3 Ways Commercial Insurance Protects Your Investments

As a business owner, you have invested a great deal of time and money into your company. You want to protect this investment the best way you can. For business owners, commercial insurance is an important way to do this. At CO Insurance Specialist serving Wheat Ridge, CO, we love to help business owners understand their options better. Keep reading to learn 3 ways commercial insurance protects your investments. 

What is Commercial Insurance? 

Commercial insurance is a special suite of insurance policies which are put together to help business owners protect their company and investments. You, as the business owner, are in a special risk bracket because you are the one who has invested the most time and money into your company. Problems can have a devastating effect on you financially. Commercial insurance is there to lessen this financial impact. 

What Does Commercial Insurance Cover?

Commercial insurance can be customized to address the special needs of each company, but in general commercial insurance will cover the following areas:

Property Damage- This coverage kicks in if there is any damage or loss to the physical property which houses your business. If you operate a brick and mortar location, you will want to look into this type of coverage. 

Vehicle Coverage- Many businesses must operate vehicles in order to conduct their business. Commercial insurance will cover the vehicles being used by your company as well as cover the operators of those vehicles. 

Liability Coverage- Liability coverage is very important for business owners. If your customers are injured at your location, or their property is damaged because of an employee or as a result of using your service, you could be held liable for costs or for legal fees. If an employee is injured while working for you, you could also be held liable for the costs of their injuries and expenses. Liability coverage will kick in to cover these expenses so that your assets are not put at risk. 

If you would like to learn more about commercial insurance, please contact our staff at CO Insurance Specialist, serving Wheat Ridge, CO. 

What Does Classic Car Insurance Cover?

There’s just nothing like a classic. Whether you own an old 50s pickup or a 70s muscle car, there’s something about the look and feel of a classic automobile new vehicles are not able to replicate. When living in Wheat Ridge, CO you probably don’t drive your classic every day of the week. In fact, it may be something you only take out on special occasions. But whatever you do with your classic car you’ll want to protect it and do what you can to make sure it’s looked after. Our staff at CO Insurance Specialist are here to help you do just that. 

What Does Classic Car Insurance Cover

Your driving habits with a classic car are a bit different from other vehicles. You probably only drive it a few dozen times a year. Classic car insurance will protect your vehicle during these times. It will also protect your vehicle while it is in storage. In reality, it probably is in storage for longer than it is on the road, which is why this is so important. 

Classic car insurance will also help cover any repair costs. Finding replacement parts can be a challenge, but with the right insurance coverage, it is a bit easier. Our insurance company can also help connect you with exceptional classic car mechanics. 

Protect Your Classic Car

Your classic car is your baby. It’s also something that is not easily repaired or replaced. Finding replacement parts is tricky enough, let alone a mechanic who is able to assist you with repairing it. Thankfully, with classic car insurance it is a bit easier. So if you live in greater Wheat Ridge, CO and are shopping around for classic car insurance our team here at CO Insurance Specialist can help. 

Home Insurance FAQs

CO Insurance Specialist provides quality insurance services to the community of Wheat Ridge, CO. We want all of our clients to be covered in case anything happens to their person or property and we want to provide clear answers to any questions you may have. Here are the most common questions we receive about home insurance in the area. 

Home Insurance In Colorado Frequently Asked Questions

  • Is home insurance a legal requirement in Colorado? Legally, no the state does not require homeowner’s insurance. However, you must carry a policy if you have a mortgage and it is always a good idea to have protection for your family home because it is the greatest asset that most people have. 
  • Should I add flood coverage? If you live in a flood zone flood coverage may be a requirement by your mortgage company. If you do not you may still want to add some flood insurance because even high and dry areas are not immune to flood damage in extreme situations. 
  • What if I rent my home out for the summer months? You may want to add rental property insurance and additional coverage for items inside to keep you protected from the unknown and to protect your renters. 
  • If my grown child moves back in does that change anything in terms of home insurance?  Legally, no. But there are certain increased risks that you may want to consider before you leave your policy as is. 

CO Insurance Specialist is your Wheat Ridge, CO insurance for all of your insurance needs from home, life, automobile, toy, and more. Contact us today to discuss your home insurance needs or for a quote for a new policy. 

The different aspects of car insurance

There are a number of important forms of protection that auto insurance provides to drivers. Anyone who wants to learn more, or is thinking about switching can get in touch with a CO Insurance specialist. 

Payouts after a collision

Many policies have collision protection that will provide payments for a driver to make repairs if their vehicle is damaged during an accident. Collision coverage is required if the car is financed or subject to a loan or lien. Each collision policy will have a different deductible, which is the amount the owner must pay out of pocket before the collision policy will cover the remaining costs of repairs. 

Liability coverage

If you are involved in an accident, another person who is hurt or has their car damaged may try to sue you. Liability coverage will provide protection against monetary judgments from these lawsuits. This is important because it protects drivers from suddenly being put in a very difficult financial situation if they are found to be at fault for a crash. Because liability can be a complex concept depending on how many vehicles are involved in an accident and the state’s negligence laws, it is best to speak to a  Wheat Ridge, CO insurance agent to learn more. 

Theft and vandalism

Crime is an unfortunate part of life no matter where your car is parked every day. Many policies will include coverage in the event that a car is stolen, broken into, or if personal belongings are taken from the inside. This is especially important for valuable cars or for people who keep expensive equipment inside of their vehicles. 

Learn more about coverage

An agent who services the Wheat Ridge, CO area can design a policy that has all of the coverage you need. Speak to a CO Insurance Specialist today to learn more. 

Does your Vehicle Qualify for Classic Car Insurance?

If you own a vintage or antique vehicle in Wheat Ridge, CO, you’ll undoubtedly want to preserve your investment for years to come. Classic car insurance can help protect your collectible against mishaps that can cause damage or loss. At CO Insurance Specialist, we can help you determine if your older vehicle qualifies for classic car insurance and help you select the coverage you need.

Qualifications for Classic Car Insurance

Although there’s some variance in how insurers classify classic vehicles, there are general guidelines to determine if an older vehicle falls into this category. These guidelines include:

  • Age: Vehicles must be older than 15 years (in some cases, older than 25 years)
  • Condition: Vehicles must be maintained in good physical and working condition
  • Vehicles must have historical value

Hot rods, muscle cars, rare sports vehicles, vintage military cars, and antiques are some types of older vehicles that may fall into the classic category.

In order to insure your vehicle with classic car insurance, you’ll need to meet your insurer’s restrictions for storing, caring for, and driving your classic vehicle.

Benefits of Classic Car Insurance

Classic car insurance offers greater protection for your collectible than traditional auto insurance. Instead of covering your classic for its market value, classic car insurance protects it for its “agreed upon” value. After having your vehicle professionally appraised, you and your insurer will agree upon its value. This is the amount your vehicle will be insured for in the event of damage or loss.

Classic policies in Wheat Ridge, CO also offer conventional auto coverage to include liability, uninsured motorists and roadside assist to protect your classic when it’s taken out on the road, giving you the best of both worlds in protecting your investment.

To protect your prized collectible with classic car insurance, contact your CO Insurance Specialist today.

When Does A “Side Hustle” Become A Business?

The modern workplace in Wheat Ridge, CO is different from the one our parents grew up in. With the proliferation of smartphones, we now have the "gig economy." Freelancers have always existed in some form or other, but now it seems like everyone pulls in a little freelance work on the side here and there. An occasional delivery, an Airbnb, or some odd jobs here and there on the internet.

The question of when these side jobs become a business is different depending on who you ask. For many side-hustlers, the cut-off is when you quit your day job. For the IRS, if you make $600 a year, you need to file self-employment taxes. And for an insurance company like CO Insurance Specialist, it comes down to what you want to protect.

Can You Cover It?

The big question when deciding whether it’s time to invest in commercial insurance: Can you cover it if something goes wrong?

Maybe your business is just a home office and a laptop, but it’s not just your business property you need to worry about, it’s employees, clients, products, and most importantly, liability. You might be able to cover everything else, but can you handle an expensive lawsuit?

If your Wheat Ridge, CO side-hustle is now facing liability concerns, if you’re sending products out into the world and you want to be able to cover the damages should something go wrong, then it’s time to give CO Insurance Specialist and see what they can do for you. Maybe you can replace your laptop or phone out of pocket, but once commercial liability comes into play, there’s no business too small to get covered by commercial insurance.

How Will a Video Inventory Help if My House is Burglarized?

Video inventories are a great way to keep track of all your most valuable items. When you include a video inventory with your actual list of possessions, it allows your insurance agent to give you a better idea of how much insurance you should have in place to protect your home. at CO Insurance Specialist, the agents can assist Wheat Ridge, CO residents in creating a video inventory that can be used to help replace any items that are damaged in a burglary, house fire or flood.

Provides a Verifiable Record

A video inventory can be used to match existing items with those on your inventory checklist. This can be done by recording each items’ model and serial number. If new items are purchased, record videos of the box as well as the item and its identifiable information. This will go a long way in assisting your agent in recovering your items if they are stolen or damaged.

Shows the Condition of Your Items

A quality video will also show the condition of your items. While this may not seem important, it will show the condition of your item while it was in your possession versus when it was recovered. If there is extensive damage, it may need to be replaced.

In Wheat Ridge, CO, the agents of CO Insurance Specialist can provide you with instructions on how to properly create a video inventory of all your possessions. It is important that you keep a copy and then give one to your insurance agent so that they can have a record of your valuables. If a burglary occurs, contact your agent and they will be able to get your claim processed quickly by using your video inventory!

The Disadvantages of Getting Auto Insurance Through an Auto Dealer

Buying insurance for a new vehicle through an auto dealer is a huge financial blunder. In the excitement of getting a new car, many fall victim to getting pricey auto insurance. This does very little to protect them. It only covers the lender and puts commissions in the pocket of the auto salesperson.

You will likely get a lousy deal if you buy auto insurance through the auto dealer. They cannot let the car go off the lot without it having insurance, but you will get an inferior insurance solution.

How to Get Auto Insurance for a New Vehicle

There is a much easier and better way to do this. First, before you go to the dealership to look at the new cars, contact your agent at CO Insurance Specialist, serving Wheat Ridge, CO and the surrounding area. They will open a file for you, collect all the information needed and leave a blank space for the vehicle information with everything ready to go. You do not have to know what vehicle you will buy. Just go looking.

When you decide, place a call to your insurance agent. The agent will need to know the total purchase price, the year, model, and make, and the vehicle identification number (VIN). The insurance quote is calculated and the agent will fax or email a copy of the certificate of insurance to the dealer. Then, you can drive the vehicle off the lot with that certificate proving coverage.

This process is super easy if you simply take a moment to set it up in advance. For those who procrastinate, all the process, from start to finish, can be done over the phone if you are already at the dealership. Take a time out. Call your agent to get the coverage that not only protects the vehicle but also its driver and occupants.

Insurance Review

If you already have auto insurance and are thinking about getting another vehicle or making a trade-in, your agent can review all your existing insurance policies. It is a good idea to see if there should be some adjustments made to them. To get an insurance review and a quote, contact your agent at CO Insurance Specialist in Wheat Ridge, CO.

Do I Need Commercial Insurance For My Home Business

Owning your own home business in Wheat Ridge, CO can be a dream come true. You are finally your own boss and you make decisions about your time and talent. But with freedom comes the potential to have things happen to your business that is now your responsibility. Since you are running your business from your home you may be wondering if it is covered by your home insurance or do you need commercial insurance for your home business?  At CO Insurance Specialist our team of expert agents will be happy to help you to understand how best to protect your home business. 

The type of commercial insurance that you may need for your home business depends on what type of business it is. Home insurance may give you limited coverage on your business equipment and inventory but there is a real possibility that the limits on your policy won’t be as high as you might need to be able to continue to do business after a covered event. Commercial property insurance can be tailored to your business so that you will be able to get right back into business as soon as your claim is approved. 

For some types of home businesses, it may be a good idea to have professional liability insurance and general liability coverage.  They offer you protection against being sued by customers pr clients. If someone comes to your home to get the service, they may be hurt while visiting. Advice that you gave to a client may be deemed to have caused them harm and they may seek a judgment against you. Liability insurance is great protection for you personally and your home business.

These are just some of the types of commercial insurance that are offered. Visit CO Insurance Specialist in Wheat Ridge, CO or a call our office and we will help you to make sure that your home business is protected.  

What your classic car usage means for your insurance coverage

Classic car enthusiasts in the greater Wheat Ridge, CO area can rely on the team at CO Insurance Specialist for all of their classic car insurance needs. Of course, insuring a classic car is a different situation than obtaining a policy for a typical vehicle, and it’s important to know about the available options. Don’t miss out on finding the right policy for your needs, call us today!

How do you use your classic car? It can make a difference in choosing the right insurance policy

There are certain situations when it comes to classic cars that can affect your insurance coverage. For instance, if you keep your car stored in a temperature-controlled storage unit and only drive it to car shows, your insurance needs might be different from those of someone who keeps their classic car at home and drives it on a fairly regular basis. These are just two examples of the many considerations that go into protecting your classic car with the right policy. Owning a classic car is more than owning a vehicle. These cars are often major investments and therefore require a different type of insurance. Don’t wait to find out that your current policy is inadequate or that you are underinsured. Take the time now to prevent a future catastrophe! Working with an agency that understands the nuances of classic car insurance will help you find the policy that best meets your needs. 

If you want to learn more about the many insurance policies available to classic car owners in the greater Wheat Ridge, CO area we’re here for you. Call or stop by CO Insurance Specialist today and learn more about how we can help you find the right classic car insurance policy for your needs.