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.

Liquor Liability Insurance for Special Events

Liquor Liability Insurance

Alcohol is a normal part of big celebrations. But when alcohol is involved, accidents tend to happen. That’s why liquor liability insurance is important for special events. 

Whether you’re planning a business event (like a fundraiser or big function), or a personal event (like a wedding or anniversary party), you may need liquor liability insurance

What Is Liquor Liability Insurance?

Serving alcohol to guests at a special event can be risky. It’s important to consider that your guests could drink a few too many alcoholic beverages and start behaving inappropriately. 

Liquor Liability Insurance

This could potentially result in one of your guests hurting themselves or someone else, or damaging property during your event. 

You could be held financially responsible if these situations occurred at your event. If you served alcohol to the guest that caused the damage, you might end up paying the cost. 

That’s why smart event hosts who plan on serving alcohol to their guests protect themselves with liquor liability insurance

What Situations Are Covered?

  • Bodily injury: If a guest at your event drinks a little too much and hurts himself or another guest, this insurance keeps you from paying the price. 
  • Property damage: If a guest you have served alcohol damages property in the venue you’ve hired, liquor liability insurance covers the cost of repairing the damage.
  • Medical costs: Imagine if a guest of your special event ends up in hospital with alcohol poisoning. Liquor liability insurance covers you from having to pay hospital bills.
  • Legal costs: Guests could potentially sue you if an intoxicated person damages their belongings at your event. Liquor liability insurance will help you with the legal costs of lawsuits. 

Talk to an Insurance Broker About Liquor Liability Insurance for Special Events

As part of the proper planning for your special event, it’s wise to make sure you have liquor liability insurance. Prince Insurance Group will brew up the right liquor liability insurance to protect you from problems caused by alcohol at your event. Contact us today!

Liquor Liability Insurance for Your Bar or Restaurant

Liquor Liability Insurance

Don’t be held liable for intoxicated patrons. If your establishment serves alcohol, liquor liability insurance is a must. Whether you have a bar, restaurant, café, or nightclub, you’ll want to make sure you have this type of insurance in place. 

Here Are Two Important Reasons Why You Need to Get Liquor Liability Insurance

1. Protection in Case of Accidents Inside Your Establishment

What would you do if someone you served in your bar or restaurant started a fight and assaulted another customer? How about if that person broke another customer’s personal belongings?

If an intoxicated person causes bodily or property damage inside your establishment after you’ve served them alcohol, you could be held responsible for the damage. 

Liquor Liability Insurance
If you sell, serve, or manufacture alcohol, then you need liquor liability insurance.

General liability insurance won’t cover situations like this, but liquor liability insurance will. You’ll get help paying for:

  • The cost of legal help
  • The cost of settlements 
  • The cost of repairs to damaged property
  • The cost of medical bills for injured parties.

2. Protection in Case of Accidents After Patrons Have Left Your Establishment

When an intoxicated patron leaves your bar or restaurant, you could still be held responsible for any damage they cause. 

If a patron that you served alcohol to gets into a fight and injures someone, your business could be held accountable. If an intoxicated patron decides to drive their car home and hits someone, it could be you that pays the price. 

It’s important to protect your business from the massive costs that a lawsuit would entail. Liquor liability insurance gives you that protection. 

Contact a Broker

Accidents happen when alcohol is involved. If your establishment serves alcohol to its customers, you need liquor liability insurance

Prince insurance can help you find coverage that’s specifically tailored to your industry and insurance needs. Contact us today for a quote!

Why Every Homeowner Needs Insurance

No homeowner wants to think about the possibility of facing a disaster, but the fact is the unexpected occurs in even the most well-maintained homes.

Regardless of whether you’re a new homeowner or have lived in your current house for years, you’re probably aware that your house is likely to suffer from typical wear-and-tear or unforeseen circumstances. Even if you’re not currently in the market to buy insurance, you should at least be aware of the benefits that home insurance can provide.

Protect Your Home

If you want to get the best home insurance rates you can, it’s important to know exactly what your policy covers. Home insurance protects the structure that houses your belongings and protects you and your family from any damage or destruction that comes to your home. This is done by a combination of providing coverage for you and your home and providing coverage to your belongings if an accident does occur.

Can you pay cash for your home? Some people might be able to. However, what happens when you need to protect this investment? Do you have the money to pay for major damage to that home? Do you have the funds to replace all the possessions inside it? This is why you need home insurance — it’s one thing to be able to buy your home. It’s quite another to have to replace it and all your belongings, or to protect the people in your home.

Your home is your most important asset. Keep it insured with the right home insurance.

Protect Your Family

Home insurance protects against fire, smoke, wind, theft, flood, and other disasters that can occur in and around your home. It also covers your liability for injuries that occur on your property. But what most people don’t realize is that your home insurance policy also protects everyone living in the home (your family) and all of your visiting friends and family. If someone is hurt on your property, you are liable for their medical bills and compensation for their lost wages. Protect yourself and your home by taking the time to compare home insurance plans available in your area with your insurance agent.

Contact Prince Insurance to speak with an insurance agent about home insurance and to receive a quote.

Liability Plans for Commercial Projects

open office spaced filled with people working at their latops

Don’t start a project without robust coverage! Commercial general liability can protect you from the risks that come with commercial projects. From delayed timelines to inclement weather and injury, there are simply too many risks to count when a major project is on the line. All project managers know that it only takes a single incident to throw off a well-laid plan. That’s where commercial general liability comes in.

Avoiding Commercial Risks

Of course, the best way to avoid risk is to plan ahead. You can’t avoid natural disasters with good planning, but you can prevent lots of painful and expensive problems with diligent preparation. Insurance should be there to catch you if you fall, but good planning is the best way to avoid commercial risks. Make sure that workplace safety regulations are clear to everyone involved. Guidelines should be prominently displayed, and team members should be required to be present at a meeting at least once per week to review regulations. It’s also wise to create a culture where people feel safe reporting potential risks. If they feel like they’ll get in trouble because a flaw could kill the timeline, then you won’t hear about problems until it’s too late.

Downtown Denver
Cover the important things with a commercial general liability policy.

Tips to Follow When Choosing Commercial General Liability

To protect your project, it’s equally important that you follow up a great plan with great coverage. You’ll need a policy that offers you protection from the unique threats that your project faces. This could be weather-related to the time of year, or specific risks associated with your industry or the type of project. You have some options to choose from when it comes to the financial limit of coverage and who will be covered. Go for as much business coverage as you can afford. If you need to make the case to developers, explain what could happen in terms of being liable if anything goes wrong. Great coverage could save the day for your commercial project.

Contact our team at Prince Insurance for help putting together a comprehensive commercial general liability package.

Customized Cost-Effective Insurance Solutions for Craft Breweries

Good brews, good service. The two most important elements of running a great craft brewery. You’re the experts on these things, so we won’t try to give you any advice about fermentation. But we do know how to protect your business with the right kind of insurance. From the physical equipment to employee coverage, here’s what you need to know about cost-effective solutions for craft brewery insurance.

Type of Insurance Needed to Protect a Craft Brewery

Your business is not just the bottles and the cardboard packs. It’s the brew stations, the employee break room, the front desk, the delivery vehicles, and more. To protect your entire business, you need insurance that covers the physical brewery, the actual brewing process, and your employees. If you’re interested in growing your business, then your brewery absolutely needs robust coverage. A single incident could set you back years if someone gets injured and you get a bad reputation due to not having coverage. Alternately, you could be subject to income garnishments if a lawsuit goes through. But with the right level of coverage, you won’t have to worry about any of these problems befalling your brewery.

Running a craft brewery is exciting—but risky. Protect your business with craft brewery insurance.

Benefits of Working With Prince Insurance

We have been in this business long enough to make smart recommendations. But we’re also not so outdated that we can’t help you manage modern risks. The Prince Insurance team will get to know your business first hand so that we can recommend the most comprehensive coverage. Craft brewery insurance can be complex, but we’re here to make it easy for you.

Ready to start the conversation? Contact us to learn more about protecting your craft brewery. From your equipment to your team, together we’ll find the level of coverage that works for you—and then we’ll clink to your ongoing success.

Why Every Business Needs Disability Coverage

man welding with sparks flying out

As a business, your employees are your number one priority. As your number one priority, you need to assure them that they will be taken care of if they suddenly require extra assistance to be able to perform their jobs.

Equipping your business with the right Disability Coverage policy can provide exactly this kind of assurance.

How Does Disability Coverage Work?

If an employee gets injured, becomes sick, or suffers some form of general disability that hinders their job performance, Disability Coverage works to get that employee the help he or she needs to be able to continue doing his or her job. Or, if that employee can’t return to work, Disability Coverage can make sure they’re covered even when they can’t work, such as with Workers Compensation.

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

Without Disability Coverage, it can be you or your business that has to pay out of pocket to help that employee. Many businesses are more than happy to support their employees this way, but it can nevertheless pack on a substantial financial burden that some businesses, especially newer ones, aren’t able to sustain long-term.

Therefore, the best way to support your employees is to offer Disability Coverage. This way, even if an employee can’t return to work after an accident, they can rely on their Disability Coverage to provide a large portion of their income (usually 50-70 percent) and maintain their standard of living until they get back on their feet

How Do You Get Disability Coverage?

Getting the right Disability Coverage for your business requires working with an insurance company that is familiar with your industry, your type of business, and the needs of your specific employees.

This is why getting coverage from Prince Insurance Group is a great choice. With over four decades of experience working with all kinds of different businesses, we can quickly provide you with a tailor-made policy perfect for your business and employee needs.

Get in touch with Prince Insurance Group today to start setting up your business with the perfect Disability Coverage.

Why You Need Builders Risk Protection

sillouhette of two men a construction platform.

After finally seeing your new home, office, or general property fully constructed, it’s a natural impulse to want to protect it from the elements with insurance – you don’t want something as simple as a flash flood to ruin what you’ve waited so long for.

But what about insurance for your property during its construction, as well?

Construction Risks and the Importance of Builders Risk Insurance

Although people tend to neglect insurance for their property during its construction, the reality is that properties are often more susceptible to damage during construction.

For example, a lack of complete coverings and security features makes properties being constructed much more susceptible to weather damage from wind, hail, or rain, as well as theft and vandalism.

This is why if you want to increase the chances of your property coming out exactly the way you imagined and save money in repair, replacement, and labor costs along the way, protecting it during construction with a Builders Risk policy is a very smart move.

A construction project filled with half built red platforms.
Given the in-progress nature of structures around construction sites, they’re much more susceptible to potentially dangerous elements like weather.

This type of policy can provide the following types of coverage:

  • Structural Coverage: Protects the buildings and other structures associated with the project.
  • General Liability: Protects the at-risk people working on the project.
  • Equipment & Materials Coverage: Protects the equipment and materials being used for construction.

Of course, these are simply the most common forms of coverage that go into most builders risk policies; what ultimately ends up being covered in your policy will depend on the needs and features of your specific project.

In some cases, you may need more comprehensive coverage, such as that found in contractor insurance or construction insurance.

Who Should Get Builders Risk Insurance?

Because of how many moving parts are typically involved in a construction project, it’s very normal for more than one name to be on a Builders Risk policy.

For example, while it’s most common for Builders Risk insurance to be taken out by those funding or managing construction, it’s also just as common for landowners, architects, engineers, and any other specialized professionals involved with the project to sign their names as well.

Getting Set Up with the Right Coverage

There’s no such thing as a one-size-fits-all Builders Risk policy. That is why it’s so important to prioritize working with insurance companies that understand not just how to protect construction properties, but that have enough expertise to be able to provide a tailor-made solution to your specific coverage needs.

Fortunately, these are exactly the types of policies that Prince Insurance Group can help you with.

To learn more about getting the perfect Builders Risk policy from professionals you can trust, contact Prince Insurance Group today.

Best Liability Plans for Businesses

open office space with a long working table in the middle

To protect yourself and your business, you need a variety in your types of coverage. Your business may need commercial auto insurance if you use any vehicles in the course of doing business, for example. You need protection from liability when it comes to inventory loss, crime, and natural disasters. For everything that could damage your investments or prevent you from doing business, it’s wise to get insurance. But there’s one type of insurance that many business owners forget about.

Are you and your employees protected against negligent claims?

Professional liability & protecting your staff

Professional liability is a type of coverage that protects you from a mistake that becomes a claim. This could be negligence, failure to render services, or even malpractice. Third parties or even internal parties can make a claim like this. Professional liability protects you as well as your staff against this type of trouble. There are some specific types you should know about. First is E&O, or errors and omissions. If someone forgets something or makes an error, you can get coverage for that. There are also Directors and Officers Liability (D&O), fiduciary liability, and employment practices liability. Your agent can help explain these options and explore what might be appropriate for your business.

Ensure the future

The future of your business depends on you. No one can predict the future, and that’s why insurance exists. Personal insurance should be a given. Professional liability is another smart way to protect yourself and ensure the future success of your business. You should protect your staff, your business investments, and yourself from any liability claims now. Don’t wait for a mistake to become a costly claim that destroys your business!

You can get personal and professional coverage with us. Contact us to go over options with our team and make sure that you and your business are protected.