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.

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

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.

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

auto insurance
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

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

office team
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?

Restaurant and Bar Insurance
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. 

Challenges of Understanding Personal Insurance Needs

Personal insurance is a tough field to navigate. Make sure that you know what you’re getting into when you begin to take your personal insurance journey. Personal insurance is a necessity in the modern era, and you can’t afford to go without it, but you also can’t afford to go in with no information. Bad insurance isn’t much better than no insurance.

The Challenges of Personal Insurance

Personal insurance can be extremely tricky. You need to know an absurd amount of information to craft yourself an effective policy that will have you covered for every situation that you’re likely to encounter. The options for personal insurance are nearly endless, and you’re going to have a long road ahead of you when you try to understand them all. Understanding personal insurance is no easy task, but you also can’t afford to fly blind when it comes to your insurance needs.

Can I Do It on My Own?

When you first start looking into personal insurance, it’s tempting to try to learn it all on your own. This is a noble goal, but simply not practical. It’s very useful to do your own personal research so that you have a rough idea of what you want for your specific situation. But at the end of the day, you’re going to want to talk to an insurance broker that can help you to get the plan that works best for you. You need to have the help of a professional on your side if you’re going to make sure that you get complete coverage that lets you rest easy.

Now that you understand more about how complex personal insurance can be, you probably realize how important it is to find a professional. Visit our website to learn more about personal insurance, and contact us to get a quote today. Let Prince Insurance help you rest easy.

Why You Need Commercial Landlord Insurance

If you’re a commercial landlord, then you need to seriously consider your options when it comes to insurance. Commercial landlord insurance is a must have when it comes to keeping your investment safe. You’ve spent a long time and a lot of money building your assets up to where they are; you can’t afford to have an unexpected accident undo all of that hard work now. Take the time to read this article, and you’ll see why this is so important. 

Why Commercial Landlords Need Insurance for Their Building

Downtown Denver
You need to insure your building.

As a commercial landlord, you know how much effort it takes to maintain your investment. You spend a lot of time and money making sure that your property is well taken care of. Some things are out of your control though, so you need to make sure you have commercial landlord insurance. You can’t afford to have an unfortunate fire or electrical issue undo all of your hard work. You also want to make sure that your tenants are well taken care of. Your investment in insurance is one that will pay large dividends.

What Is Covered With This Kind of Insurance?

When you invest in this kind of insurance, you’ll be making sure that your investment is safe. You’ll be covered for the building itself. You’ll be covered for any exterior items such as a fence or satellite dish. You’ll also be covered for any important documents you have in the building. This type of insurance is quite comprehensive for what you may encounter as a landlord and is an investment you won’t regret.

With any luck, you now understand what you need to invest in as a commercial landlord. This kind of insurance is a must have for your industry. Check out our website to learn more and get a quote today. With Prince Insurance, you can get some peace of mind.