Category: Insurance

As we approach 2025, technology continues to evolve at lightning speed — and so do the threats. If your business uses any form of technology (and let’s face it, whose doesn’t?), you’re already at risk of a cyberattack. With criminal hackers becoming more sophisticated every year, it’s no longer a question of if but when your business might be targeted. That’s why cyber liability insurance is no longer optional—it’s essential for smart business owners in the new year.

The Rising Cost of Cyber Incursions

Dealing with a cyberattack isn’t just about patching up your IT systems. The financial fallout can be staggering. Between notifying affected customers, rebuilding databases, managing public relations, and potential legal fees, the costs can quickly spiral out of control. Standard business insurance typically doesn’t cover these scenarios, leaving your company exposed to significant financial and reputational damage.

What Cyber Liability Insurance Covers

Cyber liability insurance is designed to shield your business from these risks. Here’s a breakdown of the key coverage areas:

• Distinct Insuring Agreements
  Customizable coverage that allows you to set higher limits for specific risks based on your unique business needs.
• Business Interruption Coverage
  If a cyberattack like a virus or denial-of-service attack halts your operations, this coverage helps cover lost revenue and ongoing expenses.
• Third-Party and First-Party Coverage
  Protects your business from liability if sensitive customer data is exposed, while also reimbursing you for the costs associated with managing a breach.

Why 2025 Is the Year to Get Protected

The coming year brings new opportunities for growth — but also heightened risks in the digital world. Cybercriminals aren’t slowing down, and ignoring the potential threats could mean financial disaster for your business. Investing in cyber liability insurance now is a proactive step to protect your company’s future, ensuring you can focus on growth instead of recovery.

Get Cyber Liability Coverage Today

Don’t wait for a breach to happen. Protect your business now, and set yourself up for success in 2025! At Avalue Insurance, we specialize in helping businesses like yours get the coverage that they need. Ask us about our cyber liability coverage today, and let us help you protect your business against cyber threats! Give us a call at 303-773-3332, shoot us an email at info@avalueinsurance.com, or request a consultation right here online!

Running a business from home has its perks: no commute, comfy clothes, and plenty of control over your space. But there’s one thing that many home-based business owners overlook—insurance. Since you’re working from home, a standard home insurance policy will cover everything, right? Well…not quite. This is where a Business Owners Policy (BOP) comes into play.

What’s a Business Owners Policy (BOP), and Do You Really Need It?

Think of a BOP as a bundled insurance package designed for small and medium-sized businesses. It usually includes three main areas of protection: property insurance, general liability insurance, and business interruption insurance. For a home-based business, this might sound a bit intense. But this coverage could be just what you need to keep your business running smoothly.

Here’s the thing: your home insurance doesn’t typically cover business-related risks. So, if your inventory gets damaged in a home flood, your laptop is stolen, or a client is injured while visiting your home office, you’re probably out of luck. With a BOP, you’re covered for these risks, meaning your business can survive even if things go sideways.

Coverage Highlights for Home-Based Businesses

1. Business Property Coverage: If your business equipment or inventory is damaged, lost, or stolen, while stored at your house, your BOP has you covered. And remember, these items are often not protected under a regular home insurance policy!
2. General Liability: This one is crucial. If a client or delivery person gets injured while visiting your home office, a BOP can help cover any medical expenses or legal fees. No one wants to think about this, but a single accident could cost thousands without liability coverage.
3. Business Interruption Insurance: Ever thought about what would happen if you had to pause operations? If a covered event (like a fire or flood) disrupts your business, this part of your BOP can help make up for lost income while you get back on your feet.

Is a BOP Right for You?

If you have significant business equipment, deal with clients or vendors at your home, or simply want peace of mind, then yes, a BOP could be worth it. It’s not just for big offices or brick-and-mortar stores. The protection can be tailored to suit the unique needs of a home-based business, giving you a safety net that goes beyond a regular homeowner’s policy.

How to Get Started

Getting a BOP doesn’t have to be complicated. In fact, at Avalue Insurance, we make it easy to understand and personalize your coverage so that it fits your business, your space, and your budget.

Ready to protect your home-based business? Contact Avalue Insurance today, and let’s chat about whether or not a BOP is right for you! You can give us a call at 303-773-3332, shoot us an email at info@avalueinsurance.com, or request a consultation right here online! 

How to Recognize When You Need Professional Liability Insurance

Running a business comes with a checklist of responsibilities: meeting client expectations, handling finances, managing a team — the list goes on. But in all the hustle and bustle, one critical question often gets overlooked: Are you protected against professional mistakes? That’s where professional liability insurance comes in.

You might think, “But I’m careful with my work. Why would I need this?” Unfortunately, even the most detail-oriented pros can experience a slip-up now and then. And in today’s world, clients aren’t shy about taking legal action if they feel the results didn’t meet their expectations. Professional liability insurance, also known as errors and omissions insurance, is your backup plan when things don’t go as planned. Let’s talk about why you need it and when you might be vulnerable without it.

When is Professional Liability Insurance Essential?

1). High Stakes in Client Work

If you’re in a profession where your advice or service directly affects someone else’s business or finances, you’re in a high-stakes environment. Consultants, accountants, marketing professionals, and other service providers often carry this weight. A minor oversight could lead to significant client losses, putting your business at risk of a costly lawsuit. Professional liability insurance helps cover legal fees and settlements so you can continue doing business.

2). Complex Contracts and Tight Deadlines

Ever had a contract with detailed demands and tight deadlines? The pressure is real, and if a client thinks you didn’t deliver as promised, they might come back with a complaint. Professional liability insurance steps in to handle the legal and financial aftermath if a client claims your service or advice wasn’t up to par.

3). Offering Advice or Recommendations

If your job involves recommending a course of action, like a financial plan, marketing strategy, or medical consultation, you’re shouldering a lot of responsibility. What if a client follows your advice and things go sideways? Having professional liability insurance can be a lifesaver, covering claims that arise from unintentional missteps in your recommendations.

4). You’re a Freelancer or Small Business Owner

Freelancers and small businesses might think they’re off the hook, but guess what? They’re actually at a higher risk since a single lawsuit could wipe out their finances. Even if you work solo or have a small team, professional liability insurance provides a safety net, so you’re not facing costly legal battles alone.

5). Client Contracts Require It

Some clients require you to carry professional liability insurance as part of your contract. They want peace of mind knowing you have the resources to handle things if issues arise. Not only does it make you a more attractive choice, but it also shows you’re serious about delivering quality work.

So, is Your Business at Risk?

Ask yourself: Do I work with clients who expect specific outcomes from my services? Do I give professional advice? If the answer to either question is “yes,” you’re likely a candidate for professional liability insurance. Imagine having the peace of mind that, even if something goes wrong, you won’t be left holding the (very expensive) bag.

In today’s world, even small mistakes can lead to big repercussions. Professional liability insurance doesn’t just protect your business financially; it also protects your reputation. After all, nothing says “I’ve got you covered” like actually being covered!

Ready to Protect Your Business?

If this resonates with you, it might be time to take a closer look at professional liability insurance. At Avalue Insurance, we understand that every business faces unique risks, and we’re here to help you find the perfect policy to safeguard what you’ve built. Contact us today to learn more about our professional liability insurance! You can give us a call at 303-773-3332, shoot us an email at info@avalueinsurance.com, or request a consultation right here online! 

Fact or Fiction?

Let’s face it. Insurance can be a little confusing sometimes. With so many different types of policies, coverage options, and terms floating around, it’s easy to see why some common myths have cropped up over the years. But how much of what you hear is actually true? It’s time to clear things up with a fun game of Fact or Fiction!

Ready to test your insurance knowledge?

1). Red cars cost more to insure.

Fiction!

This is one of the oldest myths out there. The color of your car has absolutely nothing to do with your insurance rate. Insurance companies look at factors like the make, model, age, and safety features of your car, not its color. So go ahead — buy that red car without fear of higher premiums!

2). My home insurance covers flooding.

Fiction!

Standard homeowners insurance doesn’t typically cover flood damage. For that, you’d need a separate flood insurance policy. If you live in an area prone to flooding, it’s a good idea to consider adding this extra coverage for peace of mind.

3). Life insurance is only for older people.

Fiction!

Life insurance isn’t just for retirees or older individuals. In fact, getting life insurance while you’re young and healthy can save you money in the long run. Premiums are generally lower when you’re younger, so it’s a smart move to lock in a good rate early on.

4). Your home insurance covers everything inside your home.

Fiction!

Many people think their home insurance policy covers every single item under their roof, but it’s not quite that simple. Most standard policies have limits on valuable items like jewelry, art, and electronics. If you’ve got high-ticket items, you might need to add extra coverage (often called a rider) to ensure those valuables are protected.

 

5). The minimum state-required auto insurance is all you need.

Fiction!

Sure, carrying the state minimum insurance will keep you legal, but it might not be enough to protect you in an accident. If you’re at fault in a serious collision, the minimum coverage might not cover all the damage, leaving you responsible for the rest. It’s always a good idea to talk to your agent and find out if you should consider more comprehensive coverage.

6). If someone borrows my car and gets in an accident, their insurance covers it.

Fiction!

In most cases, insurance follows the car, not the driver. If someone else is driving your car and gets into an accident, your insurance is usually the one that will handle the claim. So, be careful who you lend your car to!

 

7). Your insurance covers a UFO crash.

Fact! (Kind of)

Okay, we know this sounds out there, but technically, if an unidentified flying object (UFO) crashes into your home, your standard homeowners insurance could cover the damages. Most policies cover “falling objects,” which can include anything from a satellite to, well, a UFO. So, if ET decides to land on your roof, you might actually be covered!

Don’t Let Myths Get in the Way of Your Coverage!

Whether you need help understanding what your current policies cover or want to explore new options, Avalue Insurance is here to guide you through it all. Contact us today for all your insurance needs, and we’ll make sure you’re fully covered — no matter what life (or UFOs) throw your way!

Give us a call today at 303-773-3332, or request a call-back right here online!

As many of you already know, I have the incredible privilege of volunteering with an organization that’s close to my heart: Cross Purpose. For those of you who might not be familiar with it, Cross Purpose is a nonprofit based in Denver dedicated to helping individuals rise above poverty through career and community development. We call our participants “Change Agents” because they are exactly that — people who are determined to change their lives and, in turn, the world around them.

I’m thrilled to announce that, on September 11th at 6:00 PM at the DCPA Seawell Ballroom, we’re hosting one of our most exciting events of the year: Pitch Night! This is the night when our Change Agents take center stage to pitch their innovative ideas to a panel of expert “Dolphin” leaders and potential investors. It’s a fantastic opportunity for them to showcase their hard work, creativity, and passion.

I’m thrilled to share that this year, the Mayor of Denver may be attending, along with several wealthy investors. This is a huge opportunity for our Change Agents, and we’re excited to celebrate the hard work and creativity of these aspiring entrepreneurs.

But I’m particularly excited to announce that Mercedes Covarrubias will be presenting at the upcoming Pitch Night. Mercedes, who I’ve had the joy of mentoring, is brimming with excitement to share her project. I can’t wait for everyone to see the amazing work she’s done!

Events like Pitch Night are what makes Cross Purpose so special. They provide a platform for our Change Agents to not only present their ideas but also to build confidence and expand their professional networks.

I’d love for you to join us for this incredible event. Whether you’re familiar with Cross Purpose or are curious about the work that we are doing, your presence would mean the world to us. Plus, it’s a great way to connect with like-minded individuals who are passionate about making a difference in our community!

So, if you’re in the Denver area or can make the trip, I encourage you to RSVP for Pitch Night. Come be a part of something truly special and witness the power of dreams in action. Let’s cheer on Mercedes and all the Change Agents as they take this bold step towards achieving their goals.

To RSVP for Pitch Night, please visit: https://bebids.me/bidapp/index.php?slug=crosspurpose

Thank you for being a part of this journey with us. We hope to see you on September 11th!

Answering the Most Frequently Asked Question About Umbrella Coverage: Who Need Umbrella Insurance?

KEY TAKEAWAYS:

• Who needs umbrella insurance? Let’s break it down:
  • Umbrella Insurance Basics:
    • Provides extra liability coverage beyond existing policies, if not specifically excluded on your umbrella. Always check your policies for exclusions.Not just for the wealthy – everyday folks benefit too.
    Who Needs It?
    • Homeowners: Protect against accidents on your property.Car Owners: Cover damages exceeding auto insurance limits, if you are at fault for an accident.  Please check your policy for exclusions.Pet Owners: May guard against liability for pet-related incidents.Landlords: Safeguard rental properties from tenant-related risks.High-Net-Worth Individuals: Protect significant assets from lawsuits.
  • Why It’s Important:
    • Acts as a safety net for life’s unexpected events.
    • Provides peace of mind and financial protection against lawsuits.
    • Better to have it and not need it than to need it and not have it.

“Umbrella insurance” ¾ maybe you’ve heard that term thrown around before, or maybe you’ve been seriously considering this type of coverage. But who needs umbrella insurance, really? Is this type of coverage for everybody? Is it right for you?  Let’s break it down together.

Umbrella Policy Basics

Consider this for a minute: you have your regular insurance policies for your car, your house, and maybe even your furry friend. But what if something major happens (like a lawsuit) and your regular coverage just isn’t enough to cover the damages? That’s where umbrella insurance can help. Think of it as an extra layer of protection that offers coverage where your other policies do not. So, whether it’s a gnarly car accident, a slip-and-fall on your property, or your dog getting a little too nippy with the neighbor, umbrella insurance has you may have you covered in-full.

Who Needs Umbrella Insurance, Anyways?

Umbrella insurance isn’t just for CEOs or millionaires. It’s for everyday folks like you and me who want an extra layer of protection against life’s unexpected curveballs. So, who needs umbrella insurance? Let’s list a few types of people who would benefit most from this type of coverage:

1). Homeowners

If you own a home, then you probably already have homeowners insurance. But what happens if someone slips and falls on your property, or your dog decides to take a nip out of the mailman? That’s where umbrella insurance steps in to cover you when your homeowners policy maxes out.

2). Car Owners

Let’s face it: accidents happen. Even the most cautious drivers can find themselves in a fender-bender, or worse. If you’re at fault in a car accident and the damages exceed your auto insurance limits, umbrella insurance kicks in to cover the difference, saving you from financial ruin.

3). Pet Owners

Speaking of dogs, our furry friends can sometimes get us into trouble. If your pooch happens to bite someone, you could be looking at hefty medical bills and legal fees. Umbrella insurance can (or may) help cover these costs, so you can focus on getting Fido the training he needs (and maybe a few extra treats).

4). Landlords

Renting out your property can be a lucrative venture, but it also comes with risks. What if your tenant throws a wild party and damages the house, or worse, someone gets injured on your property? Umbrella insurance provides an extra layer of protection for landlords, ensuring that you’re not left footing the bill for someone else’s mistake.

5). High-Net-Worth Individuals

Umbrella insurance is a popular choice amongst the wealthy. But even if you’re not rolling in the big bucks, you can still benefit from an umbrella policy. If you have significant assets like savings, retirement accounts, or valuable property, umbrella coverage is a smart investment to protect your hard-earned wealth from lawsuits and costly accidents.

Get a Quote on Umbrella Insurance Today

So, who needs umbrella insurance? The answer is simple: most people! If you have assets that are valuable enough to you to protect, then it’s worth considering umbrella coverage. But if you still have questions, then don’t worry. That’s what we’re here for!

At Avalue Insurance, we’re passionate about equipping our fellow Coloradans with insurance confidence. We’ll educate you about your coverage and help you determine whether or not an umbrella policy is right for you. Get in touch with us today to learn more! You can request a consultation right away, or reach us via phone or email:  

(303) 773-3332

info@avalueinsurance.com

Anyone who knows me knows that I love working with CrossPurpose. It’s the perfect opportunity for me to give back to the local community both as a business woman and as, well, a woman! But not many people know that I am also involved in CrossPurpose’s Change Agency program, acting as a mentor to aspiring entrepreneurs. I’m thrilled to be a part of the program, and I’m excited to share my journey as a volunteer and mentor.

Why I Love CrossPurpose

For those of you who are new here, CrossPurpose is a non-profit organization that is committed to abolishing poverty through various career and community development efforts. This neighbor-loving movement has seen over 929 alumni graduate from their Leader programs, and it has collectively generated over $20.7M in annual wealth. Since its inception in 2012, CrossPurpose has facilitated an average wage growth of 151%.

When I first discovered CrossPurpose, I knew it was the perfect fit for me. Since joining forces with this incredible organization, much of my time has been spent as a mentor, walking alongside the next generation of entrepreneurs. It’s been an absolute privilege to work with some of the most remarkable people that Denver has to offer, cheering them on as they defy the odds and pursue their career aspirations. Witnessing their unwavering resilience has been nothing short of inspiring, and to be honest, I can’t get enough of it! So, when I saw an opportunity to extend my reach through the Change Agency program, I took it.

Why I’m So Excited About the Change Agency   

In 2018, CrossPurpose launched a career development program called the Change Agency. It functions as an entrepreneurial training program for CrossPurpose graduates. This nine-month journey equips participants (known as “Change Agents”) with the tools, training, and coaching needed to develop their businesses. From ideation to financial planning, Change Agents receive comprehensive support at every stage of the entrepreneurial journey.

To date, the Change Agency has risen up 15 new companies and non-profits, seven of which have added 34 new jobs to Colorado’s economy. These companies continue to add value to our local economy, and they are currently serving over 5,800 Coloradans.  

The culmination of the Change Agency program is Pitch Night, a thrilling event where Change Agents present their ventures to a panel of expert “Dolphin” leaders and potential investors. (Think Shark Tank, but with less cameras and dramatic cutaways). This year marks our fifth-ever Pitch Night, scheduled for August 28, 2024. All of the funds raised on Pitch Night will go straight to the entrepreneurs after they have completed their pitches.  

As a mentor in the program, I’m rooting especially hard for my mentee this year: Mercedes Corvarrubias. With her troubled past behind her and a steadfast mission in front of her, Mercedes plans to start her own bookkeeping business for local businesses in the start-up phase. 

To me, Mercedes is not just a mentee; she’s an inspiration.

More on her story next time, though.

For more information on CrossPurpose and the Change Agency program, please visit their website here.