Agent or broker commissions are customarily paid by the insurance carrier as a percentage of the premium. In addition to compensation received for such services, the brokerage firm, or a related entity, may also receive interest on fiduciary funds and compensation for additional services provided to either the client or the insurance carrier. To the extent such compensation exists, it is included in the cost of the insurance offering, unless disclosed otherwise. Additional services could include, but are not limited to: underwriting services, program administration services, loss control services, appraisal services, claims management, and other services provided to either the client or the insurance carrier. While these services are generally included in the cost of the insurance offering, any services contracted for by the client directly will be invoiced accordingly.
With exception the brokerage firm may also receive income as a result of contingent income or supplemental income agreements with insurance carriers, which may include income specifically received for reinvestment in the brokerage’s internal training, external marketing, technology enhancement, and other related items. Exceptions are as follows:
Any client may “opt out” of having the premiums associated with their placements included in any contingent income and/or supplemental agreement that Ideal Insurance Agency may enter into.
The “opt out” form is available by clicking the “opt out” link. The “opt out” provision applies only to those accounts served directly by Ideal Insurance Agency as a retail agent or broker. It does not apply to account placements wherein Ideal Insurance Agency’s role is that of a wholesaler, MGA, or program administrator working with non-Ideal Insurance Agency brokers who represent the client. This information, along with a reply to any other questions on the compensation aspects of a client’s placement, is also available upon written request directed to:
Ideal Insurance Agency
33 10th Ave S Suite 110
Hopkins MN 55433
1In general, “contingent income” means additional compensation received from any insurer that is contingent upon the insurance broker: (a) placing a particular number of policies or dollar value of premium with the insurer, (b) achieving a particular level of growth in the number of policies placed or dollar value of premium with the insurer, (c) meeting a particular rate of retention or renewal of policies in force or dollar volume of premium with the insurer, or (d) placing or keeping sufficient insurance business with the insurer to achieve a particular loss ratio or any other measure of profitability.
In general, “supplemental income” means additional compensation received from any insurer for eligible classes of business based upon a prior year’s results that is not contingent upon the “contingent income” criteria identified in footnote 1.
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Why Ideal Insurance Agency
General Liability $350
Minimum Premium starting at $350 a year in many states. Many Billing programs available depending on program including monthly, quarterly and semi-annually.
Workers Compensation $270
Minimum Premium starting at $270 a year in many states. Many Billing programs available depending on program including monthly, quarterly and semi-annually.
Minimum Premium starting at $250 a year in many states. Many Billing programs available depending on program including monthly, quarterly and semi-annually.
Commercial Auto $500
Minimum Premium starting at $500 a year in many states. Many Billing programs available depending on program including monthly, quarterly and semi-annually.
Minimum Premium starting at $50 a year in many states. Many Billing programs available depending on program including monthly, quarterly and semi-annually.
Chris Bridenstine : 952-479-0047
Toll free: 855-479-0047
Mon: 8:30 AM – 5:00 PM
Tues: 8:30 AM – 5:00 PM
Wed: 8:30 AM – 5:00 PM
Thurs:8:30 AM – 5:00 PM
Fri: 8:30 AM – 5:00 PM
Sat: By Appointment
Providing insurance to business owners and individuals for over 20 years
Tailored insurance policies
When Can Coverage Start
Get covered today. It’s easy as 1-2-3!
Many of our programs have same day coverage availability.
How To Start Coverage
Getting coverage in place accurately and with the correct coverage is important.
The following is a great way to get it done.
We have tons of programs and different types of coverage to fill gaps and protect most all of your insurance needs.
Our carriers and programs have tons of excellent options and unique details.
Many types of business can fit in our programs. Just a few include
Your Insurance Breakdown
We have programs that can package coverage that will broaden and increase coverage where your business need it most. Our goal is to provide more for the insurance dollar than any of our competitors.
We provide many options and the ability with one call, email or letter have our agency research and service your business for years to come.