How Do I Pick the Right Commercial Insurance?

You have a business plan. That’s great! Longmont, CO, is still a wonderful place to be a business owner. But, if you want to succeed, there is definitely a little paperwork in order. One item of business you shouldn’t avoid is commercial insurance. The right policy is the difference between lifelong business success and a short, unsatisfying run. That’s why 1st American Insurance Agency is here with some easy advice to simplify the process.

Understand the Big Three

Commercial insurance typically is intended to cover three things regarding your business: property, workers, and liability. Property can include a storefront, office or other location. It can also refer to vehicles and any assets worth insuring that are owned directly by the business. Insuring workers usually means workmen’s compensation and other medical-related coverage. Liability is pretty much what you expect. This is the insurance that protects you from lawsuits against the business.

Balance the Sheets

So, considering the three aspects of coverage, choosing the right policy is a matter of balancing costs and needs. It might sound boring, but good business practices are all about balancing numbers. Your goal is to get enough coverage for each issue that you won’t worry about a single disaster sinking the whole business. For workmen’s comp, state laws are usually a good guide. For liability and property insurance, those are both largely determined by the value of your assets. If your business is worth $10 million, you don’t need a policy that covers $100 million. You get the idea.

Shop Around

Still, making sure you are getting the best deal for the coverage you need can be tricky. The best way to simplify the process is to let your 1st American Insurance Agency representative do the heavy lifting. They can help you evaluate your assets and find the best deals by shopping around for you. They love helping businesses in Longmont, CO, so why not let them help you too?

Motorcycle 101: What Is Collision Coverage?

Now that you’ve purchased your new motorcycle you probably can’t wait to gear up and hit the road to experience all the beautiful scenery the Longmont, CO area offers. But, before you plan your first San Juan Skyway to the Black Canyon Run, you need to meet with an experienced motorcycle insurance agent to discuss your personal coverage needs. Purchasing insurance can be confusing, especially when there are different coverages to consider. Here’s some information you’ll need to know about your new 1st American Insurance Agency Collision coverage policy. 

What Is Motorcycle Collision Insurance?  

Collision and comprehensive insurance coverage are two different parts of your motorcycle insurance policy.  While each type will help pay to repair or replace your motorcycle if it is damaged in a qualified claim, collision insurance covers separate types of risks than your comprehensive coverage. 

What Does Motorcycle Collision Insurance Cover? 

If you or anyone on your collision insurance policy is in a collision that results in your bike being damaged by another vehicle or an object like a fence or a tree, your collision coverage will help pay for repairs. Comprehensive motorcycle insurance will help cover your motorcycle if it is damaged or lost in an event in an event that does not involve you or a covered rider being in an accident. Neither collision nor comprehensive insurance will pay for any damage you cause to another person, vehicle, or object. 

Am I Required By Law To Carry Collision Motorcycle Insurance? 

No, you are not required by law to purchase a collision insurance policy for your bike in Longmont, CO, nor are required by law to carry comprehensive insurance for your motorcycle. You are required to carry liability insurance to cover third-party injuries and any property damage you cause if you are deemed responsible for a collision while you or a covered party are riding your motorcycle. 

While you aren’t legally required to purchase collision, comprehensive, or any other type of insurance policy for your bike besides liability, if you want your bike to be covered for losses, it’s a smart choice. Call or come by 1st American Insurance Agency today to speak with an agent about designing the perfect motorcycle coverage for your special needs.