Insurance FAQ: Common Questions Answered | MM Insurance Associates

Find answers to the most common insurance questions from MM Insurance Associates. Whether you need business insurance, contractor coverage, home and auto policies, or specialty insurance for real estate investors, our team is here to help. Can't find what you are looking for? Call us at (262) 754-4736.

About MM Insurance Associates

What is MM Insurance Associates?

MM Insurance Associates is an independent insurance agency located in New Berlin, Wisconsin. Founded in 1997, we represent dozens of insurance carriers to provide business, personal, real estate, and specialty insurance throughout the Milwaukee metro area and across 24 states.

What does it mean to be an independent insurance agency?

An independent agency represents multiple insurance carriers, not just one company. This means we can compare coverage options and pricing from dozens of companies to find you the best fit. Captive agents like State Farm or Allstate can only offer their single company's products.

What states does MM Insurance serve?

We are licensed in 24 states, giving us the ability to serve clients across a wide geographic area. Our office is in New Berlin, Wisconsin, and we serve clients in person, by phone, and online.

What are your office hours?

Our office is open Monday through Friday, 8 AM to 4 PM. You can reach us at (262) 754-4736 or visit us at 15885 W National Ave, Suite 300, New Berlin, WI 53151.

How do I get a free insurance proposal?

Contact us at (262) 754-4736, email us, or visit our Quick Links page at insurewithmm.com/customer-portal to submit a request. Proposals are always free and come with no obligation.

What insurance carriers does MM Insurance work with?

We represent dozens of carriers including Nationwide, Erie Insurance, Travelers, Liberty Mutual, and many more. This allows us to shop your coverage across multiple companies to find the best combination of protection and price.

Business Insurance

What types of business insurance does MM Insurance offer?

We offer general liability, commercial property, workers compensation, commercial auto, professional liability, umbrella policies, business interruption, cyber liability, employment practices liability, and industry-specific coverage for construction, restaurants, manufacturing, and more.

How much does business insurance cost?

Business insurance costs vary widely based on your industry, revenue, number of employees, coverage needs, and claims history. A basic general liability policy might start at $500 per year, while a comprehensive package for a medium-sized business could be $5,000 to $50,000+ annually.

Is workers compensation required in Wisconsin?

Yes. Wisconsin law requires workers compensation insurance for all employers with three or more employees, including part-time and seasonal workers. Failure to carry workers comp can result in penalties and personal liability for workplace injuries.

What is a Business Owners Policy (BOP)?

A BOP bundles general liability and commercial property insurance into one policy, often at a lower cost than purchasing them separately. It is a good starting point for small businesses with straightforward insurance needs.

What is commercial umbrella insurance?

Commercial umbrella insurance provides additional liability coverage above your general liability, commercial auto, and employer's liability limits. It kicks in when a claim exceeds the limits of your underlying policies.

What is business interruption insurance?

Business interruption insurance covers lost income and ongoing expenses when your business cannot operate due to a covered event, such as a fire, natural disaster, or equipment failure that forces a temporary closure.

Does MM Insurance offer cyber liability insurance?

Yes. Cyber liability insurance covers data breach costs, notification expenses, credit monitoring for affected customers, business interruption from cyber attacks, and liability claims arising from data breaches.

Contractor Insurance

What insurance do contractors need in Wisconsin?

Most Wisconsin contractors need general liability, workers compensation (if 3+ employees), commercial auto, tools and equipment coverage, and often a commercial umbrella policy. Specific requirements depend on your trade and the projects you take on.

How much does contractor insurance cost in Wisconsin?

Costs vary significantly by trade. A painting contractor might pay $6,000 to $18,000 annually, while a roofing contractor could pay $20,000 to $60,000+. Key factors include your trade, payroll, revenue, claims history, and coverage limits.

What is a certificate of insurance (COI)?

A COI is a document issued by your insurance company proving you have active coverage. General contractors, property owners, and municipalities typically require COIs before allowing you on a job site. MM Insurance provides fast COI service.

What does additional insured mean?

When you add someone as an additional insured on your policy, they receive liability protection under your coverage for claims arising from your work. General contractors commonly require subcontractors to add them as additional insured.

Do subcontractors need their own insurance?

Yes. General contractors typically require subcontractors to carry their own general liability and workers compensation insurance. Without it, the GC's policy may be charged for uninsured subcontractor exposure.

What is builder's risk insurance?

Builder's risk insurance covers buildings under construction against damage from fire, wind, theft, and other covered perils. It protects the structure, materials, and improvements during the construction or renovation period.

What is an experience modification rate (EMR)?

Your EMR compares your workers compensation claims history to other businesses in your trade. An EMR below 1.0 means fewer claims than average (lower premiums). Above 1.0 means more claims (higher premiums).

What trades does MM Insurance cover?

We insure all types of contractors including general contractors, electricians, plumbers, roofers, HVAC technicians, painters, landscapers, concrete and masonry, carpenters, welders, and specialty trades.

Home Insurance

What does home insurance cover?

Home insurance covers your dwelling structure, personal property, liability claims, medical payments to others injured on your property, additional living expenses if your home becomes uninhabitable, and other structures like garages and fences.

How much does home insurance cost in New Berlin, WI?

Home insurance costs in New Berlin vary based on your home's value, age, construction type, and coverage limits. Average annual premiums in the area range from $1,000 to $3,000 depending on these factors.

Is flood insurance included in home insurance?

No. Standard home insurance does not cover flood damage. If your home is in or near a flood zone, you need a separate flood insurance policy through the National Flood Insurance Program or a private flood carrier.

What is the difference between replacement cost and actual cash value?

Replacement cost pays to rebuild or replace damaged property with new materials of similar quality. Actual cash value pays only the depreciated value at the time of loss. Replacement cost coverage provides better protection.

How can I lower my home insurance premium?

Bundle with auto insurance, increase your deductible, install security and fire detection systems, maintain a claims-free record, update your electrical and plumbing systems, and compare proposals from multiple carriers through an independent agent.

Auto Insurance

What auto insurance is required in Wisconsin?

Wisconsin requires minimum liability coverage of 25/50/10: $25,000 per person and $50,000 per accident for bodily injury, plus $10,000 for property damage. Uninsured motorist coverage at the same limits is also required.

How much does auto insurance cost in New Berlin?

Auto insurance costs depend on your driving record, vehicle type, coverage levels, and deductibles. Average annual premiums in the New Berlin area range from $800 to $2,500. We compare rates from multiple carriers.

What is the difference between comprehensive and collision?

Collision covers damage from accidents with other vehicles or objects. Comprehensive covers non-collision events like theft, hail, vandalism, animal strikes, and falling objects.

Can I bundle home and auto insurance?

Yes. Bundling home and auto with the same carrier typically saves 5-15% on your combined premiums. Ask us about multi-policy discounts.

Real Estate Investor Insurance

What insurance do real estate investors need?

Real estate investors need landlord property insurance (not standard homeowner coverage), general liability, umbrella liability, and potentially builder's risk for renovation projects. Coverage varies by investment type.

Is homeowner insurance enough for a rental property?

No. Homeowner insurance does not cover properties rented to others. Using a homeowner policy on a rental property could result in denied claims and policy cancellation. You need a landlord or dwelling policy.

How much does landlord insurance cost in Wisconsin?

Landlord insurance typically costs 15-25% more than standard homeowner insurance for a comparable property, usually $1,200 to $3,000+ per year depending on property value, location, and coverage limits.

Does MM Insurance cover house flipping?

Yes. We provide builder's risk insurance, vacant property coverage, general liability, and other coverage specifically designed for house flipping operations.

What is loss of rental income coverage?

This coverage reimburses rent payments you would have received if your rental property becomes uninhabitable due to a covered loss like a fire or storm. It helps you continue paying your mortgage while repairs are made.

Life Insurance and Benefits

What types of life insurance are available?

The main types are term life (coverage for a set period), whole life (permanent with cash value), and universal life (flexible premiums and coverage). Each type serves different financial planning needs.

How much life insurance do I need?

A common guideline is 10-15 times your annual income, but the right amount depends on your debts, mortgage, dependents, education costs, and lifestyle. We help you calculate the right amount for your situation.

What is key man insurance?

Key man (key person) insurance is a policy a business takes out on an essential employee or owner. If that person passes away, the business receives the death benefit to cover the financial impact.

Does MM Insurance offer disability insurance?

Yes. We offer disability insurance that replaces a portion of your income if you become unable to work due to illness or injury. This is an important part of a complete protection plan.

Boat Insurance

Is boat insurance required in Wisconsin?

Wisconsin does not legally require boat insurance, but most marinas require it, lenders require it for financed boats, and it is strongly recommended given the liability and property risk involved.

How much does boat insurance cost?

Boat insurance typically costs 1-2% of the boat's value per year. A $50,000 boat might cost $500 to $1,000 annually depending on type, horsepower, storage, and your boating experience.

Does MM Insurance offer high-value boat insurance?

Yes. We specialize in high-value boat insurance with agreed-value coverage, electronics protection, and wreck removal coverage for larger vessels.

Claims and Service

How do I file an insurance claim?

Contact MM Insurance at (262) 754-4736 and our team will guide you through the claims process. You can also visit our Quick Links page for carrier-specific claims information.

How quickly can MM Insurance issue a certificate of insurance?

We typically issue certificates of insurance the same day they are requested. Contact us at (262) 754-4736 for fast COI service.

Can I switch my insurance to MM Insurance mid-policy?

Yes. We can review your current coverage at any time and, if we find better options, help you transition to new coverage. In many cases, you can switch mid-term with a pro-rated refund from your current carrier.

Does MM Insurance help during the claims process?

Absolutely. As your independent agent, we advocate on your behalf during the claims process, helping you file the claim, communicate with the adjuster, and work toward a fair settlement.

Still Have Questions?

Our team is happy to answer any insurance questions you have. Contact MM Insurance Associates at (262) 754-4736 or visit our Quick Links page to get started. We provide free, no-obligation insurance proposals for individuals and businesses throughout Wisconsin and 23 additional states.