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Central Lakes Insurance Brokers

4820 W 77th St #125
Edina, MN 55435

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Featured Insurance Blog

Is Commercial Insurance Required in MN?

For many, owning a business is the culmination of years of hard work, sweat, and tears. Given the large investment in time, money, and sacrifice made in owning a business, it is important to protect that sweat equity with commercial insurance. Specific to Minnesota, businesses with at least one full-time or part-time employee are required to have workers’ compensation insurance to help pay for the medical bills associated with workplace injuries and illnesses. The only exclusions to this rule are sole proprietors, partners, and corporate officers who do not require workers’ compensation insurance. Additionally, any vehicle that is owned by the business in Minnesota must have minimum commercial auto insurance coverage. For businesses that require their employees to use personal vehicles for work purposes, it is recommended but not required that those vehicles be covered by hired and non-owned auto insurance because personal auto policies are highly unlikely to cover business use. 

In addition to the two types of coverages just described, additional coverage is recommended depending on factors like the scope and size of your business. As an example, if your business uses a cloud environment to store personal and sensitive customer data then you are at a greater risk of a cyber-attack or data breach. Consequently, cyber liability insurance makes sense because it helps pay for the damage caused by a data breach – both internally and externally to your customers. 

At Central Lakes Insurance Brokers in Edina, MN we strive to provide excellent service to each of our customers by offering personally customized insurance policies that meet all of their needs. Whether you are debating between liability amounts or unsure what type of commercial insurance you need, give us a call and we will schedule a time to answer all your questions. 

How do you insure multiple homes?

When you buy a second home, whether it serves as your vacation home or a rental property, you need to insure it. In some cases, you can have one policy that covers everything, but in many cases, you need multiple policies for multiple properties because different building types need a different type of coverage.

Phone or email your insurance agent at Central Lakes Insurance Brokers to talk about your purchase. Each insurance agency handles these matters differently. Some companies require separate policies while others let you combine policies in a master policy. Here are the major types of home insurance you will need to consider:

  • Contents only/renter’s: If you purchase a flat or apartment, you can typically skip the building insurance, but you do need to buy coverage for the contents.
  • Rental property: When you lease the property you own to another person, you need insurance that protects the structure, but not typically the contents. You do need liability insurance.
  • Historical building/Listed building: A home of historical significance that appears on the state or national historical registry requires its own insurance type. This applies whether it is a Grade I, II, or III property. 
  • Non-standard home: Any type of home beyond the typical single-family dwelling requires a special type of insurance. This includes the housing types growing in popularity in Edina MN including tiny homes, hay bale homes, thatched-roof homes, timber frame houses, log cabins, etc.
  • Holiday/Vacation home: Insurance on this home type may cost a bit more because it exhibits a higher risk since it remains empty for long spurts. 
  • Host insurance: Consider a host policy if you only lease the home during one season, but live there or vacation there the other seasons. Host insurance provides coverage for 90 days during which your property gets rented to paying guests.

You have many choices when purchasing home insurance for multiple properties. We serve the Edina, MN area and its surrounding communities. Call Central Lakes Insurance Brokers for more information on covering more than one home with homeowner’s insurance.

Recreational Insurance for Beginners

When you think of recreational insurance, you may think solely of RVs. However, recreational insurance covers a much larger variety of vehicles than just RVs. Other vehicles like ATVs and vehicles designed for off-roading are covered under recreational insurance. If you own any vehicle that fits that description, then learn how you can stay covered with Central Lakes Insurance Brokers. 

What Does Recreational Insurance Cover?

Recreational insurance provides you coverage for your recreational vehicles the same way auto insurance covers your standard vehicles. Here are some areas in which recreational insurance provides coverage: 

  • Injury 
  • Property damage
  • Liability
  • Medical payments 
  • Personal injury

These are just some of the areas for which recreational insurance provides coverage. To find out what coverage type would be best for you, feel free to seek a consultation from Central Lakes Insurance Brokers.  

Why Get Recreational Insurance?

Your recreational vehicles are designed to go places standard cars can’t. While it can be fun to traverse the backroads, vehicles can be more prone to sustain damage going off the road. That’s why you need to have the proper coverage as repairs or replacements can be expensive. 

Just like you would want to protect your car from damage done in an accident, you want to protect your recreational vehicle from damage done off-roading. You may think nothing bad could happen on the backroads due to the lower amount of traffic and possible animals. However, rough and unfamiliar terrain can be dangerous at times and accidents can be extreme. 

Stay Covered with Central Lakes Insurance Brokers

When you need coverage you can rely on, visit Central Lakes Insurance Brokers. Their office is located in Edina, MN. You can contact them online to get a consultation on what type of recreational coverage would be best for your vehicle and driving habits. Get the coverage you need with Central Lakes Insurance Brokers. 

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.