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Woodbury, MN 55125

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Minnesota Insurance Blog

What commercial insurance is required in Minnesota

Business owners in Minnesota have certain requirements when it comes to commercial insurance. It doesn’t matter whether you are a small business owner or a large business owner; when it comes to commercial insurance you are all businesses. At Kriener Insurance in Woodbury, MN, we know just how risky it is to own a business and how many businesses fail. We work with our customers to make sure they have the right commercial insurance so that they can survive no matter what hazard hits them.

Commercial Insurance Requirements

In Minnesota, the only mandated commercial insurance is workers’ compensation. If your business has any employees, they need to be covered by workers comp either through an insurance policy or through self-insurance. This protects your employees but it also protects you from being sued by an injured employee. 

Businesses are required just as any vehicle owner is in the state of Minnesota to have the mandated amount of auto insurance. 

There are other types of commercial insurance that are not required but are a very good idea for any business to have. Commercial liability and property insurance are both very helpful in the event your business runs into any covered issues. 

Commercial property insurance will protect the business building if you own it but it also protects the content of the building, which may include things like machinery, office equipment, electronics, raw materials, tools, inventory, and display units. Basically, the things you use to run your business. 

Commercial liability insurance will help protect your business from the results of legal action against you. You may not want to think about it, but up to 35% of businesses get sued in any given year, which means the risk to you is real. 

Contact Kriener Insurance in Woodbury, MN when you have questions or are in the market for new commercial insurance. 

How Much Home Insurance Do You Need?

Most people have no idea how much home insurance they need. Many people don’t even know what it is. Home insurance is a type of insurance that covers damage to your house and its contents in a disaster, such as fire or theft. It’s essential to have the proper insurance in place if anything happens to your home.

The first thing you need to know about home insurance is that it’s not one-size-fits-all. It would be best if you got a plan that matches your needs. How much insurance do you need? It depends on the value of the home and its contents. The cost of rebuilding your home, plus the price of replacing personal property like furniture, clothing, and appliances, should be factored into the equation.

Homeowners’ policies offer three different types of insurance: Actual Cash Value (ACV), Replacement Cost Coverage (RCC), and Extended Replacement Cost Coverage (ERCC).

Actual Cash Value (ACV)

This type of insurance is the cheapest, but it covers only what your home and possessions are currently worth. With this coverage, your insurer subtracts depreciation from the replacement cost to arrive at a dollar amount for reimbursement.

Replacement Cost Coverage (RCC)

This type of policy insures your home and possessions for their replacement value. Replacement cost coverage doesn’t consider depreciation, so it costs more than ACV insurance.

Extended Replacement Cost Coverage (ERCC)

This is the most expensive policy, but it offers the best protection. An ERCC policy will pay to replace your home and possessions even if it costs more than the original value.

Understanding How Much Home Insurance You Need

Insurance comes down to two basic numbers: the replacement value of your home and its contents and the deductible. Your insurance agent can help you determine how much insurance you need to keep your home, possessions, family, and future intact.

Home insurance is something that every homeowner should have. Kriener Insurance offers an array of home insurance options in Woodbury, MN. Call us today for a free quote.

A Brief Guide to Renters Insurance

Whether you are getting your first place of your own, or you are downsizing and need to rent for a little while, you want to ensure that you consider renters insurance in the midst of everything else you need to do. Some view renters insurance as unnecessary, but if there is an unexpected disaster that crops up, this type of insurance can save you from financial hardship. Kriener Insurance, serving Woodbury, MN, wants to share a few things you need to know about renters insurance.

How It Works

Renters insurance offers a bit of a safety net for you when you are living in a property you must pay monthly rent on. Renters insurance covers primarily structural damage, but it may also pay out for the damage or theft of some of your personal belongings.  

What It Covers

Basically, a renters’ insurance policy will offer coverage to repair/replace your belongings if they are damaged by a covered peril or stolen. As a general rule, renters insurance will pay to put you up in a temporary home in the event that a covered peril leaves your home inhabitable. This coverage also covers medical and legal expenses if an individual injures themselves on your property. 

Is It Required?

More often than not, renters insurance is not mandatory. However, a landlord has the right to require renter’s insurance from their tenants. Even if it is not required, you may want to consider purchasing a renters’ insurance policy. Your personal possessions, from clothes and furniture to appliances and electronics, hold a lot more value than you think. 

If you are renting and would like to obtain your own renters’ insurance policy or learn more about how you can benefit from this type of coverage in Woodbury, MN, contact Kriener Insurance.

How Can Umbrella Insurance Protect Me in Minnesota?

Many people think umbrella insurance is a waste of money and just a way for insurance agents to sell a little more – but hear us out! There are so many financial benefits to having umbrella insurance; you just have to find the right coverage. The team at Kriener Insurance is here to help. 

Residents of Woodbury, MN and the surrounding areas are typically homeowners, who drive vehicles and many of them have other investments. These may include rental properties, a small business, or life insurance. Umbrella insurance exists as an add-on to the insurance policies you already hold on these valuable investments. 

While your coverage may be good for your home insurance or commercial insurance, umbrella insurance can offer that next step of protection that becomes so valuable when you need it the most.

Particularly if you have additional assets, like other properties, a life insurance policy, a boat, or an RV… these are all valuable assets that umbrella insurance can protect if your coverage runs out. 

The team at Kriener Insurance are well experienced at assessing the value of any current assets and determining if your coverage lines up appropriately. If coverage falls short, there are various recommendations we can make to relieve your financial responsibility. Umbrella insurance is one of these options. 

Before you write umbrella insurance off as a fluffy insurance add-on, do some research and determine whether or not you think it may be a good fit for your financial protection in Woodbury, MN. 

If you have any questions or want to learn more about how umbrella insurance can provide peace of mind for your family, contact the team at Kriener Insurance today. We’re here to help! 

Do You Lose Life Insurance Coverage If Your Policy Lapses?

You missed a payment on your life insurance policy, and you’re afraid that it’s going to lapse. We’ve seen this happen many times at Kriener Insurance and help Woodbury, MN, residents through this challenging period. 

Most Companies Provide A Grace Period 

If you miss a payment, your insurance company usually provides a grace period that allows you to catch up with your payment before they cancel your policy. These periods vary but typically last about a month. In this way, you can catch up with your payments and keep your policy strong. 

If you miss your grace period, your company will cancel your life insurance policy. Some companies may have another grace period during which you can reinstate the policy and avoid any loss. However, this situation can often be hard to handle and require working directly with your insurance provider. 

Reinstating Your Policy 

Once your life insurance policy is canceled, your loved ones won’t get any payment if you pass, and you might be much harder to insure in their eyes. In addition, they may require you to pay more money for your policy or decrease the value of the procedures available to you. 

These steps are not to “punish” you for missing a payment. Instead, they’re away for the insurance company to protect its investment. When you miss payments and allow your policy to get canceled, you show that you’re a risk and need to prove that you’re a good investment again.

Get the Policy You Need 

As you can see, you need to avoid letting your policy lapse to ensure that you don’t run into any issues. Contact us at Kriener Insurance if you live in or near Woodbury, MN, and we’ll do what we can to help you out here.

Is auto insurance a necessity?

Are you a car owner or aspiring to buy a new or second-hand car in Woodbury, MN? It’s imperative to understand that auto insurance is not only vital for your vehicle but also for your financial liability as well. If you are involved in an accident, you could plunge yourself into paying hundreds of dollars if not thousands for resulting damages and injuries out of pocket. Therefore, it’s paramount to buy prolific auto insurance in Woodbury, MN because it helps you cater to damage to your vehicle or any overall medical costs for you or your passengers sustained after an accident. Please feel free to speak to our dedicated agents at Kriener Insurance, and they will assist you in designing a customizable auto insurance quote that matches your lifestyle and budget.

Is auto insurance a necessity?

The versatile benefits of auto insurance are plentiful, particularly when you are involved in an accident. Devoid of magnificent insurance in Woodbury, MN you will be required to pay for injuries and damages out-of-pocket and navigate the aftermath on your own. Auto insurance harbors the following benefits.

It safeguards you against lawsuits.

Did you know that you could lose your assets after causing a significant accident propagating massive injuries and damage to the other party’s properties? Luckily, with auto insurance, you get assistance with claims that third parties file against you after an accident. That encompasses legal defense if you require it.

It’s a legal requirement.

Many states, including Minnesota, advocate for all drivers to carry a car insurance policy to drive on their roads to guarantee their protection. Minnesota is also a no-fault insurance state. Driving without the minimum requirements mandated by the state may attract dire consequences such as losing driving privileges and sometimes being sent to jail.

Liability protection

Liability protection is a legal requirement in many states to drive a car. Liability coverage helps you cater to expenses emanating from injuries and property damage you inflict on other parties after being deemed responsible for an accident.

Asset protection

Owning a car is a significant milestone for any Woodbury, MN, resident. Therefore, it warrants formidable protection from imminent perils like theft and other calamities. Comprehensive coverage repairs or replaces your vehicle after being stolen or damaged by non-collision events like fire. Additionally, collision coverage repairs or replaces your car if it gets physically damaged through collision with other vehicles or stationary objects.

Do you have auto insurance in Woodbury, MN? If not, you need to get one as soon as possible to guarantee your protection and that for your car. Please call or visit us at Kriener Insurance and get detailed information about auto insurance.

Which coverages should freelancers buy to protect their businesses?

Many people are choosing freelancing due to its innumerable self-employment benefits. It gives you the right freedom to explore the world, spend time with family and earn your income as you want. However, if you’re planning to start your own freelancing business in Woodbury, MN; you need to get the right commercial insurance coverages to protect your business. At Kriener Insurance, we recommend learning about different business insurance policies to determine which ones work best for you. Here are a few examples to get you started.

General liability insurance

Every business owner, including freelancers, should have general liability insurance, which helps protect people from liability claims and other common accidents in the workplace. Even if you work from home, accidents happen everywhere, which can leave you dealing with deadly and expensive lawsuits.

Professional liability insurance

While general liability protects your liability claim for personal injuries and damage, professional liability or errors and omissions help cover legal bills for lawsuits related to your professional services. For instance, if you are a freelance writer and a client decides to sue you for delivering poor quality work, professional liability insurance can help pay the legal fees.

Cyber liability insurance

Cyber liability is critical, especially if your freelance work involves working or managing jobs online, which most freelancers do. Data breaches, fraud, and other cybercrimes can be very expensive to deal with, but if you have cyber liability insurance, your finances and business will keep running smoothly.

Commercial property insurance

Even if you’re a freelancer who mainly works from Woodbury, MN home, it’s essential that you have commercial property insurance to protect your office. Remember, home or renters insurance does not cover damages related to your business property. Whether you own a small apartment, office or simply use your living room as your office, this coverage may help pay for any accidents that could happen to your workspace.

Need to get several business policies for your freelancing business? You are in the right place. Kriener Insurance helps you choose the most appropriate coverages and take you through the entire purchase process. Feel free to call us to book an appointment.

Does Home Insurance Cover Other Structures?

Not all of life’s problems are predictable, and you want to be covered just in case. Every property has different insurance needs. If your home has at least one other structure on its property, you want to make sure that it is covered by your homeowner’s insurance policy.

Kriener Insurance, which serves Woodbury, MN, understands your desire to protect all of your personal property. Here’s what you need to know when it comes to protecting structures on your land.

Homes Are Not the Only Structures You Want to Cover

There are plenty of structures you might have on your property, including a garage, guest house, shed, or personal gym. In many cases, a home insurance policy does cover other structures on the property designated for personal use. Likewise, homeowner’s insurance policies may encompass the personal items inside these buildings.

There are many exceptions, which is why it is crucial to discuss your home’s structures with an insurance agent. For example, different policies may have different stipulations for structures used for business purposes, even if they are on your personal property.

What Kind of Coverage Should You Consider?

Each insurance policy is different. No matter the kind of insurance you choose, you may want to consider coverage for personal property and liability for other structures on your land.

If you are still unsure if your home insurance policy will cover your entire property, you should speak with an insurance agent. A professional can tell you whether your office, tool shed, pool house or guest house is covered by your policy. Kriener Insurance helps residents of Woodbury, MN choose an insurance policy that suits their needs.

How Renters’ Insurance Works

When you live in a rented home, you need to have renters’ insurance to protect yourself and your finances. If you don’t have one of these important policies in place, call us right away at Kriener Insurance in Woodbury, MN to talk to an agent. 

Your Possessions

When you rent a home, chances are that everything you own is inside it. That makes it vital that you have a renters’ insurance policy. This type of policy protects you by covering your belongings against being ruined or destroyed. If an accident, calamity or disaster results in your items being seriously damaged or completely destroyed, your renters’ policy would help you to get them replaced. This is valuable for every renter so that they never find themselves without anything after a serious incident. 

Covering Your Standard of Living

If you live in a rental, what happens to you if it is seriously damaged or destroyed? If you don’t have any insurance, chances are that you would be out of luck and have to try to come up with enough money to live elsewhere while the repairs were being made. However, with a renters’ policy, your policy will pay for you to move to a habitable address and to stay there until you can return to your rental. This allows you to keep a stand of living that is similar to what you had before the incident happened. 

Protecting Your Finances

If you were to have someone in your rental that had an accident and became injured, you would likely be liable for their medical bills. If you don’t have renters’ insurance, you are likely to be sued for those bills. However, with a renters’ policy, those bills get paid by the policy, and no lawsuit is required. 

Get Your Renters’ Policy

If you don’t have this policy in place, call us at Kriener Insurance in Woodbury, MN.

Understanding Umbrella Insurance

Investments come in many packages. Your home, bank accounts, and business ventures are all considered investments. As such, they each need protection so that they can best serve you in the future. At Kriener Insurance, serving Woodbury, MN, we can help you better understand how to protect all of your investments with umbrella insurance. 

What Is Umbrella Insurance?

Umbrella insurance is a unique insurance product which can bring added protection and security to your investments. If you already have home, vehicle, life, or commercial insurance in place, umbrella insurance can be an add-on policy for catastrophic events. 

Each type of insurance product will have limits to the coverage the policy will payout. If an event takes place that exhausts these policies’ limits, your assets could be left vulnerable to make up the difference. Umbrella insurance can kick in to provide additional coverage and payouts. 

Who Needs Umbrella Insurance?

Anyone can benefit from umbrella insurance, but it is often most beneficial for those who have significant assets they wish to protect. This can include retirement accounts, investment accounts, properties, and more. If your current policies are exhausted after a claim, those assets can be held liable by law to satisfy the expenses. Umbrella insurance will provide that needed extra layer of protection to make sure this doesn’t happen.

How Much Coverage Do I Need?

Each individual will have a unique situation which will require evaluation. Sitting down with an insurance representative is a great way to better understand your insurance needs and to figure out how much coverage you will need.

If you would like to learn more about insurance products and services, please contact us at Kriener Insurance, serving Woodbury, MN. 

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