Category: Insurance

To explore the "Land of 10,000 Lakes" properly, you’ll need a boat. But, in Minnesota, you should have boat insurance too.

Before you head for open waters, make sure you’re protected. Serving Plymouth MN, Anchor Insurance Agency LLP understands that waterways are much more enjoyable when you have the peace of mind that only boat insurance can provide.

To stress this importance, Anchor Insurance Agency LLP lists five facts about boat insurance.

Boat insurance covers any watercraft.

As the name implies, boat insurance is designed to protect any motorized watercraft from damage or loss. To achieve this, most policies include collision and comprehensive coverage.

But the benefits don’t stop there.

Boat insurance covers so much more. These policies shield you, your guests, and other boaters. Bodily injury and property damage liability is the primary way that boat insurance secures you and your assets.

Boat insurance isn’t required in Minnesota.

While it’s not mandated, boat insurance is still encouraged. The security and peace of mind these policies provide far outweigh the risk of going without it.

Home insurance isn’t enough coverage.

Some homeowner’s policies will also extend to your boat. However, this offers only limited protection. Only a dedicated boat insurance policy can provide full coverage.

Keep boat insurance all year.

Don’t let your policy lapse during the off-season. Although canceling your boat insurance over the winter can seem like an easy way to save money, problems could still arise. Accidents can still happen even in storage. Vandalism, theft, and other natural disasters could cost even more in the long run.

Contact an agent serving Plymouth, MN

Anchor Insurance Agency LLP knows that inadequate coverage can weigh you down. But their expert agents can throw you a lifeline, by providing a personalized boat insurance policy. Schedule an appointment today.

Anyone that is in the Plymouth, MN area will find that proper insurance support is very important. If you are looking to enhance your personal insurance protection, getting an umbrella insurance plan is always a good idea. This type of coverage provides additional liability protection, which can be in addition to other insurance plans. There are various situations when someone should get this insurance. 

Those that Want More Coverage

A situation in which someone will want to get umbrella coverage is when they want to have more coverage. If you have an existing home or auto plan, you likely will have some liability insurance already. However, there is always going to be a risk that you could cause an accident that causes damages in excess of your policy limits. With umbrella coverage, you will obtain additional support to help mitigate this risk. 

Protection for Unpredictable Risks

While you can get liability insurance for claims under a home or auto plan, there are also liability risks that are much harder to predict. A great way that you can ensure you are prepared for the unexpected is by getting umbrella coverage. With this additional support, you will receive proper protection as umbrella coverage is much broader. This can help you prepare for risks that are harder to predict. 

People that are in the Plymouth, MN area will always benefit by having an umbrella insurance plan. If you are evaluating your insurance options and want to learn more about this unique form of coverage, calling Anchor Insurance Agency LLP will be a great idea. The team with Anchor Insurance Agency LLP can help you better assess your needs for this coverage. They will then provide the guidance needed to build a plan that will properly protect your home. 

If you own a condo in Plymouth, MN, you might not think of extra coverage since you already contribute to the condo owners association (COA) master policy. The reality is that the COA policy covers damages and liabilities occurring in common areas such as the swimming pool and the lobby. For losses or damages happening inside your condo, that’s your headache. For this reason, condo insurance from Anchor Insurance Agency LLP becomes a must-have investment to protect you when the unexpected knocks on your doors.

Here are the top 5 reasons you need to draw your check and invest in condo insurance.

To protect your belongings

If it were not for the electronics, furniture, and fixtures in your condo, your dwelling would just be an empty house. Since these assets mean a lot to you, it makes sense to invest in coverage that compensates you when damages and losses occur to your belongings. And that’s where condo insurance comes in.

To cover liability claims

If you, your family member, or your pet cause property damage or bodily injury to third parties, you could be held responsible for the ensuing medical or property damage costs. Luckily, condo insurance ensures you don’t incur out-of-pocket expenses when liabilities come calling.

Loss of use

If a risk listed in your condo insurance makes your dwelling unlivable, condo insurance steps in and pays for the additional living expenses you may incur while seeking temporal shelter. Costs covered include transport costs and hotel food, accommodation, and laundry.

To cover the interior of your condo

The master policy covers the exterior of the building, but for the inside, you are responsible for the damages. Condo insurance covers the interior of your building, including the walls, fixtures, and fittings.

Loss assessments and deductibles

Should the COA policy fail to cover the claims, condo owners can be assessed to cover the additional cost. Thankfully, you don’t have to incur this from your pocket if you have condo insurance.

Ready to invest in condo insurance? Please get in touch with Anchor Insurance Agency LLP of Plymouth, MN for an affordable condo insurance policy.

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.

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.

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.

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.

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.

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. 

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.