Everything You Need to Know About Getting Boaters Insurance

Buying a boat is an exciting adventure for many in Centennial, CO. Just the thought of purchasing a boat offers many the image of seeing themselves sailing on the open water with friends and family. In addition to buying a boat, it is essential to purchasing boaters insurance to protect you, your family, and your vessel. Call our agents at Compass Insurance for additional information about buying boaters insurance. 

Homeowners Insurance Coverage

Sometimes boats without motors, such as kayaks or rowboats, are covered under personal property insurance. However, boats with engines may need to get separate coverage, which may resemble your auto insurance policy.

Protection from Disasters

There is a risk you may encounter a catastrophe while out relaxing on your boat. Having boaters insurance covers, you should any of the following events happen to your boat: 

  • Sinking
  • Fire or explosion
  • Storm damage
  • Theft or Vandalization
  • Capsizing
  • Collision

Liability Coverage

Personal liability coverage helps protect you when you are legally obligated to make payments to an injured person on your boat. Expenses for bodily injury, property damage, and legal fees are covered under your liability coverage. Liability coverage also covers you in the event of an accident where you are at fault. 

Physical Damage Coverage

Having physical damage coverage is a necessity when owning a boat. Boats are expensive, and if there is damage to the boat, trailer, equipment, or other boat-related items, your insurance will help cover the costs to replace or repair. 

Are you ready for the boating season in Centennial, CO? Make sure to give our agents a call at Compass Insurance. We can answer all of your boater’s insurance questions and help you get the coverage you need. 

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. 

Home-Inventories And Why They’re Vital

Owning a home brings with it a certain amount of risk. Things can go wrong that will damage your house or even totally destroy it. No one likes to think about this possibility, but it is better to be prepared for the worse than to be caught off guard. At Compass Insurance in Centennial, CO, we have been providing our clients with choices since 2002.  We offer an exceptional level of customer service and if you ever need to file a claim, we will be there with you all the way through. 

A home inventory will be your best friend if you ever need to file a claim. The insurance company is going to need proof of what you had before the damage or destruction was done to your home. Your inventory will be that proof, and it will make the whole process go faster and easier. 

You can do a video inventory, but you will still need to provide specifics and receipts if you have them. But, the ideal way is to just do it the old-fashioned way with a pad and pen and your phone or camera.  Go room to room and write down everything you see in as much detail as possible. Take pictures from a bunch of different angles. Be sure to look in drawers and closets. 

Go through your home top to bottom and don’t forget the attic, basement, shed, and garage. For electronic in particular, write down the serial number, brand, and model. With jewelry, art, or antiques an appraisal is the way to go. Attach any receipts you have to the inventory along with the photos. 

Store it in a safe place where it is easy to access but won’t be destroyed along with your home. The Cloud is a good option; it can be accessed from anywhere you might end up. 

Contact Compass Insurance in Centennial, CO for all your home insurance needs. 

Is basic auto insurance ever enough

At Compass Insurance in Centennial, CO, we were founded in 2002 with the intention of offering residents choices that only an independent insurance agency can. We are committed to not just finding our customers the right policy, but we continue to offer our expertise and our help throughout the year. We have an in-house claim specialist, who will be there with you through the entire claims process. 

In Colorado basic auto insurance is confined to liability coverage. Liability insurance helps to pay for injuries you may cause to other drivers and their passengers as the result of an accident where you are the at-fault driver. It will also pay for property damage. The Colorado limits are 25/50/15. That translates to $25,000 for the first injured person and a total of $50,000 for an accident. The property limit is $15,000. This is pretty basic, especially the property damage, if the vehicle is relatively new, $15,000 could leave you paying a lot out of pocket. 

That is what basic auto insurance consists of, does it seem like enough to you? If you don’t have any assets, and you have an old clunker, it probably is. For the rest of the driver, this is just not going to cut it. Especially if you still have a car loan, you are going to have to carry comprehensive and collision coverage. 

Comprehensive and collision coverage will repair your vehicle and if you are like most people, you count on your vehicle to get to work and to get around. It can cost thousands of dollars after an accident or if your vehicle is stolen. Insurance makes it possible to replace or repair your transportation. Since this is a necessity, basic auto insurance just won’t be enough.

If you live in or near Centennial, CO, Compass Insurance is your one-stop insurance agency. 

Different Types Toy Insurance 

If you own a boat, RV, snowmobile, ATV, or motorcycle in Centennial, CO, you may need toy insurance from Compass Insurance to protect your prized investment. Since these recreational assets are expensive, you need proper insurance to protect them.

Depending on where you are using your toy, it may require mandatory toy insurance. However, whether compulsory or not, consider the below types of toy insurance for optimal protection.

Liability coverage

Just like your auto, accidents can happen while using your recreational toy. As a result, you could face property damage, medical bills, and even legal suits for accidents you are at fault. Without toy insurance, you could be facing a financial mess. However, the liability coverage in your toy insurance covers damages caused to other parties but not on your property.

Comprehensive and collision coverages

Toys don’t come cheap — they cost hundreds, if not thousands of dollars. When perils like fire, theft, hail, hurricanes, and vandalism strike, your invaluable asset could go down the drain in a matter of minutes. However, with comprehensive toy insurance, your toy is protected from such perils. The collision coverage protects your toy from accident-related damages.

Medical payments coverage

When an accident occurs, it’s likely to lead to injuries that are costly to treat. Without health insurance, you may have to foot medical costs from your pocket. Fortunately, when you have toy insurance, any injuries you or your passengers sustain in a car accident are well taken care of.

Underinsured or uninsured motorist coverage

It helps you pay for your medical bills or repair your toy if you are involved in an accident with a motorist who is inadequately covered.

Personal effects coverage

Whether it’s your boat, RV, or ATV, with proper toy insurance, items like sporting equipment, clothing, and electronics are covered if they are stolen or damaged while inside your toy. 

Toy insurance in Centennial, CO

Whether you are boating, riding with friends, or enjoying a trip with the family, you need the right toy insurance to protect you, your asset, and the loved ones. 

At Compass Insurance, we offer customized toy insurance plans to ensure that your prized asset has adequate protection. Contact us today for an affordable quote.

Is Motorcycle Insurance Mandatory In Colorado?

Colorado boasts beautiful scenery and diverse geography, making it perfect for a scintillating motorcycle ride. Statistics demonstrate that about 180,000 Coloradans owns motorcycles. If you are a motorcyclist in Colorado, it’s imperative to possess the right motorcycle insurance to protect you and your bike.  

Motorcycle insurance is mandatory in Colorado, and one is required to show proof of insurance before registering your motorcycle. At Compass Insurance, situated in Centennial, CO, we wouldn’t want Colorado riders to suffer fines, court fees, and imminent driver’s license suspension. As such, we offer proper motorcycle insurance to keep you on the right side of the law.

Mandatory motorcycle insurance in Colorado

Colorado State requires all riders to carry liability insurance to cover bodily injury and property damage caused to third parties. This coverage pays for medical costs, legal suits, and property damage for losses and damages sustained by other people in an accident you are deemed liable.

Optional motorcycle insurance

While the state doesn’t require riders to carry these motorcycle insurance coverages, they are vital for all-around protection. These include: 

  • Collision insurance coverage: It covers damages arising from a collision with another vehicle or object, including a post, fence, building, tree, or rock.
  • Comprehensive insurance coverage: This non-collision form of the policy pays for repairs or replacing your motorcycle if it gets damaged by vandalism, hailstorm, falling objects, or any other covered calamity.
  • Underinsured and uninsured motorist coverage: It pays for medical bills for injuries you sustain and property damage, including your motorbike; if you are involved in an accident with a motorist who is inadequately insured or is not insured at all.
  • Medical payments coverage: It pays for medical expenses like X-rays and ambulance rides for you or your passengers’ injuries after an accident.

Call for a quote today!

Are you a motorcycle owner in Colorado? Contact us or visit our Compass Insurance offices located in Centennial, CO. Our committed agents will be ready to assist you with all your motorcycle insurance needs.

Is having boat insurance necessary in Colorado?

Those that are in the Centennial, CO area will want to enjoy the summer months as much as possible. A great way to have fun in the summer here is to buy your own boat and enjoy a local lake. If you are going to buy a boat you also need proper insurance. There are a few reasons why this is necessary for boat owners here. 

Insurance is Needed for Use in Certain Areas

One of the reasons that you will need to get a boat insurance plan is that it is needed for use in certain areas. If you are going to use a private marina or certain local waterways, there could be rules in place that require you to maintain boat insurance. If you do not have this coverage in place, you could be restricted from use until you get coverage. 

Boat Lenders Require Coverage

Financing the purchase of a boat can make sense in a lot of situations. With a boat loan, you can spread the purchase out over monthly payments through the duration of the loan. However, along with the loan you will need to carry insurance. The lender will want you to have a full insurance plan in place until you have paid off the entire balance of the loan. 

There are plenty of situations when you need to have boat insurance when you are in the Centennial, CO area. If you are looking for a new boat insurance plan here, you should call Compass Insurance. Those that choose to get a boat insurance plan will find that there are a lot of options. The team with Compass Insurance can help you evaluate your needs and options so you can choose the best policy to meet your needs. 

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. 

Renovating your home? Don’t forget to make sure your insurance is keeping pace!

Renovation projects can be very exciting for residents in the greater Centennial, CO area, and Compass Insurance is here to help you make sure that your hard work is protected! If you are considering a home renovation project, or have one already in the works, it’s important to ensure that your home insurance policy is keeping pace with the increased value of your home. 

Don’t let the value of your home exceed your coverage level

Many major home improvement projects, such as updating a kitchen or bathroom, can create a significant increase in your home’s value. While such projects can be massive undertakings that can disrupt your family’s day to day life, they are worth doing. If you have an exciting project lined up for your home, be sure to check that your current policy provides adequate coverage. 

We also recommend that our clients review their policy prior to beginning any work on their homes. This can ensure that the proper coverage is in place before the contractors get to work. Having liability and damage coverage in place at the onset of the project can help relieve stress and protect your family from any damages that can occur.

The family home is typically the largest investment that we make in our lifetimes, and it only makes sense to take the time and make sure that this asset is protected! Home improvements can make our daily lives better while also increasing the value of our homes. 

Contact Compass Insurance for all of your insurance needs

We are proud to serve the greater Centennial, CO area, and look forward to providing your family with all of its insurance needs! Call or stop by our office today to schedule your policy review appointment. 

Coverage Options for Auto Insurance

The state requires that all motorists have at least liability auto insurance in place. This type of policy will cover the medical bills for any injuries sustained by others if you cause an accident to occur and it will also cover any property damage as a result of the crash. The auto insurance agents at Compass Insurance in Centennial, CO understand the importance of avoiding fines, court costs, and possible driver’s license suspension by securing the right auto insurance policy for you.

Underinsured and Uninsured Motorist Coverage

Underinsured and uninsured motorist coverage is very important to have in place just in case you are involved in an accident with a motorist who does not have any insurance or not enough to cover all of the medical bills for injuries you suffered in an accident that is their fault, as well as not enough to cover property damage which includes your vehicle.

Comprehensive Insurance Coverage

Comprehensive insurance will pay for repairs or to replace a vehicle if it is damaged or destroyed by vandalism, a fire, or a natural disaster. It will also cover your vehicle if it is stolen.

Collision Insurance Coverage

Collision insurance covers damages that occur as the result of a collision with another vehicle or an object. For example, if you hit a building and cause damage to it, this part of your policy will cover any damage you caused to the building.

Many lenders and banks that you may have used to purchase your vehicle may require you to have these types of insurance policies in place along with liability insurance.

Call For a Quote Today

The agents at Compass Insurance in Centennial, CO are ready to assist you with all of your auto insurance needs. Call for a quote or to make an appointment today!