Monthly Archives: June 2014

Is it required to have insurance coverage for vacant land or farms?

Although you are not normally required to have insurance coverage on vacant land, there are some good reasons to still buy it. As the owner of property that has no structures on it, you may be held liable if someone goes on your land and gets injured.

It may sound ridiculous, but if someone ignores your no trespassing sign, climbs over your fence, and falls in a hole, they can potentially sue you for the broken leg they suffered. That is not to say they will win in court, but you will still have to defend yourself. Attorney fees can add up.

Suppose you own 200 wooded acres in Colorado and allow some of your friends to go hunting on your property. Your friends will probably thank you for extending such a generous invitation and maybe even buy you a case of beer as a token of their appreciation. Usually there will be no problem and your buddies will come home with some great stories about their experience.

That is what usually happens when you invite people to hunt, fish, hike, or camp on your undeveloped property. However, there are rare occasions where someone gets hurt by falling off an ATV or getting hit on the head by a falling limb. While you would think your friends would not sue you, sometimes they do.

No one wants to spend more than they absolutely have to spend to maintain an empty lot or acres of wide-open land in the country. You already have to pay taxes on vacant land, even though you may never set foot on the property for 10 years. If your property is within city limits, you will usually have to mow the grass and maintain the vacant lot to comply with local codes.

Whether you buy acres and acres of property as an investment, or you just buy a home site where you eventually intend to build a house, it is usually a good idea to have insurance on that undeveloped property.

What coverages are available with a business insurance policy?

Business insurance comes in many different types, and the exact mix that you need depends on where you do business, the value of the equipment you do business with, and many other factors. Before you pick up business liability insurance and call it good, look at other types of commercial insurance coverage in Colorado to see if you need additional protection.

Commercial liability coverage is a good place to start with your insurance needs. This type of insurance handles claims due to employees getting injured during business hours, property damage, or damage caused by products you sell. Professional liability coverage helps with companies who offer services to others, such as accountants. It protects you from getting sued if an error or another issue comes up throughout the course of the service.

Business interruption insurance provides you with payments during a period where you are unable to continue normal activities because commercial property is damaged. The insurance company not only covers the cash flow you would get during this time, you also get overhead expenses paid for.

If you use your vehicle for commercial purposes, a personal auto insurance policy isn’t going to cut it. Commercial auto insurance is necessary when you use your car for your company, or if you have your own fleet of vehicles. In addition, if employees have their cars on your property, you may want a policy that covers liability for damage to vehicles at the workplace.

Worker’s compensation comes into play when you have employees. This commercial insurance covers payments for employees who get injured on the work site, and prevents the employees from bringing suit against your company when injuries happen.

I live in my RV full-time. What type of insurance do I need to be fully covered?

The decision to live full-time in your RV in Colorado can mean that you need to purchase a different insurance policy than the options that are available for the short-term vacation or summer plans. You may need additional coverage that is more similar to a home insurance plan than an auto policy because your risks may increase.

Full-Time Liability

Liability can be split into separate categories when it comes to living in a recreational vehicle like a mobile home. Full-time liability protection is designed to address the possible accidents that may take place when you have visitors. For example, tripping and falling may be covered in the plan.

This type of liability is similar to the protection you would obtain in a policy for a house. It addresses accidents that are not necessarily taking place on the road.

Plans for Personal Belongings

Most insurers will offer policies that protect personal belongings, whether you live full-time in your recreational vehicle or not. If you start living full-time in the RV, then you may need to add to your current protection for personal belongings.

Expenses for Emergencies

There are times when your home may end up in the shop due to an accident, a problem with the engine or other issues. Emergency expense coverage is designed to address the possible living expenses and related costs that may arise during these situations. If you live in the vehicle full-time, then you may need additional protection for those emergencies.

The type of plan that you need to address your concerns when you live full-time in a recreational vehicle can depend on your concerns. Contact us to speak to an agent to learn more about the options that are available.

I only use my motorcycle for part of the year. Do I still have to pay for full coverage?

When you are riding a motorcycle in Colorado, the weather conditions may not always be appropriate for your bike. Using your motorcycle for part of the year may mean that it does not always make sense to maintain full coverage for your insurance policy.

Minimum Standards

Even though it may not make sense to maintain full coverage, the state does have a minimum standard that you are required to maintain. The state requires some coverage for liability and injuries, so you need to make sure that your insurance complies with state laws, even if you decide that you do not want to carry coverage for additional concerns.

The minimum standards are only the foundation, so you can build on that policy to address specific concerns and problems as well.

Maintaining Full Coverage

Comprehensive coverage is not necessary for every individual, but it can be useful if you have a high-cost motorcycle or if you want to address very specific concerns. Many insurers will provide protection against theft, damage from storms and unexpected damage from situations that are not related to your driving.

Polices that provide full coverage address more than just the driving, so it may be useful if you want to protect your bike from unexpected situations like theft. Otherwise, you can opt to maintain the minimum coverage and purchase additional protection for specific concerns if you do not want to cover every situation that is addressed in a comprehensive plan.

The coverage that you must maintain is not always a comprehensive plan. In some cases, you can reduce your coverage so that it addresses your specific concerns. Contact us to talk to an agent for more details about your coverage options.