Do you own a small business? While operating your own company can be immensely fulfilling, it does come with a few extra risks. Here are three risks every small business owner needs to know and ways insurance can help.

Risk #1: Property Damage

Just like with your home and personal auto, property damage can happen at any time. Protect your business against fire, theft, vandalism, and other unfortunate incidents by having appropriate insurance coverage. Most business policies include a layer of coverage for your office or storefront location, while a commercial vehicle policy can help insure company cars against damage.

Risk #2: Injuries to Workers and Customers

Another important risk for small businesses to consider is injury to either worker or customers.  Sometimes accidents happen where a visitor to your location slips, falls, or is otherwise involved in an accident. In certain cases, your employee may even be the one who is hurt.

These injury scenarios actually fall into two categories: worker’s compensation insurance and liability coverage. A worker’s compensation policy is often required by law and takes care of your staff’s medical bills and other associated costs if they are injured while on the job. Liability insurance covers claims where your customer is injured. Both are two key policies to have if you own a small business.

Risk #3: Other Liability Issues

Another risk to look out for when you own a small business is other liability issues. While a liability policy does cover customer injury, it also encompasses many other types of incidents. For some companies, this can be a simple accident where a client’s home is damaged while your crew is working nearby or a situation where someone claims a product you made caused them harm.

The exact extent of liability risk greatly depends on the industry you are in and the tasks your firm is engaged in. Thus, there are a wide range of different liability policies available to help you find the one that meets your needs the best.

So, how do you know which commercial insurance policies cover the risks of your small business? Speak with one of our dedicated team members as Colling Insurance Services, Inc. We will sit down and review the details with you to determine your exact needs.

Those who live and work in the Lakewood, Colorado area have lots of choices. Belmar, Colorado Mills and other areas provide plenty of shopping options. Dining options are diverse, including Lakewood’s Casa Bonita, which was featured in an episode of South Park. As the fifth most populated city in the state, Lakewood has a lot to choose from.

If you have a business in Lakewood, you have choices as well. You have choices of suppliers, where and when to advertise, who to hire and what hours to keep. You also have the power to choose to shop locally. That is a choice we would encourage from not only consumers, but of business owners. When we shop locally we are supporting our schools, our local government services and our friends and neighbors. It’s just good business.

Another choice you have as a business is what type of commercial insurance you should carry. Two main forms of property insurance are Basic and Special Form. So what are the differences between Basic Form vs Special Form? Let’s take a quick look.

When you purchase Basic Form insurance your specific coverage is spelled out in the policy. It will state exactly what is covered. If it is not mentioned, it is not covered. Special Form assumes all perils to your property are covered unless they are specifically excluded. Because Special Form insurance is more encompassing, many businesses seem to prefer it.

If you have questions about your commercial insurance, we would be glad to help. Colling Insurance Services is a local, independent insurance agency. That gives us the ability to seek the best coverage and rates for our clients. We would like to count you among them.

Visit our website for a free, no obligation, comparative quote on your homeowners and auto insurance. If you would like us to quote your business insurance, please contact us. We look forward to serving your Lakewood area business.

Colorado offers a wide variety of lifestyles. There are places you can live where summer activities abound, and there places that are winter sports havens. There are affordable areas and we also have some of the most prime real estate anywhere. You can choose city living or way out on your own. Knowing the difference before moving will make a big impact on your budget and lifestyle.

If you are a business owner in Colorado, knowing the difference between the forms of commercial insurance coverage can have a big impact on you as well.

In commercial property coverage, there are Basic Form and Special Form policies. Basic Form insurance specifically states the coverage that is included. If it is not listed in the policy, you are likely not covered for a peril. On the other hand, Special Form coverage takes a more inclusive approach. Special Form insurance covers your property against all perils unless they are specifically excluded. It is normal to see things like acts of war and terrorism excluded.

Knowing the difference between a captive and an independent agency can make an impact as well. Captive agents represent the products of a single company while independent agents can seek out quotes from multiple companies. The ability to get quotes from multiple companies can save you money.

Colling Insurance Services is an independent agency that offers personal and business insurance lines in Colorado. We offer auto and homeowners insurance comparative quotes online at our website.

Colling Insurance Services works to save our client’s money without sacrificing coverage. We can conduct a no obligation, no cost insurance review to verify your coverage. We can then go in search of a better rate. For business or personal insurance coverage, contact us.

Wheat Ridge is a small suburban city less than five miles from Denver, located in the 80033 zip code. Wheat Ridge may be small, but there is plenty to do from our 20 parks for the outdoor lovers to our shopping lovers with our numerous antique shops and our other local shops and stores.

If you own one of those quaint little shops or restaurants or thinking about opening your own, you will need commercial insurance and if you plan to have, your employees do errands for you. You will need a commercial auto policy because your commercial business insurance does not cover drivers.

Business Auto Coverage

• Liability
• Physical damage

Categories of Insureds

• You, the person who’s name is on the policy.
• Anyone who is driving a vehicle you own and that is covered by your auto insurance, that you give permission to drive the vehicle, called a permissive driver or user.

The insured (named insured being you, because your name is on the policy and you pay the insurance) has the most insurance coverage. This includes the vehicles you have chosen to insure including:

• All vehicles you own
• Hired vehicles
• Rented vehicles

You, the insured have more coverage even if you are not driving the auto, but are a passenger at the time of an accident. You are also protected from your employee suing you because of the accident, even if it was or was not caused by their negligence.

Employees Covered as Permissive Drivers

The majority of permissive drivers are employees driving company owned vehicles. These employees are covered while driving vehicles you own, borrow, or hire. If you rent a car and you’re, name is the only one on the lease and an employee drives that car they are not covered. When renting vehicles you must list everyone who will be or may drive the vehicle while it is in your possession.

If you have any questions about who is covered and who is not in different situations asks your insurance agents at Colling Insurance Services while you are getting your commercial insurance quotes.

If you live in Colorado, or visit often, then the chances are you love to ski. Colorado has some of the best ski resorts in the US. Unfortunately, accidents do happen and the ski resorts are prepared.

The general rule while skiing – is ski at your own risk. Ski resorts would go out of business if everyone who fell on the slopes and broke a bone, sued them. And, there is no such thing as a tree jumping out in front of you.

Ski Resort Insurance

• Premises
• Lift
• Skiing

Primary General Liability

Primary general liability covers claims of property damage, injury (not caused by your doing), and negligence related to the ski resorts activities.

The insurance provides a wide-ranging, flexible type of coverage for all normal operations of US ski resorts including:

• Ski schools
• Ski shops
• Ski rentals shops
• Lodging
• Food and beverage
• Resort daycare centers

* The policy also includes coverage for daycare and ski school related incidents such as abuse (verbal, physical, mental, and emotional.) As well as unwanted physical advances and attacks.

Additional Ski Resort Coverages

• Commercial Automobile Insurance – Shuttle buses, cars and trucks used by employees, and rescue vehicles
• Employers Liability – If an employee is injured they will receive workers compensation, employer liability protects the ski resort from any liability.
• Liquor Liability Coverage – If the lodge or restaurant serves alcohol, most states require liquor liability insurance. If you live in a state that does not require this type of coverage, you may want to seriously consider adding it to your commercial policy. It provides protection for you, if a patron drinks too much and gets hurt or hurts someone else.
• Property and Crime – If type of insurance provides coverage if your property (ski’s for example are stolen.)
• Electronic Data Processing – Covers the ski resort in the event of a computer systems failure – where credit card information could be stolen from a hacker and even if reservations are lost and overbooking results. The resort can comp rooms/cabins and file a claim and be reimbursed for lost income.

Owning a ski resort requires all types of insurance coverage. It’s easy to find the best coverage for your ski resort business by contacting commercial insuranceagents and requesting insurance quotes from Colling Insurance Services.

Business insurance comes in many different types, and the exact mix that you need depends on where you do business, the value of the equipment you do business with, and many other factors. Before you pick up business liability insurance and call it good, look at other types of commercial insurance coverage in Colorado to see if you need additional protection.

Commercial liability coverage is a good place to start with your insurance needs. This type of insurance handles claims due to employees getting injured during business hours, property damage, or damage caused by products you sell. Professional liability coverage helps with companies who offer services to others, such as accountants. It protects you from getting sued if an error or another issue comes up throughout the course of the service.

Business interruption insurance provides you with payments during a period where you are unable to continue normal activities because commercial property is damaged. The insurance company not only covers the cash flow you would get during this time, you also get overhead expenses paid for.

If you use your vehicle for commercial purposes, a personal auto insurance policy isn’t going to cut it. Commercial auto insurance is necessary when you use your car for your company, or if you have your own fleet of vehicles. In addition, if employees have their cars on your property, you may want a policy that covers liability for damage to vehicles at the workplace.

Worker’s compensation comes into play when you have employees. This commercial insurance covers payments for employees who get injured on the work site, and prevents the employees from bringing suit against your company when injuries happen.

Colorado drivers who are under 25 may find that they will have to pay a higher premium on their auto policies than older drivers. It may not seem very fair that you are penalized in the form of higher insurance rates because you are a young driver. If you are 22 and have never been in an accident or had a speeding ticket, why should you pay more than a driver who is 35 or 45?

This is not a case of discrimination. Age plays a factor in many of the things we buy. Parents pay full price while their young children are charged less to go into the movies. Kids eat for less in many restaurants. If you are a senior citizen, you get discounts just for reaching a certain age. Young drivers may be charged more for car insurance because they fall into a higher risk group because of their age.

Age is just one factor that helps determine the amount of your premium. It makes sense that someone who has five accidents on their record, no matter their age, may be classified as a high-risk driver. It does not seem so obvious that you should automatically pay more just because you happen to be young.

Age is a factor because it is an indicator of maturity. It has been shown in numerous studies that younger people, as a group, drive more aggressively and engage in riskier driving habits than older, more mature, drivers. Only time can give you the experience you need to be a better driver. Distracted driving and using poor judgment are probably the two issues that cause most accidents.

As a young driver, you probably do not have too much experience behind the wheel. If you drive safely, avoid accidents, and don’t get any tickets, you will build a good driving record. While you may have to pay a higher premium for a year or two, that will change when you move into the next age group.

Commercial insurance is designed to address a variety of concerns in Lakewood, Colorado, but it does not always offer the coverage that you expect. When your office building is damaged in a fire, you may be covered for the cost of basic repairs or rebuilding in your policy. Unfortunately, changes to the building code requirements by a local ordinance may not be covered under your policy because they did not exist at the time that you obtained your current plan.

Your Responsibility

A key reason that you may be required to upgrade the standards of your building beyond your policy is your personal responsibility as the business owner. You are required to put in the work to keep your building up to code and the legal standards.

Since the upgrade is a normal part of maintaining your property, it may not be covered by your policy.

Details of your Policy

Although a damaged building may be covered by your commercial policy, you may not be covered for every aspect of the repairs. Read your policy to determine how much coverage is available and what is covered. In some cases, you may have some protection in case legal changes occur that require an upgrade to the building. In other situations, your insurer may exclude any upgrades that are required by new laws when a fire occurs.

A variety of factors can contribute to your ability to make a claim on your policy. Depending on the coverage that you purchase, you may or may not be covered for upgrades to your office building. Contact us to speak to an independent agent to learn more about commercial insurance policies.

Finding the right commercial insurance policy in Lakewood, Colorado is an important part of protecting your company. Before you purchase any policy, it is important to look for a few key items. Additional protection may also be necessary if you have other concerns related to the industry or company.

Liability

Always look at the liability options that are available before you make a purchase. Liability protection will address concerns associated with injuries to your clients, passersby or other individuals who may visit your office for any reason.

Liability will also protect your company if a customer purchases a defective product and is injured or if you are forced to recall products due to defects. It is a method of reducing your losses when your company is responsible for any injuries to the public or a specific individual.

Protection for Assets

If your company owns property, then you want an insurance policy that protects your assets from financial losses. The losses that may impact your company assets include theft, vandalism or property damage from storms, fires or other accidents.

A commercial policy can protect your business from financial losses associated with property damage or theft. It gives you the funds to repair or replace the property, depending on the situation and the amount of coverage that you purchase. In general, you will want enough protection for your property to replace the item or rebuild the entire property if it is severely damaged.

Every business owner needs to consider the possibility of losing property or facing a court case after an individual is injured on company property. Depending on the situation, the exact details of a policy may vary. Contact us to talk to an independent agent to determine the options that may be appropriate for your goals and needs.