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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. 

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. 

 

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.

How often should I have my commercial policy reviewed?

It’s important that your commercial insurance policy grow right along with your company. Business owners in Brainerd, MN who haven’t had their policy reviewed in awhile should contact the agents at Central Lakes Insurance Brokers to find out if they need to upgrade or change their commercial policy in any way. Maintaining the right type of coverage is the best way to ensure that you are fully protected against any type of financial loss.

Has Your Business Changed?

Anytime that your business grows or expands, you will want to review your policy. Even if your inventory remains the same, other aspects of your business may have changed significantly. Some changes may be so gradual that you don’t realize they are occurring until a few months later when you begin to see changes in your profit and loss statements. Knowing about these changes and how they impact your business are just two of the things you should consider when reviewing your policy.

Protecting Your Investment

The most important thing you can do in terms of protecting your investment is to have the right type and amount of insurance in place at all times. Being prepared before a disaster occurs is what will help you make it through a difficult time. The first step is talking to your insurance agent. 

The agents at Central Lakes Insurance Brokers are available to help business owners in Brainerd, MN evaluate their insurance needs. Evaluating your policy is the best way to be fully protected. Call and talk to one of the agents today to ensure that your business has the coverage it needs.

Why Do You Need Commercial Insurance?

As a business owner, you should think about getting commercial insurance for your business. One reason being is if someone gets hurt at your business, whether it be an employee or a customer, you will be held responsible. You could even be held accountable if someone breaks into your business and gets hurt. General liability insurance can help with that and agents at Central Lakes Insurance Brokers of Edina, MN can assist you in getting the coverage needed for your business.

There are risks if you do not have insurance for your business. Some of those risks include being held responsible for bodily injuries that occur at your business, damage to someone’s property from an auto accident, personal injury, which includes defamation of character, and false or misleading advertising. Commercial General Liability insurance will pay for the medical expenses of the injured party, while employees are covered by workers’ compensation insurance.

If you use a vehicle for business purposes, even if it’s your personal vehicle or a company vehicle, you may consider getting a commercial auto insurance policy. This policy will cover your employee and property that’s damaged due to an accident. If you rent or own space for your business, you will need commercial building insurance. This insurance will cover against fire, theft, and certain natural disasters. It doesn’t just cover the building itself, but also the items inside, which include assets.

There are many reasons why your business may need commercial insurance. Let the agents at Central Lakes Insurance Brokers, serving Edina, MN, help you find the right policy that works the best for your business and your budget.