Insurance FAQ Minneapolis MN

Q: What is the difference between an insurance agent and an independent insurance agent?
A: The big difference is the amount of choices you have when you choose an independent insurance agent, sometimes referred to as an Insurance Broker. The key difference between insurance broker and agent is that an insurance agent (also called captive agent) typically works for only one insurance company and therefore only have one options for you, compared to an insurance broker who will work with multiple insurance companies and can effectively “shop” the best insurance for you.

Q: Can you save money with an insurance broker?
A: Yes! This is true most of the time because an independent  insurance agent has many companies to choose from. As an example, at One Source we have over 30 A rated and A+ rated companies so chances are we’re going to save you money.

Q: Are there other advantages to choosing an independent agent or broker?
A:  There are many reasons to choose an independent agent. Not only can we provide better pricing, we often times provide better insurance.  Take life insurance as an example; a captive insurance company may not be the best choice or the most experienced in this area of insurance. You are far better off choosing a company that specializes in life insurance as opposed to getting life insurance from the same company that provides your car insurance. We have knowledge and experience and will always strive to match you to the best insurance for you.

Q: What if I don’t recognize the name of the insurance company?
A: It’s okay.  You probably aren’t aware that insurance companies get rated based on their financial strength and their history of paying claims. We only work with A rated or A+ rated insurance companies so there is never a concern.

Q: Do you work with personal and business insurance?
A: Absolutely. We provide insurance options for individuals and businesses alike. Every business requires insurance of some kind. We work with commercial companies and businesses. Our main goal is make sure our clients are appropriately covered. With our years of experience we advise you on the best options and make sure you understand the risk of being under insured.

Q: What is business insurance?
A: Every business needs insurance to help protect them from financial losses caused by risks to their property and income. Covered risks can include things like theft, damage, and lawsuits. Insurance for businesses, also known as commercial insurance, help protect businesses from financial losses resulting from liability claims.

Q: What types of business insurance do you offer?
A: It doesn’t matter what size the company is, there is a need for insurance.  Typical advice for any business owner is to make sure they have a good accountant and a good attorney. It’s imperative to also have the proper coverage.

We offer: townhome association insurance, condo association insurance, insurance for property managers, bar and restaurant insurance, Clinic insurance, insurance for senior living facilities, and more.  If you have a commercial operation or a business, we can help.

Q: What business insurance do I need?
A: Almost every business needs at least commercial insurance, general liability and business income coverage to help protect their company’s property, income and financial assets. For small businesses, a business owner’s policy can provide all three coverages in a single policy.

• Commercial Property Insurance – Most businesses own a substantial amount of physical property. This property may include one or multiple locations as well as tools, computers, inventory and even accounts receivable. Commercial property insurance can help cover the loss of these assets if they are damaged or destroyed by a covered event.
• General Liability Insurance – No matter how cautious business owners are, accidents can happen. For example, a customer may accidentally get hurt in a company’s store, or employees may accidentally damage customer property while working on-site. Liability insurance can help protect businesses from the risk of liability claims such as bodily injury, property damage or even advertising mistakes.
• Business Income Insurance – Businesses rely on many types of property to function and generate income. If a business owner must suspend operations due to a covered loss like a fire or theft, business income insurance can help replace income lost as a result. This can help them continue to meet obligations like payroll and rent.

Q: Can you provide insurance for all of our recreational vehicles?
A: Yes, this is an area where we can add value to you. If you are like most Twin City residents, chances are you have at least one or more recreational vehicles. In addition to your car insurance, we can also provide coverage for your boat, motorcycle, and any other recreational vehicle.

Q: When should I contact an independent insurance agent?
A: Don’t wait until your insurance is about to expire. Contact us right away so we have time to compare your insurance and make sure you are appropriately covered. Having said that, we can advise you on ways to help ensure you get the best rates. The sooner you contact us the sooner we can be proactive on your behalf.