Umbrella insurance in Brainerd, MN is useful for a high net worth individual or business to extend the coverage limit of certain insurance programs. It may commonly be applied to homeowners insurance or auto insurance in the case of high-value items or significant wrecks. If you are shopping around for umbrella insurance, check out Central Lakes Insurance Brokers.
What Umbrella Insurance May Cover:
- Injury – Bodily or personal injury or your liability for others that may be injured on your property.
- Damage to your property – Damage from accidents may have your covered property with costly repairs or replacement items.
- Judgments – The amount you need to pay from a lawsuit exceeds your coverage.
Umbrella Insurance Doesn’t Cover Everything
There are typical exceptions to umbrella insurance plans, but it depends on the insurance company that you’re working with. If you cause damage to your own property, like from renovations or self-repair, your insurance company may deny a claim. If you negligently cause damage to a neighbor’s property, this instance likely won’t be covered either.
Lost profit in your business is another thing commonly omitted. If an accident or lawsuit puts your business on hold, profit may be lost yet this insurance policy is not the type of protection that will make up for it.
If your property is harmed from theft or vandalism, that is another thing that umbrella insurance may not extend to. It will also not likely cover damages if you intentionally cause harm to another’s property.
While basic insurance plans may be adequate coverage for some users, umbrella insurance may fill the gap for others in Brainerd, MN. To get a plan that fits your coverage needs, consider checking out Central Lakes Insurance Brokers.
When it’s time to choose a health care plan, it’s best to know the basics. Health insurance covers medical expenses. Check with the independent insurance agents in Edina, MN at Central Lakes Insurance Brokers to help you with the details of health insurance.
Types of Health Insurance Coverage
Depending on your financial situation and what services you’ll need throughout the year, there are several different plans that you can choose from.
- Health Management Organizations (HMO) – an HMO is a managed care insurance policy. Generally, the premiums for HMO’s are lower than traditional plans. This organization has a network of providers located in your area where you will need to elect a primary care physician. A primary care physician will see you for your preventative care as well as give you a referral when you need to visit a specialist.
- Preferred Provider Organization (PPO) – is another managed care plan that allows you a little more freedom when it comes to choosing your provider. The premiums are usually a bit higher as well as the cost for co-pays and deductibles, but it comes with the benefit of not having to choose a primary care physician and you can go to a specialist without prior authorization.
- Point of Service (POS) – offers details of both an HMO and a PPO plan. Like an HMO, the POS requires you to have a primary care doctor that is within the network. Like a PPO, the POS allows you to choose out-of-network providers at a higher cost.
Where Can Get Health Insurance
Stop by the Central Lakes Insurance Brokers office in Edina, MN for information regarding health insurance. Our agents will guide you on everything that you’ll need to get started with a policy. We can also help you with auto, home, and life insurance policies.
If you own your own company, you can use life insurance as an essential tool in your personal and business planning. Life insurance helps you ensure the overall stability of your company in Brainerd or Edina, MN. You’ve poured your heart and soul into your enterprise and, especially if you have partners, you want to make sure you’re covered if tragedy strikes. Ask your Central Lakes Insurance Brokers for more information on the type of life insurance that would work for you. Meanwhile, here’s some information that will help you prepare to decide on the type of life insurance policy you need.
Using Life Insurance to Protect Your Business Assets
When you set up arrangements to protect your business with a life insurance policy, there are many ways you can accomplish this. The most often used is the buy or sell agreements. Ask your agent to outline the types of plans available and which is best for your business.
Buy and Sell Agreements
A buy and sell agreement applies to two or more partners in a business. If one of the owners passes away, it could put the company at significant risk or even cause the business to go under. When the owners sign a buy and sell agreement, they can use a life insurance policy to fund the agreement. In this case, each owner gets a life insurance policy that pays out to the other owner in the case of an unexpected death.
Here, each of the business owners purchases a life insurance policy on the other. Then, if one of the owners passes away unexpectedly, their life insurance coverage gives the other partner(s) the money to purchase the deceased owner’s interest in the company. Some of the proceeds could also go to the deceased owner’s family for final expenses or to pay for living expenses for their survivors. However, the business ownership reverts to the surviving partner.
Contact your Central Lakes Insurance Brokers in Edina, MN to find out how to protect your business and your family with customized life insurance policies.
Life in Edina, MN is just fine, but everyone deserves a vacation sometime. So you plan for a big travel excursion, pack everything needed, jump on a plane and get to the airport to rent a car to your hotel destination. However, at the counter, the clerk asks you an odd question: do you want their car insurance for the rental car or do you have your own?
Most folks traveling will forget that a lot of car insurance policies assume people will travel from time to time, and the policies include language that covers a person when driving a rental car. The coverage provided will tend to be the same as what was provided for an owned car, i.e., if one has a basic insurance liability-only policy, that’s all that will be covered on a rental car. If you have comprehensive, the same will apply to the rental accordingly. However, many folks forget or are not aware, and then they kick out $50 or so for a temporary coverage that may not be needed at all.
For Edina, MN drivers and those in the greater area, Central Lakes Insurance Brokers can help. They can vet policies and point out exactly what will be provided for travel coverage and how it will work. This kind of helpful knowledge not only answers the question at the rental car desk, it helps people save money and understand their coverage in all situations far better. And that makes people better drivers overall before they get on the road. So, if you’re not sure and you have a big trip coming up, give Central Lakes Insurance Brokers a call about your car insurance. They can help make your trip a memorable one instead of a mistake.
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.
Life is quite unpredictable, and you will always have to adjust accordingly. For instance, you need to come up with ways of keeping up with your family’s finances and saving for emergency situations. However, keeping your home insurance coverage from Central Lakes Insurance Brokers up to date is also essential.
Knowing that your home in Edina, MN is always protected is a stress reliever when disaster strikes. It is important to keep up with the changes to your policy and regularly review it with an insurance agent. So, when should you update your home insurance policy?
When You Remodel Your Home
If you are building a new deck or overhauling your kitchen, make sure that you consult your insurance agent to understand the implications of such an action on your policy. Typically, all major home renovations will boost your home’s value which means they can also hike up the cost of rebuilding your home in the event of a disaster. The primary reason why you bought your home insurance was to allow you to repair or rebuild your home if it gets damaged. Therefore, make sure that you contact Central Lakes Insurance Brokers for re-assessment of your home’s value after significant renovations.
When You Make Changes to Your Lifestyle
Certain lifestyle changes may alter risk tolerance, and that will affect how much home insurance coverage that you deserve. You should speak to your home insurance agent in Edina, MN after a significant lifestyle change to determine how it affects your policy. For instance, talk to your agent if you have quit smoking or if you have retired.
When You Purchase High-Cost Items
A standard homeowners’ insurance policy not only protects your home’s structure but also covers your personal valuables inside the house. However, you need to keep in mind that the policy only protects your items up to a certain limit. Therefore, you should update your coverage when you purchase that gigantic flat screen television or when you purchase a pricey necklace.
Contact us today for your home insurance policy.