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.

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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

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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.

Keeping Insurance Costs Down on a New Car

Auto Insurance can be a bit costly, but it is a necessary expenditure required by law and provides essential protection in case of accident or damage. Keeping insurance costs down to a reasonable rate is possible, even for brand new vehicles through a thorough investigation of car features and available coverage options.

What to Look for in a New Vehicle

Certain features on vehicles can enable their new owners to save a bit in their policy premium, as these features guarantee lower risks. Some relatively simple and basic features can allow for discounts with certain insurance providers, including such apparent details as seat belts, airbags, and daytime running lights. Some providers also offer discounts for the more ecologically conscious alternative fuel and hybrid cars. Cars equipped with special anti-theft devices can similarly encourage insurance companies to provide lower prices. Luxury vehicles and huge SUVs are more expensive to insure than more sensible and everyday automobiles, which is another factor to consider.

Embark on a Thorough Search

Focusing primarily on obtaining the cheapest possible premium can seem like the best way to go about your insurance provider search. Still, the absolute lowest numbers often don’t reflect quality service and coverage. As a rule, it is essential to keep in mind that minimal payment almost always means minimal coverage and will most likely leave you on your own to cover the cost of any injuries or damage. Also, choosing a higher deductible appears to lower overall cost initially as your insurance premium payment is lower. Still, if an accident occurs, you are responsible for a hefty out-of-pocket sum before the company steps in. 

It is also essential to seek out companies with high ratings, as they are the most reliable when paying out claims.  With all the possible variables, it is advisable to visit an experienced broker to ease the hunting process. Brokers can help simplify confusing legal terms, offer personal support to ensure effective coverage using their specialized access to insurance market information, and keeping insurance costs down by cutting unnecessary coverage features.

Check out Prince Insurance Group today to explore which convenient personal auto insurance options are suitable for you.

Consequences of Not Having Home Insurance in Colorado

Insurance of any kind can be expensive and feel like an unnecessary cost when life is planned. However, if unexpected disasters or accidents strike, finding yourself without coverage is a seriously grave situation. For large assets, especially houses, the cost of insurance is worth the peace of mind and security it brings.

The Risks Without Coverage

Unlike auto insurance, there technically are no federal laws requiring homeowners to have coverage. Insurance is legally a requirement solely to have a mortgage loan. Suppose a homeowner is found to be foregoing the insurance obligation of their loan contract. In that case, the mortgage company will most likely purchase its policy and require the homeowner to pay. These policies are more expensive and do not cover personal property, and if the homeowner does not pay the premium, the mortgage company has the legal right to foreclose. Also, whether covered or not, a homeowner is liable for any personal injuries occurring on their property considered to be demonstrably a result of negligence. If faced with a  lawsuit for incidents such as the pet dog attacking a visitor, having insurance takes care of hiring a lawyer and paying fees. Those without some form of liability and legal coverage would have to pay potentially devastating costs out of pocket. Not having home insurance can also complicate matters regarding homes in locations with a high risk of natural disasters like hurricanes and tornadoes.

Available Varieties and Add-Ons

There are a few different types of home insurance, and homeowners must be aware of any additional coverage they require. Basic, standard policies include dwelling coverage (protecting the physical structure, including cases of fire or theft), contents coverage for personal property like furniture, and personal liability (covering physical injury of guests and property damage coverage, in case of certain types of accidents). Standard coverage has its limits, and additional add-ons may be required depending on each homeowner’s circumstances. For example, flood and earthquake insurance are needed in risky areas, coverage of sewage backups, or policies to rebuild according to modern building codes for older homes suffering a covered property loss.

Check out Prince Insurance Group today to explore which of their convenient homeowners insurance options is right for you.

Consequences of Not Having Auto Insurance in Colorado

Auto insurance is an absolute requirement while driving in Colorado. There may be severe consequences to driving without one. You may face several legal actions taken against you, which include but are not limited to:

  • Suspension of your license
  • Several fines
  • Heavy penalties
  • Community service

Having auto insurance in Colorado is the state law, and no one is exempt from it. The idea behind insurance coverage is to protect you and your vehicle in the event of an accident, property damage, or if someone gets hurt.

You can find different types of auto insurance in Colorado. They can be medical payments, collision insurance, gap coverage, reimbursement for rentals, or optional roadside assistance. It is essential to find a reputable insurance company that can provide auto insurance.

Severe Consequences Against Drivers without Auto Insurance in Colorado

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It is vital to have auto insurance when driving in Colorado.

There are many consequences for driving without auto insurance. One of the most obvious consequences is that you are stuck paying for all expenses if you cause an accident. By law, all types of vehicles have to be registered and insured in the State of Colorado before you can drive them. 

It is illegal to drive a vehicle without insurance. The State can easily find out which cars are registered but not insured. As soon as officials find out that a car owner does not have auto insurance, the car owner is sent a notice. According to the law, driving without auto insurance is considered a Class 1 misdemeanor.

Here are a few common penalties for driving without auto insurance:

  • At your first offense, you must pay a minimum fine of $500. In addition, the driver’s license is also suspended until proof of insurance is presented to the Department of Motor Vehicles.
  • Authorities can impose four points on your driver’s license.
  • At the second offense, the fine increases to $1,000, and the driver’s license can be suspended for four months.
  • At the third offense, you must pay a fine of a minimum of $1,000, usually more, and your license is suspended for eight months. Additionally, you must also serve 40 hours of community service.

Find out more about the importance of carrying your auto insurance while driving. You can also contact us to get a free quote on your auto insurance today.

Evaluate Your Insurance Portfolio in the New Year

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We all start the new year with resolutions and goals we set out to achieve. As we are nearing the start of yet another new year, why not use this opportunity to evaluate your insurance portfolio?

You may ask yourself: 

  • Why is it important to re-evaluate your insurance in the new year? 
  • Will this new year bring any changes? 

Here are some reasons you should evaluate your insurance portfolio before or as we enter 2022.

Increment in the Coverage Requirement

Before you decide whether or not to evaluate your insurance, you should consider the following:

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Enjoy and relax knowing your insurance got you covered.
  • Is there a reason that you should require more coverage in the upcoming new year? 
  • Has the number of dependants increased?

An increment doesn’t always come with an additional dependent. As you grow older, you may want to consider further insurance plans like cancer insurance or other illness plans. Maybe you’ve changed your job or your career path. For instance, if you are now working for a high-risk job or one that requires you to travel, you might want to add a personal accident plan to your insurance plan overall.

You’re Growing Older

With different stages in your life, whether significant changes or small, you should evaluate your insurance portfolio to incorporate those changes. If you get married, you might want to change your portfolio to include life or home insurance. Maybe you had a child in the past year. Are you sure that your newborn baby has the insurance coverage that it needs? Time to evaluate your insurance portfolio.

Your Current Financial Situation

Are your existing insurance plans in line with your current financial situation and affordability? We live in a constantly changing world. The predictability of financial conditions has become less and less stable. So, are you sure that you will be able to afford the same insurance plan this year as you could last year?

Many variables constantly keep changing in our lives. Therefore, you need to evaluate your insurance portfolio at the start of every new year.

To find out more about insurance portfolios, visit us here and contact us to get a quote on an insurance evaluation.

Is Business Insurance Required By Law?

There are many different legal and professional obligations you have as a business owner. One of these is to have the proper insurance in place to protect your company’s well being. This sounds simple, but there are numerous considerations when determining how business insurance is required by law.

But how far do you have to go? Are there minimums or soft guidelines that must be followed, regardless of what you are doing with your company? Do you need specific types of insurance for particular activities?

The federal government requires every business with employees to have workers’ compensation, unemployment, and disability insurance. But is business insurance required by law at the state level as well?

How Different States Deal With Business Insurance Required By Law

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Succeed in your business by offering insurance coverage that local people need.

As a business owner, one of the first things you’ll purchase is a commercial insurance policy. This is because every state requires businesses to have some form of coverage. However, you need to know what type and how much insurance to buy in order to comply with your state’s laws. Here are a few examples of how business insurance requirements can change at the state level.

In Illinois, all employers with one or more employees must have workers’ compensation insurance. In California, employers cannot hire an employee without first showing proof of disability and liability coverage. In Oregon, all businesses must carry a minimum amount of liability to cover bodily injury and property damage per accident.

Starting a Business in Colorado

In the state of Colorado, business insurance is required by law to cover the cost of injuries to employees, third parties, and property damage. Businesses with five or more full or part-time employees on a regular basis have the option of either purchasing their own insurance, forming a “group plan” through an insurer, or joining a statewide group plan.

Insuring your Colorado business is one of the single most important things you can do. If you’re ready to learn about business insurance required by law in Colorado, reach out to the experts at Prince Insurance. 

4 Reasons You Need Business Insurance

Business owners know all too well the kind of damage that can be inflicted on their livelihoods. If they aren’t aware, small business insurance provides them with the knowledge that a business needs to have. Knowing the reasons you need business insurance will help your business operations in many ways. 

Main Reasons You Need Business Insurance

One of the main reasons you need business insurance is that your ability to open is contingent upon coverage.

Since designing a plan for your company will require you to consult with an agent, it is important you know what types of questions he or she might ask in order to get a complete picture of what your business entails and where its greatest risks lie.

Starting a business can be a very rewarding experience for entrepreneurs and business owners. Unfortunately, there are some inherent risks involved which you need to protect yourself from. One of the most important things that every small business owner needs is insurance coverage on their business property and assets. Here are some of the top reasons you need business insurance in Colorado.

Insurance Provides Operational Security for Your Business

Let’s take a look at the last reason you need insurance coverage. Operating a business is an ever-changing process, which means that you have to be ready for anything that might come your way. Every business owner knows that there is no such thing as a perfect business plan and one of the most important things you need to do before opening up shop is making sure you’re fully protected from whatever might happen. With proper insurance coverage on your side, you’ll be able to maintain a level of security and peace of mind that allows you to focus on your business without worrying about expensive legal fees or accidentally hurting somebody.

If you’re ready to protect the integrity and operations of your business, reach out to the insurance professionals at Prince Insurance today and get a quote!

Business Insurance Will Take Much of the Pressure Off of Starting a Business

Starting a business can be one of the most intense and stressful times of your life. It’s a massive investment of both time and money, and you don’t want anything to happen to all your blood, sweat, and tears. It’s always going to be a scary thing to do, and it’s always going to be high stress, but there are some things you can do to help mitigate all of the stress that you’re under when you start a new business. This can help you to relax a bit and focus on the task at hand, instead of feeling totally overwhelmed by the responsibilities ahead of you.

What Can I Do?

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Learn how a good insurance can provide peace of mind.

Business insurance is the perfect way to help take some of the pressure off of yourself when you’re starting a business. Business insurance can help you to relax a bit while you put your nose to the grindstone during the first few shaky years of your new business. Business insurance is a great safety net, so you don’t feel like your business is poised to crush your entire life if something goes wrong. It’s not going to be able to take all of the pressure off, but it can help to alleviate some of it, and that’s all we can ask for sometimes. 

Where Do I Go?

Prince Insurance is ready and able to help you with your business insurance needs. It’s important to know exactly what type of insurance is going to benefit you most, and that’s difficult to say without knowing your specific situation. 

That’s why Prince Insurance listens to your needs before offering a quote. Visit our website today to learn more about the various insurance options we offer. You can also contact us or schedule your quote as soon as possible. You and your family deserve to relax a little, so get the insurance you need to do so.