A Guide To Selecting An Umbrella Insurance Policy For Your Small Business

Most small business owners have general liability policies or small business insurance policies in place to protect their businesses against unforeseen perils. In cases where the general liability plan doesn’t cover all the legal fees and expenses incurred, you will need umbrella insurance to act as a second line of defense in addition to the already existing policies. Anchor Insurance Agency LLP provides umbrella insurance for small businesses in Plymouth, MN.

Selecting An Umbrella Insurance Policy For Your Small Business

Commercial umbrella insurance for small businesses offers additional liability coverage for general liability policies. In case you are sued, umbrella insurance offers additional funds to cater for lawsuits and other damages.

Do I need umbrella insurance?

Umbrella insurance policies supplement the coverages provided by commercial auto insurance, general liability insurance, and employer’s liability insurance. It is a safety net for small business owners and the second line of defense when you require extra protection on claims that exceed the limits of your primary liability policies. 

Consider your business needs

Standard insurance policies are designed to cover most small businesses’ needs, but it will give you more peace of mind when you have extra protection. If there are situations that aren’t covered by standard insurance, an umbrella policy expands coverage with monetary coverage limits.

The type of coverage

Umbrella policies are unique depending on the type of business and the business needs. There is no one-size-fits-all, so you need to be careful about the type of coverage you choose for your small business. Depending on the nature of your work and how much you can pay for this umbrella protection, you can save yourself massive financial binds with an umbrella insurance policy.

Are you considering getting umbrella insurance for your small business in Plymouth, MN? Consult with Anchor Insurance Agency LLP to get an umbrella insurance policy to help cover the claims that aren’t covered by other liability coverages.

Why Every Condo Owner Needs Condo Insurance

Condo insurance is one of your responsibilities as a condo owner. Chances are that your mortgage lender requires you to have this insurance. If not, your condo board certainly will. If you don’t have condo coverage yet, call us now at Anchor Insurance Agency LLP in Plymouth, MN 

Coverage for Your Condo

There are several coverage types that are all rolled up into one policy. One of these is protection for the condo itself. Unlike home insurance, it doesn’t cover the entire building. The exterior walls and generally not covered under these policies. The exception is that you have made an improvement to the outside and need to cover that. When you get your condo covered, it usually covers the inside part of the outer walls and inward from there. This depends on whether you own what’s inside the outer wall, though. If so, that area, which includes electrical wiring and plumbing pipes, will have to be covered by your policy as well. 

Protect Your Belongings

All of your possessions that are inside the condo are also covered by your condo policy. If something were to happen that destroys or damages your items, your condo insurance would pay for you to repair or replace your items. This coverage comes in handy after a covered incident like a disaster that could ruin all of your belongings. And without your policy, you would pay for it all. 

Liability Coverage

Condo policies also have a component that is for your liability. If someone were to be inside your condo and have an accident, they may have medical bills due to injuries. And chances are that you are liable for paying those bills. With condo insurance, the policy pays them. 

Get Condo Coverage

If you own a condo and don’t have insurance for it yet, call us at Anchor Insurance Agency LLP in Plymouth, MN.

Anchor Insurance Agency LLP Life Insurance

Life insurance covers money after the insured person’s death or after the agreed time. In Minnesota, it is essential because it ensures the person’s family’s risk of monetary loss is mitigated when death occurs. Also, individuals may decide to get their cash at some point in life. According to Plymouth, MN residents, it is the best way to rest assured that the children’s and loved one’s financial situation is secured in case of death. Please get in touch with our agents at Anchor Insurance Agency LLP to get life insurance that meets the policyholder’s needs.

Is Life Insurance Mandatory in Minnesota?

This coverage is not legally compulsory in Minnesota. However, life insurance has been part of life planning and very important, especially for individuals with young children and those with loved ones who are physically disabled. Therefore, buying spectacular life insurance in Plymouth, MN is vital because it harbors various benefits, including:

Life Insurance Payouts Are Tax-Free.

In case of the insured’s demise, the beneficiaries get a lump sum in the form of a death benefit. The citizens of Plymouth MN are assured by the insurance company that the final death benefits are not taxable income, and the money is not reported when filing their tax returns.

Caters to Beneficiaries’ Living Expenses.

Residents of Minnesota do not have to worry about those depending on them to undergo any form of financial suffering. They get peace of mind knowing that in case of anything, their living expenses are covered. It is every person’s happiness to know that their loved ones are in good care.

It pays for final expenses

Paying for a funeral can be challenging, especially for the citizens in Minnesota who do not have enough savings. However, the beneficiaries can get the cash to pay for the funeral expenses from the money in the life insurance company. The Anchor Insurance Agency LLP provides the final expense coverage.

The Insured Can Cover For Chronic and Terminal Illnesses.

If the insured is diagnosed with a terminal ailment and is expected to live for just 12 months, their medical bills are covered under their life insurance. This concern is a great way to show that the insurance company cares for the well-being of its members.

Life insurance is the best deal one can have for themselves. Life is not guaranteed. Think about the living dependents. To ensure peace of mind and continued care for the dependents, it’s imperative for Plymouth, MN residents to contact our agents at Anchor Insurance Agency LLP to get more information about life insurance. Visit us today, and you won’t regret it.

Commercial Insurance & Product Liability

When you own a business, the last thing you want is to be held responsible for a faulty product. Even companies that do not manufacture products can be held responsible for them. Commercial insurance and product liability coverage can help in this matter.

Anchor Insurance Agency LLP, which serves Plymouth, MN, understands that product liability can be a tricky subject. Until you speak with an insurance agent about your own policy, there are a few things you should know.

How Does Product Liability Insurance Help Your Business?

Product liability insurance is meant to cover the expenses associated with an injury caused by a product you distributed, sold, or created. If a product is determined to have caused injury or property damage, product liability insurance might be used to cover these expenses. These injuries could include bodily injury, illness, or wrongful death. Each policy has its own stipulations, so paying attention to liability limits is important.

Does Your Business Need Product Liability Insurance?

Whether you sell, distribute, or create a product, you should consider liability insurance. This kind of insurance policy protects you from being forced to pay a settlement or legal fees. Even if your business is completely innocent and is not doing anything illegal, you benefit from having product liability insurance.

Speak With an Insurance Agent About Product Liability

If you need commercial insurance, including product liability coverage, you should speak with a professional. Whether you are a product manufacturer or a retailer, you should consider getting product liability coverage.

If you live in Plymouth, MN, contact Anchor Insurance Agency LLP to learn more about your insurance options. Commercial insurance can protect your business.

I Caused an Accident, Now What?

Being involved or worse, causing a car accident can be a horrible experience. Depending on the severity, you may have to deal with lawsuits and expensive medical bills for your casualties. At the same time, trauma, guilt, and other emotional and mental problems may develop as a result.  Whether you caused the accident in your hometown–Plymouth, MN or in another state, Anchor Insurance Agency LLP recommends knowing what to do to improve the situation if you caused an accident.

Stop and protect the scene

Never drive off from the scene of the accident. It doesn’t matter how big or small. Park your vehicle to the side of the road to reduce the risk of getting hit by another car. Put your hazards on to notify oncoming vehicles.  If the vehicle is immovable, get out and find a safe place as you wait for help.

Evaluate your injuries and those of your passengers

Next, check to see whether anyone is injured. If you have injured passengers, make sure they get urgent medical help. If you don’t have passengers in your car, walk to the next vehicle and check if there are any casualties. The injured parties should be rushed to the hospital. That means calling an ambulance immediately.

Call the police

Even if it’s a minor fender bender, never skip calling the police and get a legal accident report. If you don’t call the police, your victim or other road users will, which can aggravate the situation for you. Remember your insurance provider in Plymouth MN will need this report when you file a claim.

Provide information

Be sure to give your insurance information, but don’t admit fault for the accident. Collect the other driver’s insurance information even if you’re to blame for the accident. You should also document the accident scene for future reference.

Remember to keep your calm and wait for the police to arrive. Remember to carry enough auto insurance always. If you need to learn more about auto insurance, Anchor Insurance Agency LLP can answer any questions you may have.

How Condo Insurance Protects Your Finances

Owning a condo comes with a number of responsibilities, and one of those is having condo insurance. If you have a condo that isn’t insured, or it isn’t insured enough, call us at Anchor Insurance Agency LLP in Plymouth, MN to find out more about this insurance type.

Your Dwelling

When you own a condo, you own certain parts of your dwelling, namely, the inside. The outside of it and the common areas are the responsibility of the condo board. Your dwelling only includes the space that you own, which is often declared to be from the inside walls. Your condo insurance covers these areas and can payout when there is damage to it. This is important coverage to have so that you don’t have to make major repairs from your own pocket. 

Your Belongings

It isn’t just your part of the condo that is protected by condo insurance. It also covers all of your belongings inside it. If there were to be an incident that destroyed or ruined your possessions, your condo insurance can pay to have many of them replaced. It’s a good idea to always have an inventory of your expensive belongings so that you can let the insurance company know what you owned. Taking a video of your furniture and electronics is often recommended for doing this. 

Your Standard of Living

If a terrible incident did occur and your condo was made uninhabitable, your condo coverage would pay your expenses to live elsewhere. You get to keep your standard of living by having a habitable place to go and having the fees for living there paid for. Even expenses for your move can be covered. 

Protection for Your Condo

If you need your condo insured, contact us today at Anchor Insurance Agency LLP in Plymouth, MN to discuss it with an agent. 

Is Boat Insurance Required In Minnesota?

Acquiring boat insurance in Minnesota can be a prudent move to keep you relaxed when on the water. While boat insurance in Minnesota is not legally required by law, you need it to protect you, your boat, and your passengers when the unexpected occurs.

Are you concerned that you are not conversant about selecting the proper kind of boat insurance in Plymouth, MN? Connect with us today at Anchor Insurance Agency LLP, and our team will assist you in purchasing a proper boat insurance policy. 

Boat insurance coverage options in Minnesota

Whether you have a fishing boat, sailing boat, or Jet Ski, boating accidents and other risks can strike cause damage to you or your boat. In light of this, you need to cushion yourself with the below boat insurance coverages:

    • Comprehensive and collision coverages: These coverages protect your boat from both collision and non-collision risks, such as theft, vandalism, fire, hail, falling objects, and many others. 
    • Uninsured boater coverage: Since boat insurance isn’t mandatory in Minnesota, many boaters go without this insurance, putting you at risk. Thankfully, you can purchase uninsured boater coverage to cover you against property damage and bodily injury if you collide with a boater with zero boat insurance. 
    • Liability coverage: It caters to expenses incurred after causing property damage or bodily injury to other people.
    • Medical payments coverage: It pays for resulting expenses such as hospital bills and medication if you or your passengers get injured while on your boat.
    • Specialized coverage: This policy protects a specified item in your boat, such as navigation equipment or an expensive prop.
    • Salvage coverage: Pays to remove your boat from the water after an accident.

Knowing that your watercraft is safeguarded with boat insurance while cruising in water gives you peace of mind. If you are looking for boat insurance in Plymouth, MN, don’t look beyond Anchor Insurance Agency LLP. Contact us today, and our professional team will safeguard you together with your boat.

The benefits of wearing safety gear when riding a motorcycle

You’ll often see motorcyclists in Plymouth, MN, dressed as if they’re leaving for space with those black leather suits, heavy black boots, giant helmets, and heavy gloves. You’ll wonder why not just put on some Nike sneakers, a t-shirt, and some fancy shorts in that hot weather. Well, motorcycles are cool to ride but not when not well-protected. Unlike cars, motorcycles leave you exposed to the open air. The wind is similarly not always merciful, which can affect your respiratory system. If you’re planning to buy a motorcycle soon, here is why you should always wear your protective gear.

Cushion against falls

Even the most experienced riders in Plymouth, MN, the experience falls. Your motorcycle could develop mechanical problems that could leave you hitting the ground hard. Experienced riders make sure they’re well-dressed before heading out. Remember, the only thing preventing you from that hard surface is what you’re wearing.

Keeps you alive

The chances of getting out of a motorcycle accident alive are minimal, especially if the accident involved one or multiple cars. However, helmets are designed to protect your head from any impact and save you from severe head injuries. Depending on the type of accident you have, protective gear can increase your chances of survival.

Protects against harsh weather

Unlike vehicles where you can close the windows, motorcycles expose you to harsh climatic conditions. The air you breathe is generally cold, whether it’s summer or winter. Dressing in warm clothes keeps your body warm and prevents other respiratory problems like pneumonia.

Shows a sense of responsibility

At Anchor Insurance Agency LLP, we always insist on dressing appropriately whenever you’re heading out.  Not wearing a helmet and other safety gear creates an impression of arrogance, carelessness, and irresponsibility.

Don’t forget to buy enough motorcycle insurance. Our dedicated team of experts at Anchor Insurance Agency LLP is always ready to help you find a policy that matches your needs. Call us for a deal.

3 Critical Things to Know When Buying Umbrella Insurance for the First Time

3 Critical Things to Know When Buying Umbrella Insurance for the First Time

We buy insurance policies to protect our properties and our loved ones. Today, there exist policies that help protect us and everything about us, like umbrella insurance. Insurance experts in Plymouth, MN, continuously urge people to consider buying additional covers to protect themselves from financial strains when lawsuits get too nasty. If this policy is still new to you, Anchor Insurance Agency LLP will help you understand it better.

Umbrella insurance cannot be used independently

Do you know why umbrella insurance is referred to as ‘excess liability’ or ‘extra liability’ coverage? Well, you will not be able to use your policy if you do not have basic policies like auto, home, boat, or motorcycle insurance. Umbrella insurance is designed to be used only when the standard policy has been depleted. For instance, if you caused a road accident that caused fatal injuries and property damage, your auto insurance will be used to cover the damages up to the agreed limit, and umbrella insurance takes over and pays what is left.

Umbrella insurance does not cover intentional or malicious acts

While umbrella insurance is a personal policy, it doesn’t cover international acts. For instance, if you intentionally insulted someone or damaged their property intentionally, the coverage does not cover the lawsuits or damage related to those acts. The policy cover things like invasion of policy, wrongful eviction, libel, slander or defamation, false arrest, detention or imprisonment, and other vices.

The policy protects what matters to you most

Umbrella insurance is all about you—the policy owner. The policy covers all aspects of your job, hobbies, driving, pets, family members, and home, all at a relatively low cost. Some people think the policy is expensive because it covers many things, but that’s not true. Umbrella insurance is, in fact, one of the most affordable policies in Plymouth, MN.

Keep things wrapped up around your finger with adequate umbrella insurance from Anchor Insurance Agency LLP. Our insurance experts are always ready to help you protect your property and loved ones. Call us and get your customized policy today.

A Brief Guide to Boat Insurance

If you are new in Plymouth, MN, you have noticed that the city is located in a region with many lakes. As such, it is obvious that you will need a boat for leisure and fishing activities in these lakes. However, when buying a boat, remember that you will need boat insurance to protect the asset and yourself while boat riding. Anchor Insurance Agency LLP, leading insurance in this region, offers some simple guides on boat insurance.

Do You Need Boat Insurance?

Some people always wonder whether they need boat insurance, yet they have homeowner insurance covering all the property assets. However, as trends show, your home insurance will only cover a smaller percentage of your boat’s value, which means you need to make sure you have a specific insurance policy for your boat. 

What Does Boat Insurance Cover?

Typically, your boat insurance will cover most of the liabilities that your boat will cause to others. Some of the other areas that you can expect your boat insurance to cover include bodily injury liability, guest passenger liability, property damage liability, and associated medical expenses in cases where your passengers are injured. 

Boat Insurance Costs

There is no cast-on-stone cost for boat insurance. Everything depends on the level of coverage you will be looking to get. Other factors that will influence your boat insurance expenses include the value of your boat, horsepower, and size, among others. 

Where Can You Buy Boat Insurance?

As a Plymouth, MN resident, you don’t have to wonder where you will buy your boat insurance. Anchor Insurance Agency LLP will provide you with a boat insurance policy that will meet your insurance requirements. You can contact the organization’s insurance agents to determine whether you qualify for discounts based on your boat type.