April 23, 2024

Q: After years of thinking about it, I’m about to open my own craft store. My insurance quote includes liability coverage, but I really don’t know what this means for my business. What does liability insurance cover?

A: Congratulations on the new business! Looking into business insurance options is a smart move. Business liability insurance coverage can help you pay legal costs when someone — such as a customer or visitor — is hurt or suffers property damage and blames you and your business. If your company is found to be at fault, your business is legally responsible for the costs.

Let’s say a shopper walks into your store, slips on a rug that’s not secured to the floor properly and hits their head. Your business could be held liable for the person’s medical care, lost income and pain and suffering. A sudden expense like that could devastate a small business.

Your business liability insurance can cover you up to the limit you select and can also help with the cost of your legal defense. If the shopper breaks their glasses or smartphone when they fall, your policy can also help pay to replace the damaged property.

Other kinds of risks may be covered too: for example, damage claims arising from your advertising, like slander, libel and copyright infringement.

Coverage for these risks is known as general liability insurance, and it’s standard on all Farmers® business policies.      

You also may want to consider other types of business liability coverage, depending on the risks specific to your company. Product liability insurance provides coverage on the things you make or sell. Professional liability insurance helps cover damage caused by services you provide. You can also get commercial crime insurance coverage for data breaches that expose your customers’ information. Employee practices liability insurance (EPLI) helps cover employment issues like wrongful termination or harassment.

March 12, 2024

Hey homeowners, let's talk about avoiding common home insurance mistakes! 🏠

It's essential to protect our most significant investment, but are you making these avoidable errors? Let's find out:

1️⃣ Underestimating Replacement Costs: Don't base your coverage solely on your home's market value. Factor in rebuilding costs to ensure you're adequately covered in case of damage or loss.

2️⃣ Overlooking Personal Belongings: Your home insurance typically covers personal belongings, but there may be limits. Take inventory of your possessions and consider additional coverage for high-value items like jewelry, musical instruments, firearms, or electronics.

3️⃣ Ignoring Policy Exclusions: Read the fine print! Be aware of what your policy does and doesn't cover, including common exclusions like flood or earthquake damage. Consider additional coverage if you live in a high-risk area.

4️⃣ Neglecting Updates: Just like with auto insurance, life changes require updates to your home insurance policy. Notify your insurer of renovations, additions, or significant purchases to ensure proper coverage. If you are renting your home or using it as a vacation rental, please let your agent know!

5️⃣ Skipping Liability Coverage: Liability protection is crucial in case someone is injured on your property or you're held responsible for damages to someone else's property. Don't overlook this essential coverage.

Let's make sure we're making informed decisions when it comes to protecting our homes and belongings! 

Feb 28, 2024

As the sun peeks over the horizon, casting a warm glow on the bustling Denver city streets, I step into my office, ready to embark on another day in the world of insurance. For me, being an insurance agent is more than just a job; it's a calling, a passion for helping individuals and businesses safeguard their futures against the uncertainties of life.

The morning begins with a flurry of activity as emails, phone calls, and client meetings fill my schedule. Each interaction presents a unique opportunity to understand the needs and concerns of my clients, whether they're searching for the perfect coverage for their new home or seeking advice on retirement planning.

One of the most rewarding aspects of my job is the opportunity to educate clients about the importance of insurance and guide them through the often complex maze of options. From explaining the nuances of different policy types to providing risk management strategies, I strive to empower my clients to make informed decisions that align with their goals and priorities.

Of course, being an insurance agent also means being a problem-solver. Whether it's navigating a claim dispute or helping a client update their coverage after a major life event, I pride myself on being a trusted ally in times of need. It's not always easy, but knowing that I can make a positive difference in someone's life is what drives me to overcome any challenge that comes my way.

As the day progresses, I find myself juggling multiple tasks, from reviewing policy documents to networking with potential clients. Yet, amidst the chaos, there are moments of quiet reflection, where I pause to appreciate the profound impact that insurance can have on people's lives. Whether it's providing financial security for a family or peace of mind for a business owner, I'm reminded of the vital role that insurance plays in our society.

As the sun sets on another productive day, I can't help but feel a sense of fulfillment knowing that I've helped my clients protect what matters most to them. Being an insurance agent isn't just about selling policies; it's about building relationships, providing peace of mind, and making a meaningful difference in the lives of others. And for me, there's no greater reward than that.

Feb 22, 2024

Happy Thursday, all!

In today's installment of Big Insurance Blunders, let's chat about Life insurance.  If you are in the market for life insurance, this post is for you! The biggest blunder in life insurance stems from our tendency to procrastinate. 

Don't wait too long to get a policy! The reality is that life insurance is less expensive the younger you are. The longer you wait to get a policy, the more the policy will cost you. For instance, if you are a healthy 25 year old nonsmoker, you could get a 30 year term policy with at $250k death benefit for about $23 per month. However, that same person (with the same health) at age 40 will pay $67 per month and at age 50 will pay $163 per month! I know most people in their twenties don't think about their mortality or protecting their future family, but that decade is the perfect time to lock in financial security for you and your family.  

The moral of the story is now is the best time to get life insurance regardless of your age. Waiting will only cause you to pay more.  Your family deserves to have the financial protection that life insurance can provide them. Reach out to me to learn more!

Feb. 13, 2024

Hi friends! 

Welcome to my new series: Big Insurance Blunders! 

Today we are going to talk about the Colorado State Minimum for Liability insurance on your cars.
I run into this misunderstanding of insurance all the time and I want to shed a little light on what the state minimums mean. 

The liability portion of your insurance protects you when you are found at fault in an accident. Liability is broken up into two parts. Bodily Injury and Property Damage.  

1. Bodily Injury: If you hurt someone as a result of that accident, the Bodily Injury liability coverage will cover the medical expenses of he driver and passengers in the car you hit. The state minimum for Colorado is $25,000 per person, per accident, with a total of $50,000 for everyone injured in each accident. Given today's hospital costs, that is not much coverage, but I want to focus in this article about Property Damage. 

2. Property Damage: This portion of liability covers any damage to any property as a result of an accident where you are found at fault. This could be a car, a home, a telephone poll, a mailbox, basically anything you hit with your vehicle. The state minimum for Colorado is only $15,000. Again, just 15k. This is an antiquated limit that does not cover the majority of the vehicles on the road. For instance, if you were to hit and total a $30,000 Kia and you were insured at the state minimum, the maximum amount your insurance company will pay is $15,000. That means that if you totaled that $30,000 Kia, you would have to come up with $15,000 to pay off the rest of the value of that vehicle!  Now, I don't know about you, but I don't have 15k just sitting around in a bank account. That is the reason, whether you have the state minimum on Bodily Injury or not, I always recommend having your Property Damage limit at $50,000. Usually, this only increases the rate $1 or $2 per month but it provides you with so much more coverage. 

The bottom line is that insurance is meant to be there for you when catastrophe happens. Don't be caught in a situation where you are underinsured and find yourself financially burdened by something like an accident. Accidents happen all the time - I see them everyday when I am commuting to and from work. As always, I am here for you to discuss any questions or concerns you may have regarding your insurance 

Stay safe and financially unburdened!

John