Author: Aspen Insurance Agency

Tips to Cut The Cost of Car Insurance

Posted on by Aspen Insurance Agency

In a country that is increasingly reliant on cars, not only is the cost of cars on the rise, but also the cost to insure them. While there is no reason to expect a decline in car insurance rates anytime soon, there are things you can do to reduce the stress that it can put on your finances. 

While there is no reason to expect a decline in car insurance rates anytime soon, there are things you can do to reduce the stress that it can put on your finances. 

More Vehicles = Less per Vehicle

Often, when receiving a quote for a single vehicle, it can end up costing more than if you inquire about insuring multiple vehicles. This is because agencies want the guarantee of your business and are willing to give a better deal for more business. 

Keeping that in mind, it is still important to ask your agent if you meet the qualifications. In order to do so, the drivers all must live in the same place and be related. Unrelated people can sometimes qualify as well, but they must own a vehicle together. 

If a driver is a teenager, their rates are generally higher than other age groups. However, many agencies offer what is called a good student discount, meaning that if your teenage driver has a grade point average above a certain threshold they can qualify for a rate decrease. A good student discount can be rather large, in some cases up to 39% and can last until the driver turns 25. 

Safe Driving

While this may seem obvious, the importance of being a safe driver can not be understated. Driving safely can potentially lead to a safe driving discount of around 10% to 25%. Insurance companies will also take your driving history into account.

Get Certified

Taking a driver’s ed class is probably the last thing on your list, but the benefits of taking a defensive driving course can be amazing when it comes to lowering your rates. Occasionally, agencies offer discounted rates to policyholders upon the completion of pre-approved defensive driving courses. In addition, some states can take points off of your license by taking defensive driving courses. 

Take the Bus, Train or Subway

When starting the process of receiving a quote, you will often be asked to report your vehicle’s mileage. Potential policyholders that have to drive multiple hours to and from work each day will be asked to pay increased premiums. Using public transportation as much as possible can help reduce the mileage increases of your vehicle and thus your premiums. 

Bigger is Not Always Better

While it can be tempting to buy the biggest SUV on the market, it can end up costing much more to insure than a smaller, safer car for your daily commute. Many agencies even offer incentives for driving cars that use less fuel and are better for the environment, such as discounts for hybrid vehicles.

Deductible Increases

When choosing a car insurance plan, you will also select a deductible. Your deductible is what you pay in the event of a collision, prior to your insurance paying for the rest. Deductibles can have a wide range of costs. Choosing a more expensive deductible can lower your annual premium. While, increasing your deductible can raise your premium. It’s important to consider these two options. If you choose a more expensive deductible, be prepared to pay more out of pocket in the event of an accident.

Better Credit = Better Premiums

While many of the factors listed above can play a large role in determining premiums, it can come as a surprise to many drivers that an agency can look at your credit score when deciding what your premium will be. 

Different States, Different Rates

Depending on your agency, they might offer different rates depending on what part of the country you call home. While this may not always be the case, if you are planning to move, factor a potential rate change into your budget. For example, Idaho has one of the lowest rates in the country, and Michigan has one of the most expensive.

Comprehensive Coverage 

If your vehicle is old and is on its last leg, it can make sense to drop collision coverage. This is because your vehicle might not even be worth the rate that you are paying for this type of coverage. 

Theft Protection

Some insurance agencies offer discounted rates to policyholders that install protective anti-theft measures in their cars. Some carriers will even tell you which devices are approved to qualify for such discounts.

Avoid Unnecessary Bonuses

While it may be tempting to get all of the bells and whistles, such as rental insurance or roadside help, they are rarely used in reality while often adding a large amount to your premium. 

One of the benefits of working with an independent insurance agent is that we work with many insurance carriers to provide you with the best coverage at the most competitive pricing. You can learn more about the Personal Auto Coverage by clicking here, or calling Aspen Insurance Agency at 303-777-2991

Written by Max Chaitin.

Disclaimer: This post is to be used for informational purposes only. Each person should consult their insurance or business advisor with respect to matters referenced.

How to Insure Your At-Home Business

Posted on by Aspen Insurance Agency

Roughly 50% of all small businesses are owned and operated out of a residence. With technology advancements and the murky future surrounding COVID-19, more and more people are choosing to move their business into their home, or start a business out of their home. The potential of a home-based business is limitless, and remote-work has no reason to slow down in the foreseeable future.

Regardless of the growing percentage of home-based businesses, a large portion of these business owners do not have separate insurance for their business. Many home-based business owners believe that they are covered by other types of insurance policies they already have, some believe that their business is too small to insure, or frankly, they just haven’t thought about the need for insurance. Sadly operating without the proper insurance could lead to some serious legal consequences or financial hardships.

For a business owner, it is crucial to understand what business insurance is, and how it works. One of the easiest mistakes to make is to think that having a home insurance policy will protect your business. While home insurance will cover loss or theft of your personal property, if someone were to slip and get hurt on your property, or your business equipment is damaged by flooding, home insurance will not protect you. If you do not insure your business, you are putting you, your employees, and your financial well being at risk. This is why a business insurance package is crucial.

Consider These Financial Situations
As our world continues to see rapid technological advancements, an increasing number of individuals are beginning to work remotely as contractors or independent freelancers. The benefits of starting a home-based business are countless, but so are the risks. It is important to make sure you have the right resources and coverage to run your at-home business safely and risk-free.

A great first step is to meet with a lawyer to make sure your business is structured with the right license to fit your needs. Having the right license means paying the proper amount of taxes, helping you to avoid any surprises come tax season. 

It is important to understand how home business insurance works, and what makes it different from homeowners insurance. The Insurance Information Institute claims that many home-based business owners/operators do not have proper coverage. Again, many of these people believe that they are covered by their homeowners insurance. A quick fact check; many homeowners insurance policies have clear exclusions of liabilities that come from businesses. 

What Kinds of Home Businesses Need Insurance?

Below are some types of popular home-based businesses and the types of benefits and coverage they would need.

Online Store
Say you are selling your art or other creations via your online business. Say you are making a living as a seller through online auctions? What happens when there is a fire? Think about the cost of replacing all of your inventory out of pocket. 

Freelance Content Creation
Say you are a photographer, designer, writer, or anyone who uses their creative genius to make a living. Most likely, your computer is your whole livelihood, it is where you create and store everything. If that computer crashes, is stolen, or is damaged, you are out of work until you drop thousands on new gear. If you are a photographer, you probably have expensive camera gear and equipment to ensure you are doing the best work you can. These scenarios, albeit frightening, are perfect examples of why you should contemplate getting business interruption coverage.

At Home Bakery
Say your friends and family have always told you that they love everything you create in the kitchen, so you turn your passion into your business. You run a small operation out of your kitchen. If people are coming and picking up orders from your home, it is important to have liability coverage in the event that someone falls and hurts themselves. Say you decide to hire a delivery driver, they will need auto liability coverage.

What are your Insurance Needs?
There are a wide variety of home-based businesses, which also means that there is the same variety of insurances that protect them. Generally, home-based business owners have three options to choose from.

Business Owners Policy: This is the most comprehensive type of insurance coverage for home-based businesses. A business owners policy offers you coverage and protection from customers, employees, and contractors in the event they file a claim against you, in addition to offering property coverage. Typically, you would want to select a plan that offers general liability coverage. It is important to note, however, that not all home-based businesses are eligible for a business owners policy.

Homeowners Policy Endorsements: For many small and low-profile home-based businesses, this can prove to be the most affordable and simplest option. An endorsement, (AKA a rider) is an addition to your already existing homeowners policy. Assuming you are a solo operation who does not produce goods, this could be the best option for you. 

In-Home Business Policy: This policy is the combination of home and business insurance bundled into one plan. Often, it offers more specific kinds of coverage. A step-up from the endorsement option listed above, this kind of coverage has a greater range, and is a suitable option for growing businesses. If your operation has equipment, people coming and going, and even output, this can still be a great policy. 

Many home-businesses could suffice with an in-home business policy. Someone who makes jewelry and offers in-home jewelry fittings, a baker who has customers picking up orders, or  a financial advisor who works out of their home, but offers in person appointments could implement such a policy. 

Additional Coverage
Regardless of what plan you choose, you should know that depending on your business needs, you may need additional coverage. Below are some options for additional coverage that you should consider if the plan you are looking at does not offer them. 

Key Person Insurance: This is essentially life insurance on someone who the business could not operate without, such as a founder, key employee, or owner of a business. 

Employment Practices Insurance: This protects from claims against you from employees. 

Data Compromise Coverage: This protects you and your business from legal action if there is an incident such as a security breach that compromises confidential client or customer data. 

Additionally, even small home-based businesses should carry General Liability Insurance which will protect you from a wide range of factors including damage or injury caused by products, to costly lawsuits arising from online or physical advertising.  This coverage is generally affordable and a small price to pay for what could be a crippling financial burden.

Ensuring that you have the proper insurance is a key step to take to ensure the future success of your business.

Written by Max Chaitin.

Disclaimer: This post is to be used for informational purposes only. Each person should consult their insurance or business advisor with respect to matters referenced.

If you are searching for Business Insurance reach out to us. With a variety of coverage options such as commercial auto, general liability, cyber liability, commercial insurance for truckers, business owner policies and much more we are able to provide you with a policy specific to your company’s needs.

Commercial Business Insurance Saved My Company

Posted on by Aspen Insurance Agency

By: Jennifer Hanzlick, Owner of Clutter Trucker

How a Commerical Insurance Policy Saved My Business
Let’s face it. Unless you work in the insurance industry, you probably get bored stiff whenever someone brings up the topic. Plus, whenever you are in a position where you must purchase a policy, like for your car or home, you might skip through the fine print, ask for “minimum legal coverage” to keep the state or your mortgage holder happy and sign the forms. I used to be that way too, until I became a business owner.

Reading the Fine Print Pays Off
After putting my life savings into equipment, supplies, a lease contract for office space, and advertising, I quickly realized that insurance coverage was my best friend. How did that happen? Well, for starters, I decided to read the fine print of the business insurance policy that was in front of me.
It took a couple of hours, and a huge magnifying glass because the policy documents were not online. But the effort was worth it. I soon discovered that this inexpensive policy included financial protection for me in all sorts of situations. So, I opted for what’s called a “BOP” or a business owner’s policy.

It cost a bit more than minimal coverage but offered protection against things like property theft, equipment breakdown, employee accidents, data hacking, business interruption, general liability claims, and much more. The BOP is a smart way to get an entire package of insurance coverage at a reasonable cost because you’re essentially buying policies “in bulk,” the way you’d save at a wholesale club if you purchased a 10-pound jar of peanut butter.

That was the first eye-opener for me: reading the policy cover-to-cover. The small amount of money I spent for the coverage protected my life savings, in other words, my business, from just about every type of accident or case of bad luck under the sun.

Don’t Let Stolen Equipment Ruin Your Day
The next thing that turned me into a “true believer” in the power of insurance, was something that happened to me on an otherwise beautiful summer day.

After cleaning a rather large home on one of the first jobs I had after opening my company’s doors, my co-worker and I noticed something. During a three-minute interval, while we were finishing up client paperwork, about $4,000 worth of equipment was snatched from our truck. Someone had been watching us, sneaked up to the vehicle while we were occupied, bashed out a window, and made off with two very pricey cleaning machines.

What’s the good news? The commercial property section of my insurance policy covered that stolen equipment. Of course, I filed a police report, but the items never showed up. However, after I provided all the documentation to my insurance carrier, they reimbursed me within 24 hours.

That policy saved me from shelling out several thousand dollars on new equipment when my company was new, and I didn’t have many clients yet. It would have been an extreme financial hardship for me if I hadn’t had commercial property coverage within my BOP, business owners policy.

My Comeback From a Hack Attack
Since then, my BOP insurance coverage has saved the day in other, smaller ways. Once, for example, my company lost all its online access for two days due to a widespread server shutdown. That meant our computer systems, which we use for quality control, client follow-up, and job tracking were completely down. A two-day business interruption like that can be costly for a small entrepreneur with a loyal client base and a small workforce.
However, my Business Owners Policy, reimbursed us for financial losses incurred due to the downtime covered under the cyber insurance clause of the insurance contract. It turned out that the server failure was due to a massive computer hacking incident. Cyber insurance covers situations just like that.

Long story short: an anonymous hacker was able to knock out thousands of computers in a four-state region but couldn’t stop my business from continuing to make a profit. Cyber insurance is one of the newer types of business coverage and is well worth it, in my opinion. Hacking is becoming more common, so it’s a good thing the insurance industry offers this kind of protection.

Sleep is Sweet, and Highly Underrated
Never underestimate the power of insurance coverage. If you’re like me, it could save your financial life and help keep your company rolling along and earning a living no matter what happens. The other bonus is hard to prove, but I believe it: if you have an excellent business insurance policy you’ll be able to sleep very well at night.

I think insurance professionals should add restful sleep right into the paperwork as a policy benefit. All joking aside, if you own a business, shop for the best coverage you can get. You won’t regret it.

Jennifer Hanzlick is an Entrepreneur, Speaker and Hoarding Expert. She was inspired to create a business to help people remove the junk and clutter from their homes. She found out many people are overwhelmed with the amount of clutter or junk in their homes. They want to get rid of it but don’t know where to start and need extra help. And this is how Clutter Trucker was born!

Disclaimer: This post is to be used for informational purposes only. Each person should consult their insurance or business advisor with respect to matters referenced.

If you are searching for Business Insurance reach out to us. With a variety of coverage options such as commercial auto, general liability, cyber liability, commercial insurance for truckers, business owner policies and much more we are able to provide you with a policy specific to your company’s needs.

What is Renters Insurance & Do You Need It?

Posted on by Aspen Insurance Agency

Written by Rose Hart

Have you been wondering about renters insurance? How much does it cost?Is it necessary? What does it cover?

The question regarding the need for renters insurance is common among tenants. Every time you take on insurance, it’s also another financial responsibility. As a tenant, you may be wary of a growing number of monthly or annual expenses.

But renters insurance is definitely something that you need to get as a tenant, advises McGuire Management, a property management company in Denver, CO. Without proper renters insurance, there is no financial coverage for your personal items inside the property.

While your rental’s owner holds a landlords insurance policy, this particular insurance policy won’t be useful to you. It’s just there to cover the losses connected to the actual building itself and some potential add-ons.

Let’s see how renters insurance works and list the top reasons you should obtain a renters policy as a tenant. As a result, you can enjoy peace of mind with fully knowing that your personal belongings are financially protected from any loss or damage.

What Is Renters Insurance?
As a tenant, the only way to protect your personal belongings is to obtain renters insurance. A renters insurance plan covers your items from damage like fires or floods.

Some landlords actually set renters insurance as a strict requirement. They add a clause to the lease agreement that states this requirement. Landlords do this to lower the chance of costly disputes. Still want to know more about what renters insurance is this is a great article to help explain it.

What Does Renters Insurance Cover?

Useful Provisions
Regular renters insurance plans have some essential provisions. For instance, you’ll receive financial benefits in the event that a burglar has taken your personal items. However, you would need to prove that you had taken adequate security measures in your rental home.

Additionally, there are many renters insurance policies that allow you to book temporary stays due to unexpected circumstances. But for this to work in your favor, you need to check the limits that your insurance company has set.

Personal Property Coverage
The protection of your personal belongings is a significant benefit of renters insurance. Most standard policies include financial coverage for stolen, burned, or otherwise damaged personal items. But you do need to keep an eye out for this: regular policies fail to cover damages due to natural disasters like floods and earthquakes. This means that if you live in an area that experiences frequent floods, you need to obtain a supplemental policy.

Always read the terms and conditions of your insurance carefully. Before signing an agreement, make sure that you understand the scope and depth of the coverage provided.

Here are some of the typical instances of protection under a standard renters insurance policy:
• Indoor water damage
• Theft or vandalism
• Fires and explosions
• Damage caused by vehicles
• Falling objects

Personal Liability Coverage
Most standard renters insurance policies also carry liability coverage. When any injuries happen in your rented house or apartment, you’ll receive financial protection from liability. Below are some of the ways you can benefit from liability coverage:
• Your neighbor asks to use your bathroom, slips on wet floor, and gets a concussion.
• Your dog bites your guest’s leg, resulting in the need for medical intervention.
• The yard lighting situation is sub-standard and leads to a guest’s injury.

Many of the situations tied to liability issues are impossible to predict. The best precaution is to have valid renters insurance on hand. For instance, typical policies protect you against liability charges for a minimum of $100,000.

At the same time, it’s possible to increase the liability coverage limits. This does lead to paying a higher premium on your renters insurance. If you feel that you live in a high-risk rental, the additional expense may very well be worth it.

Any unique circumstances may raise renters insurance prices as well. As an example, being the owner of a specific dog breed can raise your monthly insurance expense, and some breeds may be outright denied coverage by your insurer.

How much does Renters Insurance Cost?
Renters Insurance is inexpensive. Standard renters insurance policies are generally quite affordable. There are significant differences in the annual expenses between states, but the average renters insurance policy lows are around $130, and the average highs hover around $230.

Obtaining additional riders, extra lines of coverage to your policy, may still make a lot of sense because the premium won’t be that much extra. But the benefits are likely to far outweigh the costs when you consider the associated financial losses. Here are 10 great ways to help keep the cost of renters insurance down.

In a Nutshell: Why You Need Renters Insurance
Renters insurance is an essential policy for all tenants. The personal belongings in your rental home will receive necessary financial protection. Additionally, you can live stress-free knowing that you are covered for injuries or other incidents at your rental, thanks to the personal liability coverage in your policy.

Have questions about renters insurance or your current renters insurance policy? A knowledgeable agent is always a phone call away at Aspen. 303-777-2991.

Author: Rose Hart. Co-Author Marc Goldenberg and Morgan Hatfield, Aspen Insurance Agency.

Disclaimer: This post is to be used for informational purposes only. Each person should consult their insurance or business advisor with respect to matters referenced.