Protect Your Business With Product Liability Insurance

Liquor 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

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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.

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.

Evaluate Your Insurance Portfolio in the New Year

Independent Insurance Broker

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:

Life Insurance
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. 

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.

How to Protect Employees With the Best Business Insurance

If you’re a business owner, you know how important it is to take care of your workforce. If you take care of your employees, then they’ll take care of you right back. It’s a relationship that relies on trust and works from both sides. You already do a lot to make sure that your employees are getting the best care that you can. You also need to make sure that they’re covered with the best business insurance that you can find. Your employees deserve the safety and security that comes with great insurance, and you can rest easier with the peace of mind that you’ve done everything that you can to make sure that they’re safe and secure. 

What Can I Do To Help?

Learn how to protect your business and staff.

Invest in some business insurance to make sure that you’re covering your employees in the case of the unexpected and unfortunate occurring. Neither you nor your employees want to be caught off guard by an untimely accident, so make sure you invest in the best business insurance that you can find. It’s been proven time and time again that happy employees are more productive, so you’ll be investing in your business as well as investing in your employees. They’re going to want to work harder for a boss who cares about them. 

Where Do I Go?

Insurance can be a tricky thing to buy. It’s can all be very confusing if you’re new to the industry. That’s why you need to find a company that you can rely on. 

Prince Insurance is committed to protecting business owners and their employees. Visit our website to learn more about this and other services we offer; we’re the best business insurance that you can find. We’re happy to offer you a quote today, so you know exactly what you’re getting into before you commit. 

Who Needs Commercial Property Insurance

modern office property - commercial property insurance

If you’re renting your commercial property, you may wonder if you need commercial property insurance. There are other questions you might have about who does and does not need to purchase this type of insurance. It’s very important that you know exactly what your unique situation is. 

Do Renters Need to Worry About Property Insurance?

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Business owners should bundle their insurance to get the lowest premium for the most coverage.

You may be in a situation where you are renting your commercial space for your business. If you find yourself in this situation, you may be wondering if you have to have property insurance; after all, it’s not your property. The fact of the matter is that commercial property insurance covers more than just the building itself. Even if you’re renting the space, odds are that you own all the equipment you use. That would all be covered under this insurance. Furthermore, you want to make sure that your inventory is covered in the case of an accident. Since you’re renting, there may be circumstances outside of your control that could cause you to lose your inventory, and you want to be sure that you’re covered if this happens.

Will I Need to Have Insurance to Sign a Commercial Lease?

This is a tougher question to answer as it can vary from location to location. In some areas, you may need insurance to sign a commercial lease, and it’s advisable you take care of that as early as possible. You don’t want to miss out on a great opportunity because you didn’t have your insurance needs taken care of.

This article has hopefully shown you the importance of getting your commercial property insurance. Contact us on our website for more information, and we’ll be happy to give you a quote. Prince Insurance is here to take the stress out of business insurance.

Do You Have Auto Insurance for Commercial Vehicles

truck transportation

If you’re running a business that requires the use of commercial vehicles, you need to be sure that you know they’re properly insured. You can’t afford to be running a fleet of uninsured vehicles. It’s just asking for trouble. So make sure that you purchase auto insurance for commercial vehicles. If you’re not convinced, then read on to learn why it’s so important.

What Is Considered a Commercial Vehicle

There are some variables at play, but typically a commercial vehicle is anything that is designed for the express purpose of hauling cargo or transporting passengers. You may have commercial vehicles with your business and not even have considered it. An ice cream truck is considered a commercial vehicle, such as a box truck, cargo van, etc. Commercial vehicles are an essential part of running many businesses and should not be forgotten when it comes time to insure your property. While your personal auto insurance has you covered for the vehicles you drive in your own time. Only commercial auto insurance will cover your work vehicles and the cargo they may be hauling.

Why Should I Insure It?

It almost feels like a cliché at this point, but accidents happen. You can’t afford to have one of your commercial vehicles involved in an accident without having it insured. Auto insurance for commercial vehicles is an absolute necessity if you want to run a business that relies on them. You can’t afford to pay out of pocket for your damaged vehicle, your damaged inventory, and anything else that gets damaged in a collision. And that’s not even getting into the legalities involved. Take the time to do your research and see what policy suits your business when it comes to insuring all of your commercial vehicles.

This article has hopefully shown you the importance of getting your commercial vehicle insured. Contact us on our website for more information, and we’ll be happy to give you a quote. Prince Insurance is here to take the stress out of business insurance.

What is Covered in Commercial Property Insurance

If you’re going into business for yourself, then you need to make sure you’re educated about commercial property insurance. It’s essential that you know all of the ways you can protect yourself and your business in the event of a catastrophe. Take the time to familiarize yourself with the facts so you can have all of the tools on your side to make sure your business is as successful as it can be.

Why Does My Business Need All of This Insurance?

modern office property - commercial property insurance

When you go into business for yourself, you’re making a massive investment and taking a big risk. It’s essential that you invest in general liability and commercial property insurance. Since you’ve made this big investment, you don’t want a stroke of misfortune to undo all your hard work. It would be terrible to have years of blood, sweat, and tears undone in a moment of terrible luck. Fortunately, if you invest in insurance, that doesn’t need to be something that keeps you up at night.

What Does Commercial Property Insurance Cover?

Commercial property insurance is what you need to make sure that you’re covered in the event of a disaster. Luckily it covers basically everything you will need to resume your business as soon as possible. It will cover your office equipment, including computers, phones, and any furniture, regardless of whether it is owned or just leased. It will also cover accounting records and other important company documents. All of your inventory will be covered, which will be a huge relief in the event of a tragedy. The building itself will be covered, whether it’s owned or rented. Any manufacturing or processing equipment will be covered. Finally, exterior items such as fences or satellite dishes will be covered.

This article has hopefully shown you the importance of getting your commercial property insured. Contact us on our website for more information, and we’ll be happy to give you a quote. Prince Insurance is here to take the stress out of business insurance.

Full-Coverage Comprehensive Business Insurance

Cyber Insurance

When you’re going into business, you’re entering one of the most stressful periods of your life. There’s a lot you have to worry about, and anything you can do to lessen that burden is going to be a positive step moving forward. Take the time to learn what kinds of insurance can make this endeavor a little less stressful for you and your family. 

Starting and Running a Business Is a Risk

Insurance Brokers

No matter how you slice it, the fact is that starting a new business is a big risk. It’s hopefully a risk that pays off, but it’s one that you’re going to have to accept if you choose to go into business for yourself. Luckily, there are ways that you can help protect your investment. You need to look into comprehensive business insurance to make sure that you’re fully covered in the event of a catastrophe. You may feel a bit lost when it comes to acquiring this insurance, so you’re going to want to get help.

How Can I Get the Insurance Benefits That I Require?

Once you decide that you need insurance, it’s time to find someone who can help you out. An independent insurance broker will be able to see the areas where you are vulnerable and help you get the coverage you need. They’ll know exactly what you’re missing and be able to get you a great deal to plug those holes. You want to rest easy knowing that you’re as covered as you can be, and the last thing you need is an unforeseen gap causing you issues. 

Once you decide that you’re ready for comprehensive business insurance, you’ll need to find a broker you can trust. Our independent insurance brokers are up to the task. Check out our website to see how Prince Insurance can help you find peace of mind.