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Insurance

Business Insurance Options: What’s the Difference?

We at Insurance Town and Country offer a LOT of different options when it comes to choosing business insurance for your company; between the different insurance brands, policy types, additions, exemptions, and exceptions, there are hundreds of possibilities for your company to choose and that can get confusing. We’re here to help organize a business insurance plan that makes sense for your company’s unique business needs, but we know you’d like to have an idea about what products and services you need. Below we have explained the differences between Commercial General Liability, Commercial Umbrella, and Business Owner’s Policies to help you find the plan that makes sense for your business.

Commercial General Liability (CGL):
A CGL is a necessity for any business owner. It insures the business against claims of liability for bodily injury, property damage, and any slander or false advertising. This acts as basic protection for the daily risks involved with the operation of your company. Commercial General Liability will protect you up to a certain point, then any amount over the preset insurance coverage will be left to your company to pay.
For example, you may be insured up to $1,000,000 per occurrence with an aggregate coverage amount of $2,000,000. That means that if someone gets hurt in your business and sues you for $1,500,000, the insurance company will pay $1,000,000 and you will be responsible for the other $500,000. If 10 people were injured at your business over the course of the year and each one sued you for $300,000. The insurance company would pay all of the claims in full, until it had paid a total of $2,000,000, then you would be responsible for paying the remaining $1,000,000.

Commercial Umbrella Insurance:
This kind of insurance is not a standalone policy. You must first have a Commercial General Liability policy, then you can add Commercial Umbrella Insurance to increase the amount to which the insurance company will pay.
Using the first example, if the company owner had purchased Commercial Umbrella Insurance, that policy would have begun covering the additional $500,000 after the Commercial General Liability ran out.

Business Owner’s Policy (BOP):
A BOP can include many types of insurance coverages, but not all businesses can qualify. With a Business Owner’s Policy, you bundle Commercial Property Insurance, Commercial General Liability Insurance, and Crime Insurance into a single policy. A BOP can also include additional coverage options based on your specific situation. Some additional coverages include:

  • Premises Liability
  • Premises Medical
  • Fire Legal Liability
  • Business Income Insurance
  • Building and Personal Property Protection
  • On-Site Equipment Insurance
  • Coverage for Inventory Loss

Now that you know the basics, our Insurance Specialists can answer some of your more specific questions regarding what kind of policy your company should choose, how much insurance your company needs based on its size, industry, and revenue, and if your company qualifies for a Business Owner’s Policy. Give us a call at 303–388-7216 or shoot us an email at contact@insurancedenver.net so that we can narrow your focus, help you made a good insurance decision, and provide you with an accurate quote for your company.

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Insurance

Business Owners Policy: Combine and Save

Any business owner will tell you that keeping all of the accounts in order can be a hassle that takes valuable time away from focusing on serving the customer. A Business Owners Policy (BOP) helps lasso your company’s insurance policies into a convenient package. A BOP can also help save your company money, much like when you bundle your personal home and auto insurance. With a Business Owners Policy, your company can bundle Commercial Property Insurance, Commercial General Liability Insurance, and Crime Insurance into a single BOP, your company can even include additional coverage options based on your specific situation. Some additional coverages include:

  • Products and Completed Operations
  • Premises Liability
  • Premises Medical
  • Fire Legal Liability
  • Business Income Insurance
  • Building and Personal Property Protection
  • On-Site Equipment Insurance
  • Coverage for Inventory Loss

While a great product for many companies, Business Owners Policies are not optimal or available for every business. If your company does not currently have a BOP, or you suspect that you may be paying too much for Business Insurance, let our Insurance Specialists put your mind at ease. Give us a call at 303–388-7216 or shoot us an email at contact@insurancedenver.net so that we provide you with an accurate quote for your company’s specific needs.

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Insurance

Smoking Marijuana Affects Insurance Rates

The week of 4/20 is a very popular time here in Colorado. We at Insurance Town & Country want to ensure that our customers make good decisions.  Whether you are a company providing insurance to your employees or an individual updating your various insurance policies, you are probably curious to know how your insurance may be affected if you or someone covered by one of your policies smokes pot.

Let us begin by saying that every situation is different and we highly recommend that you contact us with questions, so that we can provide answers that are accurate to your unique circumstance.  There are of dozens insurance providers that offer hundreds of policies, each of which have specific requirements; however, we can provide some over-arching themes for our customers who do engage in marijuana usage.

  • Always answer your insurance form honestly. If your insurance company is unaware of your marijuana usage, you claims may be rejected if THC is found in a blood or urine sample.  As the agent, we can write a letter to the underwriter explaining your situation, possibly improving the likelihood of your policy getting accepted.
  • Never be under the influence of marijuana (or any other drug, including alcohol) while at work. If you are injured on the job, your Workman’s Compensation claim is extremely likely to be rejected if any proof of intoxication is discovered.
  • Marijuana usage will not necessarily result in an automatic rejection of an insurance policy.
  • Regardless of whether your marijuana usage is medical or recreational, many (but not all) life insurance providers will give you “Cigarette Smoker’s Rates,” which are significantly higher than “Non-Smoker Rates.”
  • If you own a company, it is important to keep your employees notified of your company’s drug policy and the restrictions of your company’s insurance.
  • Driving high is a DUI. Never smoke marijuana and get behind the wheel. Not only is it illegal and dangerous, but your insurance company can (and probably will) either drop you as a carrier or drastically raise your insurance rates.

Every situation is unique, so it’s important to speak directly with an Insurance Town and Country Insurance Specialist about how you can protect yourself, your company, and your employees.  Give us a call at 303–388-7216 or shoot us an email at contact@insurancedenver.net so that we can more accurately answer your specific questions.

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Insurance

The Importance of Additional Commercial Liability

You may have Commercial General Liability Insurance, but is it the right insurance?
Is it enough?

Keeping your business protected is a constant battle in today’s vicious lawsuit happy culture.  Your current Commercial General Liability Insurance probably protects your business when incidents happen as a direct result of your regular operations.  However, there are many situations that may require additional commercial liability policies.  This article will cover three of the additional commercial liability policies most frequently needed by small businesses.

  • Liquor Liability includes covering damages and injuries in which your business is held legally responsible as a result of serving liquor. This kind of liability coverage is traditionally associated with bars, restaurants, and nightclubs, but legal responsibility extends to many businesses outside of those industries.  If your company holds a celebration at which liquor is served, your company may be held liable for damages incurred at the party, as well as if an individual is overserved and causes a car accident as a result of intoxicated driving.
  • Concession Liability insures your special event stand, booth, or display from damage, accidents, or accidental injuries sustained to pedestrians. If your company participates tradeshows, local festivals, or any other special event, you should consider investing in concession liability insurance.  Without this type of policy addition, your company could be responsible for paying medical bills and covering the cost of property damage to others and yourself in the event that your company’s event stand causes or incurs damages or injury.
  • Foreign Liability protects your company’s employees in the event of injury, damages, and lawsuits during out-of-country business trips. If your company requires international travel of any kind, its employees may not be familiar with the laws, customs, and even design of foreign countries, possibly increasing the likelihood of an incident.  It is important to ensure that your commercial liability policy coverage extends to protect your employees and assets in the event that something happens, such as an employee injuring themselves and damaging a company laptop by plugging in the American charger into a British electrical plug.

It is important to remember that there are several more types of liability coverages, so it’s important to speak directly with an Insurance Town and Country Commercial Insurance Specialist about the specific needs of your business.  If you are concerned that there may be gaps in your company’s liability coverage, give us a call at 303–388-7216, shoot us an email at contact@insurancedenver.net, or request a quote online.  Let our Commercial Insurance Specialists work with you to find the policies that your business needs.

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Insurance

Business Insurance: Spring is Here, So Claims are Near

For many businesses, Spring means the beginning of the season.  It doesn’t matter if you are a construction company, a wedding venue, or a traveling carnival, you need to be protected!  The agents at Insurance Town and Country know that to you, It’s more than a job—It’s your livelihood.  It’s also the livelihood of many of your employees and stakeholders.

We understand that different kinds of businesses need different kinds of business insurance, which is exactly why we offer several customizable policies to fit the specifics of your operation.  Below is a listing of our different kinds of business insurance policies and a short description of how it is intended to protect you and your business.  If it sounds like something that might benefit your company, click on the link to learn more and then shoot us an email at contact@insurancedenver.net or give us a call at 303–388-7216.  We’ll be happy to explain policies in more depth or provide you with a free quote.

  • Commercial Property Insurance
    • Protects your Building and Business Personal Property.
  • Commercial General Liability
    • Prevents major financial losses if your business is sued or held legally responsible in the event of bodily injury or property damage.
  • Commercial Auto Insurance
    • Provides a diverse and extensive set of policies to protect the mobile parts of your business, including their cargo.
  • Business Owners Policy (BOP)
    • Combines various coverage options into one convenient package for more benefits than a typical business insurance policy and better savings through competitive pricing.
  • Inland Marine InsuranceProtects your mobile equipment and tools while not on your premises from theft and damage, including during transportation or at a different location.
  • Commercial Umbrella Insurance
    • Provides additional coverage for your business for a variety of situations including accidental injuries, libel, slander, or invasion of privacy, company vehicle accidents, and more.
  • Workers Compensation
    • Covers the expenses that originate from an employee being injured on the job, including medical expenses/treatment and the replacement of lost wages from injury time off.
  • Crime Insurance
    •  Protects your business against crime and employee dishonesty.
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Insurance

Small Business Bond Solutions

The agents at Insurance Town and Country are more than just insurance policy experts.  We offer a range of products and services to small businesses, including bonds.  Our clients have a multitude of small business bond choices to fit their needs and goals.  We also understand that choosing a bond that makes sense for your unique circumstance may be challenging.  Our Bond Specialists are trained to help walk business owners through their options and choose a bond that makes sense for their business.  If you are in need of any of the following bond solution services, contact us today at 303–388-7216 or Request a Free Quote Online.

  • Performance Bonds
  • Contractor’s Bonds
  • ERISA Bonds
  • Fiduciary Bonds
  • Sub-Division Bonds
  • Court Bonds
  • Conservator Bonds
  • Surety Bonds
  • Fidelity Bonds
  • Public Officials Bonds
  • Liquor Licenses
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Insurance

Business Interruption Insurance: When Disaster Strikes

You have a great business. You are meeting your customer and clients’ needs and operations are running smoothly. Then disaster strikes. Lighting hits your building and destroys one of your machines or a snowstorm collapses your ceiling. What do you do now? Your Business Owners’ Policy may take care of the damage, but what about all of the income that you lose by not being able to produce?

The answer is Business Interruption Insurance or Business Income Insurance.
These policies protect you from losing the revenue that you would have received if your business had not been forced to stop due to the disastrous event. It also covers Fixed Costs still incurred by the business, the expense of moving to a temporary location, reimbursement of reasonable expenses that allow your business to continue operating while repairs are being made (in addition to fixed costs), and Civil Authority Ingress/Egress (this includes government-mandated business closures that result in a direct loss of revenue, such as a curfew).

A Business Interruption Insurance plan is not a stand-alone plan, it is added to a larger Business Owners’ Policy (BOP) to provide additional coverage. When you are speaking with an insurance agent about the necessary coverages for your exact business, Business Interruption Insurance is something that you should consider, especially if your business is in the manufacturing, construction, or sales industries.

Don’t wait for a disaster to bring your business to a halt!  Contact us for a free quote or call us at 303–388-7216 and we will review what kind of coverage is necessary for your business.

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Insurance

Commercial Auto Insurance: The Admiral of Your Fleet

Like how an Admiral is depended to protect his fleet, Commercial Auto Insurance protects your company’s fleet in the case of an accident.  By insuring your vehicles, products, and employees with Commercial Auto Insurance, you prevent losing your hard-earned revenue due to an auto accident that causes property or vehicle damage, bodily injury, legal costs, and more.  If you have a mobile business, consider taking additional precaution with a custom plan that includes:

  • Bodily Injury Liability
  • Medical Payments
  • Personal Injury Protection (PIP) Coverage
  • Comprehensive Coverage
  • Collision Coverage
  • GAP Coverage
  • Uninsured and Underinsured Motorist Coverage

Let Insurance Town and Country take the wheel and guide your company through the storm.  Give us a call at 303–388-7216 or request a free quote online, today!

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Insurance

Worker’s Compensation Insurance: Safeguarding Your Employees

Human Resources are a company’s most important resource. That’s why worker’s compensation insurance is an important part of any business, especially those whose employees conduct physical labor as a part of their job. When choosing a worker’s compensation plan, there are several dimensions to consider.

How many employees do you have?
How much are they paid?
What is the likelihood of an incident?
Have you had prior incidents?
And many more…

Let us at Insurance Town and Country do the hard work for you. We’ll analyze your business and provide you options that will suit your company’s size. Give us a call at 303–388-7216 or request a free quote online and breathe easier knowing that your company, employees, and their families are protected from unforeseeable incidents.

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Insurance

What is a BOP Insurance Policy?


Business Owners Insurance
or a Business Owners Policy (BOP) is a customized type of insurance policy that combines Property Insurance, Commercial General Liability Insurance, and Crime Insurance, as well as additional coverage types based on your needs, making it one of the most important decisions a business owner can make. As a small business ourselves, we at Insurance Town and Country understand how important and exciting owning your own business is to our clients, which is why we often recommend a BOP Policy to protect their business against:

  • Products and Completed Operations
  • Premises Liability
  • Premises Medical
  • Fire Legal Liability
  • Business Income Insurance
  • Building and Personal Property Protection
  • On-Site Equipment Insurance
  • Coverage for Inventory Loss
  • Crime Insurance

Call us today at 303–388-7216 to learn more about BOP Policies and have one of our Professional Insurance Specialists customize a policy for your business or request a free quote online!