As more people join 37 million business owners in the U.S., they need to consider how they’ll protect their enterprise. It goes beyond a security system or power tools to protect data. They also need to consider protecting themselves, their property, and their reputation. 

Commercial insurance is the best way to cover unforeseen liabilities. However, is it needed if you’re a sole proprietor?

Commercial and Business Insurance

Some company owners are confused about the terms commercial and business insurance. In the end, they’re the same. According to the experts at Maanen Insurance Group in Greeley, CO, this form of coverage protects an organization against primary liabilities. These include:

• Bodily injury of yourself or customers
• Property damage to your organization or that of a client
• Reputational harm against you or the company
• Advertising errors

Additional Coverage

There are additional policies a business can purchase to maximize coverage. For instance, business interruption insurance helps pay for a company’s expenses when there’s a production outage due to a natural disaster, fire, or vandalism. Cyber liability insurance covers a company when its data is damaged or stolen by cybercriminals. 

Do Sole Proprietors Need Commercial Insurance?

Unlike someone who creates a limited liability corporation (LLC), sole proprietors are responsible for claims, debts, and potential customer issues. Unlike an LLC, there’s no separation between business and personal assets. Thus, sole proprietors could lose everything if a client or other company sues them.

Hence, a sole proprietor needs to purchase commercial liability insurance. To determine the best options, contact a representative of the Maanen Insurance Group in Greeley, CO for additional information. 

Even if flooding isn’t common in your area, you may still need flood insurance. At Maanen Insurance Group in Greeley, CO, we offer flood insurance policies that meet the needs of local homeowners. 

Flooding Basics 

Floods are the most common natural disaster in the United States. When you think of a flood, you may picture submerged homes. However, even a few inches of water can significantly damage your home. 

Flooding is more common in some areas, but it can happen anywhere. Heavy rains, spring snow thaws, and hurricanes are common flooding causes. 

Who is Required to Have Flood Insurance? 

Some homeowners are legally required to have flood insurance. These are homeowners in a high-risk flood area who have a federally insured or backed mortgage.

Even if you don’t meet these criteria, your lender can require you to purchase flood insurance as part of the terms of your mortgage. 

Do I Need Flood Insurance? 

Do you need flood insurance? In short, yes. A standard homeowner’s policy doesn’t typically cover flooding. A flood policy will cover damage even if a state of emergency isn’t declared. 

Remember, even a few inches of water can damage your home. If you don’t have flood insurance, you’ll need to pay for repairs out of pocket. 

You may be wondering about federal disaster assistance. This comes in two types. One is a loan, which must be repaid-with interest. The other is a disaster grant, which averages about $5,000 per household. These types of relief will still leave you paying a great deal out of pocket to repair damages if a disaster is declared. 

Flood Insurance at Maanen Insurance Group

If you need flood insurance in Greeley, CO, contact us at Maaneen Insurance Group. We’ll help you choose the best policy for your needs and situation. 

If you are a Greeley, CO business owner who needs to protect their inventory, you can count on the team at Maanen Insurance Group. Covering your company with the right commercial policy is an integral part of keeping your business protected now and in the future. We are here to help!

Protect your inventory with the right commercial insurance policy

Inventory management is a key part of any business’s success. If your company has a significant amount of inventory, it’s important to have the right amount of coverage. When calculating your coverage needs, it’s important to value your inventory at its highest level. This is especially true for seasonal businesses. For example, if you have a large amount of winter sports equipment like snowmobiles but are obtaining your policy in the summer, consider those higher inventory levels.

When you have a local agent that is your insurance partner, these decisions can be made a lot easier. Knowing the level of protection that you need makes choosing the commercial policy more straightforward. A comprehensive commercial policy is the first step in crafting an insurance portfolio that will provide the protection your business needs.

Without an inventory, there is no business. And, if yours is destroyed or damaged during a covered event, it can cause a major disruption to your operations and cash flow. Fortunately, recovering from such a loss is much more manageable when you have the proper protection from your commercial policy. Find out more today to protect your company.

Make sure you have the right commercial policy today

Maanen Insurance Group is here for the Greeley, CO business community. If you need to increase your inventory protection or have any other commercial insurance concerns, call our office today.

As a business owner in Colorado, you need to protect your property in case of an accident or natural disaster. Commercial insurance protects against large-scale events that are beyond your control. Here are a few options to consider when insuring your business.

Liability Insurance

This type of insurance protects your business against lawsuits. If an injury occurs on your property or because of your business operations, liability insurance can help cover the costs of medical bills and legal fees. Your Maanen Insurance Group agent can help you choose the right coverage for your business.

Property Insurance

Your business is likely your most significant investment. Property insurance can help protect that investment in case of a fire, theft, or another covered event. It’s vital to have property insurance to rebuild or replace your business if something happens.

Business Interruption Insurance

When a covered peril forces your business to close, business interruption insurance can help with the cost of lost income. This type of insurance may keep your business afloat while you make repairs or wait for customers to return. How much and how long the coverage lasts depends on your policy.

Commercial Auto Insurance

Commercial auto insurance is a must if you use vehicles for your Colorado business. This type of policy covers you in case of an accident while driving for work. It can also help protect your employees if they travel on company business.

Make sure your business is fully protected by talking to an agent at Maanen Insurance Group in Greeley, CO. We can help you choose the right coverage for your needs. Call us today.

If you utilize your personal vehicle to run errands for your small business, you may be wondering whether this is alright or if you need to purchase a commercial auto insurance policy. Ideally, the best way to determine what you need is to consult with one of our agents at Maanen Insurance Group. However, here is some basic information for Greeley, CO small business owners.

When Do You Need Commercial Auto Insurance?

Your standard auto insurance coverage will only apply when you are using your vehicle for personal use and not any kind of business-related tasks. In the event, something occurs while you are using your vehicle for business purposes, you will be solely responsible for any damage, expenses, etc.

It is important to understand that this is true even if you only drive your vehicle for business purposes every now and then. A commercial auto insurance policy is necessary. Otherwise, you will face the financial burden of any property repairs, medical bills, and the like. These expenses can add up rather quickly.

In some instances, you may not need an entirely new policy. Instead, you may be able to add an endorsement to your personal auto insurance policy.

In either case, commercial auto coverage will offer more coverage than a personal auto insurance policy.

Contact Our Team to Schedule a Consultation

When you aren’t entirely sure whether you are in need of commercial auto insurance, get in touch with our insurance team at Maanen Insurance Group. We can sit down with you, discuss your individual situation, and get you set up with a commercial auto insurance policy (if needed) in Greeley, CO.

At Maanen Insurance Group, we are always considering the insurance risks for our clients. You don’t have to spend as much time, but you should know the key points in time to consider purchasing flood insurance.

When Purchasing a New Home

Picking a home also means you pick the geography and climate of its surroundings. Unless there has been recent flooding, other concerns can make it easy to consider floods a far-off problem that might never happen. A home purchase can stay with your family for hundreds of years, and that’s the time scale that flood risk prediction uses. Knowing the flood risk of the house and its surroundings might influence your long-term outlook. 

When the Floodplain Maps Are Updated

FEMA updates its flood risk maps with the help of locals. Greeley, CO has been working to update these maps, and they are expected to come into effect in 2022. As these maps are updated, your home might be moved into a different flood risk zone that influences your insurance rates and liabilities. If you act quickly after a change, you may be eligible for short-term discounts.

Regular Disaster Risk Checkups

Examining the threat of disasters to your home and family gives you a chance to recognize danger before it can strike. For floods, the long-term nature of the risk means an annual checkup of the same research you did before purchasing a home or flood insurance should be enough. With the time it takes to update floodplains maps, you should see upcoming changes in plenty of time to get any discounts. For example, Greeley, CO residents who checked at any point this year would know when the new maps are expected.

Right Now

Even if you are not in an area where flood risks are high, not having flood insurance leaves a vulnerable gap in your financial future. Maanen Insurance Group will get you into the right policy as fast as possible to get your monetary sandbags in place.

Whether you’re a potential transplant considering making your home in a new town or you’re a long-time resident, you should always know the flood risk level of any home you own or plan on owning.

FEMA maintains a website where you can sort through flood risk maps by location. If you want a reliable resource from a government source, start here. Updates to the map are also dependent on the local floodplain coordinators, so maps from different areas may not be the same age. If you search for Greeley, CO where Maanen Insurance Group is proud to offer flood insurance brokerage, you can see maps ranging from a few years old to less than a year old. Once you find the grid with your home in it, you can see the exact locations of flood risk zones and other features relevant to assessing flood risk.

For a faster breakdown of information from a wider range of sources, FloodFactor is an easy online tool made by a non-profit and relied on by notable real estate companies. The information is quickly broken down into a digestible format whether you look at a house, a city, or a larger area. With the adjustable map, you can see the same information available on the FEMA site with zoom and scroll features. While the more user-friendly of the two features, you should use both to double-check.

Even if these websites didn’t have sobering facts, like that there are over 700 homes in Greeley, CO with over a 26% chance of a flood within 30 years, there is a chance that flooding could happen. Maanen Insurance Group can pair you with the right flood insurance policy to protect your home from a risk that is nearly inevitable over time but still could happen at any moment without warning.