Why You Need Products & Equipment Insurance Coverage for Your Business

If your business includes products or equipment, then you need to make sure that you’ve done everything you can to protect your assets. It’s too risky to simply go without any kind of insurance and just hope that nothing unfortunate happens. It’s important to know that all of your hard work is covered so that you don’t lose everything you’ve worked so hard for over the years to an unfortunate accident. Having your assets covered is the best way to be sure you can rest easy at night and not be kept up worrying about losing everything that you’ve worked so hard for.

Importance Of Products and Equipment Insurance

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You need to protect your assets.

If you’re going to be investing a lot of capital in products and equipment for your work, then you also need to be investing in insurance for them. It’s not strategic business to simply cross your fingers and hope for the best when you have so much money invested in your business property. If something were to happen, you could be shut down for days or more and look at a huge bill to replace lost merchandise or equipment. It’s easy to see why products and equipment insurance is so important when you sit down and consider the reality of the situation. Investing in inland marine insurance is the perfect way to make sure that your goods are covered whether they’re on land or at sea. The details vary depending on the plan, but the fact that you’ll be safe from loss does not. Protect yourself from accidents, theft, vandalism, or even total loss.

What Can I Do?

You need to contact an insurance agent who will be able to help you get the insurance that makes the most sense for your particular business situation. 

Here at Prince Insurance, we’re always keen to help our clients find peace of mind. We’re serious about making sure you get the best products and equipment insurance that you can, and we’re prepared to help you every step of the way. Visit our website today to learn more and contact us to get a quote for your business. 

How eCommerce Business Insurance Can Help to Protect Your Assets

Cyber Insurance

If you own or manage an eCommerce business, you know that it works a lot differently from a traditional commercial business. You’ve had to learn to do a lot of other things differently, and insurance is no exception to that rule. You can’t afford to stay unprotected, but you also may not be sure exactly how to go about getting yourself protected with eCommerce business insurance. Make sure that you’re staying on top of your insurance needs so that you and your employees can all rest easy. You don’t want to leave your business vulnerable due to sheer inactivity or lack of understanding.

Remote Working
Grow your eCommerce business confidently with the right business insurance program.

What Do I Need?

This is difficult to answer, and it will vary on a case-by-case basis. You need to find something that will enable you to feel safe and secure that your eCommerce business insurance is adequately protecting you. You don’t want to be kept up at night worrying about what may happen to you and your business if something unfortunate were to happen. That’s why you need to invest in quality eCommerce business insurance that will leave you feeling totally covered.

Where Should I Go?

Insurance can be quite complex at the best of times, and with an eCommerce business, there’s even more than normal to worry about. You’ll need to find a team of professionals who care about seeing your business thrive in the eCommerce world. You need a team like Prince Insurance. 

Here at Prince Insurance, we have the knowledge and the skills necessary to make sure you get a plan that suits your needs precisely. Visit our website today to see what we have to offer you. You’ll be able to contact one of our agents to get help with your insurance needs, and we can also offer you a quote to help make your decision easier. 

RV Insurance for Camping Adventures

If you love to camp outdoors, then you have probably already realized that you need to have an insurance policy specific to your RV. But what can you do if you don’t know where to start? We’re here to help! Check out these tips on how to get an RV insurance policy specifically tailored for your needs.

RV Insurance Overview

There are a few key differences between standard auto insurance and RV coverage. The good news is that auto insurers offer many different policies designed specifically for RVers. Regardless of whether you’re full-time or just traveling seasonally, insurance companies know that RV owners need a bit more protection than someone who uses their car strictly to get from A to B. 

Why Do I Need RV Insurance?

If you own an RV, then you’re probably aware of how difficult it can be to find a reliable insurance policy. Most standard car insurance plans don’t offer RV coverage, and there are few that do. Your best bet is to take your search online, where there are plenty of companies offering plans specifically tailored to your recreational vehicle.

What Does an RV Insurance Policy Cover?

The most basic protection provided is liability insurance. Liability insurance pays any costs your RV-specific policy doesn’t cover, including injury to other people and damage to their property. Bodily injury (BI) coverage insures you against a third party filing a claim against you because of physical harm caused by an accident in your vehicle; it’s what would pay for that person’s medical bills, lost wages, and any pain and suffering they may experience from your actions.

How Much Coverage Should I Get?

RV insurance policies vary greatly in price and coverage options. Before you sign on with an insurer, it’s essential to understand what kind of protection you need — and how much it will cost. The best way to do that is to consult with a professional and have them walk you through your policy options so you can select a plan that gives you all of your basic needs and more.

Why You Need Recreational Vehicle Insurance

Millions of people in the United States alone own at least one recreational vehicle, whether it’s an all-terrain vehicle (ATV), snowmobile, jet ski, or boat – and this number has been increasing in recent years as more and more people decide to purchase RV’s as opposed to traditional cars. The rising popularity of recreational vehicles makes owning one even more appealing; however, they also introduce some unique challenges that you may not have considered before purchasing one.

Do I Really Need RV Insurance?

doctor holding someone's arm in a cast
Disabilities don’t always result from just physical injury at the workplace.

If you’re thinking about owning an RV, consider whether or not you need extra insurance coverage for it. It might be smart to tailor your insurance policies to specifically cover certain items, like recreational vehicles — ATVs, boats, jet skis, etc. All of these types of recreational vehicles come with a variety of risks and challenges that require extra insurance coverage. If you want to protect yourself and your assets, there are many types of RV insurance available, including comprehensive coverage that insures every aspect of your recreational vehicle.

What’s Covered By RV Insurance

Your recreational vehicle insurance coverage will protect you if your motor home or other RV is involved in an accident. Even if no one was hurt, an accident is enough to damage your RV and put a major dent in your finances. As with any auto policy, it’s best to know exactly what’s covered before you travel. Some of the most common types of coverage provided by recreational vehicle insurance policies are bodily injury and liability protection.

Types of Coverage For Recreational Vehicles

There are several unique risks associated with recreational vehicles. For example, if you’re driving a car, you don’t have to worry about flooding or a weather-related incident damaging your vehicle; for most drivers, a standard auto insurance policy will suffice. But if you own an ATV or jet ski, that’s not always true. And even if you own a boat, there are some things that won’t be covered by your standard insurance policies. That’s why it’s important to consider getting specialized coverage — and talk to an agent who can help tailor policies specifically for recreational vehicles like boats and ATVs.

The Dangers of Underinsuring Your Home

You borrowed or saved and bought a home; that’s a great achievement. But one thing you must understand is that owning a home comes with other responsibilities, one of which is homeowners insurance. Though not mandatory, having homeowners insurance is for your benefit. For example, it is required for a mortgage and can also protect you against financial loss if your home gets damaged or broken into. To benefit fully from home insurance, you need to ensure all the items in your home because underinsuring a home can have adverse consequences.

Avoid Cheap Insurance Policies

There is great danger in choosing cheap insurance policies over your home value.

While choosing cheap insurance policies is tempting, there is great danger in choosing price over your home value. This is because a home insurance policy has what’s known as a coinsurance clause which allows your insurance provider to apply a penalty on the uninsured items. The coinsurance clause ensures you insure your property at its appropriate value and that the insurer gets a fair premium for the risks you’ve insured against. That explains why you need to disclose everything to your insurance agent.

Other Consequences of Underinsuring Home

As already mentioned, cheap insurance policies aren’t adequate. You may enjoy paying a lower premium now, but you’ll have to bear much of the repair costs when a calamity strikes because your insurance company will only take care of the items you disclosed to the agent. Furthermore, if the damages are extensive, you may lose your home if you can’t afford the repair costs. So, before going for home insurance, have your home evaluated to provide the insurance company with the correct information. And if you make any updates or changes to your home, let your insurance broker know about them.

Getting your home insured at its correct value will give you peace of mind because should anything happen, the insurance company will bear the cost. Contact Prince Insurance if you aren’t sure about anything concerning underinsuring your home.

Insurance Requirements For Independent Agents

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As an independent insurance agent, you’ll be selling insurance policies from different insurance providers, meaning you’ll not be under any obligations that lock you into any provider or policy. Before becoming an independent agent, make sure you have an impressive insurance portfolio. Like in any other business, you have to protect your clients and business by having the right insurance coverage.

You Can Get Help

Insurance requirements for independent agents can be confusing, mainly because you’ll be dealing with different providers. If you aren’t sure which insurance packages you need, talk to experts like Prince Insurance.

The Essential Policies You Should Have

Insurance requirements for independent agents can be confusing.

You should have two important policies as an independent insurance agent: errors and omission insurance (E&O) and cyber insurance. E&O insurance is liability insurance that protects you against claims made against you for being negligent or for doing inadequate work. The insurance will cover both your court charges, and if you lose the case, it will also cover settlements up to the amount in your insurance contract.

Also called cyber liability insurance or cyber risk insurance, cyber insurance is an insurance cover that will protect your business against any form of digital threat or internet-based risks, such as cyber hacks or malicious data breaches. This insurance covers all risks related to your information technology activities and infrastructure.

As an insurance agent, you’ll have unlimited access to your client’s sensitive financial and personal information, making your company a lucrative target for cybercriminals. Even if you’ve employed the most qualified cyber security experts, hackers can still find their way around your security infrastructure. In case your system gets hacked, you can face many legal problems.

If you are an insurance agent and you need a comprehensive coverage for your business, or you want to learn more about insurance requirements for independent agents, contact Prince Insurance today.

Protect Your Business With Product Liability Insurance

Product liability insurance is an essential type of insurance that protects your business against legal liability in terms of any claims arising from your products. With this type of coverage, you rest easy knowing that if your customers sustain an injury or suffer from property damage when using your product, you are covered against such liability. 

Product liability is part of your commercial general liability insurance coverage and helps protect your company against lawsuits involving your design, manufacture, or sell products.

How Any Business That Manufactures a Product Should Have Product Liability Insurance

wine bar
Product liability insurance requires identifying the potential claims first.

When looking for product liability insurance, the first step is to identify the potential claims when people start using your product. By choosing the right product liability insurance, and its combination with other liability coverage for your business, you can have the best protection that fits your business needs.

How Will You Be Protected By Having Product Liability Insurance?

Product liability insurance protects you from claims directly related to people using the product you have produced. Since there are still people trying to make a quick buck by suing a business for any reason they can find, being insured is absolutely essential.

With a product liability insurance policy, these are some of the common claims that are covered:

  • Unsatisfactory User Instructions: People can make claims that the manufacturer has failed to provide proper instructions on how to use your product, which then caused an injury or property damage.
  • Production Defects: People can make claims that your manufacturing process is flawed, which causes property damage or injury to the person using it.
  • Design Defects: People can make claims that a faulty product design on your product resulted in some type of property damage or injury to the person using it. 

Interested to learn more? We can help find the right insurance for you and your needs.

Do You Have Adequate Insurance Coverage For Your Small Business

A Colorado small business owner ensures her success by understanding and selecting the right insurance policies for businesses.

Ensuring that you have adequate insurance coverage for your small business is the best way to protect your assets, staff, and yourself. It is one of the most critical aspects of your business that you should not overlook.

The type of insurance coverage for small business will depend on the type of business you run, the level of risk your business presents, and the value of the assets you hold. For example, suppose you run a business that deals with dangerous goods or is in a high-risk industry. In that case, you will require a different coverage level compared to a less risky business, such as a convenience store.

How Small Businesses are Notoriously Underinsured.

Restaurant and Bar Insurance
The type of insurance coverage for small business will depend on the type of business you run.

Small businesses are notoriously underinsured because most business owners think their business is not big enough to warrant any insurance protection. However, no matter the size of their business, many business owners should know that they are susceptible to potential claims from customers, just like the big box retailers. Plus, the benefits from insurance protection usually outweigh the liabilities they face from potential claims.

Another common misperception among small businesses is that there isn’t any insurance coverage for small businesses that are right for their needs. This perception is a big mistake as business insurance coverage has flexible options specific to their business needs. Find the right insurance for you.

Where are Small Businesses Most Vulnerable?

Small businesses are definitely the most vulnerable to risks where they are underinsured. Small businesses need to be ready with sufficient protection against potential claims and other external factors such as theft, fire, and natural disasters. Plus, many other issues can arise no matter what business you’re running.

Ready to learn more? Talk to one of our Prince Insurance agents today.

Potential Reasons for Rising Insurance Premiums in 2022


The future is uncertain. It may be full of possibilities, but one can never foresee what it has in store for your business. Uncertainty should not be a barrier between you and your business goals. So, having insurance provides crucial protection.

With an increase in the frequency of catastrophes, soaring construction costs, rates inadequacy, and more, the cost also increases, leading to insurance companies upscaling their pricing policies.

Reasons for Rising Insurance Premiums in 2022

Independent Insurance Broker
Rising Insurance Premiums in 2022
  • Losses Due to Catastrophes – A steep increase in the frequency of catastrophes shows an increase in the demand for insurance premiums amongst many businesses. These low probability, high-cost events are a financial drain for the businesses and insurance companies, causing property rebuilds and demand for essential material.
  • Construction Costs – Costs for construction continue to bloat, and the upsurge has become twofold. In turn, the costs for replacements continue to soar. Being covered by insurance keeps these additional expenses in check and continues to be beneficial for businesses.
  • Insufficient Valuation – Valuation refers to estimating a business’s economic value, which continues to be a pressing issue in the commercial property industry. Ensuring that your insured’s company is rightly valued and insured with appropriate limits may be highly advantageous for one’s business.
  • Rate Inadequacy – A surge in the number of natural disasters, weather conditions, fires amongst the many insurance companies has changed how risks are viewed. We see an increase in the rates of inadequacy, and it continues to rise further. Hence it is safe to say that this has further led to the insurance companies rethinking their prices.
  • Increase in Reinsurance – An increasing trend has been seen in the reinsurance costs due to hoards of losses being borne by the companies. An ever-increasing pattern in these events continues to increase reinsurance costs and further the prices of premium insurance.

As these challenges continue to exist, the prices of premium insurance companies are bound to increase.

Contact us today at Prince Insurance for more information on rising insurance premiums and get a quote.

Consequences For Not Having Proper Business Insurance

We always think in terms of maximizing profits as business owners. Constantly coming up with ways to cut costs, we often consider insurance as the place to start. But consider an emergency scenario, a natural disaster, a client filing a lawsuit against you not meeting the requirements stated in the contract, or maybe just when you think your safety precautions are top-notch, an employee gets injured. This is where business insurance comes in handy. It helps with a financial burden as well as helps keep your business functioning.

Consequences For Not Having Proper Business Insurance in Colorado

Having business insurance is essential, especially in Colorado. More than that, it is essential for your business. Let’s consider an emergency situation, say an earthquake, for instance, that causes damage to the building where your business operates. Normally, in situations where you do not have business insurance, such circumstances would cause a huge dent in the company’s finances and resources. It would become difficult for the companies to keep their heads above water in some situations.

At the same time if you have opted for insurance, it would not only help with the financial burden but would also ensure smooth functioning of the business even after the hit.

In addition, there are steep penalties too. Not possessing workers’ compensation and injured workers may cost you the same. 

The damage to property and equipment may also affect how the company functions, its profits may be affected, and in some cases, might also lead to bankruptcy.

Getting the Right Business Insurance

Different states have different rules. Similarly, there are various penalties from state to state. Each business has different requirements, and it is essential that each business chooses insurance wisely, considering their requirements and needs.

It is always helpful to work with a broker to make sure you are in compliance with state law and even more helpful if the broker is a person you rely on and is familiar with the business and the industry.

State laws keep changing from time to time, and hence it is very essential that a company’s insurance is always updated and adheres with the state laws.

To know more about business insurance, check out our general liability insurance, and click here to get a quote.