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.

Protection for you and your boat

Adventures on the water can be so much fun, and it is great if you live near water to take advantage of this if you own a boat. Boats are a great thing to have in your life and can be used for so many different things. At the same time, it is really important that your boat gives you enjoyment and pleasure and does not cause additional stress and financial hardship. 

To do that, you should look into boat insurance. Boat insurance can cover you in the nastiest situations. Compass Insurance in Centennial, CO can help you navigate boat insurance quotes. 

Boat accidents

If you and your boat are involved in an accident, you could be liable for the costs of your boat, and you’d want accident cover to help with the costs of any repairs. In addition, you could also be liable for physical harm done to others on your boat or on the boat you are in an accident with. These people might need you to cover their medical bills or, in severe cases, sue you. 


Not just your boat can get stolen. While you should insure your boat against theft, it is also possible that someone breaks into your boat and steals items you have left on your boat. The costs to cover these items can sometimes be a lot, so theft is a great add-on to your boat insurance policy. 

If you feel ready to discuss boat insurance, or even if you just want to have the first conversation about it, search no further. Compass Insurance in Centennial, CO can help you. Feel free to call us, too.

What Does Toy Insurance Protect for Colorado Residents?

Colorado is one of the most beautiful places in the world – the sights and views are gorgeous, the seasons are something to experience firsthand, and there are so many breathtaking hikes, skiing and snowboarding, and the great outdoors to enjoy every single day. For those in Centennial, CO that have some type of recreational toy, you know what we’re talking about. 

At Compass Insurance, we’re big proponents of investing in quality toy insurance to insure your recreational vehicles are just as protected as your home, vehicle, commercial business, and other personal assets. 

Recreational toys aren’t necessarily cheap, even if you’re buying used. Don’t spend a large sum of money on a toy and fail to invest in protection for that vehicle, even if you only use it during certain months in Colorado. 

This type of insurance protects your toy in the event that it gets damaged or destroyed during use or while being stored. 

There are also liability insurance options that protect you in an accident that you are at fault for. The damage that you cause in an accident will be covered by liability coverage. 

Whether you’re purchasing a boat, RV, ATV, or any other recreational vehicle – stay proactive and make sure you’re properly insured so you can get outside and enjoy your new toy. The great outdoors is waiting!

If you own or have plans to own a recreational vehicle in Centennial, CO, Compass Insurance can assist you with finding the plan and coverage that works for you. Our team is well-versed in toy insurance and can give you the peace of mind you need that your investment vehicle is protected.

Hidden Motorcycle Insurance Myths Revealed

Compass Insurance assists Centennial, CO residents. We have working relationships with several insurance carriers across the West Coast. This allows us to offer our clients flexible policies. Life may throw unexpected situations your way. We strive to make sure that our clients have the protection they need to navigate any risks that come their way.

Hidden Motorcycle Insurance Myths Revealed

Motorcycle insurance covers you as you travel around Centennial CO and beyond. Liability coverage is a core part of your policy. You are protected if you cause damage to someone’s property or if you accidentally injure someone. You can opt for full coverage, which protects you if someone attempts to vandalize your motorcycle, or if your motorcycle is damaged due to severe weather. As you figure out which policy is best for you, avoid these hidden motorcycle insurance myths.

Helmets Aren’t An Asset

While research continually shows that wearing a helmet can save your life if you are involved in a motorcycle accident, some people are still skeptical. There is a myth floating around that wearing a helmet actually impairs your sight. This is incorrect. Helmets actually help stabilize your peripheral vision.

Riding On The Highway Isn’t Safe

Many people believe that riding a motorcycle on the highway is more dangerous than riding through the city. This is incorrect. Research shows that more motorcycle collisions actually occur on city streets and minor roads compared to highways.

Your Friend Is Covered Under Their Own Policy

This is incorrect. If you plan to let your friend operate your motorcycle, be careful. It’s important to note that even if your friend has insurance, it does not cover your motorcycle. If your friend is involved in a collision while riding your motorcycle, you are responsible for the damages and potential medical treatment.

Compass Insurance Will Help You Cover Your Assets

Visit our website to learn more information about motorcycle insurance.  

Who Needs Boat Insurance in Colorado?

If you own a boat or are about to buy one, you can be sure about fun-filled days in the water. But as you bask in the beauty of Colorado waters, you need to think about boat insurance. But who needs boat insurance? While boat insurance isn’t mandatory in Colorado, your lender might require you to purchase a basic boat insurance policy until you pay off your outstanding loan. 

However, it’s not only those whose boat is loan-financed who need boat insurance — every boater needs boat insurance from Compass Insurance of Centennial, CO, regardless of the season or the type of boat. 

Why do you need boat insurance?

Then, if everyone needs boat insurance, how does it benefit me? We are glad you asked. Investing in boat insurance yields the below advantages.

Liability protection

While boating accidents aren’t as common as auto accidents, they can still occur. And when they do, you might be held responsible for bodily injury and property damage you cause to others. And since these costs can be expensive, you need boat insurance to bail you out.

Peace of mind

A time in the water should be worry-free. But how can you be relaxed without boat insurance? Watercraft insurance ensures that your time in the water is hassle-free — you don’t have to think about water accidents as they are taken care of by your coverage.

Asset protection

Whether you own a sailing boat, fishing boat, or personal watercraft, it has cost you money. And just like any other investment, you would want to protect it from risks like fire, theft, and so on. Thankfully, comprehensive and collision coverages of your boat insurance repair or replaces your boat following an accident. 

Buy boat insurance today!

As you enjoy Colorado waters, you need boat insurance to sail with you. If you are in Centennial, CO and its environs, don’t hesitate to contact Compass Insurance for an affordable quote. 

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!

Stay Protected With Home Insurance

Owning a home comes with a wide range of responsibilities. One of these is to get a home insurance policy and to keep it for as long as you own the home. If you need home insurance or want to know more about it, give us a call at Compass Insurance in Centennial, CO.

Protect Your Home

Part of the home policy that you get for your home will be devoted to the house itself. A lot of things can happen to a house, and many of these cause damage that must be repaired. Paying for house repairs can be extremely expensive when you have to come up with the money yourself. If you have a home insurance policy, your policy will pay for what is needed.

Protect Your Belongings

Home insurance also covers your belongings that are inside your home. If you add up all that you have paid for your possessions, it is a considerable amount. You can protect that investment by getting home insurance. It will pay for damages to your things that happen due to a covered situation. This can save you from having to replace everything you lost on your own. 

Protection Against Lawsuits

If someone came to your home, had an accident, and was injured, you would be vulnerable to a lawsuit if you didn’t have home insurance. This policy can pay for many of the expenses that come from an accident so that you won’t have to pay it yourself. It can pay for medical bills as well as lost wages and other costs that are caused by the accident. 

Protect Your Home With Home Insurance

If you own your home and don’t have home insurance, you could be in serious financial danger. To cover your home with insurance, call us at Compass Insurance in Centennial, CO.

Can a Speeding Ticket Affect Your Car Insurance?

There are certain rules of the road, such as the speed limit, that people might overlook at times. This is an area of traffic law that is incredibly important. If you are stopped and issued a speeding ticket, you might wonder what the consequences will be when it comes to your auto insurance. A Centennial, CO agent from Compass Insurance can help you understand if this may have an effect. 

Will it impact your car insurance if you get a speeding ticket? 

The short answer is that you probably will have points added to your driver’s license in the event that you get caught speeding and receive a ticket. In turn, this can lead to an increase in how much you’ll have to pay for automobile insurance. Colorado is a state that adds points to a person’s driver’s license for this and other reasons. 

The amount that your insurance rises after a speeding ticket depends on several factors. Among those are the state in which you reside, your driving record up until that point in time, how fast you were driving, and the company that you use for insurance. You may have to wait a little while to find this out since it might not change until your policy is renewed. This is because your insurance agency typically won’t review your driving record until this time. 

Additionally, if you get multiple speeding tickets within a three-year period, you likely will have much higher auto insurance rates because you’ll be considered a "high-risk driver".

As with nearly anything else, all of this may not be applicable even though it’s common practice to raise automobile insurance rates after the policyholder receives a speeding ticket and has points put on their license. If you’re new to getting auto insurance, it can benefit you to talk to an experienced Centennial, CO area agent from Compass Insurance about your concerns so you know what to expect. 

Why do people get toy insurance plan in Colorado?

Those that are in the Centennial, CO area are going to find there are many great places to spend your time nearby in the great outdoors. If you are going to live in this area of Colorado, investing in your own recreational toy can be a great idea. Along with your recreational toy purchase, you also need to choose a new insurance plan for it. There are a few reasons people here will want to get a toy insurance plan.

Protect their Toy

A key reason people here will get a recreational toy is that it will be something they can enjoy for a long time. When you have the right insurance in place, you can help to protect the toy and ensure you can enjoy it for a long time. With this coverage, you will get the support needed to replace or repair your recreational toy if you incur certain types of losses. 

Liability Risk Mitigation

You should also consider this insurance to mitigate your risk of liability risk. If you cause an accident when using the toy, you are going to be responsible for any damages that you cause. In some cases, these damages can be significant and finding a way to offset this risk is important. With proper toy insurance, you can reduce your liability risk. 

If you intend to own a recreational toy in the Centennial, CO area, it would be a good idea to speak with the team at Compass Insurance. There are a lot of choices you will need to make when picking a new plan and Compass Insurance can help you through the process. The team is able to assess your situation and provide the guidance you need to choose a plan that is ideal and meets your needs.