How To Protect Your Business With Umbrella Insurance

When a Saint Paul, MN business is looking to protect themselves over the short term and long haul, Rising Star Insurance is here to help. The concept of umbrella insurance may be a difficult one to understand but there is no shortage of benefits to be enjoyed. A company that does not have umbrella insurance is leaving themselves exposed to major lawsuits that can wipe out a business completely.

Saint Paul, MN businesses that have already obtained insurance may wonder if umbrella insurance is truly necessary. In order to preserve assets and property, umbrella insurance is one of the key components of this process. Let’s take a closer look at the following benefits:

Property Damage

A garden variety insurance will not provide the protection that a business owner requires in these instances. If property damage takes place and there is no umbrella insurance policy to speak of, a business owner is often forced to shoulder the full financial burden. This is especially crucial when the costs exceed a general liability plan. 

Bodily Injury

Any business owner that has opened their company to the general public will need to purchase an umbrella insurance policy. The typical policy is only able to offer coverage up to a certain number. If bodily injury occurs on the premises, the business owner remains liable for what has taken place….even if their policy cannot offer the necessary assistance.

Offsite Damages

Let’s say that the company employs workers who are responsible for offsite jobs. When one of these employees has an accident or incident that causes damage, an umbrella insurance ensures continued protection. There are increased liability risks associated with working offsite that have to be addressed in a proactive manner. 

If you have any further questions about the best ways to protect a business with umbrella insurance, be sure to stop by Rising Star Insurance and receive a free quote with no obligation. 

How Much Life Insurance Do You Need?

Life insurance is one of those things no one really wants to think about. However, it is a certainty. Sooner or later your family will need it. How much do you need? How can you know that your loved ones will be financially stable when you pass away? If you need life insurance in Saint Paul, MN, Rising Star Insurance has a plan that’s right for you. 

Do You Need Life Insurance?

Before you answer the question of how much, you must first determine if you need it in the first place. Do you have the financial means to cover your final expenses? Not just burial costs, but unpaid medical bills and other debts? Do you have dependents or a spouse that relies on your income?

Life insurance makes good financial sense if:

  • Others rely on your income
  • You have debt
  • You don’t have enough to cover final expenses

How Much Life Insurance Is Enough?

The simplest way to figure out if you have enough life insurance is to multiply your yearly income by 6 or 10. This should give you a ballpark figure. However, there are other considerations as well.

First is debt. You want enough insurance to cover any debt you may leave for your loved ones. This includes mortgage, credit cars, auto loans, medical bills, and any other debts.

Final expenses for a funeral are normally between $10,000 and $20,000. It’s a good idea to check in your local area ahead of time. In fact, you may be able to select a plot and plan your funeral ahead of time, so you have an exact price and your loved ones won’t have to arrange things.

Lastly is leaving enough money for those who depend on your income. If your spouse also works or would be capable of working in the event of your passing, 6 to 10 years’ worth of income can be suitable. However, if your spouse has no other income or there is a special situation like a disabled or ill child, you will want to take this into consideration. How much would it take for them to be taken care of until retirement?

Life insurance isn’t fun to think about, but it can be comforting to know that your loved ones will be cared for if you pass. Rising Star Insurance in Saint Paul, MN can offer you and your family peace of mind, which is priceless. 

How Would Commercial Insurance Protect a Company in Saint Paul

Saint Paul, MN area is very well known for having a good local economy. Due to a strong population basis and good median income, it can be a great place for anyone to start a small business. While this area offers a lot of potential and promise for small business owners, there are still risks that come with starting a company. One way that you can protect your company is by getting commercial insurance as it can protect your organization in many different ways.

Ensures Your Investments are Secure

One benefit of getting commercial insurance is that it can help to ensure that your business investments are secure. If you are going to start a company, you will need to invest some money in assets to get it off the ground. If you have commercial insurance, these assets will be covered in the event of damage, theft, or other situations that could result in a loss.

Minimizes Liability Risk

All businesses take on the risk of liability on a daily basis. Since the repercussions of liability can be significant, you want to make sure that you have good insurance in place. A commercial insurance policy will give you the liability protection that you need. 

If you would like to open up a business in the Saint Paul, MN area, it is clearly a very good idea to get commercial insurance for your company. When you are ready to start looking for your next commercial insurance policy, a great company to reach out to is Rising Star Insurance. The insurance professionals at Rising Star Insurance have helped many small business owners better understand their insurance needs and options. This will ensure that your company receives the protection that it needs through a quality commercial insurance policy. 

Upgrading Your Boat? Don’t Forget to Give Your Insurance a Boost Too

It seems like once you experience the pleasures of owning a boat, there’s no going back. If anything, you simply begin a lifelong obsession that includes trading in one boat for another, better one. If you have upgraded your boat recently, it’s important to also take a look at your insurance to make sure that it remains sufficient. The team at Rising Star Insurance has been serving the boating insurance needs of the greater Saint Paul, MN community and understands that spending time out on our area lakes is an important part of summer! We are here to provide any guidance that you may need when upgrading your insurance policy upon purchasing a new boat.

Don’t Forget to Upgrade Your Insurance Too!

A new boat is a time for celebration and excitement, but don’t let that make you complacent about your insurance coverage. Too many people wing it when it comes to their insurance. Sure, they sit down with their agent and discuss all of their options when they take out their initial policy, but after that, there’s not a lot of attention given to making sure that their policy coverage is keeping up with their needs. Your coverage needs will change as the value of your boat increases, your teenage children start operating it, or if you alter your storage and docking practices. Don’t forget to make sure that your coverage is keeping up with your needs.

Is it time for a boat upgrade? If you have plans to trade in your Saint Paul, MN area craft for a newer or bigger model your coverage needs will likely change. Contact the team at Rising Star Insurance today, and we will get you out on the water with the protection you need!

Can You Buy Multiple Life Insurance Policies?

At Rising Star Insurance, serving the Saint Paul, MN area, we are asked many questions about life insurance policies. One of the questions that we have heard multiple times is whether one individual can purchase more than one life insurance policy, or have more than one life insurance policies out on their life. If this is a question you have been wondering, read on to learn the answer to this question. 

Can You Buy Multiple Life Insurance Policies? 

You can both purchase as many life insurance policies as you want and have as many life insurance policies as you want out on one person at the same time. There is no limit to the number of life insurance policies that you can buy, as long as the person you are insuring agrees that you can take a policy out on them, when applicable. Likewise, there is no limit to the number of life insurance policies one person can have out on them at one time. 

Why Would You Purchase Different Life Insurance Policies? 

One person may be purchasing various life insurance policies to ensure they are covered in the event someone important in their life passes away, such as their spouse, parents or business partner. 

One person may have different life insurance policies out on them for a number of reasons. It is common for a divorced couple with minor children to have life insurance policies on each other to help ensure the children are supported in the event one parent passes away. A spouse may also have a life insurance policy in place. Lastly, business partners may have life insurance policies out on each other to help protect their business finances in the event one party passes away. 

Whether you are looking to purchase one life insurance policy or more than one life insurance policies in the greater Saint Paul, MN area, we at Rising Star Insurance can help you. Contact us to discuss your life insurance needs with us and we will work with you to find you the right life insurance products for your needs. 

What kind of coverage do I need for my business

Being a business owner comes with lots of liability. Having the correct insurance for your particular type of business is important for your financial security. Commercial insurance is not a one size fits all type of insurance. At Rising Star Insurance in Saint Paul, MN, they would be happy to discuss your commercial insurance needs with you and help you find the perfect policy for your business.

Property Insurance This type of policy covers the physical building in which your business resides as well as the equipment used to transact your business. Depending on the type of insurance you choose you will be covered for fire, theft, vandalism, lightning, hail, wind and other perils. One of our agents can help you decide which offers the coverage you need.

Commercial Vehicle Insurance While similar to personal auto insurance, commercial vehicle insurance typically has higher liability limits. It covers vehicles that are owned by the business as well as vehicles that may be rented. Beyond just liability, collision and comprehensive may be called for.

Liability Insurance If a customer is injured while visiting your business or while using a product that you sell, you could be held responsible. This coverage typically protects against bodily injury, damage to another person’s personal property, personal injury, and advertising that may be considered false or misleading. If you have high assets, an umbrella policy can extend the limits of coverage.

Workmen’s Comp Insurance  In Minnesota, workmen’s compensation insurance is mandatory. Employers can choose to buy insurance or self-insure. This insurance is required for all employees both full and part-time and protects both your business and your employees.

Why not give us a call and make an appointment to come in and talk to one of our agents. At Rising Star Insurance in Saint Paul, MN, we pride ourselves on providing our clients with great service and insurance that will protect them from all the issues that can arise when you own a business.



Is having a motorcycle insurance policy a necessity for me?

Riding a motorcycle in the Saint Paul, MN area on a nice sunny day can be a lot of fun. While a motorcycle is often considered a recreational mode of transportation, it is also an important asset that you need to have fully covered by insurance. There are a variety of reasons why having motorcycle insurance in place could be a necessity for you. 

Meet State Requirements

One of the reasons why you need to get insurance coverage for your motorcycle is because it will help you to meet state requirements. Those that operate a motorcycle are required to carry liability insurance at all times. For owners of a motorcycle in the Saint Paul MN area, this type of coverage will provide protection if you are found liable in an accident. Not carrying this insurance could lead to financial penalties or loss of your license. 

Lender Requirements

In many different situations, you will need to take out a loan to purchase a motorcycle. Lenders that provide these types of loans are used to creating loan agreements that will dictate the type of insurance that they have. These requirements will normally require that you meet the state insurance requirements while also making sure that you have a full insurance policy in place to protect against any type of loss. For a lender, this will make sure that they have adequate insurance protection in place to cover their collateral. 

If you have a motorcycle and want to make sure that it is properly covered by insurance, you should speak with the team at Rising Star Insurance. the professionals at Rising Star Insurance will help you better understand your motorcycle insurance needs and make sure that you get the coverage that you need to have. 

What is a state-commissioned, commercial insurance underwriter?

What is a Commercial Insurance Underwriter? How do You Find One in Your State?

Insurance underwriters work in quite a similar function to mortgage or even equity or credit underwriters, for instance, their job being no less thorough and their tasks no less rigorous. Their overall mission is to review multiple applications for insurance coverage and then use risk analysis as the main means by which they can then finalize their decision on rejecting or accepting each applicant, one by one. In any day or week, these professionals can expect to see the data of hundreds of applicants. 

What Kind of Training or Other Credentials Do These Professionals Hold?

Chartered Property and Casualty Underwriter, otherwise known as CPCU, is one major professional designation and field of service that many have followed in order to become licensed as insurance underwriters. Another is the Chartered Life Underwriter title, also called the CLU. The Insurance Institute of America offers training for the latter, providing its rigorous program of study to all interested. The American College offers schooling for the CLU.

Other Details to Note

Median annual salaries of appx. $70,000 are what professional certified, locally licensed insurance underwriters tend to make, on average. The U.S. Bureau of Labor Statistics continually updates these statistics. But these figures are from its most recent 2017 findings. Reviewing current clients for continuing coverage is another one of their main tasks. Those insured must continue to qualify or "re-qualify". 

Rising Star Insurance – Great Commercial Insurance in Saint Paul MN

Rising Star Insurance, joyfully serving Saint Paul, MN and beyond, is here for you at any time. Reach out to them directly via web or phone. They’d love to service your needs for commercial insurance, clarifying any doubts you may have as well. Bring your questions or concerns! 

What are the Benefits of Classic Car Insurance?

Owning a classic car is a dream for many people in the Saint Paul, MN area. Like any other type of vehicle, you will need to make sure that you have the standard liability insurance coverage in place if you are to take a classic car out on the road. However, you should also have classic car insurance coverage for your vehicle. This is a unique type of auto insurance that will provide you with a variety of benefits.

Coverage Designed for Classic Cars

One advantage of classic car insurance is that it can provide you with additional vehicle coverage. Most auto insurance providers traditionally use an actual cash value or stated value policy to determine coverage levels. This is often not enough coverage given the underlying value of a classic car. With classic car insurance, you can negotiate a much higher coverage level based on the market value of the collector’s item. 

Specialized Services

If you have a classic car, you can also get specialized services that are designed for these older and valuable vehicles. For example, you can get roadside assistance from services that guarantee flatbed towing, coverage for the expensive replacement parts to retain the classic status, and even the ability to pick the repair shop of choice. This will help to ensure your classic car stays in great shape and retains its value. 

If you have a classic car in the Saint Paul, MN area, you should speak to the team at Rising Star Insurance. The professionals at Rising Star Insurance will be able to better explain to you all of the benefits that come with this specialized insurance. We will then help you to get into a classic car insurance policy that provides you and your vehicle with the right type and level of coverage. Contact our offices to receive a quote.

What about taking my RV to another country, like Mexico or Canada?

Traveling to another country is a fun and enriching experience, and RV owners can get the best of both worlds as they bring the comfort of their home away from home. But before you leave Saint Paul, MN, check with Rising Star Insurance to make sure you are protected in case of an accident. 

Especially when you are in a different country with different rules, you want to make sure you have the protection you need and that you know what to do if there should be an accident. 

Some factors to take into account 

It’s better to know your plans in advance for several reasons. One reason is that identification requirements have changed in the last several years and you want to make sure you won’t be turned away for not having the proper credentials. Another reason is that you will base your conversation about insurance on some important variables. 

Among those are questions like:

  • How many days will you be in the other country? 
  • What is the value of your RV?
  • What areas of the other country are you visiting?  
  • Do you want to take advantage of additional coverage for vandalism, theft, and roadside assistance? 

Other country’s requirements 

For instance, in Mexico, you will be required to show proof that your policy complies with Mexican law. Often, this will mean partnering with an insurance company based in Mexico. 

Don’t let the details drag you down and keep you in Saint Paul, MN. If you want to take the trip of your dreams, call Rising Star Insurance so we can help you get the protection you need for your trip.