Commercial Insurance

What Limit of Professional Indemnity Insurance Do I Need?

Professional indemnity insurance, also known as professional liability insurance, covers you in the event of a negligence claim.

For any businesses providing advice or services, this type of insurance is necessary to protect against the high costs associated with a civil lawsuit. The hard part is determining what limit is best for your needs.

While many other types of insurance have standard limits to choose from, professional indemnity insurance has a range of options to suit all types of business professionals. Choosing the right limit is important for ensuring your covered without going overboard.

Talk With Clients

When working with clients, professional indemnity insurance may be a requirement. The client may specify a minimum limit to ensure if something does go wrong, they will be paid accordingly. This is one of the easiest ways to figure out what you need. You should always have at least the minimum required, but going slightly higher won’t hurt.

Consider Lawsuit Costs

While it’s something you never want to think about with your business, a lawsuit is a possibility. For instance, the wrong advice could cause a personal emotional distress, leading to them losing a job and/or relationship. Good intentions aren’t enough and you could end up in court.

Over 100 million cases are filed yearly in US courts. If you do have to deal with a lawsuit, you’re looking at legal counsel, court filing fees and more and this is even if you win. On average, a court case will cost you around $54,000, though higher amounts are common.

You’ll then have to consider the cost of damages if you do lose. The average cost on contract cases alone averages out at approximately $35,000, but usually isn’t more than the contract itself. Other negligence suits could cost you much more. Once you add up all the potential costs, you’ll have a better idea of what limit of professional indemnity insurance you need for your Colorado based business.

Look At Industry Requirements

Some industries require you to be certified and be a member of a professional organization in order to practice. If this is the case, check any membership agreements to see if you have to have a minimum limit to be a member. You can also talk with organizational leaders if you have any questions. They’ll be able to advise you as to what the average limit is for others in your industry.

Talk To Similar Professionals

You shouldn’t hesitate to talk to other professionals in your industry. While they might be competitors, they don’t want you to have to deal with a lawsuit and close your business as a result. See what their limits are and why they chose that amount. This gives you valuable insight into how others are buying professional indemnity insurance. It’s even better if you can talk to someone who’s been through a lawsuit themselves. They’ll be able to tell you if their coverage was adequate or not.

Consider The Cost Of Repairing The Damage

In some cases, a client may be willing to allow you to pay for someone else to repair any damages without having to go to court. Depending on the damages, this could be costly. Think about how much it would take for you to hire someone else to fix the problem and satisfy the client. It’ll likely be cheaper than a lawsuit, but it’ll still be a large expense that could ruin your business if you’re not covered.

Talk To Your Insurance Agent

You don’t have to decide what’s best for your business all on your own. If you have questions, talk to your insurance agent about coverage. They’ll ask you questions to help you decide the best limit of professional indemnity insurance to keep your business going, even if something does go wrong with a client.

Do you have questions about professional indemnity insurance limits for your business? Don’t hesitate to contact Insurance Town & Country today at our Denver office at 303–388-7216 or our Castle Rock office at 303–688-1251. You can also send us a message.


Common Small Business Insurance Claims And How To Prevent Them

When thinking about the type of insurance your small business needs, it’s important to understand the most common small business insurance claims. What’s even more important is learning how to prevent them. Even with insurance, it’s still time consuming to deal with business damage or lawsuits. Overall, there are five types of claims that happen the most often. While you hope they never happen to your business, it’s always better to be prepared.

1. Burglary

Burglaries account for 20% of all small business insurance claims. It’s disheartening to drive up to your business and see a busted window or broken lock. It’s even worse seeing the damage inside and missing products and money. A few things you can do to prevent this costly type of claim include:

  • Installing a security system
  • Using remote monitoring during off-hours
  • Use pull-down metal screens over doors and windows after closing
  • Keep the area well-lit at all hours

While there isn’t a fool-proof way to prevent theft, taking precautions does reduce the risk.

2. Equipment Failure

All it takes is one piece of vital equipment to render your small business helpless. Whether it’s an equipment malfunction, normal wear and tear or vandalism, your business can’t afford to be without the equipment it needs. These small business claims are usually preventable by doing regular maintenance on the equipment. Ensuring the equipment is stored and used properly helps it last longer and keeps your business up and running.

3. Environmental Damage

Natural disasters are one of the worst things that can happen to a small business. After all, it’s difficult to safeguard your business from a tornado or flash flooding. In 2016, insured losses due to natural disasters topped $23.8 billion and that’s just in the United States. Severe thunderstorms and floods caused the most damage, with winter storms and wildfires coming in a close second.

A few things you can do to help at least reduce damage include:

  • Using strong surge protectors to prevent electrical damage during thunderstorms
  • Storing equipment higher if you’re in flood prone areas
  • Move out as much equipment, furniture and files as possible if your business is threatened by wildfires in the area

Natural disasters aren’t exactly predictable. They’re also a strong reason to always make sure you have small business insurance that covers you fully in the case of the unpredictable.

4. Property Damage

Both accidental and malicious property damage are common small business insurance claims. For instance, an irate customer could come back after hours and break windows or spray graffiti on the front of your store. Of course, an employee could just as easily back a forklift into a wall, causing structural damage. You honestly never know what might happen. You may not always have control, especially when it comes to malicious damage, but a few prevention methods include:

  • Actively maintaining the property
  • Placing clear warning signs in dangerous areas
  • Ensuring all employees are properly trained

Having security cameras in place with signs that state the premises is being monitored may also prevent some malicious incidents.

5. Liability

The final most common small business insurance claim is liability claims. These can also be some of the most costly claims and without insurance, they could cripple or destroy all you’ve worked hard for. All it takes is wet spot in the floor to cause a customer to fall and suddenly you’re left paying thousands in medical bills. An employee could trip over an extension cord that wasn’t tucked out of the way and get seriously injured.

The truth is, you never know what might happen or when. eHealthInsurance provides a detailed list of ways to prevent common liability claims, such as:

  • Ensuring walkways are clear
  • Providing bright lighting
  • Cleaning up messes immediately
  • Securing stairs, such as adding handrails and non-slip components
  • Ensuring any carpeting or rugs aren’t rolling up

Working to make sure your business is a safer place to work and shop helps prevent time consuming claims and allows you to focus on growing your business.

While you hope to never have to use your small business insurance, it’s always best to be prepared. Take precautions whenever possible, but if the worst does happen, you’ll be covered.

Ready to protect your small Colorado business? Contact us today with questions you might have at our Castle Rock office at 303–688-1251 or our Denver office at 303–388-7216. You can also send us a message and we’ll get back to you quickly.


Commercial Insurance Insurance

Why Is Commercial Insurance Important For Your Business?

Every business needs commercial insurance to protect you and the business from random accidents, lawsuits and more. The truth is, you never know what might happen.

Take the worry away and invest in the right commercial insurance. When something does happen, you’ll be prepared. Still not convinced? See why insurance is the perfect business partner.

Accidents Can Happen Anywhere

Can you guarantee that no one will slip coming up your walkway or trip over a cable inside your business? With snow and ice during the winter in Denver, accidents are a real possibility. What happens when someone gets hurt? Odds are, you don’t have enough money on hand to pay for medical bills.

This is where commercial insurance can help. You don’t know when someone might get hurt on your premises. With insurance, your business covers the medical expenses instead of you having to pay out of pocket. You want to see your customers as customers, not as accidents waiting to happen.

Disasters Strike When You Least Expect It

While it may never happen to you and we truly wish it never does, disasters can and do happen when you least expect them. Are you prepared to drive up to your business one morning to see the door or window smashed and your merchandise stolen? What about a fire or a busted water pipe that’s flooded your floors? You’re suddenly facing thousands of dollars in expenses.

These aren’t costs you can easily cover. Your business insurance swoops in and becomes a welcome partner in helping you cover your losses and get your business back open as quickly as possible.

One Incident Could Ruin Your Business

All it takes is one irate customer to ruin your business. Over 100 million lawsuits are filed every year in the United States. If a case goes to court, a liability case could cost you around $54,000. Small businesses don’t exactly have tens of thousands of dollar in disposable income lying around. It would be great if you did though, right?

All it takes is a single major incident to go from running a successful business and closing your doors. With the right commercial insurance, you don’t have to worry at all. You can be protected in the event of a lawsuit and drastically minimize any cost to you.

Others Might Not Have Insurance

So what happens if someone else causes damage to your business property? In an ideal world, the other person would be able to pay for damages, either out of pocket or with insurance of their own. Sadly, we don’t live in an ideal world. For instance, what if someone happens to push the gas pedal versus the brake and rams into your business? If they’re uninsured, you could be looking at an expensive repair bill.

With business insurance, you’re covered in the event that someone else damages your property. Whether it’s on purpose or by accident, you can rest assured that you won’t have to stress to figure out how to pay for the damage yourself.

Expect The Unexpected

Business owners have to wear many hats and one of those is psychic, at least to an extent. You may not know what will happen tomorrow, but you can expect the unexpected by talking to your local Denver business insurance agent about getting the coverage you need to always be prepared. Not sure what you need? Forbes actually recommends 13 different types of insurance for small businesses, but the right policy covers multiple types in one umbrella policy.

Don’t wait for the worst to happen to the business you’ve worked so hard for. Contact Insurance Town & Country today to talk to one of our friendly insurance professionals. We’ll be happy to discuss your business needs. Contact our Denver office at 303–388-7216 or our Castle Rock office at 303–688-1251. We look forward to hearing from you.

Liability Insurance

6 Tips For Getting The Best Public Liability Insurance For Your Business

All it takes is one puddle of water to ruin everything you’ve worked hard for. It may sound crazy, but if a customer was to slip and fall because of a leak in your roof, they could sue you.

Without public liability insurance, you’d be responsible for legal fees, medical expenses and more out of your own pocket. For many small business owners, this could spell the end of the business.

No matter how hard you try to create a perfect business, you never know what might happen. Protect the business you’ve worked hard to build by ensuring you get the right liability insurance for your business.

1. Look Beyond Premiums

It’s easy to simply compare premiums and pick the cheapest option. The only problem is cheap isn’t always better. Small businesses are usually strapped for cash, which is why nearly 40% of them don’t have insurance. The truth is, public liability insurance is affordable.

Look beyond the insurance premiums to ensure you’re getting optimal coverage and a deductible you can afford. After all, if the deductible is too high, the insurance may not benefit you as much as you’d like.

2. Read All The Fine Print

It’s important to talk to your agent about the fine print. Make certain you know exactly what a policy does and doesn’t cover. Every policy is different and there may be exclusions. You want a policy that has you covered when a customer gets hurt or a customer’s product is damaged while in your care.

3. Consider Coverage Levels

Obviously, you can reduce your premiums by changing your coverage levels, but the best public liability insurance policy still needs to cover your legal fees and the average lawsuit costs, should you lose the case. For instance, one business owner in Colorado found himself having to choose between fighting a lawsuit or closing his business. Without the insurance to fight, he was left with the possibility of losing his restaurant.

Your coverage levels are important. It’s better to pay slightly higher premiums now than discover you don’t have enough coverage when it’s too late.

4. Ask About Ways To Reduce Your Premiums

One of the ways your premiums are calculated is based on your risk level. Different types of businesses have different risk levels. For instance, a retail store has a higher risk of accidents versus a small web design firm that does most consultations online.
It’s possible that you can make changes to your business to make it safer. Ask about your risk level and anything you might be able to do to put yourself in a lower risk category. This can save you money, while still getting a great policy.

5. Try To Get A Custom Business Policy

Depending on the type of business, a custom business owner’s policy may be enough to cover you. These policies bundle property and liability insurance into a single policy. This saves you money on having multiple policies. However, you should look at your coverage amounts carefully. Sometimes, the liability coverage is lower in a bundled policy. You can get additional coverage if you feel the amount is too low.

6. Compare Your Options

Most importantly, take the time to compare your options. Just like shopping for car insurance, your premiums will vary from one insurance company to another. Compare premiums, coverage levels and customization options to pick the right policy for your business’s needs.

Meet with insurance agents to discuss your needs and concerns. You don’t have to figure out coverage all on your own. Ask questions to make sure you understand what you’re covered for and any ways to reduce premiums. You should also compare how your policy will grow with you. As your business grows, you’ll need a policy that’s easy to change to meet your needs.

Want to make sure your Colorado business is covered? Contact the friendly team at Insurance Town & Country today to discuss your coverage needs. Feel free to call us directly at our Denver office at 303–388-7216 or our Castle Rock office at 303–688-1251.


Types of Business Insurance and Why You Need Them

When it comes to managing your business, it is common to get so wrapped up in your day-to-day tasks that business insurance coverage can often seem like an afterthought. However, it is crucial that your business has the appropriate coverage to protect your organization against any claims or lawsuits that may arise.

Depending on the severity of the claim, just one lawsuit could have the potential to bankrupt your business. At the very least, it can severely damage your organization’s reputation, making it more difficult for your business to attract new clients and retain your current ones. Here are a few of the most common types of business insurance and how they can benefit your business:

Commercial General Liability Insurance

This is one of the most essential types of coverage for your business to have. Liability coverage protects your business in the event that someone injures themselves while on the premises. This can include both customers and your employees. Even if you think that it is unlikely that anyone can get hurt on your property, it is always possible that someone can trip and fall, potentially holding your business responsible.

The amount of coverage you will need will depend on the nature of your facility. For example, a bank or law office will likely require less coverage than a construction site or manufacturing plant, where potential hazards are more prevalent.

Commercial Property Insurance

This is another essential type of business insurance coverage. It protects the building itself, as well as the equipment or inventory contained on the property. If you own the building that your office is in, this coverage can protect you in the event of any damage or theft. Even if you rent the facility from a landlord, you will likely still want to obtain your own coverage, as the landlord’s coverage may only cover the building itself and not its contents. The higher the value of the property and its contents, the more coverage you will need.

Workers Compensation

If you have employees, you MUST have Workers Compensation Insurance, plain and simple.

Commercial Auto Insurance

If your business uses vehicles for any aspect of its operations, like making deliveries to clients, transporting products to retail outlets, providing mobile services or even offering your top employees company cars, you’ll need to have coverage for these vehicles. The amount of coverage required will depend on where you are located, as well as the type and value of the vehicle. Most states require you to have at least general liability and bodily injury coverage. However, you may wish to add on additional coverage for collision, uninsured motorists and other options for additional protection.

Business Insurance in Denver

Here at Insurance Town and Country, we are proud to serve Denver and the surrounding areas with our business and personal insurance coverage options. Our associates will be happy to answer any questions you may have to help determine the most appropriate coverage options to meet your needs. If you need a business insurance quote in Denver, call us today to learn more.