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4820 W 77th St #125
Edina, MN 55435

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Featured Insurance Blog

Why Small Businesses Should Consider Umbrella Insurance

Central Lakes Insurance Brokers assists the Edina, MN community, as well as the surrounding areas by helping people find insurance coverage. As an independent insurance agency, we have established partnerships with multiple carriers, allowing us to meet the needs of our clients regardless of their situation.

Understanding Umbrella Insurance

Umbrella insurance gives you additional liability coverage so that you have an extra layer of protection.

Is Umbrella Insurance Beneficial For Small Business Owners

Small business owners should consider adding an umbrella insurance policy in order to protect their assets and cover their potential future earnings. As a small business owner, umbrella insurance can assist you during a liability issue. In the unfortunate event that someone gets seriously injured at the site of your business, having that extra protection in the form of umbrella insurance can be a real asset.

Umbrella insurance can also add extra protection to your business’s vehicles. The policy can protect you if your vehicle starts having engine issues or if the vehicle is stolen or totaled in an accident. Adding umbrella insurance to your workers compensation coverage will allow your business to stay protected if some of your employees get injured. In some cases, having umbrella insurance protects you when you have to travel out of town to conduct business.

As you research different policies, analyze the size of your business. If your employees are taking fairly high risks that may lead to injury one day, you may need umbrella insurance. However, it is important to remember that umbrella insurance acts best as an additional coverage alongside another policy. Do not neglect other forms of liability insurance.

Stop By Central Lakes Insurance Brokers

For more information on different umbrella insurance policies, stop by our office in Edina, MN. We can help you find the right policy to protect the future of your business.

Does Health Insurance Cover Emergency Room Visits?

The terms of health insurance can be confusing for patients in Edina, MN, which is a shame because the hospitals they visit may not understand the terms either. With so many different types of insurance companies out there and so many policies under each carrier, the possibilities are practically infinite. Central Lakes Insurance Brokers wants you to know more about emergency room care, so you have a better idea of what will happen if you need to see a doctor or qualified healthcare professional immediately. 

Emergency Room Care

Accidents, injuries, and illnesses can spring up at any time. While you would almost certainly prefer to see your regular doctor, sometimes it’s just not an option. Even things like physical exams or specialist consultations might book up months in advance. Emergency room care is seen as a special type of visit, meaning it will get its own category under your plan.

But how your visit is covered will depend on your plan. In some cases, you may only need to pay a co-pay for a visit. For other plans, it may be covered outright. Still, other plans might not cover your emergency room care unless it exceeds the limits of your deductible. Once you’ve reached the maximum out of pocket costs, you’ll be able to submit additional expenses to your health insurance carrier. 

Living in Edina, MN means planning for all contingencies, and Central Lakes Insurance Brokers wants to help you do just that. When you contact us, we can help you understand more about how your health insurance policy works and what services you have access to. And if you need additional coverage, so you’re not responsible for an unavoidable emergency, we’re here to help you get everything you need. 

What Is Life Insurance and How Can it Help Me?

Fundamentally, many people don’t fully understand what life insurance is and how it can benefit an individual or a family. Central Lakes Insurance Brokers of Edina, MN are committed to helping MN residents understand what life insurance is and why it’s beneficial. 

What Is Life Insurance?

When you invest in life insurance, you are investing in a policy that will pay a family member or some other beneficiary a monetary amount in the event of your death. As the policyholder, you pay a monthly premium. When you invest in life insurance, you choose a monetary benefit amount that the beneficiary will receive once you die. 

How Does Life Insurance Work?

Life insurance is similar to any insurance in that you pay a monthly premium to an insurance company. If you die while the insurance policy is still active, the insurance company will pay a tax-free sum of money or death benefit.

Term Life vs. Whole Life Insurance

Term life insurance is a life insurance policy that’s purchased for a set number of years. A pre-selected beneficiary receives a death benefit if you die before the term is up. The beneficiary can receive the death benefit as a monthly payment, an annuity, or a lump sum. These types of insurance policies are less expensive than others, and the terms can last as long as thirty years. Conversely, whole life insurance never expires and is active as long as you pay your premiums. In addition to a death benefit, the policyholder also has a cash value. This cash value is represented as a tax-deferred savings account. This savings account is part of your policy. A whole term life insurance policy builds interest at a fixed rate that was determined when you got the policy. As you pay your premiums, some of that money goes towards the cash value of your policy. The cash value of your whole life insurance policy offers a guaranteed rate of return. 

Central Lakes Insurance Brokers in Edina, MN understands how confusing life insurance can be. We are committed to educating our clients and helping them invest in the best life insurance policy to suit their unique needs and situation. Give us a call or visit our office.

Summer is Coming – Do You Have the Insurance Protection You Need?

Summer is coming. That means changes in the way you drive, how you enjoy your weekends, and even how you spend your time with the people you love. People are out on the roads more. You’re taking pleasure rides in your old cruisers. You’re taking the boat out of the dry dock, and you’re even going RVing for extended weekends and long vacations.

All these things mean you need to have a long conversation with your local insurance agent at Central Lakes Insurance Brokers in Edina, MN to make sure you have the right insurance protection for your summertime fun.

These are just a few reasons why the weeks leading up to summer are the ideal time to make sure you have your insurance affairs in order.

  1. You always want to know you have the right protection before accidents happen. No one wants to discover all too late that your boat wasn’t covered for liability protection, or not covered for nearly enough.
  2. Your needs can change over a long winter, and you want to make sure you’re not overpaying for recreational vehicles, watercraft, etc. you may have sold or scrapped over the winter.
  3. You may have made life changes that place you at greater risks requiring additional insurance protection. You want to make sure you have those needs covered, too.

Central Lakes Insurance Brokers are happy to serve the summertime insurance needs of families in and around Brainerd and Edina, MN. Summer is coming. Contact us today to learn more about our insurance protection for auto, watercraft, RVs, and more today and let us audit your current coverage to see if you have the “just right” protection you need.

Does Commercial Insurance Cover Refrigerated Stock?

Commercial insurance is necessary to have the right coverage for a company or business, especially those who are operating within the retail industry. Many retailers are carrying refrigerated stock that needs to be protected with adequate insurance coverage. Adequate coverage protects the policyholder from losses and theft that can occur.

Insurance for Refrigerated Stock

Businesses such as grocery stores, convenience stores, and even ice cream parlors, for example, need to have commercial insurance that covers their refrigerated or frozen stock. There is a specific type of commercial coverage called food spoilage insurance that can protect from losses as a result of power outages and other unforeseeable factors. If there is inventory theft, however, traditional commercial coverage will usually cover the losses. To find out which policies work the best for each individual situation, consult with an insurance agent. 

Agents can Provide Security

Using an agent to help find the right insurance policy is one of the best ways to protect inventory and refrigerated stock. Agents can point out which coverages are necessary to help avoid oversights and gaps in coverage that can lead to losses. Those who have businesses carrying refrigerated stock should consult with an agent from Central Lakes Insurance Brokers, serving Brainerd and Edina, MN. We can work with clients one on one to get the best coverages available from top insurance providers.

Anyone living near the Edina or Brainerd, MN area who has a business with refrigerated stock should call or stop by Central Lakes Insurance Brokers today and get answers to questions and discover which options work best for each scenario. We look forward to assisting clients with all of their insurance needs. 

 

How Often Should I Have My Homeowner’s Policy Reviewed?

Your home is one of the most expensive investments you will make throughout your lifetime. Having it properly insured should be one of your highest priorities.

The agents at Central Lakes Insurance Brokers provide residents who live in Edina, MN with homeowners’ policies they can use to increase their financial security and protect their investment. Once you have a policy in place, it’s important to have it reviewed every few years to ensure you have the right amount of coverage. 

Renovations or New Construction

Any time you renovate a portion of your home or build additional rooms, you will need to have your insurance agent review your policy and include the new upgrades. This ensures that your policy will reflect your home’s adjusted value and provide you with the additional coverage you need. 

New Purchases

Any time you make a new purchase that is substantial in terms of cost or value, you need to report it to your insurance agent. This includes installing new solar panels, paving sidewalks or driveways, buying new electronics, or having a professional home security system installed. 

General Review

Even if you have no new upgrades or purchases to report, having your homeowners’ policy reviewed is still a great idea. You can do a personal review of your policy once a year, but it’s important to have your agent review your policy as well. In most cases, every couple of years is sufficient.

At Central Lake Insurance Brokers, homeowners who live around Edina, MN can call the office and talk to an agent to schedule a review. Sitting down with an agent and going over your policy is a great way to determine if you are eligible for discounts or a possible upgrade/downgrade to your policy.

Three mistakes to avoid when you purchase recreational insurance

It’s essential to invest in the right recreational insurance policy to protect the value of your recreational vehicle. Unfortunately, RV owners often make costly mistakes when they purchase their recreational insurance policy.

At Central Lakes Insurance Brokers, we offer recreational insurance policies to RV owners in the Brainerd and Edina, MN areas. We recommend that consumers avoid the following three mistakes when they purchase recreational insurance. 

Buying a policy based on price alone

Quality is essential when it comes to recreational insurance. The cheapest policy out there is not likely to offer as many features and as much coverage as policies that cost a little more.

Evaluate policies fully and don’t just look at the price. You should also look at aspects of the policy, like the customer service of the provider and the amount of the coverage maximums. 

Rushing and not putting enough thought into choosing a policy

Take your time and do your research. Remember that you might need your recreational insurance down the road to cover damages made to your RV or other recreational vehicles. Choosing the wrong policy could set you back financially.

Shop around and get quotes from different providers. Then, analyze all the features that come along with each policy. You should also research the reputation of providers and look for reviews on insurance companies before purchasing a policy from them. 

Being unaware of discounts you’re eligible for

You should save money where you can. You may qualify for specific discounts on your recreational insurance policy. Discounts for recreational vehicle owners are commonly available to include multiple vehicle discounts, discounts for having anti-theft or safety devices installed, and discounts for having a good driving record. 

If you want to learn more about recreational insurance options in Brainerd or Edina, MN, contact us at Central Lakes Insurance Brokers.

 

How to Talk to Your Insurance Agent About Health Insurance Benefits

When it comes to getting health insurance, you’ll need to be well prepared to know what to ask for and how your situation affects your benefits. Visit a Central Lakes Insurance Brokers agent in Edina, MN with a list of questions about what you may want to know about to help us make the right decisions for your insurance plan.

Important Questions to Ask

Some of the more crucial questions you should ask your insurance agent about health insurance include:

  • What will my co-pays be (amounts to go to the doctor, urgent care, get prescriptions, etc.)?
  • What will it cost for other types of care (such as x-rays or various tests)? (co-insurance)
  • How much will I have to pay monthly? (premium)
  • How much will I have to pay throughout the year before I see benefits to my plan? (deductible)

You’ll also want to ask yourself if the bottom line for said health insurance plan fits within your budget. It may be steep, but if you can see an overall benefit with setting up this health insurance policy, you should go for it.

Prepare for Every Instance

You should think carefully about what the worst-case scenario might be with your health (and anyone who will be under your policy). Ask the agent how much you’d have to pay out-of-pocket with the plan in question if you’re involved in more accidents or require more treatment over the next year. When you have the answer, consider if you’d be able to pay that amount if you had to pay it.

Considerations for Comfort

If you have a doctor in place who you would like to keep going to, find out if the plan will allow for that. If it isn’t covered to go to your particular doctor, find out how much it would cost. If the plan is otherwise great, consider if you’d switch doctors to make it more affordable and easier on your health insurance plan.

In addition, it’s a good idea to ask if your current prescriptions are covered, and at what point you’d have to pay out-of-pocket for them. Determine if you’ll need to change pharmacies and if that will be convenient for you.

A reputable insurance agent like Central Lakes Insurance Brokers of the Edina, MN area can help you sort through your concerns about health insurance benefits. Reach out via phone or email today.

Homeowners: Purchasing Your First Home

The purchasing process for a new home can be an exciting time for people. But, the planning and paperwork through all of it can be easier with useful contacts and helpful tips for organizing. Having this worked out can make the process easier, and the planning is simplified with an experienced insurance agency. Central Lakes Insurance Brokers is available to answer any questions you might have about the insurance planning for a new real estate purchase. Serving the Edina, MN area, our insurance agency is experienced with helping people through the process of purchasing their new home. This experience is vital with all of the paperwork and planning that goes into finding and acquiring that first property. 

Homeowners are often excited to begin planning their move. Excellent communication is essential when it helps the new homeowners know the best-estimated move-in date and what to prepare for before the move. Organizing and planning efficiently can help simplify the process and make it comfortable when moving into your new home. Having the necessary paperwork completed is a significant part of the process, and any ways to simplify the planning are appreciated by many busy owners getting ready to move into their new home. A home insurance policy can protect your home from a variety of events. Knowing you have the right policy in place provides confidence for this new home.

Central Lakes Insurance Brokers is experienced when it comes to working through the process of home insurance paperwork for new homeowners. You can contact our agency and get more information about home insurance and the paperwork needed for purchasing this enormous asset. You can call our trained staff and have your questions answered. Homeownership in the Edina, MN area is an incredible opportunity. This can be exciting, and the new acquisition should be a call for celebration when making the decision to pursue a home purchase.

 

Does Your Home Business Need Commercial Coverage?

If you’re running a business from your Brainerd or Edina, MN home, you may wonder if it’s necessary to get commercial insurance coverage. At Central Lakes Insurance Brokers, we can help you determine what kind of insurance your home-based enterprise needs. The right insurance coverage can protect your business against perils that can set you back financially. Here are some insurance options to consider for safeguarding a home business.  

Business Property Protection

If your home-based business requires the use of a computer, printer, office furniture, fax machine or other costly equipment, you can benefit from business property coverage to protect this equipment against theft or damage. Homeowners’ insurance doesn’t generally cover equipment used for business purposes, putting these items at risk should you have a break-in or accidental fire.

Liability Coverage

If your business requires that clients visit your home, you’d do well to obtain liability coverage to protect you against accidental injury or damage to a client’s property. Otherwise, you could wind up paying for these damages out-of-pocket.

Professional Liability Coverage

If your home business entails providing professional services such as accounting or consulting, you may want to obtain professional liability insurance to protect yourself against claims of negligent or fraudulent services. If a disgruntled client sues you for damages, your professional liability coverage will help cover legal and settlement costs.   

Commercial Auto Coverage

If you use your car for business-related visits, pickups or delivery, you’ll need commercial auto coverage to protect you against accidents as personal auto coverage doesn’t cover business use of your car.

Commercial insurance can protect the future of your home-based business to give it a chance to grow and prosper. For more information on commercial insurance options and costs for your budding home enterprise, contact Central Lakes Insurance Brokers in Edina, MN.