an appointment today!

Auto Insurance Coverage Options for Centennial, CO Drivers

As a driver in Centennial, CO, you are required by law to have an active auto insurance policy. Some insurance coverage is mandatory while other insurance coverage is optional. Here is what you need to know about auto insurance coverage options for Centennial, CO drivers.

Auto insurance coverage for CO drivers include:

  • Bodily injury liability (BI)
  • Property damage liability (PD)
  • Uninsured/underinsured motorist (UIM)
  • Medical payments coverage (MPC or Med Pay)
  • Collision coverage
  • Comprehensive coverage

Bodily Injury Liability – If you cause an accident that results in a severe injury or death, bodily injury liability helps with paying for damages and other associated fees.

Property Damage Liability – If you damage someone’s property, including physical properties, such as garage doors, building, utility poles, and similar physical property, damage liability insurance covers these damage expenses.

Uninsured/Underinsured Motorist – If you are involved in an accident and the other driver does not have adequate insurance coverage, uninsured/underinsured motorist insurance covers medical expenses, and other associated fees.

Medical Payments Coverage – Medical payments coverage started in January 2009 and requires CO auto insurance agencies to offer this coverage. This type of insurance policy is not required by law, but if you do not want medical payments coverage, you must opt-out or it will be added to your premium coverage automatically.

Collision Coverage – Collision coverage handles the expenses associated with the damage done to your car as a result of a collision with another car, fire hydrant, or other objects. Collision coverage is not mandatory in CO, but it may be required by your bank if you have an active auto loan.

Comprehensive Coverage – Comprehensive coverage handles the expenses if your car is stolen or damaged by nature, such as hail, flood, wildlife, and similar instances. Comprehensive coverage, like collision coverage, is options but may be required by your bank if you have an auto loan. 

Here at Compass Insurance, we take pride in the excellent customer service we provide. Our customers are our priority. We offer a variety of insurance solutions for Centennial, CO residents, including auto, home, commercial, and other insurances. Contact us today to learn more about our company and the insurance solutions we provide.

What Home Upgrades Should I Tell My Insurance Provider About?

Whenever you perform a home upgrade you will improve the value of your property. Ideally, you’ll insure these upgrades just in case it is ever damaged due to a storm, fire, or other issues. While you’re not obligated to tell your insurance provider about your home upgrades some are more important than others. Here at Compass Insurance, we want to help educate you on home insurance and the ins and outs within these policies. So, if you’re looking to upgrade and live around Centennial, CO, here are some of the upgrades you need to consider informing your insurance provider about. 

Kitchen and Major Bathroom Renovations

If you make any kind of major kitchen and bathroom renovations you should tell your insurance provider. If your home was damaged you wouldn’t want to repair these out of pocket all over again, would you? Now, if you just update fixtures and the paint color you don’t need to, but anything that you spend more than several thousand dollars on is something you should likely discuss. 

Finished Basement

If your home has a basement and you finished it up you’ll want to contact your insurance provider. This drastically improves the value of your home. You should consider doing the same if you finished your attic. 

Update Your Home Insurance Today

It doesn’t matter if you currently have home owner’s insurance, there’s a good chance you can find a policy that better fits your personal needs as a homeowner. If you’re interested in shopping around and finding a new policy that covers your property our staff here at Compass Insurance is here to help. So, if you live in Centennial, CO we are happy to address all the questions and concerns you might have. 

Is having toy insurance a good idea for someone in Centennial?

Living in the Centennial, CO area is a dream for a lot of people. Not only are you close to a major city in this community, but you also are close to many outdoor recreational activities. Due to this, having a recreational toy, such as an ATV, can be a great option. When you have a recreational toy, you are going to have plenty of opportunities to make some great memories. However, it is also a very important asset you need to cover with insurance. There are several reasons why having toy insurance is a good idea.

Provides Coverage for the Asset

One of the reasons why you need to have toy insurance is that it can provide you with coverage for your asset. Buying a recreational toy is a big purchase and investment. Due to this, it is important that you protect it as well as possible. A great way to do this is with a recreational toy insurance policy as it can protect you against a variety of different forms of loss.

Gives Liability Coverage

When operating any type of recreational toy, you are going to run the risk that you cause an accident. If you do cause damages to another part, you are going to be held responsible. If you do have a liability insurance policy for your recreational toy, it will give you coverage to pay for these damages. 

Anyone that is in the Centennial, CO  area should call Compass Insurance for their recreational toy insurance needs. When you contact Compass Insurance, you will learn much more about all of your insurance options. They can then help you to get into a policy that gives you liability protection and protects your investment in the asset. 

Do I Need Specialty Motorcycle Insurance For Racing?

Generally speaking, if you’re racing professionally, you need specialty insurance for that.

However, some Centennial, CO motorcycle insurance providers may offer some allowance for non-competitive racing. That is, if you’re racing your bike on private property with friends, and with no money at stake, your insurance provider might be okay with that, depending on the nature of the race. Obviously they don’t want you jumping school buses, but a simple there-and-back down a mile of dirt road might not be a big deal.

You’ll want to call them first, of course. Any time you’re wondering if your insurance provider will cover you, the rule of thumb is to call and ask. They might say yes, they might say no, but if you wait until you’re making a claim to tell them that you were racing, they will almost certainly deny you.

In professional races, you may be able to buy insurance directly through the race organizers rather than having to go buy a whole separate policy, meaning that it’s no longer your primary insurance provider’s problem should something happen on the track.

What it really comes down to is just making sure that your Centennial, CO insurance provider knows what you’re doing with your motorcycle so that they know what they’re covering. Obviously they’d rather not be covering stunt races and demolition derbies, but safe, non-professional races on private land are usually allowed, as long as you keep your insurer informed.

If you’re looking to get covered, get in touch with Compass Insurance and see what they can do for you. Compass Insurance can connect Centennial, CO motorcyclists with the policies that they need to ride safely.

Simple And Practical Tips To Keep A Boat Secure In Off Seasons

Keeping a valuable investment like your boat secure and safe during the winter months is simple. Our licensed insurance agents in Compass Insurance Group in Centennial, Colorado can visit with you and make sure your expensive boat investment remains covered with the proper insurance. Give Compass Insurance a call today, visit our website for more information, or stop by and visit with one of our agents today. 

Tips and Hints to Keep Your Boat Safe and Secure 

It is not unusual to see many residents in Centennial and surrounding areas have a boat. These consumers store their boat at home during the winter months to keep the boat safe and secure. We are happy to give you some easy tips and hints to keep your investment safe and secure. 

Boat Storage Location is Important
When storing your boat, pick out a storage area on your property that makes it difficult for anyone to gain access to your boat. You can park your boat close to your home or garage. If you have a fenced-in area, park your boat inside a locked fence. 

Alarms Help to Divert a Thief

Be sure that you install an alarm system that signals you if someone is attempting to steal or damage your prized possession. This tracking system makes it easier for the authorities to determine the location of your boat. 

Protect Your Boat from the Elements and a Potential Thief

Large tarps or specific boat covers help to deter a thief while protecting your investment from thieves. A cover protects your boat from the elements while hiding the graphic of your investment. 

Lock Your Boat trailer During Storage

After parking your boat in the most secure place possible to be sure to lock the trailer it sits on. A thief cannot just pull up a vehicle, hook up your boat, and drive away. Locking your boat trailer means that a thief will find it impossible to move the boat. 

You made an expensive investment when you bought your boat as an enjoyable tool for family and friends. Having the right insurance on your boat protects you during the seasons you have the boat in the water. It is as important to keep your boat insured while it is in storage during the winter months. 

If you live in or around Centennial, CO, give one of our licensed agents at Compass Insurance Group a call today to talk about insurance for your boat. Call us today, visit our website or stop by and visit with one of our agents today.

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.