Paying too much for Colorado Commercial Insurance?

While insurance is a necessity for any large or small business, the amount of coverage needed can vary. When someone owns a business, it is important to take the time to determine if the premiums are as low as possible and that the coverage is not more than is needed. There are a few things that a businessman can do to ensure that he has the perfect amount of coverage to allow his company to be protected without overpaying.

A Business Owner Needs to Talk to a Professional Who Is Certified in the Insurance Industry

A professional consultant will have taken insurance certification education classes and will have learned everything there is to know about business insurance. Such an agent is able to advise the business owner about all options that are available. It is important for a business owner to understand that insurance options change often, and knowing what is available is essential if the business is going to have the right coverage.

A Business Owner Needs to Understand What the Policy Covers

Many business owners simply gloss over the insurance information without taking the time to read what is truly covered in the policy. It is important to take the time to read each and every sentence to ensure that the business has the best possible coverage. It is essential for the owner to know that the business is covered for what is happening currently and for what is going to happen in the near future.

Businesses Need to Trim Insurance Policies from Time to Time

As things change in a business, certain insurance options can be trimmed to help the business save money. If a vehicle is removed from a fleet of vehicles, security systems are installed within the business, or employees are given specific training, there is a chance that the business could get a discounted rate on insurance, or have an option removed altogether. There is no need for a business to pay more than necessary for an insurance policy.

Insurance Premiums Should be Compared between Multiple Insurance Companies

It is important for a business owner to get quotes from multiple insurance companies to ensure that he is paying the lowest rate possible for the coverage that is needed. Even if a company has an insurance policy currently, it is often possible to transfer the policy to a different company. More information on Colorado business insurance coverage is available by calling 877-430-0092.

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Know your State's Minimum Insurance Requirements

When choosing an automobile insurance policy, it is very easy to rely on an agent’s knowledge of state-mandated specifics and recommendations. The best way of knowing about your state’s minimum insurance rates is to research it for yourself. Here is why:

Different States, Different Rates
There truly are different rates for different states. Every state has its minimum insurance requirements. These figures are based on statistical collations of accident reports and other types of data. You do not need to take a course in statistics to understand the particulars of the process. However, what you do need to understand is that this sort of analysis affects how the state you live in determines the base price of what you need to pay to insure your vehicle. Understanding the basic amounts lends you a knowledgeable base of realizing what you are paying for and why you are paying it.

Click to learn more about what to do with changing requirements.

If you have any questions about state minimums or if you want a free Colorado car insurance quote, give us a call at 720-457-1101. 

Is Rental Car Insurance Essential These Days?

Everyone needs to rent a car from time to time; whether it is for travel, to haul heavy loads or just for a night out on the town.  Drivers often get confused when they're offered renter’s insurance when picking up their rental car. Most rental car companies push the sale of this type of insurance which makes some customers feel as if they have no choice but to sign up, but do they really? 

What is rental car insurance?

Rental car insurance generally covers two things: collision coverage and liability coverage.  

Let’s look at these more in-depth:

• Collision insurance – this coverage protects you if you’re in an accident that involves another object.  This can be a car, light pole or person.  Who’s at fault for the accident really doesn't matter, because collision insurance will protect you.  It also covers the expenses of towing your rental car away if need be and replaces the rental car if it’s not operational.  Every insurance company has their own limitations of what they will and will not cover, so it’s best to look in the policy itself and not just take the salesman’s word for it.
• Liability coverage – rental car liability coverage protects you in the event that a driver you hit wants to sue you for bodily injury.  This policy is more to protect you from third party actions, but it does not protect you or anyone in your car in the event of an accident.

Now while rental car insurance has many added extras such as supplemental rental insurance and personal accident coverage, you are not required to add these extras to your insurance policy should you choose to take rental insurance.

Before you sign that dotted line

Before signing up for rental car insurance, there is one important thing to keep in mind.  When renting a car, most companies require you to have a valid credit card on file to absorb any incidental charges or costs. A little known fact is that a variety of credit card companies such as MasterCard and American Express often provide collision insurance for rental cars when you use their card to pay for it. The only downfall to this is that if you're involved in an accident, your credit card company will work in conjunction with your personal car insurance to resolve any claims. This can result in a situation that may cause your premiums to rise. To eliminate any chance of this occurring, you may want and wish to keep these services separate.

On that subject, your own personal car insurance may cover rental cars as well.  That is why before purchasing any type of additional rental insurance it is best to check with your primary insurance provider to see if your existing car insurance policy offers this type of coverage before signing up.

If you’re looking for a Colorado car insurance quote or to get more information on collision or liability coverage, give Premier Group Insurance a call at 720-457-1101.

How Over the 50's Can Save on Car Insurance

By being less likely to make a claim, it should come as no surprise that you'll likely be rewarded by insurance companies with lower costing policies. One key group that consistently has lower policies are drivers over the age of 50. However, it is important to keep in mind that at times this group is actually seen as being more likely to claim, which can in turn boosts the cost of the driver’s policy.

With this in mind, a driver who is over 50 must source a policy that works in their interest.  Another option available to this set of drivers is to become knowledgeable about the different things that they can do to lower the cost of their auto insurance policy.

The reasons that insurers tend to offer drivers over 50 lower rates include,

• They usually have a reliable car,
• Their level of road experience,
• Their level of maturity,
• They tend not to live in high-crime areas.

Exceptions to the rule do sometimes arise. For instance, when an older driver is the owner of a powerful vehicle or an expensive car, their policy may still be costly. Vehicles such as these are more likely to be the target of thieves and vandals. The cost of repairs and replacement parts would also be high, and because of this, so will the cost of insurance.

As stated, most policies that cover a niche group like this one do offer a discount, but if they do not, there are other things that you, as a driver who is over 50, can do to get the cost of your premiums down. One such option is to pay your premium annually in one lump sum. Spreading the cost over many months will see insurers adding interest to each payment. Another option if married is to buy your policy as a couple. Married couples pay a lot extra simply by having individual policies. When one policy is bought and two names included, the saving is quite significant.  Agreeing to a limited mileage is another option, as is highlighting the presence of your 'No Claim Bonus' and using it to your advantage.

Car insurance policies aimed at people who are over 50 will enable you to save money, especially if combined with the cost-cutting measures mentioned above. If you are 50 plus and want to save on your Colorado Car Insurance policy, call a Premier Group Insurance agent today at 877-430-0092, and we will advise you on how this can be done.

Car Insurance Fraud: What You Ought to Know

Car insurance fraud is a growing problem that affects everyone. The money car insurance companies lose to fraudulent claims gets passed to consumers through higher insurance policy rates. You can also directly lose money if you are the victim of auto insurance fraud by having to pay deductibles and policy rate increases. Protect your finances by learning to identify car insurance fraud and how to protect yourself from becoming a victim.

What Is Car Insurance Fraud?

There are many types of car insurance fraud. Car insurance fraud ranges from people lying to insurance providers to get cheaper rates to organized crime rings that stage fake auto accidents to collect money from insurance companies. Some common types of insurance fraud are:

• Insurance policy scams: Fake insurance salesman sell bogus insurance policies to unsuspecting consumers
• Inflated claims: Claiming more damage than actually occurred to collect more money
• Fraudulent theft or damage: Having someone steal or burn a vehicle to collect money from the insurance company
• Staged Accidents: Staging an auto accident and claiming false injuries
• Runners: A scam where someone (the runner) directs a victim of an auto accident to a fake medical facility that will fake medical claims

How to Avoid Becoming a Victim of Car Insurance Fraud

Watch out

• Purchasing car insurance: Only purchase car insurance policies from licensed insurance companies or licensed insurance brokers and get a written copy of your policy (including what it covers). Read your policy to get a thorough understanding of what it covers.
• While driving: Keep plenty of distance between your car and cars in front of you. Trust your instincts. If another vehicle is acting suspiciously by driving erratically or too close to you, call the police and pull into a safe spot such as a police station or gas station.
• After an accident: Call the police and your insurance company immediately after an accident, no matter how minor the damage and get a police report or the incident.
• Avoiding scams: Never sign a blank insurance claim form. Be weary of bystanders, towing companies, medical professionals, or auto repair shops that try to pressure you to go to a certain facility for service or treatment, or try to pressure you to file false claims.

We can help you purchase a Colorado car insurance policy that fits your specific needs at affordable rates, and will provide you with continued service to prevent you from becoming a victim to insurance fraud. Call us today at Premier Group Insurance to get started.

Best practices in acquisition of a workers compensation insurance cover

A workers compensation insurance cover should be acquired by employers to cover their employees against any accidents which may occur while at work. Though most worker compensation policies may be the same in some aspects, there are some significant differences between the Colorado Business Insurance policies sold by various insurance firms. Before buying a workers compensation cover, an employer should go through the contract  to ensure that it's a good fit in the business, then call a trusted agent at Premier Group Insurance. Here are some of the best practices during the acquisition of a workers compensation cover.

Investigate the state mandatory regulations on workers compensation covers - Each state has a different set of mandatory regulations on what a  workers compensation cover should  include. If a business operates across several state lines and uses the same cover in all states, situations may arise where the business fulfills the state mandatory requirements in one state but not in other states. To avoid such situations, its best to investigate set mandatory regulations in each state and make sure the business fulfills them.

Update all employees’ occupational codes – When buying a workers compensation cover, a  premium is charged for employees depending on their occupational codes. Occupational codes help insurance companies determine the level of risk each employee is exposed to and hence the premium that should be paid. If a company’s employee occupational codes are not up to date, the company may be charged a higher premium if the codes reflect more high risk employees than the company has.

Take time to negotiate with the insurance company – Factors such as claim rate affect the amount of premium paid on a workers compensation cover. If a company has a consistently low claim rate, an insurance company could offer discounts on policies or even offer premium refunds. In most cases, it is advisable to negotiate with the insurance company to come up with ways to reduce the amount of premium paid.

Update safety practices – When calculating the amount of premium which should be paid on a  workers compensation cover, insurance companies consider the amount of risk employees are exposed to. Companies with low safety standards expose their employees to a high level of risk while working, which leads to insurance companies charging more premium on insurance covers. Businesses should update their safety practices before taking an insurance cover to lower the amount of premium charged by insurance companies.

Carefully study the insurance contract –  Each insurance cover has a different set of terms and conditions. These stipulate circumstances such as when the insuring company is liable to compensate workers. By making sure that all the terms and conditions of a policy are adhered to the incidences of defaulting on insurance policies are reduced.