Colorado Personal Concierge Insurance. As a personal concierge, the duties you'd be required to perform on the job could be so varied and extensive that it's hard to predict how most things will go. Whether you're a business owner who runs a personal concierge business to service a variety of clients or a single-service assistant looking to get covered, then you'd be glad to know that there's no shortage of Colorado personal concierge insurance options available to suit your specific needs.
In general, when you run a business it is wise not to overlook the importance of protecting yourself from the financial risks you're exposed to in the usual operations. Even more so, as a personal assistant or concierge business since your job description is not always clear-cut and you may find yourself performing tasks that make you vulnerable to damage or fraud claims among others.
Colorado personal concierge insurance protects your service from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
If you thrive on variety, enjoy providing assistance to others and generally have a schedule that is flexible enough to allow you be "on-call", then you may be right in considering starting up a personal concierge business.
What's also great about this small business idea is that it has much room for growth, through expansion and combining services, as well as word-of-mouth referrals from satisfied clients or low-cost marketing strategies. There is also longevity in partnering with well-paying, reliable clients, as most people do not want to change assistants often. Your business could also start of large, if you are able to pitch your personal concierge services directly to a local CO company or organization that is seeking to offer employees personal assistants as an included benefit.
Some people may not see the need to purchase Colorado personal concierge insurance before beginning their business operations, but it is particularly important here because of the central and dynamic role of a personal concierge.
The good news is that once you decide to get Colorado personal concierge insurance, then you can ask about premiums, deductibles and the lengthiness of the claim process to figure out which coverage you need. Some coverage options that may be available depending on your exact location or states of operation include:
After reviewing your business activities and the coverage you may need, you can apply for multiple services offered by your CO personal concierge business. It is important to compare provider costs to ensure you're not paying more than you have to. Also, that your Colorado personal concierge insurance covers all the primary roles you execute as a personal assistant or concierge.
Additionally, some other alternatives exist to those on the market for Colorado personal concierge insurance. As a business owner offering personal assistant services you could opt for any of the following types of coverage:
Again, personal concierge businesses engage in a variety of tasks that can depend on each client's needs and but some of the services include:
Still wondering what the possible risks are that require you to secure Colorado personal concierge insurance for your business? Here are some of the common liabilities of CO personal concierge businesses that could be potential claims:
Following this three-step process, you can ensure that you procure insurance or get bonded the right way:
If you think Colorado personal concierge insurance is expensive, and think you can get by without it, then you are making a large mistake. Something you are doing to try to save yourself some money could end up ultimately costing you far more money.
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2019.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2019 fiscal year.
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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Also learn about Colorado small business insurance requirements for general liability, business property, commercial auto & workers compensation including CO business insurance costs. Call us (720) 500-2051.