Colorado Veterans Groups Insurance Policy Information
Colorado Veterans Groups Insurance. Support groups for veterans can serve former and current members of various branches of the military in a multitude of ways. These veteran support groups may help veterans adjust to civilian life again, offer counseling for PTSD, help veterans find new employment, and provide various services to veterans with disabilities and other health problems.
Veterans groups are organizations formed to meet the needs of veterans of the United States armed forces, including counseling, education, job placement, medical assistance, rehabilitation, substance abuse programs, and vocational training.
Some assist veterans in obtaining their basic needs for shelter, clothing, and food. Some specialize in educating veterans about their rights and benefits and increasing the awareness of the general public regarding the ongoing need for support.
Some have snack bars or full-service restaurants that may be open to the general public. Alcoholic beverages may be served at social events.
Veterans groups may be government supported or subsidized or may work jointly with government-provided services. Labor can be a combination of paid employees and volunteers. Financial support may be from membership dues, donations, government subsidies, or fundraisers.
Geographic exposure is usually local, but some veterans groups are involved in statewide or nationwide activities.
Although some veterans groups are run by government departments, such as Veterans Affairs, many also exist as grass-roots non-profit organizations.
While a group of veterans can, of course, come together to informally support one another, any veteran support group that provides tangible services, and that has physical assets, will need to examine what kinds of Colorado veterans groups insurance coverage are required to ensure that the group's interests are protected - even if it were to face a potentially costly peril.
Why is insurance important for veterans groups? What type of coverage do you need? Below, you'll find the answers to these questions and more so that you can make sure that you, your employees, the people that you serve - and your business as a whole - are properly protected.
Colorado veterans groups insurance protects your organization from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Why Do CO Veterans Groups Need Insurance?
Formal veteran support groups, which are usually registered as non-profit entities, may own or rent premises on which they carry out some of their most important activities, complete with assets as varied as computers, HVAC systems, and furniture.
CO veteran support groups may offer concrete services, like peer counseling, group therapy, job training, or even physical therapy, to their members. Some of these groups will help veterans in need find housing, or provide them with material support.
Whenever a group is run similarly to a business, and it has a budget and other assets to manage, it will also require appropriate insurance coverage.
Perils such as earthquakes, hurricanes, wildfires, and other acts of nature can, after all, cause massive damage to such a group's physical assets - leading to equally massive costs. Theft, vandalism, and accidents that lead to fire or water damage, are other examples of events that can easily have devastating financial consequences.
Then, there is the possibility that a member, guest speaker, donor, employee, or anyone else becomes injured on the premises or as a result of the group's activities. A veteran support group can be held liable in these cases, something that can mean drawn-out and expensive litigation.
Having the correct Colorado veterans groups insurance is essential, as the right coverage steps in to take care of a large portion of the costs associated with these and other risks - in turn allowing the veteran support group to continue serving its members to the best of its abilities.
What Type Of Insurance Do Colorado Veterans Groups Need?
The types of insurance that best fulfill the needs of a veterans' group are dependent on the nature of the group's activities.
Does the group own or rent its own premises, or does it meet at third party facilities such as public libraries or churches? What types of services does the group provide, how many members does it have, and how many people are in its employment?
A skilled insurance broker who specializes in the non-profit sector will be able to help veteran support groups craft an outstanding insurance plan tailored to the group's risk profile.
Some of the kinds of Colorado veterans groups insurance needed, however, include:
- Commercial Property - In the event that the premises on which a veteran support group operates are affected by perils such as fire, vandalism, or acts of nature, this type of insurance helps to cover the repair and replacement costs that follow. This is true whether the premises are rented or owned, and property insurance covers not only the physical building, but also the diverse assets inside.
- General Liability - This essential type of Colorado veterans groups insurance helps you manage the costs associated with third party property damage or physical injury claims - by covering your attorney fees as well as any settlement costs.
- Crime - This kind of coverage exists to cover costs related to crimes such as employee embezzlement or forgery, which are not generally covered by property insurance.
- Workers Compensation - Any business or non-profit organization with employees will typically require workers' compensation insurance. This type of coverage funds the medical bills and possible lost wages for employees who sustain a work-related injury.
Since CO veteran support groups are each unique, it is possible that your group may not need all of these kinds of insurance. A veterans' group could also have additional insurance requirements, such as auto insurance for any vehicles it uses in an official capacity or cyber insurance to protect its digital assets.
To find out what Colorado veterans groups insurance options to consider, speak with a commercial insurance broker.
CO Veterans Groups' Risks & Exposures
Premises liability exposure is moderate due to the number of people visiting the premises. Visitors can be injured from slips and falls. Floor coverings must be in good condition, no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked.
Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.
Fundraising activities must be evaluated to determine whether a special events policy is needed. If there are outside contractors, certificates of insurance must be obtained and maintained. Personal injury exposures include alleged assault and battery, discrimination, and invasion of privacy.
Directors and officers exposure is moderate. Policies and procedures should be published and consistently followed, especially as they relate to membership, membership revocation, the election of officers, and removal of officers.
Liquor liability exposure arises from liquor sold as a part of the group's regular operations. Servers must be trained to recognize the effects of excessive alcohol consumption, to verify the age of those ordering alcoholic beverages, and to refuse service to underage members or guests.
Court interpretations have been inconsistent on the application of the liquor exclusion on clubs. Any group that regularly sells liquor as a part of their normal activities should consider purchasing the coverage in order to avoid lengthy litigation following a loss.
Workers compensation exposure may be limited to office workers who may develop repetitive motion injuries such as carpal tunnel syndrome. Workstations should be ergonomically designed. Restaurant workers can experience cuts, burns, puncture wounds, slips, falls, and back sprains from lifting.
Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals. Any contract with outside firms must specify who is responsible for providing workers compensation coverage to the workers. If the subcontracting firm is responsible, the veteran group should obtain certificates of insurance to verify that coverage.
Property exposure is moderate as operations generally include cooking facilities. Ignition sources include electrical wiring, heating, and air conditioning, and cooking equipment. Electrical wiring must be up to code for its current use. If there is cooking from restaurant operations, controls such as automatic shut-off devices and temperature controls need to be in place. Grease filters should be cleaned and maintained regularly.
Crime exposure includes employee dishonesty and theft of money and securities. Employee dishonesty coverage should be expanded to include faithful performance and to include volunteers as employees. Veterans groups are unlikely to perform background checks on members handling money.
Precautions against dishonesty include having a separation of duties between persons handling money and reconciling bank statements. Two members should verify cash collections as fund-raising events may result in a large buildup of cash. Money should be regularly collected and moved away from the collection area, preferably to a safe. Regular deposits should be made.
Inland marine exposure includes accounts receivable coverage from promised donations, dues, and fundraising events, computers, and valuable papers and records that contain member records and donor lists.
All records must be duplicated and stored at an off-site location for easy restoration in the event of a loss. A special floater may be needed for property used in parades or special events.
Commercial auto exposure will generally be limited to hired and non-owned for members running errands on behalf of the group. Some groups may provide transportation services for members. If there are owned vehicles, all drivers must have licenses appropriate for the vehicles driven and acceptable MVRs.
There should be established criteria for those who are allowed to drive any owned vehicles and how the vehicles may be used. All vehicles must be maintained with records kept in a central location.
Colorado Veterans Groups Insurance - The Bottom Line
To find out more about the exact types of Colorado veterans groups insurance policies you'll need, how much coverage you should have, along with the costs - consult with a reputable agent that is experienced in commercial insurance.
Colorado Economic Data & Business Insurance Information
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.
Business Economic Trends In The State Of Colorado
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 2022.
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 2022 fiscal year.
Regulations And Limits For CO Commercial Insurance
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.
Additional Resources For Non-Profit Insurance
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
- Animal Shelter & Pet Rescue
- Classic & Collector Car Clubs
- Fraternal Organization
- Goodwill Insustries
- Labor Union
- Parent Teacher Organization
- Public Administration
- Red Cross Chapters
- Salvation Army
- Social Work Services
- Veterans Groups
- Volunteers of America
- Youth Groups
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Computers, Valuable Papers and Records, General Liability, Directors and Officers Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Fine Arts, Musical Instruments, Commercial Articles Floater, Computers, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
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