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Umbrella Insurance Limitations to Consider

Umbrella Insurance Limitations

As a Broomfield, CO business owner, you may want an umbrella insurance policy to protect you. We at Aspen Gold Insurance Brokers can help you not only understand your coverage options but your limitations as well.

Are There Umbrella Insurance Limitations?

Let’s start by defining an umbrella policy to give you an idea of what it means. First of all, this type of policy is well-named because it is designed to cover your insurance policies by providing additional coverage when they go into effect. They are designed specifically for liability problems that may cause, including issues such as:

  • A physical injury on your property which you caused
  • Business-related issues that go beyond your standard policy
  • Health issues caused by something that you or your business did
  • Other liability problems that your policies do not cover

Typically, an umbrella policy goes into effect AFTER your other policies have reached their limits. For example, if you get sued in a liability case for $50,000, and your standard liability policy only covers $15,000 in liability, you’d owe $35,000 without an umbrella policy. However, these options do have limitations that are important to consider, including:

  • Not covering non-liability issues
  • Problems that are caused to you by others
  • Health problems you may suffer

Remember – an umbrella policy is designed as liability for you or your business. Most of the time, these policies are put into place to protect companies from claims such as libel, false arrest, slander, wrongful eviction, and potential auto problems caused by your business operation. Your policy company will put in other restrictions based on factors like your copay and much more.

Are Umbrella Policies Right for You?

If you need an umbrella policy in Broomfield, CO or the surrounding area, contact us at Aspen Gold Insurance Brokers right away to learn more about your options as a business.

Is Full Coverage Insurance Required for Motorcycles?

Is Full Coverage Insurance Required for Motorcycles

Our team at Aspen Gold Insurance Brokers hears from a lot of motorcycle owners who want to find out if full coverage is required on their policy. The truth? No, but it might be. Here’s what you need to know about buying motorcycle insurance in Colorado.

Is Full Coverage Insurance Required for Motorcycles?

In general, so-called full coverage insurance is not required for motorcycles in Colorado. When we say full coverage, we simply mean carrying comprehensive and collision coverage. The only type of insurance you’re required to have to stay legal on the road is a liability, which pays to take care of the other person’s medical bills and property damage if you’re involved in an at-fault collision.

Comprehensive covers the cost to repair your bike if it is stolen or damaged by an act of nature, such as a storm or hitting an animal. Collision pays to fix your motorcycle if it physically collides with another object, such as another car, fence, light pole, etc. Both comprehensive and collision are optional on motorcycle policies.

Why You Might Need Comp and Collision Anyway

That said, there is a caveat to this. If you are still making payments to a lender, there’s a good chance they’ll require you to carry comprehensive and collision on your motorcycle insurance policy. Why? They have a monetary investment in your bike. If something happens, they want to make sure you’re able to get it repaired through your policy so that their financial interests are fully protected. However, if you really love your motorcycle, you’ll probably want this added protection anyway.

Are you ready to ensure you have the right motorcycle insurance coverage for your needs? Please contact our experienced team of insurance agents at Aspen Gold Insurance Brokers in Broomfield, CO to schedule an appointment.

Three reasons for taking our life insurance.

three main reasons why everyone should have life insurance.

Many financial experts in Broomfield, CO, recommend purchasing life insurance as part of sound personal financial planning. Life insurance usually pays out after a person has passed on, leaving a financial provision for their loved ones. Aspen Gold Insurance Brokers recommend three main reasons why everyone should have life insurance.

1. To provide for their loved ones after death.

If you are a breadwinner in your family and suddenly die, life insurance can provide your dependents with funds to replace your income. It will ensure that they are financially taken care of, especially if you have young children or parents who financially depend on you.

2. To use as collateral to secure a loan for the property.

When you take out a mortgage to finance a house, most banks will insist that you take out a life insurance policy to use as collateral if you pass on before the mortgage is paid off. The bank will use the insurance payout to settle your mortgage after your death.

3. To provide an emergency fund.

Some life insurance policies provide a cash value that can be withdrawn at the owner’s request. This cash can be used to cover unforeseen expenses, making your policy a sort of a ‘savings plan.’ It is a useful tool when you struggle to save money every month but are more likely to regularly pay your insurance policy premiums.

At Aspen Gold Insurance Brokers Colorado, we understand that choosing for life insurance policy can be daunting. You can call us today for help in choosing the appropriate life insurance cover for your circumstances. We want to make sure you have the best policy for your specific needs. Having a life insurance policy will provide peace of mind and comfort to both you and your loved ones. Protect those you love.

For more information, check out our other blogs on Life Insurance.

Exploring The Differences Between Individual Health Insurance and An Employer Health Insurance Plan

Health Insurance Marketplace

Aspen Gold Insurance Brokers is committed to helping the Denver, Colorado  and surrounding communities find the insurance coverage they need to protect what matters most. We want to protect our clients. Providing excellent customer service is important to us.  Below we have differences between Health Insurance Plans.

Individual Health Insurance vs Employer Health Insurance

Health insurance is an important asset that allows you to continue enjoying your life in Colorado. The policy covers your routine visits to the doctor to make sure that everything is ok, as well as emergency visits when you need urgent care. If you are an employee, you’ll have to compare the health insurance coverage provided through your job to the coverage that you’re seeking in an individual policy.

Your employer’s health insurance policy primarily acts as a group policy since you are sharing coverage with your co-workers. Your employer outlines which things are covered in the policy, including the network of the doctors that you are allowed to visit for care.

You have more options with your own individual health insurance policy. You have the ability to find the right coverage that suits your individual needs. You don’t have to simply rely on a single network of providers. You have the option to find a doctor outside of the recommended network of providers. This is beneficial because you don’t have to worry about switching over to a new doctor based on your job if you have already established a successful relationship with a specific doctor. Having your own individual policy also covers you if you have to leave your job for some reason in the future.

Aspen Gold Insurance Brokers Will Assist You

Visit our website today to learn more information on health insurance. You can also visit HealthQuotes.com for a free health insurance quote. 

How much umbrella insurance do I need?

Best Umbrella Insurance

Umbrella insurance is a much-misunderstood type of insurance. It is not only for the wealthy it is for anyone who could be sued which includes homeowners, renters, boat owners, drivers, and businesses. Just about everyone can benefit from this excess liability insurance. At Aspen Gold Insurance Brokers in Colorado, we are family-owned and operated and we aim to provide the highest quality customer service. We make sure what our customers cherish we protect with the right insurance and advice. 

Umbrella insurance is excess liability coverage that extends the liability limits on the policies you already have. Some examples are auto and home. It can’t be purchased alone, you need to already have a policy with liability. Liability protects you from the result of an injury that occurs on your property or as the result of an accident caused by you or a family member. It pays things like medical expenses, pain and suffering, lost time and legal fees from a judgment against you. 

How much umbrella insurance do you need? That is different for everyone. Having an insurance agent you trust makes it easier. You can discuss the value of your assets. This is what you need to protect. Basic limits on auto and home insurance can be quite low. For example $50,000 or $100,000. When someone is injured in an auto accident where you are at fault you are liable. They spend several weeks in the hospital and then are out of work for 2 months. They feel your negligence caused this and they sue you. 

If you have an umbrella policy of one million dollars, you can feel a little more confident your assets are protected. If you have lots of assets higher umbrella policies are available. 

To find out more about umbrella insurance contact Aspen Gold Insurance Brokers in Colorado for a free quote. 

Motorcycle Insurance FAQS in Colorado

Motorcycle Insurance FAQS

Denver, CO has many residents who enjoy the local roads and back routes on their motorcycles. In fact, the whole state of Colorado has many visitors from around the nation who come to enjoy the scenic route. Aspen Gold Insurance Brokers are educated on all motorcycle insurance FAQS and is happy to answer any questions you may have about motorcycle insurance regulations in our beautiful state.

Frequently Asked Questions About Motorcycle Insurance In Colorado:

  • Is a helmet required to drive and insure a motorcycle? No, a helmet is not legally required for drivers or riders over 18 in Colorado. Those under 18 must wear a helmet if they are passengers or drivers. We strongly urge everyone to wear a helmet though because a regular accident that could have left a motorist bruised can be deadly without head protection.
  • Is motorcycle insurance legally required? Yes, motorcycle insurance is a legal requirement in this state. Much like car insurance, you must have a certain amount of basic coverage to drive and likely your loan company will require full coverage for the loan duration.
  • What can I do to reduce my chances of needing to use my motorcycle insurance? Be cautious, wear your helmet, do not drive when you are too tired, do not drive on any substance like alcohol or drugs, and always consider road conditions. A motorcycle is a higher risk to drive but if you are safe it can be highly rewarding on our great scenic routes.

Aspen Gold Insurance Brokers serves all of Denver, CO and the surrounding areas with quality insurance services. We are available to answer any questions you may have about a particular coverage and to provide for your insurance needs. Reach out for a free insurance quote to see if we can save you money on insurance and help bundle any insurance policies for you.

How Much Life Insurance Do I Need?

How much life insurance do I need?

When it comes to shopping for life insurance, one of the most important questions that need to be answered is how much life insurance do I need?  Unfortunately, there’s no one size fits all answer because our needs and expenses vary from one person to the next. However, while there may not be a dollar amount that works for every person, there is an easy to utilize a formula to figure it out. As a general rule of thumb, you want enough life insurance to cover your obligations such as a mortgage, college for your children, and any other outstanding debts after you have died. To get a rough approximation of how much life insurance coverage you need, start by multiplying your income by 10. Next, if you have any children add $100,000 per child to cover their college costs. Finally, you can use what’s called the DIME method in the financial industry which stands for debt, income, mortgage, and education. By adding up the aforementioned obligations, you’ll get a big picture view of how much money you should get a life insurance policy for.

While it may be a morbid process, always make sure to involve your spouse or partner in these discussions to make sure that their input is included. This is particularly important if you are the sole earner or make significantly more money than your partner because your life insurance policy will need to provide a substantial windfall to address those shortcomings. 

At Aspen Gold Insurance Brokers in Broomfield, CO, we understand that shopping for life insurance can be complicated and that’s why we try to make the process as simple as possible. Give us a call today to learn about your options and we’ll help prepare a customized life insurance plan that will provide peace of mind and comfort to both you and those you provide for. 

Health Insurance Basics To Remember While You Research Different Policies

Health Insurance Basics

Based in Broomfield, CO, Aspen Gold Insurance Brokers assists the community by offering different types of insurance coverage. We are committed to helping our clients find the coverage that they need to protect what matters most. We will educate you on health insurance basics that you should be aware of. 

Health Insurance

Health insurance allows you to help take care of your body. The policy covers you as you undergo routine exams to make sure that everything is ok. You will also be covered in the event that you have to go to the emergency because you are not feeling well.

You have the option to choose a policy that is the right fit for your personal situation. You can choose doctors within a specified network, or you can choose to find your own doctors outside of the recommended choices. You will also have to take into account the number of times that you visit the doctor every year. That will likely impact the choice of which policy to take. In some cases, you can request a referral to visit a doctor outside of the network for a second opinion. You have the option to choose a short term coverage option or seek group coverage. Take some time to research all of the different coverage options.

Be sure to pay attention to the language in your policy regarding the enrollment period. During the enrollment period, you have the opportunity to amend your current policy. This is something that you may want to look into if you have children or a spouse. You can also amend your coverage during the enrollment season to add extra benefits.  

Aspen Gold Insurance Brokers Will Guide You Through The Process

If you are unsure of which health insurance policy is right for you, visit our website to learn more information. We strive to help residents in the Broomfield, CO community, as well as the surrounding areas, find the coverage that they need.

Why you need commercial insurance for your Colorado business

Colorado Commercial Insurance

Those that would like to own their own business should spend time carefully assessing locations to open their new company. When you are looking for a new place to start a company, you should consider coming to Colorado. Colorado is a great place to start and manage a company due to a strong population and continued support for local businesses. If you are going to start a business here, it is important to consider your commercial insurance needs. There are many reasons that you will need to have insurance.

Insurance Required for Loan Compliance

One of the reasons that businesses will need commercial insurance here is to ensure they are in compliance with their loan agreements. If you need to take out a loan to start or grow your company, you need to know what your insurance requirements are. A lender will likely require that you carry commercial insurance as it can protect their collateral and ensure you remain solvent during some challenging situations.

Legal Requirement

For businesses that are in Colorado, having some commercial insurance can also be a legal requirement. The state today obligates that most employers have a commercial insurance policy that includes worker’s compensation insurance. This form of insurance provides protection for employees that are hurt while they are working on the job.

When you are looking for a commercial insurance policy in Colorado, you should speak with the team at Aspen Gold Insurance Brokers. When you call the team at the Aspen Gold Insurance Brokers, you are going to receive the guidance and support that you need to pick an insurance policy. This will help ensure you are able to get into a policy that helps you to meet your insurance obligations. Contact Aspen Gold Insurance Brokers today for a free insurance quote. Let us see if we can save you money and protect your business.

Top 5 Boating Safety Tips in Colorado

Boating Safety Tips

If you want to get out on the water in a boat, it’s crucial you keep in mind boating safety tips. These 5 are surefire ways to protect yourself (and your loved ones) when you’re riding in a boat.

Life Jackets

Do your research and buy an appropriate life jacket. You also can borrow one, though if you plan on going out often it’s good to have your own. Try it on to make sure that it fits. Children who are 12 years of age or younger must be wearing a life jacket whenever they’re in a vessel on the water.

Boating Safety Courses

Boating courses usually are meant for people who are 14 or 15 so that they can operate a sailboat, motorboat, or personal watercraft. Such a course is open to anyone looking to start boating or those who want to learn more about safety methods.

Know How to Navigate

You may not think about how you’ll navigate a boat. You should know how to react when you’re in certain types of situations that can lead to danger such as collisions and other kinds of accidents.

Check Your Boat’s Equipment

When you take out a recreational boat there are specific pieces of equipment that are required by the U.S. Coast Guard. For instance, you may need flags if you plan to go water-skiing and muffling devices. Such equipment may be covered in a policy from Aspen Gold Insurance Brokers, serving Broomfield, CO and beyond.

Safety Inspections

Have your boat ready at all times in case you get a safety inspection. Boat rangers conduct these inspections on Colorado waters. Be aware of the requirements for rafts, canoes, sailboats, personal watercraft, kayaks, and motorized vessels.

There are other things that are important to know when you’re thinking about boating safety tips. Be cautious and know the area where you’re taking your watercraft. For your boat insurance reach out to Aspen Gold Insurance Brokers of the greater Broomfield, CO area today.