Patrick J. Thomas Agency

Surety Bonds and Commercial Insurance
small business
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Forming an LLC? Here’s Why You Still Need Liability Insurance

If there’s one thing (future) business owners will need to understand, it’s commercial insurance. Making sure your business is covered from liability is crucial to keeping you out of bankruptcy and in business for years to come. That’s why many business owners choose professional liability insurance. But is this type of business insurance necessary for limited…

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teenager
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How to Set up a Guardianship for a Child Turning 18

Parents of children with special needs are well versed in making decisions for the child when it comes to their healthcare. However, when the child turns 18 years old, this process becomes more difficult. Parents will soon realize that they cannot make medical decisions for their child as they once used to. Medical…

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A Quick and Simple Explanation of Surety Bond Indemnity

Indemnity is one of those words that gets thrown about when it comes to surety bonds. It’s important, but also often misunderstood. What is indemnity? Better yet, what is an indemnity agreement? And how does it work when it comes to a surety bond?  Find out what you need to know about surety…

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old hands
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Why Guardianships are Better than Healthcare Directives

Retirement is filled with many decisions. One of those is how to make healthcare decisions for a person when they become no longer able to do so themselves. There are many ways to do this. Two of the major options are healthcare directives and guardianships. What are these? How do they work?…

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business car
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Everything You Need to Know About Auto Insurance for Your Business

Everyone who drives and owns a car is familiar with auto insurance, but what if you own a vehicle for your business? How is it insured? Can you put it under your personal plan? Is there a specific type of commercial auto insurance for vehicles owned and used by a business? These are all good…

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small business
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What to Know About Business Insurance when Selling Your Company

Thinking of selling a business in Minnesota? Whether you selling to a person or another company, or even shutting down, there are many things you need to take into consideration regarding your commercial insurance policies.  If you are planning on selling soon, here is what you need to know.  About…

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car wash
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Which Businesses Need to be Bonded in Minnesota?

If you own a business in Minnesota, you may need to acquire a license bond to protect your customers. License and permit bonds provide protection to your customers should you fail to perform a specific duty. They make your business more reputable, but they can also be required depending on…

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attorneys
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How Professional Liability Insurance Works and Why You Need it

As a business owner, you have enough to worry about. Insurance shouldn’t be a part of those worries. Business insurance is designed to mitigate risks and protect your business without having to create a headache for you. This is true for liability insurance. You need a plan but purchasing one doesn’t have to be a confusing process. This…

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signing paperwork
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Planning an Estate? Look for These Types of Surety Bonds

Planning an estate isn’t an easy process. There’s a lot to consider, which is why it’s always advisable to work with an attorney. One of the things you and your friends and family may need to prepare for is obtaining the right surety bonds to go along with your estate. Depending on how…

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legal documents letters of credit
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Why Surety Bonds Are Better Than Letters of Credit

If you own a business and are looking to protect yourself and your customers, you’ve likely heard two terms:  Surety bonds  Letters of credit  Both of these are three-party agreements that offer financial protection in certain instances, but both operate very differently from one another. We’ve heard that letters of credit…

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