theheadinsurancegroup

College and Renter’s Insurance

Fri, 15 Aug 2025 18:57:35 GMT

With the weather in the upper 90's, it's hard to believe that most kids are back in school. Just this last week I met with a friend whose oldest child is heading back to college. As we sipped our coffee we got talking about our own college days and about all of the costs that go along with being away from home for the first time. My friend brought up an interesting question, what happens if something happens to his daughter's belongings while she's away; does she need renters insurance? The answer to that is, maybe. Below I'll get into more details and why a college student may or may not need it.

Do College Students Need Renters Insurance?

College life brings many unexpected challenges. If a student lives in a college dorm or other school-affiliated housing, they may not need renters’ insurance. Their possessions may already be covered under their parents’ homeowner’s policy. It’s important to check with your insurance agent or read your homeowners policy to understand what coverage applies for your child’s possessions in a dorm room and the limits that apply.

If your student plans to live off campus in a non-school-affiliated apartment or house, most landlords will require the student to acquire renters’ insurance as part of the lease agreement. Rental insurance is relatively inexpensive, especially compared to the cost of replacing items like laptops, phones, clothes, furniture, and other household items if stolen or damaged due to fire, smoke or vandalism. Rental insurance can also help with additional living expenses if property damage due to a covered event requires the student to temporarily relocate while repairs take place.

While we all hope our child makes good, safe choices we know that sometimes kids make mistakes and accidents happen. Renters insurance can help pay medical bills if a person, who is not an insured or resident, injures themselves in the student’s rental. Imagine, kids are at a party, someone trips on a rug and gets injured needing to go to the hospital. Who pays for this? It's possible that renterIs insurance could help cover the cost. It also helps cover the costs of damage that happens to another person’s property while they are in the student’s rental unit. For instance a group gets together to study, it's crowded and someone knocks into the table causing drinks to spill onto and break a guest's laptop. Who's responsible for replacing the item? Again, renter’s insurance may help cover the cost of the replacement.

Even if rental insurance is not required by the lease, it is still a smart decision. Purchasing a renters insurance policy is simple to do and can provide peace of mind and protect against unexpected financial loss.

Salvage Titles, Car Sharing and More: All Your Questions Answered

Thu, 25 Apr 2024 02:37:00 GMT

Inflation has left its mark across the board, and we are especially seeing it in the automotive industry. The CPI (customer price index) shows that over the last 3 years, there has been a 35% inflation rate for used vehicles and a 22% increase for new vehicles. With numbers like that, a lot of people that are in the market for a new car a looking at ways they can save either in their purchase or through their insurance. This has lead to a lot of questions. We have taken the questions we get most frequently and answered them below.

I'm considering buying a vehicle with a salvage title. What are the pros and cons? Is there any insurance offered for this type of vehicle? What if I make repairs to the vehicle.

If you own a vehicle with a salvage title, the only way to get it back on the road is to repair/rebuild it at least to the point the vehicle passes a safety inspection and is road worthy. This is because a vehicle that has a salvage title means it has been declared a total loss, and a total loss means the cost to repair the vehicle exceeds its value. If you choose to repair or rebuild the vehicle, it must be inspected and if it passes inspection, then it will receive a rebuilt title.

Keep in mind, not all insurance companies offer coverage for a rebuilt title vehicle, and some that do may limit coverage to liability, uninsured motorist coverage and medical payments coverage only (no comprehensive or collision coverage). This is because rebuilt vehicles may still have damage or issues from the accident that totaled them, making it difficult to tell the difference between old, unrepaired damage and new damage to the vehicle.

What is Gap Insurance, and do I need it?

GAP (Guaranteed Asset Protection) is an optional coverage that is intended to cover the difference between the amount you owe on your auto loan/lease and the actual cash value of the vehicle that the insurance company pays if your car is stolen or totaled.

Typically, if you purchased your car with little or no down payment, the car will depreciate faster than the loan decreases. So if you purchase a vehicle with little or no money down, or plan to take more than 4 years to pay off your loan, you need GAP insurance. Keep in mind, GAP coverage will be less expensive if you add it as an option to your auto policy than if you purchase it from the finance company.

My car isn't worth very much, should I switch my insurance to liability only?

Ask yourself, “If my car is totaled, can I afford to replace it without insurance?” “If my car is damaged, can I afford to repair it without insurance?” “Am I spending more to insure my car than my car is worth?” If you answer no to any of these questions, you should probably keep comprehensive and collision coverage.

I can opt in to have my insurance track my driving which results in a " good driver discount". Could my insurance company raise my rates if the driving isn't consistent or if it isn’t "good"?

Different companies have different rules. Before you agree, ask your agent what the time period for the tracking is (most are for 90 days), what information will they gather, will you have access to the results of the tracking in real time, will they surcharge for less than good results and can you opt-out early if it appears you won’t earn the discount you expected.

I'm traveling and won't need my car for several months. I've seen advertisements for car sharing services where I can make money by renting my car out. How might this affect my insurance?

Car sharing may void your insurance; before making any decisions to share/rent/lease your vehicle, check with your agent. If you can garage your car while you are traveling, you may consider getting a storage only policy which is far less expensive than full coverage. Again, talk to your agent.

I own a vehicle that is parked in my driveway/street. It isn't currently running but I plan on getting it fixed eventually. Do I need to keep insurance on it while I'm not using it?

Generally, if it is on the street or roadway, it needs to be licensed/plated and insured even if it is not running. If it is in your driveway or garage, you may want to consider keeping only comprehensive coverage or getting a storage only policy to protect it in case of fire, theft, vandalism, etc.

Will I get a better insurance rate with a new or used vehicle? If I buy used, will the year, mileage, and/or vehicle history affect my insurance rates?

This is a great question. Keep in mind, the factors that have the greatest effect on the rate you will pay for auto insurance are:

Your driving history
Your credit history
Your age, marital status, gender
Safety features and the safety rating of your vehicle and
The make, model, and year of your vehicle

So, when it comes to a used or new vehicle and insurance rates, it just depends. What you need to consider when making a purchase is the average repair costs and risk factors. For example, luxury cars with advanced technology cost more to repair or replace, so they typically cost more to insure. A newer, more expensive vehicle with lots of options will likely cost more to insure than an older, base model. Likewise, a high-powered sports car or a two-door convertible are considered higher risks than a four-door sedan, so insuring them will be more expensive.

There is a lot to consider with the purchase and ownership of a car. We hope that answering these questions provided you with some clarity. As always reach out to us with any additional questions. We'll be happy to help as best we can!

Please note, the information provided here is a brief overview and not meant to be an exhaustive discussion of insurance coverages for professional service providers. To learn more, and get an accurate quote for your business, reach out to us today!

Insurance and the HOA

Fri, 01 Mar 2024 01:00:00 GMT

Do you remember the viral news story of the Homeowners Association (HOA) fees increasing by hundreds of dollars in one local community, and the HOA board claiming it was due to insurance premiums going up? While we cannot speak specifically to that situation, we did want to answer some of your most common questions regarding HOAs and insurance.

Q. Why do insurance premiums go up (for HOA’s or in general)

Great question. Insurance premiums are based on a number of factors including frequency and cost of claims, property valuations and increased risk due to extreme weather. To further explain, if an organization or individual frequently makes claims to their insurance company, they may become considered “high risk”, meaning it costs the insurance company more to insure them, so to help offset this cost, their premiums increase.

Q. If claims make our premiums go up, when should we be filing claims?

The pricing of any policy is based on risk. Underwriters look at the frequency and severity of claims. Filing of any claim, even one below the deductible, impacts the carrier because the carrier will need to investigate and determine coverages and damages. Filing a large number of claims may cause your insurance rates to increase or your policy to be non-renewed. Prior to filing a claim, it is best to determine the likelihood of the claim exceeding the deductible and reviewing the number of claims filed in the past. Of course, if a claim is to be filed, it should be done promptly.

Q. How do we determine what deductible the HOA should choose?

First, understand that a deductible is that amount you have to pay before insurance kicks in and pays. For instance, if the cost to fix something is $1000.00 and you have a $500.00 deductible, you would pay $500.00 and (if you submitted a claim) the insurance company would pay the remaining $500.00. There are three questions you should ask when selecting a deductible: How much can the association afford; How much can be saved per year by raising the deductible; and What alternatives are there to carrying a high deductible?

Q. I’m a volunteer board member for my HOA. Do I need insurance?

Absolutely. Board members are often asked to make tough and complex decisions for the association. Decisions that may make some HOA members unhappy or angry. Because HOA board members can be held personally liable for their mistakes and their decisions made for the association, they need Directors and Officers Insurance coverage. Normally paid for by the HOA, D&O coverage protects volunteer and paid board members from liability should there be claims against them for their work on behalf of the HOA.

Q. How can we get competitive quotes for our HOA Insurance coverage?

We are independent agents, and we have access to dozens of insurance carriers. Unlike a captive agent, who represents only one carrier, we can compare several policies saving you time and trouble.

Q. What other insurance coverage do HOA’s need?

There are several that may be needed, includin g:

A. Commercial General Liability/Property Insurance - Liability refers to expenses and damages associated with legal action against the association. For example, if someone is injured on HOA property and decides to sue the HOA. The liability portion of the policy will pay defense costs and covered damages, if awarded. Some policies will include a retention amount, similar to a deductible, which is the HOA’s responsibility.

Property damage, on the other hand, refers to physical damages to HOA buildings (that portion owned by the association) and public areas. For example, hail damages the condo exteriors, then the insurance provider will cover the cost of repairs less a deductible.

B. Workers’ Compensation and Employee Dishonesty Bonds - Like any other business, if a HOA has employees, workers compensation insurance is necessary to avoid lawsuits should an employee be injured while on the job. Employee dishonesty bonds protect the association from theft and damage of association property by dishonest employees.

C. Discrimination Claims Coverage - For associations in the position to foreclose on residents who fail to keep up with their mortgages, discrimination claims coverage is a must. When facing foreclosure, many people look for any way to avoid losing their homes; one of those ways may be filing a discrimination claim. This important home HOA insurance covers associations against this liability in the event they are required to foreclose against a person who is of a minority status, or some other protected individual. Discrimination coverage is becoming more important for HOAs as foreclosure rates continue to climb.

D. Social Host Liability Coverage - Some homeowners’ associations have clubhouses and social gathering places where members and other guests can meet for planned events. If alcohol is ever served on association grounds at any of these events, HOAs need social host liability coverage. If the HOA does not permit the serving of liquor in the public areas, this coverage may not be necessary.

E. Garage keeper’s Coverage - An association that has a garage where non-members are permitted to park must have garage keeper’s insurance. This insurance protects the HOA and the vehicle owner against vehicle damage or theft while that guest is on the premises and parked in the association’s garage.

This is not meant to be an exhaustive list of insurance coverages available or needed by all HOAs. No single policy, or group of policies, can protect against every possible risk. It’s best to discuss your HOA’s specific needs with an independent insurance agent. Call us today.

Life Insurance

Tue, 16 Jan 2024 07:19:58 GMT

When it comes to auto insurance, health insurance, small business insurance, and even wedding insurance, most people are eager to make sure they have the right coverage and are protected. However, when it comes to life insurance many people become squeamish and make excuses as to why they don’t think they need such important coverage.

Below, you will find common excuses we hear for not buying life insurance, and our answers to them.

1. I’m a full-time, stay at home parent, why do I need life insurance?

It doesn’t matter if you are married or single. If you have children, you need to consider life insurance. If you’re a married parent who works, will your partner be able to manage the income gap in the family finances without your paychecks coming in each month?

If you’re a stay-at-home parent, you might not concern yourself with life insurance because you aren’t employed and earning a paycheck. But ignoring “unpaid labor” such as childcare and household tasks is a mistake. Maintaining a household is a full-time job, and you have many important roles and duties. If you die, your partner may have to pay for services such as childcare, transportation for your children, and housekeeping. Taking over these added responsibilities could cause your spouse to shorten work hours, resulting in a further reduction in income. Proceeds from your life insurance can help your spouse pay for services that keep the household running and allow your spouse to keep working.

Additionally, permanent life insurance plans can offer benefits to supplement your retirement or provide you the ability to withdraw or borrow against its cash value.

2. I won’t collect it because I’ll be dead.

Many people don’t realize that there are several types of life insurance policies that can provide benefits to the insured while they are alive. These benefits can include low interest loans that can be used by the insured for any reason, tax-deferred growth of the policy’s cash value, and a benefit that will pay out a portion of the policy limit should you become terminally ill or need long-term care because you are incapable of performing Activities of Daily Living (ADL), such as bathing, dressing, or eating.

3. Only old people need life insurance / I don’t need it; I never get sick.

Life insurance premiums are based on your age and health when you buy the policy, so the cost is generally lower if you are younger and healthy. If you wait until you are sick or elderly to buy life insurance, it may be too late. Locking in a great rate when you are young can also give you a feeling of being financially secure and better prepared for the future.

4. I’ll have plenty of money in the bank to pay for my funeral when the time comes.

Most people intend to save money and invest but the truth is that research by the Federal Reserve shows 40% of Americans would struggle to cover a $400 unexpected bill. With the average funeral costing more than $10,000, most families would be financially devastated without insurance. And turning to crowdfunding to raise funds for an unexpected funeral is financially risky and it’s a situation which only adds stress to an already difficult time.

5. It’s too expensive.

Many people don’t have life insurance because they think it’s too expensive. Life insurance is not a one-size-fits-all solution. There are a variety of life insurance policies to provide you the coverage you need at a price you can afford.

6. I have plenty of life insurance at work.

If you have life insurance through your employer, great! However, it may not be portable, meaning, if you leave the company, you may not be able to take your policy with you. Also, it likely doesn’t include any benefits other than a death benefit.

You can gain a lot of information online about life insurance, but it can be time consuming and confusing. An experienced independent agent, like us, can help you sort through the clutter and select the policy and company to suit your needs. Give us a call today and we will be happy to give you more information and answer all your questions.

Wedding Insurance

Fri, 17 Nov 2023 05:53:07 GMT

��Jingle Bells, Jingle Bells… if you listen closely, you can hear the sound of wedding bells in the distance, just behind those jingle bells. That is because Christmas is one of the most popular holidays to get engaged. It can feel like a magical time, and many that are newly engaged jump right in to planning and saving for the wedding. Planning a wedding can take a lot of work and can be very costly. According to The Knot, an average Colorado wedding with 100 – 150 guests can cost more than $30,000. Destination weddings can cost even more and can take up to a year or more to plan. That’s a lot of money, and as much as future newlyweds may not want to think about it, a lot can go wrong in that time. That’s why if you are planning a wedding, you need wedding insurance coverage.

Wedding insurance is a type of special event insurance and special event insurance can be purchased for just that, any type of special event such as a wedding, an anniversary celebration, a Quinceañera, or a charitable event. Although you can purchase special event insurance up to three days prior to the event, the best time to purchase it is before you start incurring costs. The following paragraphs will dive more deeply into the reason behind getting wedding insurance specifically.

Covid made many people realize the reality of having to postpone a wedding and the unfortunate cost related to postponement (or flat out cancellation). According to Lending Tree, 63% of American Couples postponed their wedding due to COVID. Our wedding cancellation or postponement insurance offers you protection throughout the wedding process. We can reimburse you for lost deposits and/or non-refundable payments if you are forced to postpone or cancel your wedding due to circumstances out of your control. Scenarios such as injury or illness of an immediate family member, vendor bankruptcy, extreme weather or unexpected military deployment can all be covered.

Our wedding policy also covers you if a wedding vendor cancels on you and you need to hire a new, more expensive vendor. Coverage against loss or damage to wedding photographs and videos, wedding gifts, wedding rings or wedding day attire is also included with all policies. Remember that viral video of the wedding dress getting ruined? Wedding insurance could have helped cover the cost of the damage. (The wedding planner also should have had professional liability insurance, which was discussed in a past blog).

Many venues also require you to have liability coverage. Liability insurance protects you from claims for property damage or bodily injury to a guest, including medical payments and defense costs in case of lawsuits. If you are serving liquor at your reception or rehearsal dinner, Liquor Liability coverage is a must. It protects you against claims of bodily injury or property damage due to the distribution of alcohol at your event. Remember that other viral video where the guest had a little too much to drink and nearly set the venue on fire? Unfortunately incidents like this happen more frequently than most people realize, so make sure you are protected.

Planning a wedding should be exciting and fun, but we know that it can also be stressful and that it's easy to start thinking about the, “What if's”. What if my wedding dress gets ruined, what if that friend from college has a little too much to drink and gets a little too wild, what if I get cold feet and cancel the wedding? While we hope everything goes smoothly and you find your way to wedded bliss, we also want to ensure that through the right wedding insurance, you have peace of mind in knowing that you’ll be protected should something not go according to plan.

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor or give us a call to discuss what type of insurance you may need.

Tips for Keeping Safe While Online Shopping

Fri, 10 Nov 2023 01:53:26 GMT

‘Tis the season for online shopping, holiday parties, and cyber crime. We’ve discussed it in the past and it is important enough, we are talking about it again. For many small businesses and individuals, this is a wonderful time of year for shopping, eating out, and merry making, but unfortunately it is also a time of year when we see increased activity by cyber criminals.

Small Businesses

While cyber attacks on large businesses often make the news, small businesses are more often the target of cyber criminals. This is often because small businesses, or businesses that are just starting out, have not developed appropriate policies and procedures or may not have invested in adequate software to prevent cyber attacks.

If you own a business, now is the time to review your online security practices and reevaluate the security measures you have in place. It's also important to review your insurance policy to make sure you have the right insurance to help you recover should there be a security breach. If you're not sure what your policy covers, or if you're not even sure what questions to ask when it comes to setting up the right policy, give us a call. We can review your policy, explain what it means and most importantly explain what coverage you may need and why.

Personal Protection Against Cyber Crime

Because thieves can glean information in the real world and use it to steal one's identity as well as steal information online, it's important to protect yourself in all aspects of your life. Keep the following in mind the shopping season to help protect yourself:

If you are going out of town, have a trusted friend pick up your mail, or put a hold on your mail until you return. Mail theft is one way thieves steal sensitive information they can use to steal your identity.
Use a secure internet connection, like a VPN. This keeps potential thieves from being able to see past your VPN’s encryption protocol, keeping your activity obscured and your information protected.
Make sure your computer software is uptodate. We know it can be a hassle keeping up with the latest updates, but you can be sure online thieves are keeping up, and they know which software has which bugs. They can use these bugs to their advantage and it can be easier for your system to get hacked.
Be diligent when browsing websites. Only use trusted websites, if you're not sure about a site, double check the domain name for spelling errors or mistakes, look for reviews, and look for the padlock symbol. The padlock symbol is used by chrome, safari, internet explorer, and firefox to indicate a “safe” website.

Incase the worst happens

Despite all of the precautions we can take, sometimes thieves still get through. If this happens, don’t panic. Take a deep breath and know that we’re on your side, ready to help. Below you will find helpful hints for what to do should you find your identity has been stolen.

Call your local police department or go online to report the crime. Unless you are facing imminent harm, do not call 911. Look up you police departments non emergency line (usually listed on their website) and give them a call
You can report the incident to The Federal Trade Commission (FTC) online at Identitytheft.gov or you can call 1.877.438.4338.
Alert your bank(s), cancel your credit cards/debit cards.
Add a fraud alert to your credit report.
Contact your insurance agent. As we’ve discussed in past blogs, many homeowners’ insurance policies offer identity theft or cybercrime coverage. If you are not sure about your coverage, give us a call and we can help you ensure that you're protected.

We hope these tips have helped remind you to stay diligent this holiday season and have provided some peace of mind.

Tips to Keep Your Purchases Protected This Holiday Season

Thu, 19 Oct 2023 23:20:47 GMT

It's that time of year again when we are on the lookout for good deals, good gifts, and good shopping either for ourselves or for others. Unfortunately, this means thieves are also on the lookout, but they are looking for the perfect opportunity for parking lot pilfering, porch pirating, and personal ID theft.

Porch Pirates and How to Protect Your Belongings

According to Safewise, in 2021, Denver had the highest porch piracy rates in the nation followed by San Francisco, Salt Lake City, Seattle, and San Antonio. Porch pirates follow delivery trucks and cruise neighborhoods looking for opportunities to steal. These thieves commonly strike during working hours as many homes are empty at that time.

To protect your packages from porch pirates, consider:

When possible, request the delivery company to hold your package at their closest pick-up facility until you can pick it up.
Granting inside access if you order from Amazon. Amazon Prime members in select areas can sign up for Amazon Key, a service that authorizes the Amazon delivery driver to access a secure area within your home.
Some services let you indicate where to leave your package if you’re not home. You can instruct delivery drivers to leave your package at a specific location, such as a back door, with a building superintendent or a neighbor.
Requiring a signature for receipt. This way, packages aren’t left without someone (usually over the age of 18) signing for the package.
If possible, many delivery services have local merchant partners, such as FedEx and UPS stores, pharmacies, and grocery stores, that can accept deliveries on their customers’ behalf.
Have items sent to a retailer’s walk-in store for pickup.
Signing up for alerts. Many delivery services offer text, email, and/or mobile app alerts so that you know when a package will be delivered, and you can arrange to pick up your package quickly.

Protecting Packages in Your Car

Imagine, you’ve just spent hours running around town finding the perfect gifts. You're elated with your purchases but exhausted from fighting crowds, navigating traffic and running from shop to shop. You're finally home and decide to make sure the coast is clear of friends and family before bringing in all of the purchases from your car. You only wait about 30 minutes before heading back out to your car to bring in the gifts. You get to your car only to discover shattered glass on the ground and all of the purchases missing. Unfortunately, we don’t have to imagine as this scenario has happened time and time again. Sadly, most car break-ins occur in residential areas. It takes only seconds for an opportunistic thief to break a window or punch out a lock to gain access to items left in your car.

Keys to protect you and your belongings when holiday shopping:

Keep windows rolled up and doors locked when you come and go from the vehicle.
Do not leave anything of value inside your car — including your phone, mail, or laptop; clearly visible items can catch the eye of a thief.
Put all loose items or packages in your car’s trunk prior to reaching your destination.
Park your vehicle in a well-lit, high-traffic area, away from larger vehicles or shrubs.
Pay attention to your surroundings, if you think you are being followed to your car, go back in the store and alert security. They will happily escort you to your vehicle. If you are driving and believe you are being followed, drive to a police station, or call 911.

Protecting Yourself from Identity Theft

You feel like you are well protected this holiday season as you have a secure way of retrieving delivered packages and are practicing all recommended safety tips when out shopping. There’s just one more area to cover, and that's protecting yourself from identity theft. Identity theft can occur when a loser, I mean criminal obtains your personal information and uses it for their ill gain. This can be obtained through technology based scams or old fashioned theft, such as by stealing mail or a wallet containing your personal information.

While we will have more details on this in our upcoming blog, here are some basic tips to follow to keep yourself protected.

Limit the amount of personal information you carry; carry only what you will need for each shopping trip
Protect your credit card or debit card when making purchases or using an ATM by using your hand to shield personal identification numbers.
As always, be aware of who is around you and what they are doing; some thieves have used cell phone cameras to snap pictures of cards.
Pick up your mail regularly and have it delivered to a locked mailbox when possible

A Final Note

We know that the last few years have been hard on people and with rising costs of living, this year has been no different. If you are thinking of stealing something because you feel you deserve it, or you think that “it’s no big deal because insurance will cover it”, you're wrong. It is a big deal, not everything is covered by insurance, rising crime rates contribute to premiums and costs of goods going up along with many other things, and no insurance can cover the emotional trauma of feeling violated by crime or having your holiday ruined because of theft. Don’t steal. Be good to people, look out for each other.

Please note, the information provided here is a brief overview and not meant to be an exhaustive discussion of insurance coverages nor is it legal advice. To learn more, and get an accurate quote, call us today .

Personal Property and Peace of Mind

Fri, 22 Sep 2023 21:30:57 GMT

Fall is finally here. As it starts to cool and the leaves begin to change, you may find yourself imagining the days to come where you'll spend more time in your yard raking up leaves and maybe watching your children enjoy jumping into them. Or maybe you're taking this time to plan a holiday trip to visit family out of state, and imagining all the fun you'll have on vacation.

Now imagine you're doing yard work or completing household projects, and all of a sudden you find that your wedding or engagement ring is missing. What do you do? While the sentimental cost can not be replaced, will your insurance company pay to replace the financial cost?

Or what about this, you love photography and are excited to use the brand new, expensive camera you invested in for family pictures. What will you do if it gets destroyed? Do you know your insurance policy well enough, to have the peace of mind that your camera can be replaced if something happens?

Not sure about the above scenarios or have other questions about your personal property that goes with you on vacations or other trips? Read on!

Most Homeowners insurance offers some protection

The typical homeowners or renters’ insurance policy will include verbiage stating, “Personal property owned or used by any insured is covered while it is anywhere in the world.” However, all policies limit coverage to named causes of loss (also called perils) and impose special payment limits on certain groups of personal property. Clear as mud right? This means that with a typical policy, most of your personal property will be covered if it is damaged or destroyed whether it is with you at home or while it is with you while traveling. The “catch” is that in most policies not causes of loss are covered. So, it is important to ask questions about what may or may not be covered and why.

For example, you have $200,000 of homeowner’s personal property coverage and while you are traveling, $10,000 of your jewelry is stolen. Jewelry is high-value property that can be easily lost or stolen, so special payment limits are typically specified in your policy. Under a standard homeowners' policy, the maximum payment you might receive for the stolen jewelry is $2,500 or less, depending on your specific policy. If the jewelry was simply lost instead of stolen, the standard policy would pay nothing because mysterious disappearance is not a named peril (cause of loss).

So how do you protect your most valuable possessions? The short answer is there is no one-size-fits-all solution. However, when it comes to protecting your high dollar items, it doesn’t need to be half as complicated as the internet might make you think.

Scheduling Property and Inland Marine Insurance

The two most common methods are scheduling your personal property with your homeowners’ policy or purchasing an Inland Marine policy.

First, let’s discuss scheduling property. A schedule, also called an endorsement, can be added to a homeowner’s or renter’s policy for an entire class of property (called blanket coverage) such as jewelry, or list specific items, such as a men’s gold wedding band. The schedule will describe the property being covered and specify the maximum payment limit in case of a loss.

Of course, scheduling your belongings will likely cost you more but scheduled property coverage will include important additional benefits like broader protection, no deductible, and faster claims settlement.

A Real Life Example

An insured was trimming trees, raking, and disposing of leaves on his property. When he finished, he noticed his wedding band was missing. He searched his yard and leaf piles, but the ring was not found. Under a standard homeowners’ policy, this would not be a covered loss. Fortunately, we had scheduled his and his wife’s jewelry. Since the item was scheduled and the appraised value was listed, the ring was covered, and the claim was paid within 3 days.

Another means of protecting your most valuable property is with a personal Inland Marine policy.

What is personal inland marine insurance? It’s a special policy that protects property that moves, or will be moved, between locations. For instance, classes of property typically covered by Inland Marine insurance include:

Musical instruments
Electronics
Fine art
Cameras
Golf Equipment or other sporting equipment
Jewelry, including watches
Firearms
Coin or stamp collections
Fine China and silverware
Medical devices
Furs

The Inland Marine policy will generally cover your property on an “open peril basis”, meaning it provides coverage unless coverage is specifically excluded in the policy.

A Real Life Example (and yes this really happened)

An insured was doing a photoshoot in a state park. While using the toilet facilities which were designated outhouses, he accidentally dropped his camera into the toilet. If you have ever used one of these facilities, you know that there was no getting the camera back. Thankfully, just after our client purchased the camera they called us to insure the camera. The camera was insured by an inland marine policy and because of this, the insurance company paid to replace it.

What is excluded?

Common policy exclusions include normal wear and tear to covered property, breakage or spoilage due to a weakness that is intrinsic to the property, or deliberate destruction of the property by the owner.

Do you want to know if your property is covered, or if you need additional coverage? Reach out to us today. We’ll be happy to review your current policy, explain what is covered and help you determine if you have the best coverage for your needs.

Please note, the information provided here is a brief overview and not meant to be an exhaustive discussion of insurance coverages. To learn more, and get an accurate quote, call us today .

Professional Liability and General Liability Insurance

Mon, 18 Sep 2023 01:00:00 GMT

When the pandemic hit, many people examined what they were doing in their careers and decided it was time for a change. Whether it was turning a side hustle into an all out business or focusing on something entirely new, many people decided to make the switch from working for a company to working for themselves. This is great and we know from personal experience that it takes a lot of work and dedication. An aspect that many people do not think about when striking out on their own is the importance of having the right insurance to protect their business. Read on to learn more about why professional and general liability insurance is important and how it can help protect you and your business.

Professional Liability and General Liability Insurance

Professional Liability Insurance, sometimes referred to as errors and omissions insurance (E&O insurance), is designed to protect personal services professionals from claims relating to their professional services. A personal service professional provides a service or professional advice rather than a manufactured product.

A customer could sue you because you did something you shouldn’t have, or you didn’t do something you should have, while providing your professional services. For example, an accountant, personal trainer, massage therapist, nutritionist, tutor, attorney, etc. could be sued for simply making a mistake that in some way harmed their client. Having professional liability insurance is a great asset for those in these or other personal services professions and may be required by law for some professions.

Breaking It Down

Professional Liability Insurance

Professional liability insurance is important because it helps to protect you should a claim be filed against you alleging professional negligence, making a mistake, or causing a personal injury. Libel and slander are forms of personal injury. Whether the claims are valid or not, if you are accused of having done something that injured another, you need insurance protection.

Consider the following:

A massage therapist performs a deep tissue massage on a client who noted shoulder pain prior to the treatment. While performing a shoulder stretch during the session, the client winces and asks the therapist to stop. The massage therapist stops the treatment immediately. A few days later, the client sued the massage therapist for causing a torn ligament and the need for surgery.

In this case, Professional liability insurance could help protect the massage therapist by paying for defense costs and any subsequent settlement or judgment, to the limits of their policy.

While having lunch at a restaurant with a friend, a nutritionist discusses a recent interaction he had with one of his clients. The client learns of the conversation and sues the nutritionist for slander and public ridicule.

Alleged libel and slander claims may arise from intentional disparaging of a person or business, an accidental slip-up made in conversational passing, or anything in between. Fortunately, professional liability insurance coverage can step in to protect you and your business against such claims.

General Liability Insurance

Personal Services Professionals may also need general liability insurance, also referred to as commercial general liability insurance (CGL). While personal liability insurance and general liability insurance may sound similar, general liability differs from professional liability in that it protects the business from claims of bodily injury or property damage arising out of alleged negligence. For example:

A massage therapy client slips and falls while entering the therapist’s place of business. The client alleges his knee was injured in the fall and he seeks medical attention and incurs medical bills. He later sues the therapist for negligently maintaining the floor and causing his fall. General liability insurance would protect the therapist from this type of claim. It would pay for defense costs and, if the therapist is found negligent, the client’s bodily injury to the extent of liability of the policy limits.
A personal trainer is visiting a client’s home and accidentally knocks over a computer monitor, breaking it. The personal trainer apologizes and helps to clean up the mess. The monitor was very expensive, and the client wants the personal trainer to pay for a new one. Fortunately, the trainer has a CGL policy that protects her and pays for the client’s computer monitor.

You wouldn’t jump out of an airplane without a parachute. Mistakes and accidents happened. Why would you consider starting a business without insurance protection?

Please note, the information provided here is a brief overview and not meant to be an exhaustive discussion of insurance coverage for professional service providers. To learn more, and get an accurate quote for your business, reach out to us today!

Nonprofit Organizations and Insurance

Fri, 18 Aug 2023 04:09:36 GMT

In the United States there are approximately 1.5 million nonprofits, making up the 3rd largest workforce. Nonprofit organizations, just like other businesses, face many kinds of risks in their day-to-day operations. Additionally, most nonprofits use volunteers, which exposes them to risks for-profit businesses don't face. Obtaining the right insurance for a nonprofit can mean the difference between operating long-term or having to abandon their mission after a loss.

What types of nonprofits need insurance?

If your organization is categorized as a 501(c)(3) you fall under the nonprofit umbrella. The most common are public charities, private foundations, and private operating foundations. These include:

Arts and cultural organizations
Community health clinics
Educational organizations
Pet shelters and adoption agencies
Mental health facilities and counseling centers
Homeless shelters
Shelters for Abused Women and Children

All of these organizations need to carry insurance.

What is the most common type of insurance available for non-profits?

General Liability (GL) Insurance - This insurance policy protects the nonprofit in the case of a person claiming they were injured or suffered property damage due to the nonprofit’s negligence. A GL policy also includes coverage for advertising injury. This coverage protects the insured from claims of defamation (libel and slander) as well as copyright infringement. The GL policy also pays for defense costs of covered claims, even if the claim later proves to be false.

What other types of policies should be considered by a non-profit?

Some of the more common types of insurance policies include:

Directors and Officers Insurance: Directors and officers liability insurance (also referred to as D&O insurance), covers directors, officers, and board members from liability if a lawsuit is brought against the nonprofit organization. This includes—but isn't limited to—accusations of fraud, misconduct, malpractice, or financial mismanagement.

Professional Liability Insurance: Also known as errors and omissions coverage, professional liability insurance is essential if the nonprofit provides professional services. Professionals provide services and advice that require specialized education, judgment, and skill. A Professional Liability Policy provides protection for a wide array of persons including therapists, counselors, nurses, teachers, clergy, and other volunteer professionals.

Commercial Property insurance: Nonprofit organizations can't afford to replace property or products stored within their premises if they're damaged or destroyed by fire or natural disaster, or if they're stolen.

Commercial Auto insurance: If the nonprofit organization owns a commercial van or vehicle, of if volunteers use their personal vehicles to conduct the nonprofit’s business, then commercial auto coverage is critical.

Volunteer Accident Policy: This is often covered under general liability insurance. However, if the nonprofit frequently works with volunteers, consider adding this policy for further protection. It can help cover minor medical expenses if a volunteer is injured on the job—no matter who is at fault.

Cyber Liability Insurance: Sometimes referred to as 'Data Breach' coverage, is needed if your organization handles private consumer information or data. This policy provides coverage if your computer systems are hacked, infected with malware, or employees make an error.

Special Events : Nonprofit organizations are well known for hosting special events; and most venues will ask for proof of insurance coverage before granting access to their event space. Also, if alcohol is served, host liability alcohol coverage can be added.

Workers' Compensation Insurance : If you hire employees to work for your nonprofit, Workers' Compensation insurance is a necessity. This policy provides coverage for medical expenses and lost wages in the case of employee injury or illness, regardless of fault.

How Much Does Insurance for Nonprofits Cost?

Just like any other business, the cost of a nonprofit's insurance will depend on the unique risks it faces. Some factors taken into consideration when calculating costs include:

The type of the organization
The number of full and part-time employees
The use and number of volunteers
The services offered
The types of coverages and policy limits selected

Nonprofits are generally started with the best of intentions for the good of the public to address a community issue. Just like there is no one size fits all nonprofit, there is no one size fits all insurance policy. It is important to understand your nonprofits' unique needs and liabilities. We know this can feel daunting to handle on your own. Give us a call today so we can figure out your organization's insurance needs together!

Please note, the information provided here is a brief overview and not meant to be an exhaustive discussion of insurance coverages for nonprofits. To learn more, and get an accurate quote for your nonprofit, call us today.

Auto Theft in Colorado

Tue, 01 Aug 2023 01:00:00 GMT

“We’re number one! We’re number one!” That is normally a good thing, but not when it comes to car theft. Did you know, Colorado is the No. 1 state in the nation for car theft?

Colorado’s auto theft rate has increased 32% from 2020 and seems to be rising. According to the Colorado Auto Theft Prevention Authority (CATPA), our top cities for car thefts are Denver, Aurora, Westminster, and Pueblo. In 2022, more than 40,000 cars (that’s more than 100 cars per day) were stolen in Colorado. Of those, nearly 89% were recovered but most were found partially damaged, missing major components, or damaged beyond repair. According to the National Insurance Crime Bureau (NICB), catalytic converter thefts from vehicles jumped by 1,215 percent between 2019 and 2021. Below is a list of the 10 most stolen vehicles in 2022:

Kia Sportage
Hyundai Tucson
Hyundai Sonata
Chevy Silverado
Kia Optima
Hyundai Elantra
Kia Sorento
Ford F-250
GMC Sierra
Kia Soul

What Can You Do? Prevention and Insurance

There are some things you can do to help prevent your car from being targeted, and to help recover your car in the event it is stolen.

Remove your keys, roll up the windows, lock the doors and park in well-lit areas.
We often see people leave their cars running to let the AC/Heat permeate the car while they wait inside. Don’t do this! A thief only needs an opportunity and a few seconds to jump in and steal your car.
Deploy a visible or audible device warning that your car is protected such as a steering-wheel lock or an audible alarm.
Install an immobilizing device that keeps thieves from starting the car like kill switches, fuse cut-offs and fuel-pump disablers.
Utilize car tracking devices that can track your car, such as onboard telematics systems.
Report your vehicle stolen as soon as possible.

Going beyond prevention, you need to include comprehensive coverage in your auto policy. Comprehensive coverage is optional coverage (meaning that it is more coverage than what is required by state law), that will pay out the actual cash value of your car if it is stolen. It will also pay out for damages done to a car in an attempted or partial theft. This includes things such as broken windows, damaged door locks, or stolen components. Your policy may also provide you with a rental car while your stolen car is missing or being repaired if damaged while stolen. Keep in mind, this coverage does come with a deductible which is the portion you pay on a claim before insurance kicks in. The most common deductible is $500, but you can choose a higher or lower amount based on your needs.

Remember, if you are not sure what your policy covers or if you are not sure that you have the right coverage, we are happy to help you figure it out. Give us a call today!

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

Homeowners Insurance and Rising Premiums

Mon, 31 Jul 2023 22:44:22 GMT

Extreme weather events such as fires, floods and hail as well as labor shortages have created conditions that impact insurance rates. We are currently in a hard market, which means that premiums are trending upwards across the country. In fact, a recent survey showed homeowners insurance premiums increased nationally an average of 12.1% in 2022. The increase represents a sign of the times in the homeowner’s market as inflation, but whether the increases are small or large, there are ways to save money on premiums.

How to save money on premiums

Take a higher deductible: This means that you will retain a higher amount of risk and it can be beneficial because it does two things. First it lowers the policy premium, and second it discourages the temptation to report small claims.

While large or complex losses should be claimed as soon as possible, having multiple small claims can negatively impact rates and cause them to increase. When setting rates, insurers will look at an insured’s claims history. Insurance companies view insureds who have filed multiple claims in the past as high-risk insureds who are likely to file more claims in the future. Because the insurer incurs costs in adjusting even small claims, the existence of multiple claims leads most insurers to charge a higher rate in the ensuing years. Over time, the higher rates are likely to cost the insured more than just paying for the smaller losses. Insureds should carefully consider the implications of filing a claim that may exceed their deductible by just a few hundred dollars.

If you are unsure if a claim needs to be filed, I would encourage you to report the claim to your agent to discuss how filing the claim might affect future insurance premiums. Discussing a claim with your agent does not mean that you have to file the claim and discussing the claim will not be held against you nor will it affect your premiums.

Credit Score: The better one’s credit, likely the better one’s premiums. Insurance companies will often run their own version of a credit check. A person with good credit will be considered less of an insurance risk than a person with poor credit. The reason for this is simple: studies have shown that homeowners who have a low credit score are more likely to file insurance claims than homeowners with a high credit score. The less prone you are to filing claims, the lower your insurance rates will be.

Safety and Protective Features: Homeowners can proactively lower their home insurance premium by improving or installing home safety and protective features. Deadbolts, smoke alarms, burglar alarms, monitored home security systems, fire suppression sprinklers, impact-resistant garage doors and windows, water-leak sensors, and other safety features can lead to discounts on homeowner’s insurance rates. These measures can mitigate damages or losses and send a signal to your insurance company that you are responsible for maintaining your home which prevents small problems from becoming large losses.

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

DUI/DWAI and the Effects on Insurance

Sat, 01 Jul 2023 01:00:00 GMT

If you might be intoxicated – don’t drive!

The National Highway Transportation and Safety Administration (NHTSA) reports that drivers with blood alcohol concentrations (BAC) of .08% or higher are approximately four times more likely to be in an accident than drivers with a BAC of zero. If a driver’s BAC is 0.15% or more, the NHTSA found they are about 12 times more likely to be in an accident.

The average insurance rate increase in Colorado after a DUI/DWAI is 45%. Some companies in Colorado may raise insurance rates by 150% after a DUI if an accident is involved.

For people convicted of a DUI, DWAI or other drug related driving offense, the Colorado Department of Motor Vehicles will require you to get an SR-22. An SR-22 is not an insurance policy but a document that insurance companies provide to verify a driver has car insurance in place.

The state requires this after a DUI because they find you a high-risk driver and want proof you have the required car insurance coverages in place. If you cancel the coverage for any reason, the insurance company must notify the state and you will be penalized. The SR-22 is also a “red flag” to insurance providers that you have problems with your driving history and are now a high-risk driver.

Colorado will typically require you to carry SR-22 for up to three years. Your insurance rates may be impacted (surcharged) for a DUI for 3 to 5 years.

And don’t think you can’t get a DUI just because you are not driving! In Colorado, it is possible to get a DUI while parked because of a legal concept known as “actual physical control.”

Basically, if you are in the front seat of a car, intoxicated, even with no intention of driving, you could still get a DUI while parked for having the capability of driving. Whether you will be convicted is decided by the circumstances, such as where the vehicle is found, where the keys are, and whether or not the vehicle was running. The rules apply in parking lots, roadways, and even on private land such as your driveway.

The cost of a ride home after a few drinks pales in comparison with the years of increased costs due to a DUI/DWAI conviction, so please, don’t drink and drive.

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

UM UIM

Thu, 18 May 2023 04:46:28 GMT

Colorado requires drivers to carry auto liability insurance, however many irresponsible drivers ignore this and do not have coverage. In fact, at least one out of every seven cars that passed you on your way to work today probably did not have insurance.

Automobile owners in Colorado are required to carry liability insurance with minimum coverages of $25,000 for bodily injury or death to any one person in an accident and $50,000 for bodily injury or death to all persons in any one accident. Even though the at-fault driver may be personally responsible for damages above their insurance limits, it may take months or years to settle a claim or win a lawsuit and collect damages.

So, who takes care of you when you get into an accident and the at fault driver has caused damage that exceeds their limits, doesn’t have insurance, or worse yet if the other driver leaves the scene of the accident (hit and run)? If you have purchased Uninsured Motorist Bodily Injury/Underinsured Motorist Bodily Injury (UMBI/UIMBI) coverage, you can pursue a claim with your own insurance company. An UMBI/UIMBI policy can help ensure the burden of coverage is not coming out of your pocket. This policy may provide money for medical bills, your lost time from work, and for your pain and suffering. Your UMBI/UIMBI coverage is also “portable,” meaning that you are covered whether you are on a bicycle, a pedestrian, or in someone else’s car and injured by an at-fault driver.

The policy normally provides coverage not only to you for your injuries and your passenger’s injuries, but also provides coverage to anyone using your insured vehicle with your express or implied consent, any guest in your insured vehicle, your spouse (if living in the same household), and to your children and stepchildren residing in your household.

To be clear, if you have been injured in an auto accident that was not your fault, you should first seek compensation from the at-fault motorist. However, your own auto policy’s UMBI/UIMBI coverage becomes critical if the at-fault driver is either uninsured or does not have enough liability insurance to cover your damages.

If you would like to know more about this critical, optional coverage, give us a call today.

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

Small Businesses Need Insurance Just Like Large Companies and Individuals Do

Fri, 21 Apr 2023 21:07:37 GMT

Here at the Head Insurance Group, we know all about the struggles and triumphs of owning and operating a small business. Not only are we a small business, we’ve helped insure dozens of local small businesses throughout the area. Some of those we insure have faced flooding, vandalism, burglary and other issues that, without the right insurance, could have been devastating.

When starting a small business, or if you are evaluating your current organization, it is important to understand that just like large companies and individuals, small businesses require insurance that is tailored to their needs. When analyzing the insurance needs of your organization, it’s helpful to consider two key elements, claim frequency and claim severity. Claim frequency concerns the number of claims that occur within one year – a typical policy period. Claim severity refers to the average cost to resolve a claim.

A recent five-year study analyzed business claims to determine which types of claims occurred most frequently and which had the most severity. Keep in mind this is an overview of all businesses; certain businesses may be more at risk for some claims then others. The types of claims that occurred most often are listed below in descending order. The percentages reflect the percent of small businesses affected by each type of loss.

Burglary and Theft (20%) - Burglaries and thefts may be committed by insiders (dishonest employees or company principals) or outsiders.
Water and Freezing Damage (15%)
Wind and Hail Damage (15%)
Fire (10%)
Customer Slips and Falls (10%)
Customer Injury and/or damage to customer property (Less Than 5%) - Customers can sustain injuries at business locations in ways other than slips and falls such as being burned by a hot liquid (like coffee). Property damage like having a server spill queso into a customer’s purse.
Product Liability (Less Than 5%) - Businesses that manufacture products may be vulnerable to product liability claims.
Struck by an Object (Less Than 5%) - A wide variety of moving objects can cause injuries such as grocery carts, mobile equipment, and falling construction tools.
Reputational Harm (Less Than 5%) - Businesses may be sued for acts like libel and slander that allegedly damaged someone’s reputation.
Vehicular Accident (Less Than 5%)

The same study looked at the severity, the cost to settle, each type of claim. Here is the ranking in descending order based on severity. The dollar amounts reflect the average size settlement for that category of claim.

Reputational harm: $50,000

Vehicular accident: $45,000

Fire: $35,000

Product liability: $35,000

Customer injury or damage: $30,000

Wind and hail damage: $26,000

Customer slips and falls: $20,000

Water and freezing damage: $17,000

Struck by an object: $10,000

Burglary and theft: $8,000

We understand that small businesses often need to be frugal, especially when they are first starting out. One thing we frequently hear is, “I don’t need that coverage, we haven’t had a loss yet”. If you forgo getting coverage or enough coverage for your organization, are you confident your small business could cover the loss, as well as any legal fees that are inquired and remain stable? Are you willing to gamble something you have worked so hard to build on the hope that you won’t face a loss? Losses happen. Insurance is assurance that when a loss occurs, you’ll be covered.

When you come to us for your insurance needs, you get the added benefit of talking to a real person who understands the excitement, the struggle, and the joy of starting a small business. We have the answers to your insurance questions and probably have answers to questions you haven’t even thought of yet. We’re happy to answer all of them. Finding the right insurance doesn’t have to be hard. Give us a call and we will be happy to work with you to find the right coverages for your small business.

Hobby Farming

Sat, 01 Apr 2023 01:00:00 GMT

Spring is in the air and planting season is approaching. As people realize the benefits of clean eating and the fun and income from having a side hustle, many have started hobby farming. What many people do not realize is such activities are not covered by their home insurance policies. What they will need to do, is to add incidental farming coverage to their policy.

So, what is incidental farming? The typical definition of incidental farming is private farming operations on the residence premises that meet the following requirements:

a. the farming is incidental to the use of the premises as your residence;

b. the farming does not involve employment of others;

c. the farming does not produce more than $5,000 in annual revenue; and

d. any livestock animals are used for your own personal consumption or a 4-H type project

To understand this better, let’s look at a hypothetical situation:

Bob and Jill own a home and have a large garden. They grow vegetables and raise a few chickens for their own consumption and give some of their extra produce to neighbors. Since this is a leisure activity and not a source of income, the activity is insured with a standard homeowner’s insurance policy.

As time passes, their yield increases and they decide to start a little stall at the farmer’s market nearby to sell the extra produce. Over time the number of hens on the farm has increased, and they are also selling the extra eggs they cannot consume. Additionally, they have invested in farm equipment and machinery to help with their work. Jill also loves to bake and sell her baked goods at their stall.

Since they are now deriving income from their farming activities, and their homeowner’s policy excludes business activities, they need to add an incidental farming endorsement to their homeowner’s policy. Without it, if someone was injured by their activities, or their farm equipment or structures were damaged, they would not have protection under their homeowner’s policy.

For more information about incidental farm coverage, give us a call. We’d be happy to discuss your risks and solutions.

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

Inherited Homes

Wed, 01 Mar 2023 01:00:01 GMT

Did you know that according to Google, March, April and May are the months with the largest real estate section on the market? This can be a great thing if you are planning to buy a home, but what if you unexpectedly have to sell a home?

In our last blog, “ Considerations After the Death of an Insured ” , we discussed what to expect regarding homeowners insurance after a loved one passes away. Today, we will look more into what to expect if you have found yourself in a situation where you have inherited a property or have stepped into the role of the executor of a will which may include deciding what to do with a property.

While we can guide you regarding your insurance needs, we’ve teamed up with Danielle Harvey a Realtor with the Sartell Bliss Team to answer your questions regarding what to do with a property that you may have inherited and how to plan for the future to make life easier for those that you’ll leave behind.

Let us first take into consideration an inherited property. This could have occurred for a number of reasons, a person has passed, or perhaps had to move from their home to a nursing home and can no longer make decisions for themselves. You may have been named the conservator, executor of the will or perhaps the property was bequeathed to you. This can feel overwhelming and adding to it is the consideration that the home in question may be in a different city or state. The first and possibly most important thing to consider is that you are now 100% responsible for that property. Is there an HOA? Is the home accumulating fees due to unshoveled sidewalks or overgrown grass? While the estate may reimburse you for these fees, ultimately you are responsible for paying them. Further, presume there is a tree in the yard that falls during a storm damaging both the home and the neighbor’s home, again you could be held responsible for this. Or what happens if a water pipe bursts in the basement? To mitigate risk regarding damage to property, and to ensure you are covered, first contact the company that has provided homeowners insurance. If there was no homeowners insurance, reach out to an agent right away.

Next be sure to contact the HOA and let them know what happened. They may provide leniency while you get things in order or may be able to recommend someone to provide maintenance to the outside of the home. When contacting anyone about the home, be sure to have any legal paperwork handy as this may be required to make any changes to or to get information regarding the home.

The home has now been secured and protected against risk (having homeowners insurance) and now it is time to consider your next steps. Do you want to keep the home for yourself, rent it to create a passive income, or sell the home? No matter what you decide, we do recommend speaking with an estate attorney to ensure there are no missteps and that all parties involved (other children, etc) are aware of what the plan is for the home. If you decide to rent the home, be sure to check out our upcoming blog regarding landlord insurance or give us a call. For now, let us presume you have decided to sell the home.

Selling a home can be a tremendous undertaking, but you don’t have to do it alone. When we met with Danielle she pointed out a realtor can be a huge support in this process and it is important to understand that not all realtors are the same nor do they have the same specialties. Just as you would not go to a podiatrist to get your teeth cleaned, if you're dealing with an inherited home, you may not want to go to a realtor that has never worked within this area. On occasion, with an inherited property, there are other people involved such as attorneys, and other interested persons. Having a realtor that is familiar with this system can make your life easier as they may be able to better communicate with those involved and explain things that may otherwise be overlooked. Further, they are going to be far more familiar with resources you may need. Generally, when a home is inherited, it is not empty. That means all of the belongings, furniture, clothing, pots, pans, etc come with it. Are you prepared to sort through and dispose of these things on your own? What if you live out of state? A realtor that is more familiar with these situations will have access to the needed resources such as where to donate the items, cleaning services and more.

So how do you find the right realtor? As Danielle enthusiastically stated, "Ask questions!" Was the home clearly left to you or has it gone to the court system and is in probate? Is your realtor familiar with what this means, the processes and documentation needed to sell the home? Further, what is your realtor willing to do for you if you live out of state? As mentioned before, many homes come with that added burden of an HOA; is your realtor willing to communicate with the HOA on your behalf if needed? If there is a showing and it snows the night before, will your realtor shovel the sidewalk, or do you need to hire someone to come by to do that? What is their communication style/what is your communication style? Realtors want you to be happy and for the process to go as smoothly as possible. They will not be offended if you ask these questions and will be appreciative if you ask them up front.

While verbal communication is great, it is still important to make sure anything discussed and agreed upon is in writing. It can be a high stress time and things can be miscommunicated or forgotten when discussed verbally. A follow up email or text can help everyone stay on track.

Do you have a property that you had planned on leaving to a loved one? Here are some things to consider. Ensure people know what your wishes are regarding the property. Having clear directives in writing can help ensure that your wishes are followed. In your directives, you can be as specific as you would like to be. For instance, if you have a particular realtor you would like to handle the selling of your property(s) you can name them specifically stating you would like them to be responsible for the endeavor.

Danielle Harvey is a graduate of the University of Colorado and proud team member with the Sartell Bliss Team of Coldwell Banker Realty. Danielle has vast experience in assisting aging adults and their families when making the decision to sell their beloved family home as well as in short term rentals. She is passionate about helping her clients, and abides by the highest ethical standards. Danielle can be contacted by phone at 603.338.6981 or through email at Danielle.Harvey@cbrealty.com .

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

Considerations After the Death of an Insured

Mon, 13 Feb 2023 01:00:03 GMT

Does homeowner’s insurance automatically transfer to a new owner, beneficiary, or executor after the insured homeowner’s death?

First, it’s important to know who an insured is. Most policies define an insured as the “named insured” whose name is shown in the Policy Declarations and, if a resident of the same household , the spouse, a civil partner by civil union licensed and certified by the state, a domestic partner, a nd so long as they remain a resident of the residence premises , the insured’s relatives and any other person under the age of 24 who is in the care of any person described as an insured. It’s best to review the specific policy for the definition of who is an insured.

So, once the named insured dies, their homeowner’s insurance policy typically remains in effect. Of course, the policy may be cancelled if the premium is not paid. Also, if there is a covered loss after the insured’s death, filing a claim and getting payment can be complicated and time consuming if the insurance company has not been notified of the insured’s death. It’s best to notify the insurance company or their agent as soon as possible after the insured’s death.

If there is no one meeting the definition of an insured residing in the home at the time of the named insured’s death, coverage may be extended to the deceased insured’s legal representative, but only with respect to the premises and property of the deceased covered under the policy at the time of their death. And with respect to the named insured’s personal property, the person having proper temporary custody of the property until appointment and qualification of a legal representative.

Also, many policies require the deceased insured’s legal representative to notify the insurance company within 30 days that the homeowner died — otherwise they may cancel the policy and the home will be without coverage. The legal representative will be asked to provide a death certificate.

Another concern is if the home is vacant following the insured’s death. Most insurance companies limit, or will eliminate, coverage if the dwelling is vacant for more than 30-60 consecutive days. Since probate and settling the estate could take months, it may be necessary to purchase a vacant home policy or for the legal representative to consider living in the house periodically.

The best course of action is to be proactive and prepared. If you are a beneficiary of a home asset, it’s important that you take the steps ahead of time, if possible, to understand the insurance policy and the probate process.

Remember, the best course of action is to: inform the insurance company by sending a death certificate as soon as possible; follow up with a phone call and check all relevant details about the policy and know how to file a claim; get a policy in your own name if possible; keep a copy of the latest insurance policy with the will and other important documents.

This is not meant to be legal advice or a complete discussion of the topic. For more information about your unique situation, contact your professional advisor.

Home Sharing

Wed, 01 Feb 2023 01:00:00 GMT

Many people home share, that is, they rent all or a part of their home on a short-term basis. That home sharing can create serious gaps in homeowners’ insurance coverage because most homeowners’ policies exclude coverage for business activities. To fill those gaps, homeowners need to add short term rental coverage to their existing policy (if it is available) or buy a separate short-term rental policy.

It's important to note that short-term rental insurance only covers paying guests in your home, not friends or family staying for free. This insurance covers your property and liability exposure. For example, short-term rental insurance will protect you from financial liability if a paying guest gets injured at your property and sues you.

Home sharing coverage provides protection for the homeowner who rents out all or part of their homes on a short-term basis when the home is owner-occupied more than rented.

What does this coverage offer?

Personal property – your personal property, on the residence premises, is covered even when the home, or part of the home, is rented short-term. This includes protection from theft from any part of the residence premises while rented short-term.
Loss of rent coverage - Provides loss of rent coverage, up to a specified limit, for canceled reservations.
Provides higher limits for damage you cause to the property of others. Typically, up to $2,500 per occurrence should you unintentionally damage a short-term renter’s property.

Keep in mind that this type of insurance is only for short-usage cases, not long term or year-round residents. For that, you must purchase landlord insurance.

So how much does home sharing or short-term rental coverage cost? That depends on several factors. The location of your short-term rental is the most influential factor. If your rental is near a major tourist attraction, the cost of your insurance plan will increase. Since home sharing policies only cover the days that paying guests are staying at your property, rental frequency is also an influential factor in the cost of your insurance. Lastly, the amenities provided in your short-term rental will affect the insurance cost. Amenities such as hot tubs, swimming pools, and saunas, increase the risk of injury and the premium. Like other types of insurance, the higher your deductibles, the lower your insurance costs.

Renter's Insurance

Sat, 14 Jan 2023 02:44:32 GMT

We've all seen stories in the news about families being forced out of their apartments and most of their personal belongings ruined due to damage caused by a water leak that started in someone else’s apartment.

Many renters assume their personal property will be covered under their landlord’s insurance or think a personal renter’s insurance policy is too expensive. Neither assumption is correct.

The landlord’s insurance covers the landlord’s property. It would be impractical for the landlord’s insurance policy to cover the tenant’s personal property since the landlord has no idea what each tenant owns. Additionally, the landlord has no financial interest in the tenant’s personal property. For about the price of a weekly latte, a person can buy a renter’s policy that not only protects their personal property but also provides money to move to a new place should their apartment become uninhabitable due to a covered loss such as smoke, fire, or water damage.

What is covered by a renters insurance policy?

Personal property coverage - Picture everything you own; your tv, furniture, kitchen gadgets, clothes, shoes, comic book collection, musical instruments, and other items. Think about how much you have spent to buy all those items. Think about how much it will cost to repair or replace all those things should they be damaged by water or smoke or fire or if they are stolen.

Renter’s insurance would pay to repair or replace your personal property if it’s stolen or damaged by a covered loss. It covers your property up to the limits you choose in your policy.

Additional living expenses - If your rented home or apartment is damaged by fire, smoke, tornado, or other disaster, it may be uninhabitable until repairs are completed. Generally, additional living expense coverage pays for the cost of living above what you normally spend for transportation, temporary housing, pet boarding, storage unit rental, laundry, and food.

Liability coverage - This coverage protects you if you are legally responsible for injuries to other people or damage to their property. For instance, if you invite a friend over and he/she slips and falls down the stairs breaking an arm, your renter’s insurance will cover their medical costs and your legal costs if they decide to sue. In another example, if your dog destroys a neighbor’s property, and they sue you, your renter’s insurance policy will pay your liability and legal costs up to the limits set in the policy.

Renter’s insurance is important and affordable. It can save you from financial ruin when disaster strikes. To get a renter’s policy that is affordable and meets your unique needs, call us, we can help.

Homeowners, Landlords and Short-Term Rentals

Tue, 20 Dec 2022 20:57:45 GMT

With the new year comes new year’s resolutions. A resolution that is often made is to increase one’s passive income. Many people choose to do this through investment properties or by renting out rooms in their homes. If you’re thinking about doing either of these, then you need to know about landlord insurance, how it differs from standard homeowners’ insurance and short- term rental insurance.

What is a landlord? While this may seem obvious, we want to be on the same page as far as terms go. Typically, landlords’ own the property that they rent to others in exchange for rental income.

When Do I need Homeowners’ Insurance and When do I need Landlord Insurance?

To put it simply, if the property is your primary residence, you will need a homeowners insurance policy. If you do not reside in the home, you will need to buy Landlord Insurance. Keep in mind, insurance companies may deny coverage for claims made under a homeowner’s policy if they determine the owner does not reside on the property.

Homeowners Insurance provides coverage for the homeowner’s primary residence, personal property, and liability. Landlord Insurance is for property owners who plan to rent out a single-family home, an apartment, or condominium. Like a homeowner’s policy, it covers occurrences such as fires, burst water pipes, and natural disasters. It will also provide liability protection for the owner if a tenant or guest sues, and the property owner is liable for legal fees, medical expenses, or other damages.

Typically, a landlord insurance policy will cost slightly more than a homeowners insurance policy for the same property because insurance companies know tenants are less likely to exercise the same level of care for the property as a homeowner would.

Must I Have Landlord Insurance? While not required by law, Landlord Insurance can help protect you from catastrophic losses. Without it, if there is a loss to the property, you must pay the total cost of repairs. With insurance, you would only have to pay a small deductible for a covered loss. Additionally, it can replace lost rents if the dwelling is uninhabitable due to a covered loss.

Landlord Insurance policies apply to long-term rentals, periods of 30 days or longer. If you do short-term rentals of your vacation property or your primary residence, you will need a different type of insurance policy called a Short-Term Rental Insurance . Whether you rent your property directly or through a platform like Airbnb or VRBO, as the host, you will need to have protection for accidental fires, plumbing disasters, stolen property, and accidental guest injuries.

Do I really Need to Get A Short - Term Rental Policy?

In short, yes. Remember these policies are to protect your interests. Depending on the type of claim, an insurance company may deny coverage if you rent part of your residence. Home-sharing for income is a business activity. This means that most homeowners’ policies exclude coverage for short term rentals of a resident premises, whether it is a single room or an entire floor. An affordable way to add coverage for a short-term rental to an existing homeowner policy is with a short-term rental endorsement (sometimes called optional coverage). For about $50 to $100 a year, a short-term rental endorsement can be included with a homeowner’s policy.

One thing to keep in mind is that each insurance company has its own policies and coverage. Each situation is different and no one policy fits everyone’s needs. An independent insurance agent can help you determine what type of insurance you need, whether you are just renting out a room in your home or if you are renting out a property that you own but do not occupy. Your agent will discuss your property and coverage needs and help you choose the coverages and deductibles to best suit you. And,

since independent agents do not work for just a single company, they can shop with several insurance companies to find you the best fit and price.

Please note Landlord Insurance and short-term rental insurance does not provide coverage for the tenants’ liability or property. For that, the tenant would need their own renter’s insurance policy.

We hope this guide helps you understand the basic differences between policies and the importance of finding the right one. If you would like more information or want a quote for your unique needs, just give us a call. As independent agents, we are here to help.

E-bikes

Thu, 01 Dec 2022 01:00:00 GMT

Lots of us are using this time to find the perfect gift for those that are special to us… or are looking for the perfect gift for ourselves. With gas prices going up and people becoming more conscious of how to reduce their carbon footprint, ebikes are becoming more and more popular. While this can be a great solution and they can be a lot of fun, there are some important things to consider before you buy.

If you have an electric bike, or are considering buying one, then you know it can be a substantial investment. Electric bikes can cost between $1,000 to $3,000, while a high-end e-bike can cost upwards of $12,000. Did you know that bike theft is on the rise? Thankfully, most homeowners' policies cover regular or non-electric bicycles that are stolen, however, coverage for e-bikes is often limited or excluded outright. It's important to talk to your insurance agent about getting the right coverage that includes theft, collision, fire, and liability protection.

One reason for the limited coverage on ebikes is because electric bicycles is due to the increased risk of accidents as a result of the ebike’s ability to travel faster and its increased weight over regular bicycles. This increases the potential to cause greater property damage and more severe injuries to the rider, pedestrians, or others in the event of an accident. Keep in mind, because e-bikes have less than four wheels, they cannot be added to an auto policy. It’s important that you understand what type of coverage you have regarding your ebike, because without the right insurance, a rider who caused an accident may be held personally liable and face devastating financial obligations.

What if the ebike is for a minor/child? While there are no regulations such as the requirement of a driver’s license or insurance, it does not mean that there are no consequences in the event of an accident. It’s important to know that you or your child could be held liable in the event of a collision or accident.

While these considerations can sound scary, there are still positives to owning an ebike. With the right planning and considerations, they can make a great gift. If you have an ebike, or are considering purchasing one, don’t forget to complete the process by getting the right insurance. Give us a call and we’ll be happy to help you find the right ebike insurance to meet your needs.

Cyber Crime

Tue, 01 Nov 2022 01:00:00 GMT

While the ease and convenience of on-line purchasing or use of apps such as Paypal and Venomo to buy from local artisans can make shopping easier, it can also expose both businesses and individuals to cyber criminals.

Thankfully, most businesses understand the importance of cybercrime insurance. While they are protected, it's important to protect yourself as well. Did you know that social media accounts, paying bills online, or using services like PayPal and Venmo as well as online banking apps can further your exposure as an individual to online criminals? These apps and devices can allow cybercriminals to steal information and identities, extort money, commit fraud, and disrupt lives.

With the holiday season upon us, it’s a good time to make sure you are protected. Many homeowners’ insurance policies offer identity theft or cybercrime coverage. When reviewing your potential risks, look for policies that provide:

Identity recovery coverage - Covers legal fees, notary fees, credit bureau reports and other expenses and services to restore stolen identity.
Online fraud coverage - Covers direct financial losses due to a fraud event, including identity theft or unauthorized use of a credit card or account number. (Exceptions may apply.)
Cyber Extortion coverage - Covers the costs related to an extortion threat, including assistance from experts to help the insured regain files or reimbursement for ransoms paid.
Cyberattack coverage - Covers the cost to replace electronic data that has been lost or to restore a compromised device to its level of functionality before the cyberattack.
Cyberbullying coverage - Covers mental health counseling to recover from related trauma, as well as temporary relocation and private tutoring expenses.
Data breach coverage - Covers financial and legal costs associated with personal data entrusted to the insured being lost, stolen, or published.
A proactive monitoring service - Provides credit monitoring and monitors the deep web for sensitive customer information that may be posted for sale.

Of course, no single policy, or group of policies, can protect against every possible contingency, but many companies offer a basic cybercrime endorsement. This can cover several risks for less than $100 a year with a $25,000 limit. For additional premium, many policies offer increased limits of $50,000 or $100,000.

As our digital world expands, so does our risk of becoming targets for cyber criminals. Be sure you’re covered by giving us a call today!

Off Road Vehicles

Fri, 30 Sep 2022 22:15:00 GMT

Off road vehicles (ATV’s, UTV’s, dirt bikes, and snowmobiles) can be dangerous to riders and those around them, and expensive to replace if damaged. These vehicles are not covered by ordinary auto or home insurance so owners should consider buying specific insurance.

Coverage for your off-road vehicle should include liability, collision and comprehensive coverage. You may also want to consider the following options:

Medical payments coverage, safety apparel coverage, aftermarket parts and optional equipment (including equipment added by the seller to the stock vehicle) coverage, and transport trailer coverage.

Liability insurance helps protect you when you are responsible, or partially responsible, for an accident. It includes two types of protection:

Bodily injury - covers another person's medical bills if you cause their injury.

Property damage - covers any damage you cause to someone else's property, such as their vehicle, building or fence.

If your ATV collides with another vehicle or object, collision coverage will pay to repair or replace your vehicle, minus any deductible.

Comprehensive coverage covers events outside of your control like theft, vandalism, hitting an animal, fire, and weather-related damage, minus any deductible.

Important things to know before heading out:

In Colorado, insurance for your ATV/UTV/Snowmobile is not required but you are required to register your vehicle.

Off-Highway Vehicle Registrations & Permits

Off-Highway Vehicles (OHVs) include:

Dirt bikes, all-terrain vehicles (ATVs), utility-terrain vehicles (UTV)/side by sides (SxS), three wheelers and buggies, and; plated, street-legal vehicles, full-size 4 x 4s or plated motorcycles when operating on public lands and/or OHV designated trails in Colorado.

What is Required to Operate an OHV in Colorado?

All OHVs must have either a current/valid Colorado Registration Card and two Decals or one Colorado OHV Permit to operate in Colorado. This includes while in route, in staging areas and on public land roads and OHV designated trails.

For more information see the Colorado Parks & Wildlife website:

https://cpw.state.co.us/buyapply/Pages/RegistrationsOHV.aspx

Snowmobiles that are operated on public land or trails in Colorado must be registered with Colorado Parks and Wildlife. Registration, registration renewals and nonresident snowmobile permits are required annually and are valid from October 1 through September 30 each year.

To find out more about Snowmobile registration see the Colorado Parks & Wildlife website:

https://cpw.state.co.us/buyapply/Pages/SnowmobileRegistrations.aspx

Head Insurance Interview with Westminster Chamber of Commerce – Insurance Needs for Businesses After Covid-19

Sat, 19 Sep 2020 19:23:31 GMT

New To Colorado?

Fri, 18 Sep 2020 19:28:03 GMT

Colorado Requirements for Residency:

Own or operate a business in Colorado OR
Are gainfully employed in Colorado OR
Reside in Colorado for 90 consecutive days

You must obtain your Colorado driver’s license within 30 days of becoming a Colorado resident, and register your vehicle within 90 days.

Getting a Colorado Driver’s License

If you have a valid driver license from another U.S. state, territory, or possession, you will normally not be required to take the written exam or drive skills test. Your valid out-of-state driver license will be used for identification purposes and to waive testing requirements. Per Colorado law, the license you previously held will be voided.

It is illegal to drive in Colorado without auto insurance. Colorado requires drivers to carry liability limits with a minimum of $25,000 per bodily injury and $50,000 bodily injury coverage per accident. In addition, Colorado requires $15,000 property damage liability coverage. Of course, the minimum limits may be too low to adequately protect your assets should you be liable for an accident.

Voter Registration

All Colorado driver license offices provide voter registration services. Once your voter registration information is completed at the driver license office, it is then forwarded to the specific county for which you have registered. Driver License employees are prohibited from giving personal opinions regarding voting information or party affiliation. You can also register online, check to see that you are registered, or request a paper voter registration form be sent to you through the mail.

Helpful Links:

Colorado Department of Revenue – Division of Motor Vehicles

https://www.colorado.gov/pacific/dmv/node/44456/

Colorado Department of Revenue – Vehicle Registration

https://www.colorado.gov/pacific/dmv/registration-requirements

Colorado Secretary of State – Voter Registration

http://www.sos.state.co.us/pubs/elections/vote/VoterHome.html

Colorado Department of Labor and Employment

https://www.colorado.gov/cdle/

Colorado Department of Transportation

https://www.codot.gov/

Fireworks Safety Tips

Fri, 19 Jun 2020 19:22:36 GMT

Due to pandemic restrictions cancelling large group gatherings across the country, many people will be holding their own celebrations with fireworks this Independence Day. Fireworks can be dangerous if not handled and disposed of properly. Here are some facts and tips to keep you safe this 4th of July.

FIREWORK SAFETY TIPS

o Never allow children to play with or ignite the fireworks.

o Sparklers can burn at temperatures above 2,000° Fahrenheit. Children should have adult supervisor when playing with sparklers.

o Never try to re-light a firework that has not fully ignited.

o Avoid approaching a firework that has not fully ignited for several minutes.

o Keep a water source handy in case of mishap and douse a firework completely if it fails to ignite.

o Do not wear loose clothing while handling fireworks.

o Never point or throw a firework at a person or structure.

o After the firework has completely burnt, douse the device with water before discarding to prevent trash fires.

Some fireworks include heavy metals and toxins that can cause health problems if not handled and disposed of properly.

More than 44% of firework related injuries are burns and fireworks start an estimated 19,500 fires in the US annually.

If a firework device does not have a label, chances are it was made for a professional display. It can be extremely dangerous if mishandled.

Pet Insurance

Tue, 23 Oct 2018 19:30:13 GMT

You love your pet, so the decision to take care of him or her is a simple one for you and your family.

Just like humans, pets can get sick or be involved in an accident at a moment’s notice. They also can develop chronic illnesses such as allergies, diabetes, and cancer. Vet visits, surgeries, medications, and tests can end up costing lots of money.

You might want to consider Pet Insurance for your dog, cat or exotic bird.

You likely have health insurance, car insurance, and homeowner’s insurance to protect your family against an unexpected financial crisis and pet insurance is no different. Americans spent an estimated $14.2 billion on veterinary care in 2013 and the cost of veterinary care is rising. Pet insurance enables you to afford your veterinarian’s recommended course of treatments for your beloved pet, without wiping you out financially.

There are a variety on Pet Insurance plans available. Most will:

Provide coverage for accidents and illnesses
Provide a range of different annual limits, deductibles, and reimbursement percentages
Allow you to choose any veterinarian, specialist, or emergency clinic
Allow you to add Preventive Care coverage to your policy for dental cleanings, wellness exams, heartworm tests, DHLPP vaccines, for an additional cost.
Offer a discount when combined with auto or homeowner’s policies

Pet Insurance is a small price to pay for unconditional love and your peace of mind. Talk to a local independent agent today to get a policy that’s right for you and your pet.

Important Considerations Before Signing a Commercial Lease

Wed, 17 Oct 2018 19:34:48 GMT

Insurance Issues: In most commercial leasing situations you will need a general commercial liability insurance policy in place prior to moving in. If you sign a lease and then find you cannot get insurance, you may still be stuck paying for the lease.

The minimum insurance protection most businesses need includes:

General liability: which provides both defense costs and coverage for damages if your business, its employees or products or services cause or are alleged to have caused bodily injury or property damage to a 3rd party
Property insurance: to insure equipment and furnishings
Worker’s compensation: which is required by state law to protect your employees if injured in the course of business

Property Maintenance:

Is the parking lot well maintained? Run-down parking lots not only will make your business seem less established but may also be an indication of an unresponsive landlord. Is there adequate exterior lightning? Proper exterior lighting enhances security.

Is there ample parking? Seeing an empty parking lot during after-hours does not tell you anything about parking. The best way to know is to visit the parking lot on different days at different times. A parking lot filled to capacity during normal business hours may be a good indication of steady customer traffic, but it may also mean your customers will have trouble parking.

Visibility to Your Customers:

Can the front of your business be seen from a main road? If not, is there street-visible signage advertising the business? If you are considering retail space or renting in a business park, does the property owner advertise on behalf of tenants to draw in traffic?

Advertising Restrictions:

Are there any city, county, or landlord restrictions on signs such as size, color, light intensity or location? Do you have to use the landlord’s vendor to create or maintain your signs?

Accessibility for the Handicapped:

Are there enough parking spaces assigned for handicapped drivers? Is the building and your unit handicapped accessible? The law in all fifty states requires there be sufficient designated parking for persons with handicaps. If there are no such accommodations, ask why not, and if they are planned. If the landlord must make updates to the building or parking lot to comply with public access laws, your landlord may pass some of those renovation costs along to you!

Restrictions on Business Use:

Are there restrictions on how many customers you can have daily, or on your hours/days of business operation? Do you have access to your business before or after normal business hours, and if so, are there any additional associated costs for heating, cooling, electricity or security?

Security Considerations:

Is there a 24-hour monitored alarm service or onsite guard? Are police and fire departments nearby? Where is the nearest fire hydrant? Are there sprinklers and smoke/fire alarms in the building? These concerns not only affect you and your customer’s safety, but can also affect your ability to get insurance, the amount of coverage you can get, and your insurance rates.

Talk to at least one other tenant (preferably more). Ask if they have had a positive experience with the landlord or if they are aware of problems with the building or surrounding area businesses.

Is Insurance the Solution to Managing All Business Risk?

Wed, 17 Oct 2018 19:33:19 GMT

While insurance may offer protection against many business risks, no single policy or combination of policies will protect a business from the myriad of risks faced by the business, the business owners or their employees.

It is essential for the business risk manager/business owner to:

Identify potential risks: What can possibly go wrong?

Measure frequency and severity of risk: What is the likelihood of the risk occurring and if so what is the impact?

Examine solutions: What are the most effective ways to treat the risk? Should you:

– avoid it;

– reduce the risk by limiting exposure;

– transfer it (outsource part or all of an operation to another or purchase insurance to cover the risk) or;

– retain it (self-insure or insure with high deductible plan)

Decide which solution to use and implement the solutions.

Monitor the plan and regularly review the results.

Wedding Insurance, really? Yes, really.

Sun, 22 May 2016 19:39:05 GMT

Despite all the planning and care, bad things can happen even on your wedding day. From a vendor that doesn’t show up, to a damaged gown, or to the sudden illness of someone in the bridal party, wedding insurance can help protect you against the unforeseen.

Wedding Insurance, Really?

Basically, wedding insurance protects a couple’s investment from circumstances beyond their control, and reimburses expenses incurred. For example, the venue you book for your wedding is flooded out just days before your wedding and you have to book another venue in a hurry – and for more money. Or the store where you bought your wedding dress goes out of business – before you had the opportunity to pick up your dress. These are the types of big-day financial losses that wedding insurance can help to protect.

Does Anyone Actually Collect From Wedding Insurance?

Yes, here are some actual claims.

• Bob and Jill planned to have an outdoor wedding and reception. Unfortunately, the site became inaccessible when roads leading to the property were washed out due to flash flooding in the area. Their wedding insurance policy reimbursed the couple for all their lost deposits and expenses; including money spent for the invitations, the catering, the videographer, and other non-refundable deposits.

• Toni’s father had a heart attack the week before the wedding and couldn’t travel. The couple decided to postpone the wedding and their wedding insurance policy reimbursed their non-recoverable expenses and enabled them to have the wedding when the father recovers.

• Becky and Aaron spent months planning their destination wedding in the Bahamas. On their wedding day, a category four hurricane made the reception site inaccessible. Their wedding insurance policy reimbursed them for lost deposits.

Is Wedding Insurance Expensive?

A basic insurance policy that covers loss of photos, videos, attire, presents, rings, and deposits usually costs anywhere between $160 and $300, depending on the amount of coverage you want. General liability insurance, which can provide up to $1,000,000 for accidents, as well as liquor liability coverage, can be purchased for a few dollars more.

When Should You Get Wedding Insurance?

Depending on the policy, you can purchase wedding insurance from 3 days to two years before your wedding date. But the sooner the better because you could suffer a loss at any time after you start incurring expenses for the wedding. Most insurance companies limit on how far in advance you can purchase insurance so it’s a good idea to check with your agent.

What Kind of Things Does Wedding Insurance Cover?

Lost or damaged wedding attire, lost deposits, damaged or stolen gifts, sudden illness of immediate family, call to active military duty, are just of few examples of what is covered. There may be maximum amount limits and a deductible may apply. Be sure to review the details of your insurance plan. Also, certain wedding insurance packages include optional travel insurance for your honeymoon.

Are There Things Wedding Insurance Doesn’t Cover?

Yes, it doesn’t cover a change of heart. In other words, cold feet aren’t covered. There are other limitations and you should review your policy carefully.

What Does Liability Coverage Cover?

If you are legally responsible for bodily injury or property damage caused by an accident that occurs during the course of the wedding, your wedding insurance policy can help protect you up to the limit of coverage, in most cases, $1,000,000. It will also pay for defense costs.

The Fine Print

Every insurance policy has limitations and exclusions and every wedding scenario is different. Be sure to talk to your insurance agent and discuss your specific needs. You want to make sure you understand your policy before you purchase it.

Cyber Risk Liability Cost Shift

Mon, 04 Jan 2016 19:41:55 GMT

Effective October 1, 2015 businesses in the US will be required to install EMV (Europay Mastercard Visa) chip card readers. Following the Oct. 1 deadline, the liability for who is responsible for fraudulent losses will fall on the entity using the less secure technology. Missing the deadline for implementing Chip and PIN technology could come with a costly price tag for banks and small businesses.

After the liability shift on October 1, if a vendor is still using the “swipe and signature” methodology and the customer has a smartcard, the merchant is liable for any fradulent transaction. If the merchant has the new Chip and PIN technology but the bank hasn’t issued the customer a Chip and PIN card, the bank is liable. If the merchant uses Chip and PIN technology and the customer uses a smartcard and fraud still takes place, the credit card company bears the liability, as is the case today.

Where the Chip and PIN technology has been adopted it has driven credit card fraud down to low levels. France, for instance, claims an 80% reduction in credit card fraud since implementing the Chip and PIN technology. Because the credit card is embedded with a chip which generates a different single-use code for every transaction, hacking to acquire card data is thwarted. The technology’s proven success at reducing fraud is driving the October deadline. In a typical consumer-vendor business transaction, the card issuer, the merchant bank, and the point-of-sale card reader (the vendor) all have responsibility to keep the details of the transaction secure. Liability for notification costs can then vary depending on how secure each member in the chain is. (The term “issuer” refers to the banks, credit unions, and any other financial institution issuing a credit or debit cards, not to the credit card companies themselves. Notification costs are one of the biggest issues facing businesses when looking to insure against the impacts of a data breach. Regulation varies from state to state, but generally notification laws require entities which have suffered a data breach to notify their customers and other relevant parties about the breach within a certain time period. So what does this mean from a small business perspective? Businesses that accept credit card transactions need a good cyber risk insurance policy. Such a policy will include some manner of breach response service; a third party who specializes in providing the services required directly after a breach is first identified, such as IT forensics and data monitoring. This will help to minimize the number of notifications if the breach is still in progress, and also help with advice as to who will be liable for the notification costs. Notification costs can be some of the most costly elements of a breach, so it is important to make sure your organization understands where it is exposed, what it is doing to prevent a breach, and the plan of action should one occur.

After You Say “I Do:” Insurance For Newlyweds

Thu, 18 Jun 2015 19:45:29 GMT

In many cases, placing all insurance policies – home, auto, motorcycle or umbrella – with one insurance company can both simplify insurance for newlyweds and save them money through multi-policy discounts. Auto insurance premiums are typically higher with a single vehicle on a policy so it is also a good idea for the couple to consider merging auto insurance policies into a single policy to receive available multi-vehicle discounts.

If a couple is purchasing a new home, or merging households under one roof, it is a good idea to review the current homeowners or renter’s policy to help make sure it provides comprehensive protection. With the increased value of a joint household’s belongings, it is a good time to conduct an inventory of personal property to determine the right coverage limits to provide adequate insurance protection. For instance, most homeowners’ policies provide coverage for jewelry up to a certain limit but often engagement rings and wedding bands exceed those limits.

Newly married couples often overlook their life insurance needs. Many believe that the cost of coverage is much higher than it actually is, or they think that their employer provided coverage is sufficient. It is important to understand the different types of coverage that are available, and the benefits that each type of policy can provide.

As independent insurance agents, we can review the coverages and recommend the best combination of price and service to help protect both newlyweds. As former insurance claim adjusters, we can explain the differences in coverage and help couples select the insurance protection that best fits their needs.

A data breach can be catastrophic to a small business

Tue, 09 Jun 2015 19:47:06 GMT

If you’re using the Internet, your customer’s data – along with all of your company’s sensitive information – is vulnerable to attacks. As a business owner you collect customer data every day.

Although not widely publicized, the majority of data breaches happen to small and mid-sized business. Surprised? Consider this:

According to the Small Business Administration, 44% of small businesses have suffered some degree of data breach and those companies had costs averaging $8,700 to repair the damage
72% of all data breaches each year occur in smaller companies
One third of U.S. retailers that experienced a data breach within the past year were compromised via third-party vendors
65% of businesses go without data breach insurance – even though most of them cite data breaches as their number one concern
On average, 30,000 websites are hacked every day and distribute malicious code to any users passing by

When a small business suffers a data breach the fallout can be catastrophic. A single breach can trigger a variety of financial damages including:

Lawsuits　(and the attendant legal costs) from clients whose data and security were compromised. These alone can reach into the thousands of dollars and beyond.
Site repair costs to address security issues that allowed the breach to happen.
Public relations and / or advertising costs to restore the company’s image among current and potential clients.
Lost confidence and lost future business from current and potential clients whose confidence is shaken by the data breach.

Data breaches can happen in a number of ways:

You or an employee opens an email that contains a damaging virus which spreads itself to everyone on your contact list, including clients. The virus hurts your business’s computer system as well as your clients.
A disgruntled employee or former employee who left on bad terms accesses your system, encrypts your data or otherwise wreaks havoc.
A virus compromises your company website forcing you to redo the site.
A hacker finds a way into your system and outright steals data from your files. Hackers often see small businesses as prime targets because the data they store is typically less diligently protected than the data held by large corporations.

Any of these scenarios could cause your clients financial loss, open your business to lawsuits, force you to shut down operations while you address the problem and damage your reputation with current and prospective clients. The associated costs could quickly spiral out of control.

Tips to Manage Your Cyber Security Risks

Adopt a privacy policy and implement the following “best practices” to help reduce your risk of a breach:

Lock and secure sensitive customer, patient or employee data
Restrict employee access to sensitive data
Shred and securely dispose of customer, patient or employee data
Use password protection and data encryption and update regularly
Update systems and software on a regular basis
Use firewalls to control access and lock-out hackers
Ensure that remote access to their company’s network is secure
Invest in cyber liability insurance. Most CGL policies do not include cyber risk coverage or offer only limited coverage without an endorsement.

Check with The Head Insurance Group, Inc., 303-955-2651, for a free review. Either an endorsed CGL policy or a stand-alone Cyber Risk policy will help pay for the legal and recuperative costs associated with a data breach that affects your company.

Data breach notification is a good privacy practice

Notifying individuals when a data breach involves their personal information supports good privacy practice and in many states is the law. Prompt notification may help individuals restore control over their personal information. Once notified, the individual can change passwords or account numbers, monitor accounts, or request the reissue of documents. Notification can also demonstrate to the public that the business takes the security of personal information seriously and is working to protect affected individuals from the harm that could result from a data breach.

At least 85 % of small businesses share customer and employee records with third parties such as those providing billing, payroll, employee benefits, web hosting and information technology services. Even though sensitive information is more likely to be compromised when the data has been outsourced, 62% of small businesses do not have contracts with third party providers that require the third parties to indemnify the business and/or cover all the costs associated with a data breach.

The primary causes of data breaches are:

lost or stolen laptops, removable storage devices, or paper records containing personal information
hard disk drives and other digital storage media being disposed of or returned to equipment lessors without the contents first being erased
databases containing personal information being ‘hacked’ into or otherwise illegally accessed by individuals outside of the agency or organization
employees accessing or disclosing personal information outside their authorization
paper records stolen from insecure recycling or garbage bins
mistakenly providing personal information to the wrong person by sending personal information to the wrong email address

Colorado as well as 47 other states have enacted security breach notice laws. In addition to state law, federal law requires notice for certain types of data breaches.

Tips to Manage Your Cyber Security Risks

Adopt a privacy policy and implement the following “best practices” to help reduce your risk of a breach:

Lock and secure sensitive customer, patient or employee data
Restrict employee access to sensitive data
Shred and securely dispose of customer, patient or employee data
Use password protection and data encryption and update regularly
Update systems and software on a regular basis
Use firewalls to control access and lock-out hackers
Ensure that remote access to the company’s network is secure
Invest in cyber liability insurance. Most CGL policies do not include cyber risk coverage or offer only limited coverage without an endorsement.

If you are not certain that you have the right coverage in place for your business, give us a call today.