What Are The Different Types of Specialty Insurance?

As the name suggests, specialty insurance protects enterprises with unique coverage needs. This includes high-risk feature objects and holdings that aren’t typically covered under regular business insurance policies. Here are the various types of specialty insurance.

  • Flood coverage: Flood damage isn’t covered by most business commercial insurance. If your enterprise is in a flood-prone area, you will need to get flood insurance to protect your business property from flood damage. 
  • Cyber liability insurance: In the current digital business environment, one of the biggest challenges that small businesses face is cyber security. The number of small enterprises that fall victim to cyber security threats like data breaches resulting in millions of dollars in losses is rising. As a small company in Denver, CO, you should consider getting cyber liability insurance. This specialty insurance covers your business’s bank accounts from losses related to cyber-attacks and liability from customers who sue you after data breaches. 
  • Boat insurance: Does your business take advantage of a boat? Let’s say you run a mini-cruise line or boat touring enterprise. Traditional commercial insurance won’t provide you with the adequate coverage you need; you will have to go with boat insurance. 
  • Commercial renters insurance: Suppose you rent your business premises. In this case, we at AFI Insurance suggest you get commercial renters insurance to cover your business property on the premises you rent. 
  • Ocean marine insurance: This is a mandatory specialty insurance for enterprises that operate or own sea vessels dock/offload in American ports. This specialty coverage takes care of claims within the Longshoremen’s and Jones Act. 
  • Identity theft insurance: Business managers are regularly targeted by identity thieves who go on to steal money from their business bank accounts. Identity theft insurance cover’s a company from financial loss due to identity theft.

Do you need specialty insurance in Denver, CO? Contact AFI Insurance for expert insurance assistance.

What Are The Steps Involved In Financial Planning?

Financial planning is critical if you want to improve how you live today and in the future. As a Denver, CO resident seeking to improve their financial situation long-term, getting your financial planning right is critical. Here are the steps you should follow in your financial planning. 

1. Analyze Your Financial Situation

Firstly, you need to assess your current life and financial situation and how you can change them. Start by examining your household budgeting, living expenses, and family commitments, followed by your tax standings, investments, savings, and your other financial obligations. 

2. Figure Out Your Financial Goals

The financial professionals at AFI Insurance say that you are more likely to achieve your financial goals after you have figured out what they are. Take time to differentiate your needs and wants. Prioritize your most important wants. 

3. Identify Alternatives for Investments

Investing is vital to achieving financial success, no matter your current financial state. Assess which investments might favor your current financial situation based on your short-term and long-term goals. You might need a qualified financial advisor to guide you here. 

4. Evaluate Your Investment Alternatives

Making investments is a significant move; go over the investment alternatives you shortlisted with a financial planner’s help. Conduct in-depth research and risk assessment of each opportunity to determine what works for you best. 

5. Finalize Your Financial Plan and Implement It

Once you have reviewed your expenses, needs and wants, savings, and investment preferences, you will have a financial plan. Implement it as best as you can over time rather than going the cold turkey way. This will significantly improve the chances of you sticking to your financial plan. 

6. Review Your Financial Plan as Need

As you implement your financial plan, you will find out some things turn out the way you expected, and others don’t. Ensure you review your financial plan as needed.

Contact AFI Insurance for financial planning assistance in Denver, CO.

What is included with a Denver auto insurance plan?

The Denver, CO area continues to be a fast-growing part of the country. When you move to this area, you will want to own your own car. If you purchase a vehicle, you should ensure that you get the right insurance coverage. Various types of support can be included when you get a full auto insurance plan. 

Liability Coverage

One type of coverage that anyone in Colorado will have in their auto plan is liability coverage. When you have this type of support, it will give you coverage if you have caused an accident that results in damage. Due to this support’s importance, it is necessary to carry a plan with liability coverage if you want to drive your car anywhere in the state. If you do not, you can be penalized. 

Comprehensive and Collision Coverage

While it is not necessarily required by law in Colorado, many car owners in the state will also want to get a collision and comprehensive plan. With this type of insurance, you will have coverage to replace or repair your car if it is damaged or stolen. This can help to protect your vehicle and investment. Those with an auto loan will typically be required to carry a full insurance plan. 

If you want to invest in a car in the Denver, CO area, it will be vital that you get a proper insurance plan for it. A great way that you can ensure that you do select an ideal plan is by calling the team with AFI Insurance. There are a lot of factors to consider with any insurance plan selection, and AFI Insurance will help you select the right plan for your situation. 

What is the value in having a home insurance plan in Denver?

The Denver, CO area real estate market has been robust over the past decade. As you are looking to protect your home in this part of the state, you will want to know that you have the right insurance. There are various reasons why a home insurance plan will come with a lot of value and help cover your property. 

Ensure Residence is Covered

One of the reasons that you will want to have a home insurance plan is to know that your residence is protected. Ensuring that your home is in good condition and a safe place to live is always essential. Getting a home insurance plan will give you the support you need to make repairs or replacements if a fire or bad weather damages your home. Further, it can protect against vandalism and theft. 

Stay in Compliance with Requirements

You should also get a home insurance plan to ensure you can comply with any requirements. Anyone that owns a home and takes out a mortgage will have insurance requirements set by their lender. In many cases, you will also have to escrow your monthly payments as it ensures you remain covered. Also, if you reside in a home association, you will be required to carry coverage to stay in good standing. 

As you are looking to insure your home in the Denver, CO area, you will want to call the team with AFI Insurance. There are a lot of choices to make when looking for insurance, and AFI Insurance will help. This can provide you with the support necessary to build a plan that covers your home and keeps you in good standing with requirements. 

How commercial insurance can save a small business

Owning any size business comes with many risks, but the failure rate for small businesses is very high. Anything that you can do to lower the risk level is good. One thing that every small business should do is have commercial insurance. In Denver, CO, that means talking to AFI Insurance. As independent insurance agents, we work for our customers, not the insurance companies, and we can offer more options and the best rates. 

Commercial property insurance

While no insurance can protect your small business from every danger it faces, commercial property insurance can mean the difference between being able to operate and having to close up shop. You can’t operate if you don’t have a place to operate or the things you need to operate. Commercial property insurance can help you replace or repair the things you need to do business, such as machinery, tools, inventory, raw materials, electronics, and office equipment. 

Commercial liability insurance

Getting sued is one of the biggest dangers that every business faces. By their very nature, small companies are more vulnerable than big businesses. A judgment against your business can force you to close forever. Most small businesses have a small profit margin, and the chance of having the money on hand to pay is pretty small. If you need to sell your company to pay the judgment, that will leave you without a business. 

Business interruption insurance

Most small businesses run on a pretty tight margin. You can pay your bills and salaries, but especially in the early years, having a lot of spare cash isn’t going to happen. If your business is closed because of a covered hazard, you need a way to keep the bills paid while you are waiting for repairs to be made. Business interruption insurance can do that. 

If you live in or near Denver, CO, contact  AFI Insurance for all your commercial insurance needs. 

When should you review your life insurance coverage?

Life insurance does not have the same level of need throughout all the years of your life. When you are young, and when you are old, your needs may be less. AFI Insurance in Denver, CO is your local independent insurance agent, and we offer personalized services to our customers. We will discuss all the things to consider when choosing the type and amount that will keep you safe. 

Life insurance is most affordable when you are young, making it an excellent time to purchase the first policy. You may not feel you need it, but it will be needed later on, and if you buy smartly, you will benefit. 

When you buy a house

A house is the largest purchase you will probably ever make, and if you have a mortgage, you need life insurance to cover your mortgage if something happens to you. 

When you get married 

Protecting your spouse is one of the most unselfish things you can do. It is bad enough losing the one you love, but having financial worries, in addition, is just too much. 

When you have children

Children change your life insurance needs the most. It can be pretty overwhelming when you think about them having to survive without you. Determining how much insurance will be adequate is one of the most challenging tasks. You need to think about how much of their upkeeping you will need to provide and for how many years. 

When you retire

Your financial situation will change when you retire, and your life insurance needs may also diminish. This may be a time to consider what exactly your life insurance needs are at this time in your life. 

Contact AFI Insurance in Denver, CO when it’s time to review your life insurance coverage. 

Financial Planning Services To Meet Your Long-term and Short-term Goals

You may wonder about the secret to success that some people have. It may be as simple as turning to the right experts at the right time. AFI Insurance provides financial planning services for people in and around Denver, CO looking to improve their portfolio and achieve their long and short-term goals.

How Can Financial Planning Services Help Achieve Your Goals?

You are likely busy in your life attaining your assets and enjoying your family or hobbies. You likely already know to call in an expert if your computer crashes or your phone screen is destroyed. So why would you try to manage something as important as your future financial stability and your investments without the help of a qualified professional? 

Financial planning services consider your personal short-term and long-term goals and integrate that into any investments and advice given as we help you build an impressive portfolio. 

Making sound decisions today will directly affect your chances of achieving those lofty goals tomorrow. But your life does not have to be all about the far future. We can help you achieve those short-term financial goals while working your way to the farther horizon of wealth and goal achievement. Let us get to know you so that we can provide personal financial advising services. 

If you are success-minded and in the Denver, CO area, contact us at AFI Insurance. We will be happy to answer any questions you have to start your path to financial success one step at a time. We look forward to getting to know you and helping you achieve your goals, no matter how lofty they may be. 

Frequently Asked Questions About Specialty Insurance

AFI Insurance serves the community of Denver, CO, and the surrounding areas. If you have any questions about insurance coverage, our agents will be glad to answer them. Many people ask about specialty insurance when purchasing their auto, home, or business insurance. Here are some of the most common questions. 

FAQs About Specialty Insurance

  • What is specialty insurance, exactly? Specialty insurance is an add-on that covers special items or circumstances that may not be covered by your regular auto, business, home, or other insurance policy. 
  • In what circumstances would a business need specialty insurance? Depending on the size of your business, you may need small business specialty insurance. It is not uncommon for a business to insure a specific element in their profession that is not typically written in most policies with a specialty add-on.
  • Why should I consider a specialty insurance add-on? If you have products or assets not covered by your insurance policy, specialty insurance may cover them. This may be an asset valued more to you than the appraisal value, an asset that, if lost, will bring down the whole business and many other circumstances. 
  • What are the types of specialty insurance? Marine insurance, flood insurance, identity theft insurance, ocean marine insurance, travel insurance, ATV insurance, and more are types of specialty insurance. 

If you live in or around Denver, CO, contact us at AFI Insurance to learn more about specialty insurance and your coverage to protect specific assets in your unique lifestyle. We are happy to answer any further questions about this type of insurance coverage or other insurance policy information you may seek. 

5 Misconceptions About Home Insurance

Most people have a lot of misconceptions about home insurance. Most people are so confused about it that they either don’t get any coverage or buy policies that offer little protection. This post will clear up five of the most common myths about home insurance.

1. Home Insurance Protects You From any Disasters

This is one of the most common misconceptions about home insurance. People think that as long as they have insurance, their home is completely protected from disasters. The truth is, home insurance only protects you from specific disasters. For example, most policies will cover damage from fires, storms, and burglaries. But they generally don’t cover damage from floods or earthquakes. So, if you live in an area that’s prone to these kinds of disasters, you’ll need to purchase separate insurance policies to protect your home.

2. Home Insurance Is Expensive

Another common misconception about home insurance is that it’s expensive. Again, this isn’t necessarily true. The cost of your policy will depend on several factors, including the value of your home, the amount of coverage you need, and the deductible you’re willing to pay. You can shop around and compare rates from different insurers to find the best deal.

3. Home Insurance Only Covers the Structure of Your Home

This is another common misconception. People often think that home insurance only covers the structure of their home. But most policies also cover your personal belongings, up to a certain amount. This means that if your home is damaged or destroyed, you’ll be compensated for the value of your belongings, not just the cost of repairing or rebuilding your home.

4. Filing a Claim Will Make Your Rates Go Up

This is a common fear among people who have home insurance. They think that if they file a claim, their rates will go up, and they’ll pay more for coverage than before. But this isn’t always the case. In most cases, your rates will only go up if you file multiple claims in a short period.

5. Home Insurance Is a Waste of Money

Finally, some people think that home insurance is a waste of money. They figure that they will never have a disaster, so they don’t need coverage. But this is a risky gamble. You never know when something might happen, and you could lose everything if you don’t have insurance.

Get Home Insurance in Denver, CO

Hopefully, this post has cleared up some misconceptions about home insurance. If you’re still unsure about what type of coverage you need, or if you have any other questions, don’t hesitate to get in touch with us. At AFI Insurance, we’re always happy to help our customers find the right coverage for their needs.

Choosing the right policy to protect your first car

Buying your first car is a very exciting experience and the team here at AFI Insurance is here to help all residents in the greater Denver CO area with all of their insurance needs. Before you buy that car, be sure that you have selected the right policy to protect it!

The right policy to protect your first car

Owning a car is a huge milestone and you will likely remember the day you buy it for many years to come! But, before you drive your new vehicle off the lot, it’s important to take the time to choose the right insurance policy to protect your new investment. 

Outside of a house, a vehicle in many people’s largest purchase. It only makes sense to protect such a substantial investment. Now, the first time you look at your auto insurance options, you may feel very overwhelmed. There are definitely a lot of options to choose from. Luckily, sitting down with a local agent to review these options is an effective way to make this process a lot less stressful.

Be sure that you have the coverage you need. And you may want to consider features like roadside assistance, car rental reimbursement, and safe driver discounts when making your selection. Even though it can be an overwhelming experience at first, it is one that is absolutely necessary. It is also recommended that all insurance policies are reviewed on a regular basis as many times your needs can change.

Give us a call today!

Denver, CO area residents can rely on AFI Insurance for all of their insurance needs. Give us a call or stop by our office today and learn more about the many auto policy options that are available in our area.