Patrick J. Thomas Agency

Surety Bonds and Commercial Insurance
renew contract
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What You Need to Know About Renewing a Surety Bond

Surety bonds generally don’t last forever. Many operate within a certain time frame, and a sort of “expiration date” can be attached to them. While the effect of the bond may expire after the bond’s term has come to an end, bonds can often be renewed in order to extend their coverage further. If you…

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preparing for guardianship hearing
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How to Prepare for a Guardianship Hearing

The Uniform Guardianship and Protective Proceedings Act, a Minnesota law, guarantees that a guardianship proceeding will take place in probate court. During this proceeding, a guardian will be appointed and approved by the court. This person will oversee the responsibility and obligation to care for a child or protected person, and their…

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commercial buildings
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5 Types of Commercial Insurance Your Business Needs

Every business needs commercial insurance to protect themselves and their employees. But no two businesses are the same. Every business will have a different insurance plan, not to mention different types of insurance that are crafted based on their business needs and goals. Although there are dozens of types of commercial insurance offered…

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vacant land
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Vacant Property Coverage for Conservatorships

It’s not uncommon for those managing a conservatorship for a protected person in Minnesota to have to confront the challenge presented by vacant properties. It’s common that a protected person may still possess a piece of property where they no longer reside, but that property may still need to be protected by some type of insurance. As a conservator,…

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underwriting
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The Challenges of Being Appointed as Fiduciary and Acquiring a Bond

Underwriting is a required part of the surety bond process. Sureties need to understand the risks associated with providing a bond for a particular person, organization, etc., so they will look for certain criteria and red flags that are known to cause risks. This also plays into the price paid for the bond, but it’s…

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carleton college minnesota
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Surety Bonds for Post-Secondary Schools in Minnesota

Back in 2019, the Minnesota state senate passed bill 2415, which dealt with higher education appropriations and policy provisions. Among these provisions were changes to the types of educational institutions that are required to post a surety bond that provides coverage based on the educational program they provide.  What Types of Educational…

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time
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What to Do If You Are a Conservator and Need a Surety Bond

Most conservatorships, whether new or existing, are required by the courts in their state to obtain a surety bond. These conservatorship surety bonds provide protection for the person who is the subject of the conservatorship in the event that the conservator fails to faithfully fulfill their duties. In many cases these bonds are required either before or just…

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savings
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The Pros and Cons of Offering an HSA to Your Employees

As business owner, you are tasked with deciding which benefits to offer your employees. This includes healthcare plans, which may or may not include Health Savings Accounts (HSAs). In the end, it’s up to you whether to include an HSA with your benefits package and doing so can provide a lot of benefits to both…

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signing a contract
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Understanding Surety Contracts and Bonds

Understanding a contract is important regardless of its contents. It’s never a good idea to sign your name onto anything that you do not explicitly understand. This is the case for any contract, and it’s especially important in the surety industry. Whether you are a guardian seeking a guardianship bond, a business seeking a licensing bond, an attorney seeking…

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auditing
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How to Prepare for Workers’ Compensation Audits

Workers’ compensation is a valuable piece of commercial insurance that nearly every business can benefit from holding. It protects the wages of employees in the event one of them is unable to work due to a workplace incident. It also helps businesses provide more value to their employees while protecting their financial assets.  Most businesses…

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