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Business Insurance

As a business owner you owe it to your company to get the very best business insurance value for the dollars invested. 

At 1 Preferred Place we have specially tailored packages to fit most business insurance needs. We look

forward to providing you with a "no obligation" quote on your business insurance program.

 

1 Preferred Place serves hundreds of businesses and contractors in the entire Colorado area with competitive

business insurance programs, delivered through some of the leading business insurance companies in the country.

  • Business Owners Packages (BOP)
  • Commercial Auto
  • Business Personal Property
  • Business Umbrella Policies
  • EPLI - Employment Practices Liability Insurance
  • Truck & Trucking
  • Service & Repair Insurance
    • General Repair Shops
    • Garage Keepers
    • Auto Body Shops
  • Builder's Risk
  • Restaurant
  • Inland Marine
  • Special Event
  • Errors and Omissions
  • Wind
  • Oil / Gas Operators

 

 
  • General Liability
    • Contractors
    • Plumbers
    • Electricians
  • Bonds
  • Commercial Building Property
    • Apartment Owners
    • Self Storage
    • Condominium Owners
    • Retail Stores
    • Store & Lock Centers
  • Directors & Officers
  • Church Insurance
  • Professional Liability
    • Liquor Liability
    • Painters
    • Landscapers

To receive a quote, click on Get a Quote, and we will work with you to provide you the information you need to make an educated decision.

 

Q: What is a Sound Insurance Plan?

A:  A sound insurance plan protects you and your business by shifting risk and by reducing the financial uncertainties of your business.

An independent agency such as 1 Preferred Place represents numerous companies who can handle all the insurance needs of your business. Our agents will become familiar with your business situation and be able to recommend alternate plans when purchasing and updating insurance.

Commercial package policies, which combine several coverage in one policy, are available to business owners by most insurance companies. Your insurance plan should be tailored to fit the needs of your particular business. Several major factors should be considered when choosing an insurance plan, such as: identifying the risks, determining appropriate values for those risks, obtaining coverage for the largest potential loss, and avoiding duplicate coverage.

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Q:  Types of Insurance?

A:  There are a wide variety of coverage available from underwriting companies, with different premiums and deductibles. Four major types of property/casualty coverage are considered to be essential for most businesses: general liability, property, workers' compensation and automobile.

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Q:  What is Liability Insurance?

A:  Liability insurance protects your business from financial loss due to bodily injury or property damage caused acts of the owner, acts of employees, business conditions or products of the business. A few examples of liability coverage available include products and completed operations liability, personal injury, professional liability, employment practices liability and pollution liability.

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Q:  What is Property Insurance?

A:  Property insurance provides protection from damage to or loss of property. A few examples of property which can be covered include buildings, contents, inventory, computers and electrical equipment and contractors equipment. Insured perils can be widely inclusive, as in the "special" form covering all risks of direct loss subject to a few standard exclusions; or limited to such perils as fire, windstorm, theft, vandalism, explosions, hail and smoke as in the "broad form."

Rates are determined by factors concerning the property and building such as location of the property and building, building size and height, construction type, smoke, sprinkler and burglar alarm systems, age, updates to the building systems, usage, and prior losses.

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Q:  What is Workers' Compensation Insurance?

A:  Workers' compensation is a state-mandated, no-fault insurance system for workplace injuries and illnesses which covers medical expenses, death benefits, partial recovery of lost wages, and vocational rehabilitation. By providing workers' compensation coverage, employers are shielded from liability lawsuits filed by employees who suffer job related injuries or illnesses. Workers' compensation insurance is available from the state as well as private insurance companies. Rates are determined by worker code, payroll expense and prior losses.

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Q:  What is Commercial Automobile Insurance?

A:  Automobile insurance provides both property and liability coverage for vehicles owned by the business or non-owned vehicles used for business purposes. Some types of coverage include collision, theft and glass breakage. Automobile liability insurance protects the employers from losses resulting from an employee injuring people or damaging other people's property. Non-owned auto insurance is available to employers for employees driving their own vehicles on company business. Rates are determined by the type and usage of the vehicle, as well as the driving record of the person(s) driving the vehicle.

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Q:  What other types of insurance are there?

A:  Other special insurance coverage include professional liability, identity theft, employment practices, special events, surety and fidelity bonds, employee health and life insurance, key-person and credit insurance.

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Q:  Commercial Property Insurance Tips

A:  Your business may not possess all the following types of property, but you can use this reference list to make sure you have thought of all property categories and any insurance coverage that may be warranted for your business.

  *  Buildings and other structures (owned or leased);
  *  Furniture, equipment and supplies;
  *  Money and securities;
  *  Accounts receivable records;
  *  Improvements and betterments you made to the premise;
  *  Boilers and machinery;
  *  Data processing equipment and media (including computers);
  *  Valuable papers, books and documents;
  *  Mobile property such as automobiles, trucks and construction equipment;
  *  Satellite dishes;
  *  Signs, fences and other outdoor property not attached to a building
  *  Intangible property (good will, trademark, etc.);
  *  Leased equipment.

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Q:  Tips to Lower Premiums

A:  An insurance company bases insurance premiums on the risks involved. They evaluate the situation to determine the risks, or potential for losses. The steps you take to lower your risks can help safeguard your business and may make you eligible for lower insurance rates. According to the Independent Insurance Agents of America, business owners should consider these steps:

   *  Maintain adequate lighting throughout your business premises;
   *  Keep electrical wiring, stairways, carpeting, flooring, elevators and escalators in good repair;
   *  Install a sprinkler system, smoke and fire alarms and adequate security devices;
   *  Keep only a small amount of cash in the cash register;
   *  Keep good records of inventory, accounts receivable and equipment purchases;
   *  Consider keeping a second set of records off-site, such as with your accountant, insurance agent or at home;
   *  Make sure your employees have good driving records;
   *  Make sure your employees know how to lift properly and use all necessary safety equipment such as goggles, gloves and respirators as needed;
   *  Consider using the services of a risk manager who can advise you of any safety or environmental regulations you may have overlooked;
   *  Talk to your employees about safety practices.

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Q:  The Do's and Don'ts of Smart Insurance Buying

A:  Make sure you get the most for your money in buying insurance for your business.
The Do's
   *  DO make sure your chosen agency and insurance company have experience in your industry.
   *  DO make sure your insurance covers all your basic risk exposure, as well as any specialized insurance necessary for your specific business.
   *  DO keep an inventory of all your property in a separate location from your business, including photographs when possible.
   *  DO check on the financial stability of the insurance company, as well as the reputation of the agency with whom you are dealing.
   *  DO consider insurance that will pay the replacement cost of any insured property versus actual cash value, which replaces damaged property at replacement cost minus depreciation.
   *  DO obtain insurance for liability for damage to space you rent, even if your lease doesn't require it, protecting you from property damages and liability risks.
   *  DO check on the insurer's claims services to determine responsiveness to claims reports.
   *  DO update your workers' compensation insurance to reflect changes in your payroll.
   *  DO confirm that your sub-contractors carry their own workers' compensation and liability insurance.
   *  DO protect your business with more than just general liability insurance.
   *  DO consider buying all your business insurance policies through one reputable insurer to ensure seamless coverage and filings.
   *  DO work with a qualified, professional licensed insurance agent with a reputation for delivering quality service.
   *  DO inform your agent of changes to your business, so that your business information is accurate and your policies provide adequate coverage.



The Don'ts
   *  DON'T underinsure to get a reduced premium at the expense of financial protection when a loss occurs.
   *  DON'T hide or misrepresent unusual risks from your agent, thereby risking denial to cover a loss.
   *  DON'T assume your business' theft coverage will extend to the personal property, tools or equipment used by your employees. Make sure your policy includes provisions for theft of employee's tools.
   *  DON'T assume that "malpractice insurance" is only for doctors and lawyers. Almost any professional can be sued for errors and omissions.
   *  DON'T scrimp on errors and omissions coverage. One professional liability lawsuit can wipe out an entire business.
   *  DON'T overlook the policy's "exclusions." It's just as important to know what you're not covered for as what you are.
   *  DON'T just focus on reducing the cost of your insurance. Look for ways to reduce the likelihood of losses, and practice loss control measures company-wide.

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