Patrick J. Thomas Agency

Surety Bonds and Commercial Insurance
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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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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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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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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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Which Types of Business Insurance Are Required in Minnesota?

As a business owner in the state of Minnesota, there are many types of commercial insurance available to protect your business against a variety of risks. While many of these types of business insurance are optional from a legal standpoint, some are required by law.  If you own a business in Minnesota,…

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Establishing a Conservatorship for a Minor in Minnesota

Establishing a conservatorship for a minor in Minnesota may be required by the courts if the minor is set to inherit more than $5,000 from an estate, life insurance policy, or other inheritance. In the event that a conservatorship is required, there are several things that you should consider before you get started.  Conservatorships Differ from Guardianships You may or may not…

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What Protections are Available Under Minnesota Conservatorships

Those subject to conservatorships in the state of Minnesota are guaranteed certain rights and protections, as dictated by state law. These are put in place to protect against numerous things, including fraud, mismanagement of funds, abuse, etc. Whether you are a person who is subject to a conservatorship or are assuming the role of a conservator in…

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What to Know Before Granting Power of Attorney

Granting Power of Attorney in Minnesota is a simple process, but it’s not one to be taken lightly. Always consult with an attorney before taking this legal action.  A Brief Definition of Power of Attorney Power of Attorney is a written document used when an adult (the principal) wishes to have another adult (the agent or attorney-in-fact) handle…

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Difference Between General Liability and Professional Liability Insurance

As a business owner, you will be required to purchase several different types of commercial insurance in order to own and run your business, regardless of the state in which you operate. Two of the more common types of insurance are general liability insurance and professional liability insurance. Liability is a risk for every business, which…

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Tips for Obtaining Replevin Bonds

Replevin is a court action that allows for property to be returned to its rightful owner pending the outcome of the decision made in court. In the simplest terms possible, it is a court action that determines the owner of a property. When replevin is used in court, the plaintiff who is…

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