Why should you work with a professional for your financial planning needs?

Those that live in the Denver, CO area need to take their financial planning needs seriously. When you are looking to plan for the future, it would be a good idea to work with a professional financial planner. There are various advantages received if you hire a professional financial planner in this part of Colorado. 

Personalized Support and Plan

One of the reasons to work with a professional for your financial planning needs is so you can receive personalized support and a customized plan. No two people are the same in preparing for the future. All people will have different assets, sources of income, and long-term goals. When you work with a financial planner, they will help you create a plan based on your personal situation. 

Learn About Various Options

One of the challenges people can have when preparing for the future is that they do not know enough about their investment options. When working with a financial planner, you can learn much more about the different options available. This can help you create a more customized and diversified plan and give you more insight into tools and investments you can take advantage of. 

Anyone in the Denver, CO area will need to take their long-term financial planning needs seriously. When you are looking to build a financial plan here, it would be a good idea to call the team with AFI Insurance. There are many choices to make as you are planning for the future, and AFI Insurance will provide helpful support. They will take a customized approach to understand your needs and goals to ensure you have a solid plan in place. 

What is specialty insurance and who needs it?

As a business owner, you may run an unusual business that has unusual or untypical needs. As a result, a standard business insurance policy may not meet your business’s needs. In situations like this, specialty insurance may be a viable option. Our Denver, CO team at AFI Insurance educates business owners with unique needs on the benefits of specialty insurance. 

What is Specialty Insurance?

Specialty insurance is designed to provide coverage for businesses with unusual needs. For example, a business owner with high-risk investments or holdings may need more coverage than a typical business would. Also, your business may require you to get covered for items or circumstances that aren’t typically covered by a business insurance policy. This makes specialty insurance beneficial and useful for businesses with atypical or unusual needs. 

Examples of specialty insurance include excess liability coverage and umbrella insurance. Both of these insurance policies kick in when the limits of your primary insurance policy have been reached. Specialty insurance provides coverage when your primary insurance limits have been met and coverage for items that aren’t included in a typical insurance policy. 

Who Needs Specialty Insurance?

If you’re a business owner with unique needs that aren’t entirely met by your standard business insurance, specialty insurance may be a good investment for you. Specialty insurance will ensure you get the coverage you need, in the amounts you need for your unique specialty, service, or product. Call us if you have a business that may benefit from specialty insurance. We’d be happy to help you explore your unique needs and find insurance coverage to meet your business needs.

Financial Planning for Children: How to Ensure Your Kids Can Afford College

It is never too early to start thinking about how you will finance your child’s education. College costs have skyrocketed in recent years, and there is no sign of them slowing down. Luckily, Denver, CO parents have options to ensure their kids can afford the college of their dreams. At AFI Insurance, we can help you plan for your child’s future education starting today.

When Should You Start Financial Planning for Children?

As a general rule of thumb, it is never too early to start saving for your child’s future education expenses. Even if you cannot contribute a significant amount each month, every little bit helps and can make a big difference down the road. Additionally, there are many different ways to save for college, such as setting up a 529 Plan or opening a savings account specifically for this purpose.

The Benefits of Financial Planning for Children

There are many benefits to financial planning for your child’s college. It can help you save on tuition, fees, and other associated costs. It can also help you choose the right school for your child and ensure they get the best education possible. Financial planning can also help you set up a payment plan that works best for your family’s budget.

How to Save for Your Child’s Education

If you’re a parent in Denver, CO, and looking for ways to save for your child’s college education, our experts at AFI Insurance can help. We can work with you to find a savings strategy that fits your goals and budget. We can also help you find ways to get the most out of your money to make the most of your savings. Contact us today to learn more about how we can help you save for your child’s future.

Will specialty insurance cover my priceless artwork/paintings?

Many of us have personal possessions that we want to protect that may not be covered under a particular insurance policy. These items may be rare or unusual or not fit into what’s typically covered under an insurance policy. Our team at AFI Insurance is committed to helping Denver, CO residents get coverage for items that a conventional insurance policy may not easily cover.

What is Specialty Insurance?

Many insurance policies may not cover priceless and or unique items. Specialty insurance is designed to cover your items or personal possessions that aren’t covered under a typical insurance policy. Specialty insurance is designed to cover many items that don’t fall under a standard insurance policy or exceed the limits of a typical insurance policy. Typically, artwork and other expensive items are perfect for specialty insurance. You can even cover vacations or other events with specialty insurance. For example, travel insurance would fall into the category of specialty insurance.

Will Specialty Insurance Cover my Priceless Artwork/Paintings?

Typically, your valuables are covered under a homeowners’ insurance policy. However, some insurance policies will not cover your valuables if they are costly and rare. Specialty insurance can provide coverage for your expensive or rare artwork. However, it’s a good idea to talk with an insurance specialist to get as much information as possible regarding your unique situation. If you have questions about specialty insurance and want to know if some of your rare or unusual items could be covered, call us. We can discuss your options and find the best coverage for your unique items.

The Two Main Types of Life Insurance

For most people, having a life insurance policy can help them leave behind something needed for their family after they are gone. When people depend on you, your income may be indispensable to your loved ones. To make sure there is money left behind, you need a life insurance policy, But which type of policy do you choose? You need to know about the two main types to decide which type is right for your needs and budget. When you want life insurance in Denver, CO, you can call us today at AFI Insurance.

Whole Life Insurance

This type of policy comes with several great benefits. These policies aren’t for everyone, as they can be expensive, but they have significant advantages. A whole life insurance policy is named this because it stays good for the rest of your life. This policy never expires and remains in effect no matter your age. This type of policy also has the advantage of building up a cash value as the years go by. This becomes an amount that the policyholder can borrow if they have a strong financial need. 

Term Life Insurance

Term life works very differently with a set amount of time for which the policy is good. During this term, the policy is good but no longer valid when it ends. Term life does not build up a cash value. However, it is an inexpensive type of insurance that can better fit into many people’s budgets, making it possible for them to have life insurance. 

Get Your Life Insurance Policy

You need a life insurance policy to ensure that your loved ones are taken care of. In Denver, CO, call us at AFI Insurance.

Required Commercial Insurance in Colorado

Colorado is a great place to own a business, and it’s essential to know the types of commercial insurance you need. If you have a Colorado business, there are two types of commercial insurance your company might require. You need to learn what they are and whether each is required for your specific business. In addition to these policies, you should also look into other helpful coverage types. Make sure you know what is available and how it can help you protect your business and finances. Call us at AFI Insurance in Denver, CO to find out more.

Commercial Auto Insurance

Does your Colorado business own a vehicle? If so, you are required to have a commercial auto policy on it. This is true for each vehicle that you own. This policy protects you and your business by paying for the property damage and injuries that can be caused in an accident. The state has different types of coverage required to be in these policies, including bodily injury liability amounts and an amount for property damage liability. You can add to the state’s minimums if you want better protection. You can also add collision insurance which pays for the damages to your company’s vehicle.

Workers’ Compensation Insurance 

Your Colorado business must also have workers’ compensation insurance if it has any number of employees. The state assumes that anyone working for your company is an employee, and they must have a policy in place. This coverage protects you from having to pay the high medical bills due when someone is injured at work. 

Get Commercial Protection

When you have a business to protect, we can help. Just call us at AFI Insurance in Denver, CO.

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.

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.