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.

Limited or Full Tort?

Whether you’re getting auto insurance for the first or fifth time, the hardest choice to make is whether you would have limited or full tort. The choice between limited and full tort is made even harder with the confusing definition available on most insurance companies websites. Ultimately, it’s important to fully understand this concept in order to choose the option best for you and your family

What is tort?
According to Merriam Webster, tort is “a wrongful act, other than a breach of contract, [through] which relief may be obtained in the form of damages.” For motorists, that means this type of insurance essentially pays damages to the insured after an accident. Specifically, tort covers injuries you may receive from a run-in with another vehicle. The other party must be at fault, otherwise the tort option doesn’t come into effect.
With full tort, you retain the right to sue the at-fault party for more than medical expenses and other accident-related expenses, such as pain and suffering. In essence, full tort is a security blanket for your family. If injuries from an accident force you to rack up medical bills, rehab bills and remain out of work, your ability to sue for damages, including pain and suffering, can greatly ease the burden.

Which is right for me?
The main appeal of limited tort is the price. It’s considerably cheaper than full tort, and property damages and injuries are still covered. Limited tort, however, restricts what policy owners can include in a civil suit. Some major exceptions exist, which may allow for some compensation beyond medical under limited tort. For the most part, policy owners lose only the right to sue for pain and suffering, but that can be a devastating if the accident severely injured you. 

Although full tort is considered the best option, choosing what’s right for you should be determined by your own needs and beliefs. One important question to ask yourself is whether or not you would sue the other party for damages. Although you would have the right to sue, you are never required to. If it goes against any beliefs you may have to pursue a suit, limited tort is just what the doctor ordered to help limit the cost of auto insurance. On the other hand, full tort provides the best security for your family, as it helps insure an accident doesn’t cause serious financial harm.

The truth is, there is no right or wrong answer. You have to decide whether or not you need the extra coverage of full tort, and if you can handle the extra expense each month on something you (hopefully) will never need to use. For more questions and to get a great rate on Colorado Car Insurance, contact an agent at Premier Group Insurance today.

The Truth about Active Safety Systems

One of the most valuable assets to come out of our technological renaissance can be found in the active safety systems in newer automobiles. Not only are these safety systems valuable because they prevent injuries and death by reducing accidents, but they’re also valuable in that they can help to reduce both Colorado auto insurance premiums and overall driver expenses.

How Active Safety Systems Help

Data from the Insurance Institute for Highway Safety in 2008 showed that forward collision warning systems could potentially prevent 2.3 million crashes in the United States annually. They also found that 143,000 crashes per year could be prevented with adaptive headlights that help drivers see better around corners and 417,000 accidents could be prevented with emergency brake assistance, a system that applies the break for a driver when it senses a forward collision is imminent.

The Possible Downsides

One concern that the Institute’s safety report mentioned was regarding how drivers would adapt to utilizing active safety systems—especially since many drivers weren’t even aware of their existence. In a May 2006 report ordered by the European Commission, researchers found that safety equipment did not play a major part in the sales process as auto sales professionals felt that their customers weren’t necessarily interested in the topic. A 2011 report delivered by European company, eValue, mentions the problem of creating a rating system for active safety technology in order to improve what they describe as the, "low awareness" of car buyers.

If you purchase a vehicle with an active safety system, it's important that you understand how the system works and how you need to interact with it for maximum efficiency. Without truly understanding your system, its notification method may produce anxiety while you drive and you may not fully benefit from the technology.

Retaining the Driver’s Personal Safety System

Even more important, perhaps, is learning to utilize the technology without relying on it completely. In 2011, Wired magazine discussed the occasional failure of active safety systems. In their piece, they mentioned the importance of active driving at all times so that drivers can be prepared to react appropriately to a dangerous situation when their active safety system unexpectedly fails.

Your vehicle’s active safety system is a supplemental product that can help lower your insurance premiums, but it’s not infallible nor is it a miracle cure for bad driving. Learn how to work with it and how to work without it in the event of failure.

Understanding Your Insurance Policy Stipulations and Conditions

In the past few years, one-time Disney star Lindsay Lohan has had a lot of trouble driving without incident. As such, she’s become pretty high risk in the eyes of the insurance companies. On her most recent movie set, the insurance company temporarily insuring her for the movie stipulated that in order to be covered, she must not drive during the months and weeks that she was working on the film. Unfortunately, she did not comply with this rule and—after getting behind the wheel of a rented Porsche—had yet another incident.

Luckily for Lohan and the movie company, the insurer did not cancel her policy, but because she was out of compliance with the stipulations and conditions of the policy, they certainly could have. It’s never a good idea for you to push the boundaries of your insurance coverage and test the limits of the insurance company’s patience. Instead, it’s best to have a full understanding of the stipulations and conditions in your policy, which can include things like:

• A liability insurance policy might require a certain course of action in specific situations.
• A home insurance policy may state that it is for a primary residence only, meaning that you can’t use it for a property that you rent out.
• An auto policy might stipulate that it’s for personal use—which makes using it for commercial purposes completely uncovered.
• All insurance policies can stipulate that the insured is not to hide any details of the claims from the insurer or otherwise commit fraud.
• A health policy could stipulate that a pre-existing health condition is not covered.
• An auto insurance policy may stipulate that unlicensed drivers are not covered.

The key to understanding the conditions and stipulations of your Colorado insurance policy is to actually read them. If you want to discuss how your policies work and any specific conditions that you’re concerned about, give us a call at Premier Group Insurance today.

Insurance as a Budget Guarantee

Every day it seems that different events, retailers, and even people conspire against your ability to keep your spending on target, turning budgeting into a sport for which you must play the offensive position. But all hope isn’t lost; there are many ways you can keep your expenses on track and your bank balances in the green. Among all of the tricks out there, the purchase of insurance is one of the most deceptively simple and often overlooked.

Insurance Can Prevent Additional Expense

During a car accident, if your vehicle suffers any damage you'll likely need to get it fixed. In fact, you may not be able to go to work without doing so or renting a car in the interim. A Colorado auto insurance policy may not only provide payment for repairs in excess of the deductible, but it can also provide a loss of use benefit that pays for a rental during a certain period.

Likewise, a home insurance policy can pay to have the contents of your home replaced when they are damaged during an insurable incident and may pay for a hotel room or other temporary lodging.

Without insurance, both these events would quickly devastate your budget and could make it next to impossible to get back on track for the near future.

Level Premiums and Deductibles

It would be almost possible to accurately predict the amount that you need to pay for car repairs caused by accidents and then to budget for those expenses. Additionally, it would be impossible to predict all the other property you might lose over the course of a year and the cost to replace it. Insurance policies offer affordable premiums and deductibles that you can easily plan and budget for in advance.

Whether you're completing a midyear budget checkup or getting ready to start your 2013 budget planning, it’s time to allow insurance policies their place in your financial plan as a budget guarantee. Give us a call at Premier Group Insurance today and we can help you review your current insurance portfolio, identify any gaps in coverage and help you set out on the right foot for the future.

Protecting Yourself from Liability Claims when Your Home is for Sale

When your home is for sale you’ll have many prospective buyers walking through the property on any given day, exploring both the inside and out. They will poke and prod, crawl and crouch as they examine every crevice to decide whether it's a property they wish to invest in. Although these individuals will not be left unattended, since you or your real estate agent will be with them, they could be injured while on your property. It is generally your responsibility to pay damages from injuries that occur while you own the home, so it's important that you have the right liability insurance going into the home sale process.

Liability in Home Insurance Policies

Your home insurance policy has many limits; one of them may be for contents coverage, one for dwelling coverage, one for loss of use, and one are for liabilities. Check your insurance policy to see your liability insurance limits and make sure that they are reasonable when compared to the additional risk you take on when you invite strangers in to evaluate your home.

Umbrella Liability Insurance

You may wish to consider an umbrella liability insurance policy in the event that your current home insurance liability limits are too low. An umbrella liability insurance policy is a separate policy that steps in to pay claims that exceed the liability limits of your home insurance policy. They have their own limits which can range from $1 million or more. Best of all, they don’t just cover your home liability but also your auto liability.

Because the coverage you need is temporary, securing an umbrella liability insurance policy may be a better strategy than increasing the liability insurance coverage on your home insurance policy. Umbrella policies can also be very inexpensive, increasing your overall carrying costs very little.

It can be difficult to determine the best way to protect yourself from liabilities when you put your home on the market. Luckily, there is no need for you to make this decision alone. Give us a call and we can discuss your current limits and help you decide whether they keep pace with your risks. We can also discuss the benefits of having an umbrella liability insurance policy during the home sale process.

Arizona Residents: Use Your Smart Phone to Prove Insurance Coverage

How often have you gone to clean out your wallet only to find an expired insurance card within its folds and a new card nowhere to be seen? If you are one of those extremely organized people then it's possible that this has never happened to you because you switch out your auto insurance card every time your policy renews, but many individuals don't even realize they need a new card until they get pulled over and it’s too late.

Arizona residents will no longer feel the shame of not replacing their insurance card since the governor recently signed a bill that allows Arizona residents to show proof of auto insurance coverage with their Smartphone.

Wireless Proof of Coverage

With electronic gadgets taking over our documentation storage, it was only a matter of time before states began approving alternative methods to show proof of valid auto insurance coverage.

This approval allows insured drivers to use an application on their Smartphone to show an electronic facsimile of their insurance card. Drivers should note that, when showing an officer their Smartphone, they are not giving the officer permission to view any other data stored on the device.

Arizona isn't alone in approving the presentation of wireless coverage documentation when pulled over. Idaho has also introduced the same legislation and it's anticipated that even more states will join them. Alabama and Colorado may be quickly following suit, with Colorado allowing drivers to show electronic proof when registering their vehicles as well.

Smartphones and Insurance: Natural Partners

Smartphones offer insurance policyholders many helpful options for organizing their financial lives. They can utilize apps for home inventory creation, budgeting, bill payment reminders, and now offer electronic proof of you Colorado auto coverage. Many insurers are even getting in on the act by providing mobile policy access for questions and claims.

If you're interested in all the ways your Smartphone can be integrated into your insurance policy management, or want more suggestions on being as paperless as possible, give us a call at Premier Group Insurance or stop by.

Loss of Use—A Benefit Worth Keeping

Often, when we think about insurance, we think about how it covers many of the damages that occur during a covered peril such as a fire or flood. But there are more consequences to the damages these incidents cause to your property than just the loss of your tangible goods and shelter, because by making your property useless, insurable incidents force you to find a substitute until your repairs are done.

Loss of use is a valuable part of a home or auto insurance policy that can keep you and your family safe and active, even after a total loss.

Auto Loss of Use

If you are in an accident and your vehicle cannot be driven until repairs are made, the world doesn’t stop spinning. You still need to get to work, bring your kids to school, run errands, and more. When you have loss of use benefits in your auto insurance policy, your insurance company will pay for a car rental to get you around while you wait for repairs to be completed. You will be permitted to rent a car that is in a similar class to your own and the rental can generally last until you are able to pick up your own car again.

Home Loss of Use

There are some insurable incidents that do not require you to evacuate from your home or apartment afterward—such as damages that are limited to just one, small area of your home and carry no health hazards through the rest of your dwelling. But sometimes it’s not safe to be home until repairs are done, such as after a fire. When this happens, a loss of use benefit in your renter’s or home insurance policy will pay for a hotel or temporary rental until it’s safe to go back to your house or apartment. Your policy will have limits, restricting the total benefit to a certain percentage of the total limit of your policy.

It’s hard to imagine just how stressful it is to lose the ability to live in your home or drive your vehicle—even if the loss is temporary. Add in the extra burden of having to foot the bill for a short-term replacement and your life has become even more difficult than it needs to be—unless you have loss of use coverage. If you aren’t sure whether your home, renter’s or auto policy has this generous benefit or you want to add it to your policy, give us a call at Premier Group Insurance today!

The Risks of Social Media

Social media has become a very valuable tool for businesses. It allows a way to extend your business’s reach, to advertise and promote products and services, to connect with existing customers, and change the way people see their company. Marketing your business through social networking can pose a number of risks to your business though if proper measures are not taken. These risks can be easily guarded against with a simple phone call to your independent agent.

Cyber Risk Insurance and Social Media
While it might not be your company's policy to obtain customer data through social media channels, that doesn't mean it can't be done. Should your social media accounts on websites like Twitter, Facebook, LinkedIn or Google Plus get hacked by someone who wants to obtain sensitive data, they could send out messages to your clients. Hiding behind the trusted name and avatar of your account, they can request passwords, credit card numbers, social security numbers and other data. Trusting that it’s you behind the request, many of your clients will provide the requested data never realizing the risks they’ve just taken on.

This is a form of theft that can be covered with cyber risk insurance. Once you find out that your account has been hacked, you must contact your clients to let them know their data might have been compromised. This process doesn’t just bring embarrassment and extra hassle, it also brings added costs. Cyber risk insurance will help you cover those costs while saving you money without forcing you to sacrifice service.

Liability Insurance and Social Media
Cyber theft risks aren't the only ones your business faces when using social media to spread its message. If you or the employee or contractor responsible for managing your social media should mention a competitor or one of their products in a negative way, you may be accused of libel or slander that causes financial damages to the company in question. Your liability insurance may cover the damages if you are, but you should check with your insurance agent to make sure.

In order to help reduce the possibility of risks in social media, make sure that your company has relevant guidelines and that all employees are trained on using them. Keep your social media marketing message positive, and notify your clients and followers frequently that you will never ask to obtain personal data from them via social media. And don't forget to give us a call at Premier Group Insurance to find out how Colorado Business Insurance can insure your company against the many risks that social media marketing presents.

Do You Have Gaps In Your Insurance Coverage?

There is nothing worse than thinking that your insurance policy will cover your damages after a certain disaster, and then finding that a planning gap in your insurance portfolio has left you needlessly exposed to financial loss. Luckily, if you know how to identify these gaps, you can get coverage to fill them and avoid the devastating financial consequences they can create.
Take a look at a few of the areas many people find gaps in their coverage and see if you share this needless overexposure.

• Floods and Earth Movement: Your home insurance policy may pay for a lot of things, but it won’t pay for damages that occur as the result of flood or earth movement. Instead, you need a separate policy or, in the case of earth movement, a special endorsement should your insurance company allow it.
• Un- and Under-Insured Drivers: Insurance may be required in your state, but that doesn’t mean that every driver is compliant, and if you don’t have un- or under-insured motorist coverage then you may be paying out-of-pocket for damage to your vehicle caused by one of these non-compliant drivers.
• Theft and Vandalism: Having the state-required auto coverage is great, but who pays if your car is stolen or vandalized? And what about if you have a collision? Comprehensive and collision coverage ensures that you get what you deserve after an accident and that you can keep driving, but they aren’t required by your state, so you’ve got to identify the need for this insurance and fill it on your own.
• Preventative Care and Prescriptions: If you have a major medical insurance policy then you might be covered for emergency events and major surgery, but what about your preventative care and pharmaceutical needs? A health insurance policy that covers your everyday medical care would fill that gap and help you get care before you desperately need it.

We know how to find gaps in your insurance portfolio before they get the best of you. Don’t let your savings fall into one of these planning snafus—instead give us a call at Premier Group Insurance and get fully covered by your Colorado Car Insurance and anything else you may need.

The Difference between Cheap and Affordable

When you are shopping for auto insurance, you’re bound to run into countless ads for cheap auto insurance coverage. Why get a cheap policy when you can go for a better option, an auto insurance policy that is affordable?

Cheap and affordable may seem like insignificant distinctions, but the gulf between the two could not be wider.

The Problem with some “Cheap” Insurance

Cheap insurance is the kind of policy one gets just to satisfy state regulators. It has minimal coverage for bodily injury and property damage liability, the minimum required for personal injury protection, and deductibles so high that your savings account would weep if it had tear ducts. Often, the limits required are not high enough to actually cover the average dollar amount of claims in your area and since you have no protection for collision or comprehensive, there is no mitigation for damages your car endures during an accident. Between the lack of real, meaningful coverage offered by these policies and the sky-high deductible, the premium is cheap.

The Benefits of Affordable Protection

Affordable policies, on the other hand, offer meaningful benefits at a price that fits easily within the confines of your budget. They protect you against realistic costs for bodily injury and property damage liability, provide enough personal injury protection to shield you from damages, and also give collision and comprehensive benefits that protect you from the financial damages associated with fire, theft, accident and more; something a cheap policy wouldn’t dream of doing. Finally, affordable policies protect policyholders against damages caused by uninsured or underinsured drivers. Sometimes, you can even create an affordable policy with additional protections, such as loss of use.

In addition, affordable policies have deductibles that are reasonable. They help reduce the premiums by shifting some of the risk onto the policyholder, but they are figures that a policyholder can afford. People often forget that deductibles on auto insurance policies are per incident, not per year. A high deductible could spell trouble for a policyholder’s financial goals if they have more than one incident in a year. Low limits don’t actually stop you from being liable for damages you cause, they simply limit the insurance company’s responsibility to pay. You must pay out-of-pocket for anything that exceeds them.

When you work with the agents at Premier Group Insurance for your auto insurance needs, we create a policy that’s affordable. A policy that offers you and your family meaningful protection with premiums that fit your budget. Give us a call for your free Colorado Car Insurance quote today.

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.

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!

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!