Life Insurance for Business Owners

As a business owner, there are many people depending on you. Your family relies on you to provide for them and help meet all the financial obligations you share; your employees rely on you to give them work and pay them for their time; your business partners and shareholders need you to keep the business running and profitable; and your clients and customers rely on you to continue to provide an excellent service or product.

If you should pass away without securing you obligations with life insurance coverage, all of the people who depend on you could be left flailing. Instead of setting your business, employees and family up for financial stress after you’re gone, consider some of the following life insurance options.

• Life insurance with a buy-sell agreement: If you have a business partner (or partners), and your family isn’t interested in taking your business shares, then a buy-sell agreement funded with life insurance proceeds would give your partner the money they need to pay your family for your shares.
• Key person insurance: Your business relies on your expertise and reputation in order to remain fully functional. If you pass away while the business is in operation then there could be a loss of income until a suitable replacement is found and hired. Also, the finding and hiring of a suitable replacement could take more time and money than your business partner expects. A key person insurance policy gives your business the money it needs to replace you and keep the business running in the interim.
• Personal life insurance: Outside of the funds received from the buy-sell agreement, your family may need additional funds to help them satisfy personal expenses and obligations such as the mortgage balance, college tuition and credit card debt.

Next, you need to decide what type of life insurance policy is best suited to your needs:

• Permanent: A whole, or permanent, policy is one that pays a benefit to your beneficiaries no matter when your death occurs, as long as the premium is paid on time and the policy is in-force. In addition, it accrues cash values that can be used for loans.
• Term: Term insurance policies pay death benefits for a limited period of time (the term of the contract) and only as long as premium payments are made on time and the policy remains in-force. Term policies do not accrue cash values.

Want to learn more about how a life insurance policy can be designed to serve your family and your business? Consider adding this policy to your Colorado Business Insurance and call an agent at Premier Group Insurance to discuss all the options available.

Commercial Auto Insurance and Your Future

Knowing whether or not your need commercial auto insurance is a question asked by nearly all business owners.

Not having this policy is usually justified by the fact that only the owner drives the company vehicle, or that the business doesn’t even own a vehicle—while employees using their own vehicle for errands are typically overlooked.

The truth of the matter is this: if you have a vehicle that is used for business or if you have employees that use their own vehicles for company errands, then you need commercial auto insurance.

Insurance serves to protect your finances and your future. Having auto insurance means you care about being insured after an accident. But when you try to stretch this same policy to a company vehicle, you’ll find your claims denied and your policy dropped in the event of an accident. Having your claim denied can hurt your business, hinder your finances, and be devastating in general.

There’s no need to risk the future of your business and your family when there are so many ways to have a commercial auto insurance policy that covers everything you need. With drive-other-car endorsements and non-owned coverage, cover yourself, your family, and your employees.

In this economy, it’s easy, and sometimes necessary, to cut corners and save money for your business. But if cutting those corners exposes you to more risk than it’s worth and more than you can afford, it will only lead to bigger problems. So don’t take unnecessary risks with your Colorado Car insurance. Speak to a trusted agent at Premier Group Insurance to get the kind of coverage that will protect your family, your business, your employees, and your future.

Best way to Pay Your Home Insurance Premiums

When you purchase a home insurance policy to protect the value of your dwelling, outside structures, and contents while safeguarding your savings against certain liabilities, you have many different options for premium payments. As with almost any insurance policy, you can pay premiums four different ways:

• Annually
• Semi-annually
• Monthly
• Quarterly

But it isn’t just your payment intervals that are flexible; you can also choose up to three different methods for your payments:

• Payment via automatic bank draft
• Check or money order
• Web payments initiated through the insurance company’s website (not available in every instance)

Once you review all of your options for home insurance premium payments, the question really becomes: Which, of all these methods and possible combinations, is the best? Let’s take a look at a few different points.

The most cost-effective methods for payment: Annual premium payments result in less money spent on premiums since insurance companies charge additional fees when payments are broken up. You can also save money by making premium payments online or by automatic bank draft since you won’t need to mail checks. However, if you forget a payment is due and end up with an insufficient funds charge, you will increase your overall costs.

Methods that help ensure continuing coverage: You never want to find out that you don’t have home insurance coverage after you’ve suffered an insurable incident and if you pay your premiums annually, you won’t have to. You also won’t have to worry about a lapse after an insurable incident that prevents you from accessing your checks and calendar.

Automatic bank drafts offer another way to help prevent lapses without opting for annual payment intervals, but you must stay vigilant about ensuring that you have the money in your bank account before the draft occurs or you could end up not making the payment and lapsing your policy.

No matter what your financial situation or personal preference, you can find a payment interval and method that suit your needs. And if the same method is less suitable the following year, you can ask your agent to change it before renewal.


Find out about your Colorado Home Insurance by premiums by contacting Premier Group Insurance today!

Steer Clear of Expensive Car Insurance Mistakes

As the economy continues on its downward spiral, consumers across the nation are tightening their belts and trying to save money wherever they can. Unfortunately, many people don't realize that they're losing untold amounts of money by overpaying on car insurance.

If you're looking to save on auto insurance, steer clear of these common car insurance blunders:

Blunder #1: Not shopping around for the best car insurance quoteIf you go with the first car insurance company that comes your way, you could be losing hundreds of dollars each year. It's worth your while to shop around and try to find the best deal out there. When it comes time to renew your insurance, it may be easy to stick with the same insurer you've had for years-but you won't save any money that way. Car insurance companies will calculate your rates differently, so you may be able to find a much better deal from someone else.

Blunder #2: Choosing your state's minimum coverage requirements
Although you may be tempted to choose the bare minimum coverage amounts required in your state, this could cost you in the long run. Just because you are in compliance with state laws doesn't mean that you're fully protected. If you're underinsured, a major car accident could wreak havoc on your personal finances. Everyone's situation and budget is different, so talk to your financial advisor to discuss how much coverage you need.

Blunder #3: Opting for the lowest car insurance deductible
In the car insurance world, the deductible is the amount of money you'll have to pay out of pocket on car repairs before your insurance company starts covering costs. Many consumers make the mistake of assuming the lowest deductible will save them money. However, this is not always the case.

Generally, if you go with a lower deductible, you'll have to pay a higher premium. In the long run, you may be able to save more money by choosing a high deductible insurance plan with a lower premium. Do your homework to figure out what makes the most sense for your unique situation.

Blunder #4: Choosing car insurance based only on cost
While you should definitely shop around for a great price on car insurance, this isn't the only factor you should consider. As you compare car insurance, look at the various benefits each insurer has to offer. Choose the coverage that best suits your needs and then compare prices.

Blunder #5: Missing out on major discounts
If you're a safe driver or if you insure your car and home with the same company, you may be eligible for a discount. Take some extra time to look into what discounts are available from various insurers. You could save hundreds of dollars this year.

Make sure you're paying the best price for your Colorado Car Insurance with Premier Group Insurance today.

Colorado Home Insurance: Preparing Your Home for Vacation

Packing your bag and reserving your hotel room aren’t the only things you must do before you take off for a vacation. You should also prepare your home to lessen the risk of burglary or accident while you are away. A house sitter can be the ultimate defense against these risks, but if you can’t afford to hire someone to live in your home while you’re gone, try these easy and cheap prep tips instead.

Prepare in case of a robbery: No matter how many safety measures you take, you could still be burglarized. Prepare for the worst by making a list of all of your possessions. It will be a big help when you need to straighten things out with your Colorado home insurance company. If you have a video recording device or can borrow one, take a video inventory. Save the video in a safe place such as a safe deposit box. If you have large items, etch your driver’s license number into them. It will make them much easier to identify if they end up at a local pawn shop. Nobody expects to be a victim of crime, but it does occur. By taking a moment to safeguard your house you can greatly reduce your chances of being a victim or make it easier to recover from a robbery.

Timed lights: Set your lights up on an automatic timer so that they go on and off at specified times of the day. Some of these gadgets even allow you to set the activity to randomly light the inside of your home. This will make it look as though there is someone home, even though there isn’t.

Check your smoke detectors: Before leaving, check your smoke detectors to make sure the batteries and units are still functional. If it’s close to your designated time to change the batteries, go ahead and change them before you leave.

Stop mail and newspaper delivery: A few days worth of mail in the mailbox and a pile of newspapers by the front door are sure signs that you aren’t home—and create the closest thing to an engraved invitation a would-be burglar could ask for. Talk to your post office about having your mail held while you are away and call your newspaper to ask for delivery to be stopped. You may even ask about having the papers you miss donated to your local school or library.

Turn everything off: Go through your home before you leave and turn everything off. Double check automated items like coffee makers to ensure that they don’t start their normal daily routines unattended.

Lock windows and doors: Make sure all your windows and exterior doors are locked before you leave. Don’t take for granted that they are; complete a physical check before you go.

Shut off the water valve in winter: Because there is a risk of frozen pipes bursting, make sure to turn off your water valve when you go away for a winter vacation. Even if you aren’t quite into the snowy months, you might want to shut off the water against an unexpected cold snap.

Install an alarm system: Consider installing an alarm system before you go on vacation. It doesn’t have to be a monitored system, but simply a few door and window alarms from your local home improvement store. If you do this, you may want to notify a neighbor and give them the name and phone number of a relative who has access to your home. That way, if the alarm goes off, a relative can be notified to check out your house, call the police and shut off the alarm when danger has passed.

Sometimes, it’s the little steps that count the most in prepping your home before you go away. Using these tips can make the difference between coming back to a catastrophe or to an intact home after a restful vacation.

Call us at 877-430-0092 for a comprehensive Colorado homeowners insurance quote.

Colorado Car Insurance: Teaching Teens to be Better Drivers

There is no question that most teens lack the experience to make them ideal drivers and decision makers behind the wheel, but that doesn’t mean that parents have no choice but to “take their lumps” when it comes to teen drivers and accidents. Parents actually have a lot of power to help make sure that their teens learn how to be better drivers.

Be a Good Example

The first step in ensuring that your teen is a good, safe driver is to always be an example to them whether they are riding in a car with you or you are driving alone. If they hear about your tickets and traffic court dates, they might assume that they can ignore traffic laws and simply ask for forgiveness after the damage is done, if they even get caught. So make sure your driving is as stellar as you want your child’s to be, at all times.

Safe Driver Discount

Most Colorado car insurance carriers offer good driver discounts for teens that stay accident free but it will also depend upon their driving record. It is important to avoid accidents, but you should also steer clear of speeding and reckless driving offenses, DUI or DWI convictions, and other infractions that can tarnish your record.

Read the Handbook Together

There are two ways a would-be driver can read the DMV handbook before taking the test; the would-be driver can read it like someone who wants to temporarily memorize it or as though they want to actually learn something. Many teens, blinded by the all-encompassing goal of getting a driver’s license, work diligently to memorize the handbook and then dump the info from their brain before the plastic cools on their newly minted license. When you work with your teen driver and study the manual together, you can be there to explain the concepts in the manual to them in a way they won’t forget, and you can ensure that the education they receive 

is a lifelong one.

Don’t Lose Patience

Driving with a teen is not a fun experience for most parents and it is a difficult time to actually teach. Often, teens get embarrassed and defensive when their driving behavior is corrected and this makes it difficult for them to actually take in what you are saying. Don’t lose patience and don’t take the offensive with your teen. Always remember that you were once in their seat, and try to communicate driving critiques in a manner you would have appreciated.

Watch Videos

There are many videos available online and at your local library that help people improve their driving ability. Watch these videos with your teen and talk about the different topics and situations that are found in the video. You can even bring these lessons out into the real world when you go driving with your teen.

Teaching your teen to be a better driver is something that takes a big commitment from both of you. If you work together, you can ensure that your teen walks away with knowledge he or she will apply and that will keep them safe when they’re on their own behind the wheel. 

Call us at 877-430-0092 for a comprehensive Colorado car insurance quote.

How is my Homeowners' Insurance Premium Calculated?

How insurance premiums are determined will vary from insurance company to insurance company, however, most companies will apply the following factors when deciding what to charge you for your home insurance.

Locality - Insurance companies will weigh how safe your neighborhood is, how near your house is to a fire station, and the chance for "act of God" claims.

Building materials - Is your home made of wood, stucco siding, brick, or stone?

How old is your house? - newly constructed houses can usually receive a lower rate

Coverage amount - the total coverage you have on your house, your house's belongings, and the liability cap are all figured in the amount of your policy.

Assessment of loss - what your homeowner's policy will cover in the occurrence of a claim, if it will pay the actual cash value or the cost to replace missing or destroyed contents.

Deductible - what is the dollar amount you are going to pay before your insurance takes over.  If you have a homeowner's loan, the max limit of your deductible will typically be greater than the amount set by your lender.

Call us at 877-430-0092 for a comprehensive Denver homeowners insurance quote.

Commercial Property Insurance Basics

If you own commercial property that you rent out to other business owners or use for your own business, then you need commercial property insurance. Commercial property insurance is used to cover real property, like buildings, factories, etc. It is not to be confused with business personal property which is used to cover the contents of a business like electronics, stock and furniture.

What does commercial property insurance cover?

This coverage covers the exterior and interior walls, roof and ceiling of your property. In addition, it covers additions, outbuildings, outdoor fixtures, and more. In some cases it covers machinery, appliances, and floor covering—generally only if these items are a built-in, permanent part of the property.

Commercial property insurance does not cover the contents of any of your buildings or the vehicles around it. In addition, it does not cover any additions that are currently under construction. These can be covered by builders risk coverage.

Lastly, this insurance does not cover injuries and losses of others on the premises. Commercial property insurance is intended to cover losses that affect the building itself, not liabilities that occur inside or outside of it.

Is commercial property insurance similar to other property insurance coverages?

Yes. Commercial property insurance has deductibles and limits just like any other type of property insurance coverage. In addition, your policy may have certain exclusions that you should pay close attention to. Reading your policy once you receive it will help you better understand what is and isn’t covered.

Are additional coverages obtainable?

Yes. You can also choose to have coverage added to your policy for the following:

Pollutant cleanup and removal: If you have pollutants present in the land or water of your business due to an insurable incident, this coverage may pay for their extraction.

Debris removal: If an insurable incident cause’s debris to be deposited on your commercial property, this additional coverage will pay for its removal, provided it exceeds the deductible.

Outdoor property: This covers outdoor items like fencing, plants, signs and satellite dishes in the event of an insurable incident.

Commercial property insurance is a vital protection for any real business property owner to carry. It helps protect the bulk of your investment from the losses that fires, storms, vandalism and other insurable incidents can create and protects your savings from being accessed to pay for repairs that make your business property usable again.

Make sure you have the best options for your Colorado Business Insurance needs with Premier Group Insurance today!

Possible Liabilities Issues for Business Owners

There are numerous things to do and deliberate when deciding whether or not to go into business for yourself. One very crucial item to consider is the capacity to be sued because of your efforts or inactions as a business owner. We have outlined some everyday potential liability exposures business-owners’ encounter:

• Premises Liability - the possibility of visitors being injured or harmed while at a business location.
• Operations Liability - the possibility of injury occurring because of the work accomplished by the business.
• Products Liability - the possibility of products being manufactured by a business to cause harm or injury
• Injury to employees - laws exist that dictate the liability a business owner can have when an employee is injured while employed.
• Professional liability - Professionals, for example doctors and lawyers, can have further legal duties placed on them because of their professional reputation.
• Management Liability - the possibility of directors and officers of a business being accountable because of their duties to those they attend to.

Let our agency help you determine what dangers your business can encounter and the specific insurance coverage you need so you can breathe easy knowing you are properly covered at a cost that meets your financial means.

Learn about options for your own Colorado Business Insurance from Premier Group Insurance today!

Colorado Car Insurance

Calif., Colorado Consider Banning ‘Crash Taxes’

Legislators in both California and Colorado have proposed new laws that would prohibit communities from charging a fee when police and fire personnel respond to motor vehicle accidents.

The city of Sacramento recently adopted just such a “fire recovery charge” on out of town automobile drivers. Sacramento’s “crash tax” imposes a fee on out-of-town drivers who get into auto accidents in order to fund the fire department’s response services. The fee would be imposed on non-resident drivers if insurers find them at fault in the accident. But business owners who live outside the city but have property inside the city are exempt from the tax.

By Patricia-Anne Tom - Insurance Journal

Make sure you ask a Premier Group Insurance Agent about changes to your Colorado Car Insurance today!

Inventory Your Personal Property

If your home and personal property is destroyed by a fire, flood, hurricane or other disaster, it may be more difficult than you realize to remember all the items you had in your home before the event. And without an itemized list of the items you lost, you cannot get the recovery you deserve from the insurance company.
One way to avoid this is to create a personal property inventory. You can hire someone to do this for you, but it isn’t difficult to do it yourself.

1. Go room by room. Don’t just sit and try to think about each of the items in your rooms. Instead, go into one room and focus on that space completely while you are in it. Do not start another room until you finish the one that you are in.
2. List every item in the room. As you look around the room, write a comprehensive list of every item in the room as you look at it. This is really the only way to ensure that you make note of every possession you own.

Learn more about how to effectively create a home inventory list. 

Call us Toll Free at 1-877-430-0092 for a comprehensive Denver homeowners insurance quote.