You have worked hard putting your business together and it is a huge investment. Unfortunately, disaster can strike no matter how conscientious of a Minnesota business owner you are.  A fire could wipe out all your profits and even destroy your Minnesota business. The key to making sure all your time, efforts and money you have invested in a business doesn’t disappear when a disaster strikes is to protect it with the appropriate Minnesota business insurance.

Business insurance normally covers the following:

Insurance companies selling Minnesota business insurance generally offer two ways to but it.  Either the coverage’s are sold separately (like a cafiteria line) or purchased as a package. The package purchased by small and mid-sized MN businesses is the business owners policy (BOP). These business owner package policies are created for businesses that generally face the same kind of risk.  Many small Minnesota businesses qualify for this type of policy.  If your business does, it is generally better and lower cost.  Coffee shops, furniture stores, restaurants, contractors, accounting offices are just a few of the examples of the types of business that may quality.

Business Owners Policy’s (BOP) include:

• Property insurance for buildings and contents owned by the company — there are two different forms, standard and special, which provides more comprehensive coverage.
• Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary Minnesota location.
• Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
• BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

How to insure your home based business

If you’re running a business from your home, you may not have enough insurance to protect your business equipment. A typical Minnesota homeowners policy provides only $2,500 coverage for business equipment on premises and as little as 10% of that off premises, which is usually not enough to cover all of your business personal property. You may also need coverage for liability and lost income. Insurance companies differ considerably in the types of business operations they will cover under the various options they offer. Regardless of the type of policy you choose, if you’re a professional working out of your home, you probably need professional liability insurance. Some types of in-home businesses, such as those that make or sell food products (salsa, jelly…) or sell home-made personal care products, may have to buy special policies.

Our Minnesota insurance agency believes that buying business insurance online can be a huge mistake without the guidance of an experienced honest independent agent. We speak insurance and can guide you through the maze of coverage’s that you actually need, while avoiding the options and pitfalls. Request a Minnesota business insurance quote below.

Minnesota home insurance is on the rise again in the North Star State.  The major influence is the weather related losses.  Storm activity and the fact consumers have become seasoned to expect a new roof, new matching siding every time it hails only adds to the staggering overall costs. Unfortunately, insurance can only go up when Minnesota insurance companies payout more than they take in.  In recent years many carriers paid out $1.40 –$ 1.86 for every $1.00 they took in.  Minnesotan’s will see increases ranging from 5% – 30%.  We have been receiving lots of calls from prospects talking about their big named companies, you know the names, jumping the cost by 30%.  This happened back in 1998 and 1999 too and what was once a $300 annual premium is now $1,000+.  

What are some of the reasons you might see an increase on your Minnesota home insurance?

1)      Rate increase due to storm related losses in general – Companies have paid millions…

2)      Perhaps a discount fell off such as multi-policy or membership.

3)      Home owner insurance policies have inflation guards built in.  Each year your home automatically increases by 3-4% for inflation.

4)      Home policies have discounts for new homes.  Each year your home gets older 2% of the discount falls off.

5)      An inspection of your property warrants an increase in your building value.

How do you save money on your Minnesota home insurance?

1)      Multi-policy discounts – Insure your auto with the same company

2)      Maintain a good credit score

3)      Increased deductible

4)      Use an independent agent (like me) who works with multiple companies and shops & compares.

5)      Central alarms for fire and burglar, not to mention dead bolt locks, smoke detectors and fire extinguishers.

6)      Reduce your coverage

7)      Group discounts

8)      Membership Discounts

9)      Don’t confuse market value with replacement or rebuilding costs. Insurance for your home and not the land.

10)   Some carriers offer discounts for retired or folks over age 55

11)   Staying with the same Minnesota insurance company can sometimes offer longevity credits.

12)  Make sure your home is insurance correctly and not over insured. Review all coverage’s with your agent to make sure you are not buying things you don’t need and that you have what you do need.

13)  When you are in the process of purchasing a home take into consideration age, construction, location of fire departments, fire hydrants within 1000 feet, flood zone. 

14)  Pay premiums electronically or annually.

My name is Rick McIntosh, President of Insuring Minnesota.  We are an independent insurance agency located in Lakeville, Minnesota.  I hope our opinions above will help you make some better choices and save money on your MN home owner insurance.  If you would like a second opinion and a Minnesota home insurance quote, just give us a call at 952-469-0425 or complete our super easy secure online quote from.  It only takes 2-3 minutes.

https://www.insuringminnesota.com/home.html

If you haven’t reviewed your Minnesota car insurance in the past three years there is a very good chance you are over paying.  Over the past, almost three decades now, I have seen many companies come and go in the Minnesota car insurance market.  A company will come out with a hot new program and then find out they were under charging and lost money causing double digit increases down the road.  Sometimes insurance companies buy business.  A new company just coming into Minnesota, might offer a low rate in the beginning, buying up a percent of the market, and again changing the rate over time.

There can be a huge difference in rates from company to company, maybe 100%.  You think because you have been with a big named company for twenty years they have to be the cheapest out there.  I’m not saying they aren’t, just be open minded and double check every few years.  Taking 20 minutes to review your policy might just save you hundreds of dollars.  We have had many a client wish they would have found our services years ago.

Credit Score:  This can be a sore subject with many people.  Minnesota currently allows companies to profile your credit to calculate a rate.  It’s not that you won’t pay your Minnesota car insurance bill.  It’s that statistics say a person with a glitch on their credit is more apt to make a claim.  This is sad, but it boils down to good credit good rate and bad credit bad rate.

Driving record: Obviously your driving record plays a large roll in your rates on auto insurance.  Insurance companies use C.L.U.E. (comprehensive Loss Underwriting Exchange) to find claims and accidents information on consumers.  Every time a claim is reported to an insurance company a C.L.U.E. number is generated.  Thus when applying for new insurance, companies buy this information and rate your insurance with it.  No claim is a good claim.

Discounts:  Try to take advantage of every discount you can.  Have your agent double check you are receiving every discount you are entitled to.  90% of the time having your home insurance with the same provider will save 10-15%.  But here again, keep an open mind, just because you have 10 discounts, it’s the bottom line coverage verses price.  What’s the bottom line?  How much will my Minnesota auto insurance cost per year?

The Internet has changed the way Minnesotans shop for car insurance. It is easier that even before to compare rates.  However, when it comes to purchasing the actual coverage, buy from an experienced agent.  You making the decisions on coverage’s may not always the correct one.  We see policies purchased online with super low or wrong coverage’s and missing full glass coverage quite often. An experienced agent will guide you through making an informed decision.  We feel the customer service staff you talk with at some of these large online companies are very inexperienced.  An experienced agent will save you money over the long run.

Type of Automobile:  The type of auto you drive can also be a factor.  If you select a family type of auto verses a luxury or sports car.  The safety features are also important in lower rates not to mention the safety of your family.

Deductibles:  The days of having a $50 & $100 deductible are over!  Most automobile insurance policies we sell have $500 for comprehensive (with full glass in MN) and $500 for collision.  Having a deductible less than this in most cases doesn’t appear cost effective.  Besides would you turn in a claim for $150.00? I would recommend you don’t.  On the flip side, purchasing a $1,000 in many cases can be painful for most folks come claim time.

Other drivers in the household:  If another driver in your household has a DWI or negative driving record it can affect you. Now days, with the age of computers, insurance companies are using more and more ways to rate insurance.  Some companies will now rate everyone in the household to some degree even if they have other coverage.   

Where you live:  Minneapolis car insurance and Saint Paul car insurance can be 20-30% higher than cities such as Lakeville, Farmington, Forest Lake or Hastings.

How you use your auto:  If you use your vehicle in business verses pleasure or your son doesn’t have a auto with him at college.  Things like this can make a difference.  If you change jobs or move and are now driving 2 miles to work rather than 20.  Be sure to notify your agent when there are these types of changes.

My name is Rick McIntosh, an independent agent and president of Insuring Minnesota.  Thank you for taking the time to read this article.  I hope it helps you keep your MN car insurance costs under control.

We welcome your questions and comments.  If you would be interested in a second opinion on your Minnesota car insurance, please feel free to give us a call at 952-469-0425 or complete our secure online quote form at: https://www.insuringminnesota.com/auto.html

Request a quote, use our services.  I personally guarantee your satisfation!

Rick McIntosh  -  Certified Insurance Counselor

President – Insuring Minnesota 

20960 Holyoke Ave

PO Box 1177

Lakeville, MN  55044

Phone: 952-469-0425

Fax: 952-469-1881

Tol Free: 1-800-972-4292 ext. 425

Email: info@insuringminnesota.com