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Colorado Insurance Blog

Author: AgentInsure

What Does Business Interruption Insurance Actually Cover?

Posted on by AgentInsure

Running a business comes with its fair share of uncertainties, and at AFI Insurance, providing commercial insurance in and around Denver, CO, we understand the importance of protecting your livelihood. One essential coverage option to consider is business interruption insurance. But what does it actually cover?

Understanding Business Interruption Insurance

Business interruption insurance is designed to safeguard your business against the loss of income resulting from a covered event that disrupts your operations. This type of insurance doesn’t cover physical damage to your property but focuses on the income you lose during the period your business is out of action.

What Does Business Interruption Insurance Cover?

Typically, business interruption insurance covers lost revenue, fixed expenses, and costs associated with operating from a temporary location if needed. For example, if a fire damages your premises and you need to close for repairs, this insurance helps replace lost income and pays for ongoing expenses like rent and salaries. It ensures you can continue to support your employees and meet financial obligations while getting back on your feet.

Understanding the Limits of Business Interruption Insurance

While business interruption insurance offers valuable protection, it’s important to understand its limits. It usually only covers interruptions caused by specific perils like fires or natural disasters. Events like pandemics are often excluded unless specified in the policy. Reviewing your policy details with a knowledgeable agent is crucial to ensure you have the coverage you need.

Let Us Help Your Business Find the Ideal Commercial Insurance Coverage

At AFI Insurance, serving the greater Denver, CO area, we’re dedicated to helping you find the right coverage for your business. Contact us today to learn more about business interruption insurance and how it can protect your future.

Four Things Your Car Needs Before the Winter Months

Posted on by AgentInsure

As cooler temperatures start to filter into the Colorado air, it’s time to do winter maintenance on your vehicle. Below are three things that you can’t forget this winter to avoid damage or unwanted events with your vehicle.

1. Add Your Snow Tires

As the weather cools off into fall temperatures, make an appointment for your snow tires. Snow can come sporadically in Colorado, so you want to ensure you’re prepared when traveling on roads with snow and ice. These tires have chains, and if you’re using tires from last year, make sure they are in good shape or purchase new ones for safety purposes.

2. Top Off Fluids

Once your oil is changed for the winter, it’s a good idea to check and fill all the fluids before it gets too cold. You want to ensure you have plenty of antifreeze to protect your engine and that your transmission fluid is full. Other fluids would be wiper fluid, braking fluid, and power steering fluid, all of which must be filled.

3. New Wipers

Because there will be a lot of moisture in the winter, ensure you have new wiper blades on your car. If you have a rear wiper, replace that one as well. You can get certain ones designed for colder weather and will not dull as quickly as others.

4. Inspect the Battery

You’re good to go if you’ve gotten a new battery in the last few months. However, if it’s been a few years since you’ve gotten a new battery, you should check it to see how the power is holding up. If it is getting weak, chances are the winter weather will take it out, so go ahead and have it changed.

If you’re in the Denver, CO area and looking for an auto insurance policy, contact AFI Insurance today for more information.

Three Ways to Prepare Your Home For Winter Weather

Posted on by AgentInsure

As winter weather approaches quickly, there are a few things you’ll need to take care of sooner rather than later. Preparing your home for winter will reduce maintenance and protect it from dropping temperatures, snow, and ice.

1. Cover Your Pipes

Covering your pipes keeps them warm and protected against cold weather in the winter. Too many homeowners forget this step or do it later in the winter after the pipes have started freezing. Frozen pipes will not only prevent you from getting water through but can also crack, causing leaks and the need for replacement pipes. Save yourself a lot of stress and money by doing this task first.

2. Clean Your Roof and Gutters

Before the winter months get here, it’s a good idea to clean out your gutters, ensuring no debris is causing a backup and that water can get through the system properly. Once you have that system clean, clean off any debris lingering on your roof so that it doesn’t freeze under the snow and cause your roof to get heavy. If too much weight gets on the roof, it will cause it to collapse, and you need extensive repairs. Nailing down any loose shingles on your roof is also good to keep them intact.

3. Insulate the Attic

If you haven’t already, checking the attic insulation and updating it before it gets cold is a good idea. You want to keep the heat inside your home so you don’t overwork your HVAC system. Too much pressure when the weather gets cold could cause it to malfunction. It will also easily raise your utility expenses. With new insulation, you can keep the warm air inside the home and moisture from the winter weather out.

If you’re looking for home insurance in Denver, CO, and surrounding communities, our team at AFI Insurance is ready to provide you with a personal quote today.

Determine If Your Business Would Benefit From Specialty Insurance

Posted on by AgentInsure

If your business faces unique circumstances that could result in a lawsuit, theft, or damage, you may benefit from adding specialty insurance to your existing insurance policy. Specialty insurance provides protection that a standard business insurance policy would not provide.

Specialty Insurance

Different types of specialty insurance provide high-risk businesses with adequate protection. Specialty coverage can alleviate out-of-pocket costs that a business owner may face. 

Variables That May Require More Coverage

  • Expensive or unique inventory
  • High-priced equipment onsite
  • Potential for injuries
  • Crime-prone location
  • Potential for damage occurring onsite
  • Use of chemicals and other dangerous items

Insurance Assessment

The list above outlines some variables that may convince you to carry specialty coverage. This list doesn’t cover everything that would require specialty coverage, but it provides a rough idea of what types of things require more coverage.

Conducting an insurance assessment will allow you to determine your business’s risks. This assessment will uncover any dangerous conditions or additional risk factors that would make it beneficial to carry more insurance coverage.

The assessment you conduct should consider any past incidents you faced as a business owner. Suppose you have faced many lawsuits in the past, for instance. In that case, you may decide that your business needs specialty insurance coverage to increase the liability protection your place of business is equipped with.

Refer to the insurance assessment results when you compare different types of specialty insurance coverage.

Specialty Insurance Guidance

If you are not convinced that your business would benefit from specialty insurance coverage, contact one of our agents who serve Denver, CO. An AFI Insurance agent will discuss your business plan. They will recommend insurance products that are a good fit.

Questions to Ask When Hiring a Professional For Financial Planning Services

Posted on by AgentInsure

When you’re ready to take control of your financial future, hiring a professional can be a game-changer. At AFI Insurance in Denver, CO, we understand the importance of finding the right fit for your unique needs. Here are some essential questions to ask potential financial planners.

What Are Your Qualifications?

Start by understanding the professional’s background. Ask about their certifications and educational history. Credentials like CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) can provide reassurance of their expertise.

How Do You Charge for Your Services?

It’s crucial to know how your financial planner is compensated. Some work on a fee-only basis, while others might earn commissions. Understanding their payment structure helps you assess potential biases and ensures transparency in your relationship.

What Is Your Experience with Clients Like Me?

Financial planning is not one-size-fits-all. Inquire about their experience with clients who have similar financial situations or goals. This can give you confidence that they understand your specific needs and can offer tailored advice.

Can You Provide References?

Hearing from past or current clients can provide insight into what working with this planner might be like. Don’t hesitate to ask for references and follow up on them to ensure the planner’s claims align with reality.

What Is Your Investment Philosophy?

Understanding their approach to investing is key. Make sure it aligns with your risk tolerance and long-term financial goals. A planner’s philosophy should resonate with your values and provide a strategy that feels right for you.

Choosing a financial planner is a significant decision. At AFI Insurance in Denver, CO, we are here to support you on your journey to financial success. Contact us today to learn more about how we can help you achieve your goals.

How Can Our Insurance Agents Help Ensure Small Businesses Get the Right Commercial Insurance Products

Posted on by AgentInsure

Navigating the world of commercial insurance can be overwhelming for small business owners. At AFI Insurance in Denver, CO, we believe that understanding your unique needs is the cornerstone of finding the proper coverage. Our agents begin with a personalized consultation to get to know your business inside and out. We explore every aspect, from the nature of your operations to the specific risks you face.

Comprehensive Risk Assessment

Once we understand your business, our agents carry out a comprehensive risk assessment. This involves identifying potential vulnerabilities and evaluating the types of coverage that would best mitigate these risks. Whether it’s liability, property damage, or workers’ compensation, we tailor our recommendations to adequately protect you.

Tailored Insurance Solutions

With the information gathered, our agents then craft tailored insurance solutions that align with your business goals and budget. We recognize that every small business differs, and a one-size-fits-all approach doesn’t work. Our goal is to provide you with customized policies that offer maximum protection without unnecessary coverage.

Ongoing Support and Adjustments

Your business is constantly developing, and so are its insurance needs. Our agents at AFI Insurance are dedicated to providing ongoing support, ensuring your coverage adapts as your business grows. We regularly review your policies and make adjustments as needed so you can focus on what you do best—running your business.

Partner with AFI Insurance Today

At AFI Insurance in Denver, CO, we’re committed to helping small businesses thrive by providing the right commercial insurance products. Contact us today to schedule a consultation and let our experienced agents guide you toward comprehensive, customized coverage that offers peace of mind and security for your business’s future.

Taking Out Life Insurance for Your Parents

Posted on by AgentInsure

If you have aging parents, you might be concerned about whether they have adequate funds to cover their final expenses in case one of them passes away. If they don’t have any life insurance policies or savings in place, you might end up shouldering the costs. Fortunately, you can help your parents get life insurance. The agents at AFI Insurance in Denver, CO, offer a few things to consider before doing so.

Discuss Life Insurance with Your Parents

Before investigating a life insurance policy for your parents, it’s imperative to have an open discussion with them about it. After all, the parents themselves need to file the application, except when they are suffering from diseases like dementia or Alzheimer’s.

How Much Do Your Parents Need for Final Expenses?

You can offer aid to your parents in choosing a life insurance policy that meets their needs. But, before seeking out coverage, take into account that they need to invest in essential elements that include:

  • Funeral costs
  • Outstanding debts
  • Medical costs

Choosing the Appropriate Insurance

When searching for life insurance for your parents, it’s vital to be aware of the types of policies and their differences. There are two types of policies:

  • Term Life Insurance – This coverage provides protection for a specified term, which is usually between 10 and 30 years. If one passes away before the term ends, the policy’s set value is paid out as a lump sum.
  • Permanent Life Insurance – These whole life policies last for the insured’s lifetime, provided premiums are paid. There are two components: a savings component and a death benefit payout. Some policies permit policyholders to borrow against these savings.

Seeking Insurance Coverage for Your Parents?

At AFI, Armed Forces Insurance, we offer our services, particularly for those who’ve served our country. Since 1887, we have been creating life insurance policies accepting military risk, and we can provide you with ideal life insurance plans tailored for your parents. Contact AFI Insurance in Denver, CO, for a free life insurance quote. We are here to serve military families with excellent service and competitive rates!

Benefits of Additional Living Expense Coverage on a Homeowner Policy

Posted on by AgentInsure

At AFI Insurance in Denver, CO, we take pride in helping our homeowner clients understand the excellent coverages we offer. Additional living expense coverage comes standard when you purchase a homeowners insurance policy. It is beneficial because it pays for the extra cost (beyond your everyday living expenses) that impacts your family if you are unable to live in your home after a covered loss.

For instance, when a fire or tornado causes damage to your home and makes it uninhabitable, you incur increased expenses due to having to relocate while your home is repaired. So, the additional living expense (ALE) coverage is available to help with costs for extra expenses beyond your typical expenses while you are not able to live in your home. That cost could be for restaurant meals or hotel stays.

Additional Living Expense Covers, What?

Additional living expenses apply when your home is damaged and uninhabitable due to a covered peril listed on your homeowner’s policy.

Some of the most common perils (reasons for your loss) covered on homeowner’s policies include losses due to:

  • Smoke and fire
  • Tornado and other windstorms
  • Falling objects
  • Vandalism
  • Explosions
  • Water damage due to busted pipes
  • The weight of ice, snow, or sleet

Common expenses reimbursed to you under the additional living expense coverage can include, but are not limited to:

  • Temporary rentals or hotel fees
  • Restaurant expenses
  • The cost associated with boarding a pet

What is the coverage limit for ALE?

Your homeowner’s policy comes with a specific amount of coverage, which is the limit your policy will pay for your extra living expenses. Usually, it is a percentage of the coverage value of the policy you purchased and is only available for a set amount of time.

Get in touch with us today!

You may be a client who has questions about your homeowner policy, or you may be someone who is shopping around and looking for an excellent insurance solution for your home and to protect your family. Either way, we are here to help. Contact us today at AFI Insurance in Denver, CO, or schedule an appointment at (303)433-8888.

We look forward to earning your business.

Know Your Policy Exclusions in Auto Insurance

Posted on by AgentInsure

Auto insurance policies have specific exclusions that define what incidents or circumstances the insurance company will not cover if you live in Denver, CO, or around the area. These exclusions are critical to know as they determine situations where you may not receive compensation despite having coverage.

Common Exclusions

Common auto insurance exclusions include intentional damage, such as accidents caused by reckless driving or driving under the influence. Policies also typically exclude regular wear and tear, mechanical failures, and damage from racing or other illegal activities.

Another thing policyholders need to remember is the lack of maintenance on a vehicle. If they fail to keep up with the car to keep it reliable and in working condition, the vehicle may stall and cause an accident. Although cars are considered machines, they can fail without warning. If it is learned that the driver failed to perform a specific check on the vehicle or it failed inspection, this could cause a denial in a claim.

Business Use Exclusions

Using your vehicle for business without proper commercial insurance coverage is often excluded. This includes activities like deliveries or ridesharing, where incidents may not be covered under a standard personal auto insurance policy. If not reported truthfully, it may be considered a form of insurance fraud in some situations. This can lead to severe fines.

Vehicle and Modification Exclusions

Standard auto insurance policies may not cover certain vehicles or extensive modifications. This can include vehicles used for off-road purposes or those with significant alterations. Inquiring with the insurance agency or reviewing your policy can help identify any such exclusions.

AFI Insurance Is There For You

AFI Insurance is here for you when you need insurance information. Our services are available in Denver, CO, and the surrounding areas. Call today.

Specialty Insurance – Coverage That Goes Above and Beyond

Posted on by AgentInsure

Specialty insurance covers unique items and circumstances. Learn how this type of coverage goes above and beyond to protect residential and business property owners. 

Specialty Insurance

Specialty insurance is optional insurance that can be purchased to protect structures, personal possessions, business equipment, and more. It is often purchased as an ‘add-on.’

An add-on insurance product is a type of insurance that fills in gaps that a standard home or business insurance policy doesn’t fill. Specialty insurance is an insurance product that provides distinct coverage.

A consumer’s property is typically assessed before a specialty insurance policy is prepared. The assessment is used to identify a consumer’s unique insurance needs.

Circumstances That May Require Specialty Insurance

  • Unique investment property
  • Ownership of a rare item
  • Custom designs within a home or business
  • An original business plan that requires targeted steps

Assessment

The list above highlights some standard circumstances that may require specialized insurance coverage. You may fall into one of the categories listed. You may also have a unique circumstance not included in the list.

An assessment of your residential or commercial property will help you determine which specialty add-ons you need.

It is a good idea to review all the insurance products offered through an insurance agency before you purchase an add-on type of insurance.

Contact AFI Insurance

Please consult with one of our Denver, CO representatives. An agent who is employed by AFI Insurance will schedule a consultation for you. During this meeting, you will be free to discuss the specialty insurance products that you are interested in purchasing for your home or business.

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