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Posts Tagged ‘ insurance ’

Commercial Car Insurance: FAQ

Tuesday, January 7th, 2020

As one of the leading providers of commercial car insurance in North Dakota and Minnesota, Fargo Moorhead Insurance gets a lot of questions on the topic! Today, we’re going to go over some of the frequently asked questions and answers on this subject to help you get all the information you need.

What is commercial auto insurance? 

This is a form of car insurance designed to insure the business use of a vehicle against property damage and liability claims. 

Who needs commercial auto insurance?

If you drive a vehicle just for business use or you drive a personal vehicle for business, it is important to have commercial auto insurance! In either of these situations, the vehicle will not be covered under a personal auto policy which is why commercial car insurance is necessary.

What does this insurance cover?

There are several things that can be covered under a commercial car insurance policy,

Including:

  • Property damage liability
  • Liability for bodily injury to others
  • Optional bodily injury coverage for injuries that occur outside of the state where you live
  • Personal injury to you or your employed drivers or passengers. Personal injury protection includes medical expenses and lost wages
  • Collision coverage for costs associated with an accident, regardless of fault
  • Comprehensive coverage for damage from events other than a collision
  • Medical payments coverage for hospitalizations, treatment, and funeral expenses
  • Uninsured and underinsured motorist coverage
  • Non-owned auto coverage if you or your employees drive a rented or borrowed vehicle
  • Loading and unloading liability
  • Substitution transportation if your commercial vehicle is being repaired and you need a loaner from the repair shop
  • Towing and labor costs

How much does this coverage cost?

The price of auto insurance for a business vehicle will depend on several things, including the size and scope of your business, how many people use the vehicle, and how many vehicles are being insured. Making sure your commercial vehicles are equipped with any and all available safety features and that drivers complete safe driving courses are effective ways to get the best deal for your coverage.


Another way to ensure you’re getting the best deal for commercial auto insurance in Fargo and Moorhead is by working with the right company! Give the team at Fargo Moorhead Insurance a call today to discuss your policy options. 

Understanding Surety Bonds for Your Business

Sunday, December 22nd, 2019

Does your business utilize surety bonds? These can be a vital tool for businesses that need to protect themselves from financial loss. They’re a good way to manage and transfer risk in certain situations, and they can help protect both private and public interests. The idea of surety bonds might seem complicated at first, but it’s actually a pretty simple process involving three parties.

1. The principal

The principal is the person, group, or party who buys the bond. The principal is the hired party, and the surety bond ensures the obligee will receive compensation if the principal doesn’t fulfill their obligations. This party must agree to terms of repayment, and this is often with interest.

2. The obligee

The obligee is the party that requires the principal to ensure a surety bond to protect themselves from financial loss. This is the party that hires the principal. By securing a surety bond, the obligee is guaranteed the services are performed or that they’ll receive financial compensation if not.

3. The surety

The surety is the financial institution or body that secures the funds for the bond and guarantees the principal will be able to fulfill a financial obligation. Consider the surety to be a lender for simplicity’s sake.

In the event of a claim, the surety bond company pays the obligee, and then the principal must pay the surety back via annual bond premium that between 1% – 15% of the total bonded amount until the obligation is complete. If a principal doesn’t meet their bonded obligation and a claim is filed against them, the surety covers the claim and recoups the money via indemnity.

While a variety of industries utilize surety bonds, they’re most common within the construction industry. Relating to construction, surety bonds are used to protect against disruptions or financial risk due to a contractor’s failure to complete a project or to meet contract specifications. These bonds ensure a construction project’s bills will get paid and are often required by investors.

To learn more about protecting your business (no matter the industry) from a variety of financial risks, give Fargo Moorhead Insurance a call today so we can help!

How to Determine Your Home’s Water Damage Risk Before It’s Too Late

Tuesday, June 4th, 2019

Have you ever dealt with water damage in your home? If so, you know it can happen in a matter of seconds and it doesn’t take long to cause incredible damage.

Here are a few ways to help determine your home’s water damage risk so you can address any potential red flags before it’s too late!

The Age of Your Plumbing

If the plumbing in your home is old, there’s a better chance of pipes rusting, breaking, or causing other problems. This is one reason older homes have a greater risk of water damage.

New homes aren’t immune to water damage from plumbing either, but they’re often covered by warranties from the builder.

The Buildup of Snow and Ice on Your Roof

When a significant amount of snow or ice accumulates on your roof, it greatly increases your risk of water damage. The snow and ice can melt and back up into your home. Often, the damage will be hidden in the attic and homeowners won’t realize it’s happening until the damage is catastrophic.

If your roof has more than two feet of snow or more than two inches of ice, hire a snow removal company to clear your roof, because doing so on your own poses safety risks.

The Condition of Your Basement

Basements are notorious for flooding issues, so there are things you should be on the lookout for so this doesn’t happen to you.

  • The slope of the ground
  • Ineffective drains
  • Improperly sealed basement windows
  • Cracks in the foundation

Your Proximity to Water

Living near a body of water might never cause you any problems, but all too often, these bodies can overflow and result in flooding of the land and property around them.

If you live in close proximity to water, be sure to speak to your insurance company about your options for financially protecting yourself. You can also consult with experts for advice in protecting your home from water damage.

If you have questions about insuring your home for water damage, get in touch with Fargo Moorhead Insurance today!