Richfield State Insurance

What Richfield State Insurance does

Richfield State Insurance is an independent insurance brokerage founded in 1947 and headquartered in Richfield, Minnesota, serving the Twin Cities metro and surrounding Midwest communities. The agency distributes personal lines (auto, homeowners, renters, condo, recreational vehicles, umbrella, pet, and specialty coverages), commercial lines (business owners policy, general liability, workers' compensation, commercial auto, professional liability, bonds, and specialty commercial products), and financial products (life, health, disability, annuities, and long-term care) through approximately 17 carrier appointments including Allstate, Progressive, Nationwide, The Hartford, Liberty Mutual, Travelers, MetLife, CNA, and several regional insurers. Distribution is sales-led: licensed agents perform needs-based consultations via phone, email, and in-person meetings at the Cedar Avenue office, with a website-based quote form powered by the third-party AgentInsure platform funneling inbound leads to agents.

Name

Richfield State Insurance

Legal name

Richfield State Insurance

Website

https://richfieldinsurance.com

Company type

Private

Founded year

1947

Operating status

Operating

Headcount range

11–50 employees

Short description

Richfield State Insurance is an independent insurance brokerage founded in 1947, serving Twin Cities consumers and small businesses with personal, commercial, and life insurance across approximately 17 carrier appointments.

Ownership category

akta.pro rank

Product category

Insurance Brokerage Services

NAICS

Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

General Liability Insurance (FSAJAMAE)

akta.pro secondary industry

Umbrella Insurance (FSAJAMAK)

Keywords

• Independent insurance agency
• Personal lines insurance
• Commercial lines insurance
• Insurance brokerage services
• Life and health insurance

Headquarters

HQ city

Richfield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Commission Revenue: As an independent insurance agency, Richfield State Insurance earns commissions from insurance carriers for policies placed. They represent multiple financially sound insurance companies and match customer needs with appropriate carriers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Richfield State Insurance is an independent insurance brokerage that places personal and commercial insurance policies through a network of more than 15 carrier partners, including auto, homeowners, renters, condo, recreational vehicle, commercial general liability, business owners policy, workers' compensation, life, health, disability, and long-term care coverage. Agents consult with clients to evaluate needs, match them with appropriate carriers, and earn commissions on the policies sold.

Product overview

Richfield State Insurance is an independent insurance agency offering a comprehensive portfolio of personal, commercial, and financial insurance products. The core offerings include Auto Insurance, Homeowners Insurance, and Business Insurance, with extensive product lines covering personal auto, homeowners, condo, renters, dwelling fire, landlord packages, recreational vehicles (ATV, snowmobile, motorcycle, boat, personal watercraft), personal umbrella, pet insurance, scheduled personal property, and wedding insurance on the personal side. Commercial products include bonds, builders risk, business auto, business owners policy, commercial general liability, commercial package policy, commercial property, commercial umbrella, contractors liability, errors and omissions, landlords package, liquor liability, product liability, professional liability, specialized coverages, and workers' compensation. Financial products include annuities, disability, health, life, and long-term care insurance. The agency operates as a traditional independent insurance agency with no apparent digital platform, API, or technology integrations.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance Automobile insurance coverage that protects vehicles and drivers, including standard to special and rare vehicles, with optional coverages and discount opportunities for safe driving. Distribution is provided through Richfield State Insurance agents matching customers with carrier options.
• Homeowners Insurance Coverage for residential homes including homeowners, renters, condominium, and vacant home policies tailored to individual demands, distributed through the agency's carrier network.
• Business Insurance Commercial insurance coverage offering riders to full coverage on business-related products, including Business Owners Policy, Commercial General Liability, Workers' Compensation, Commercial Property, Bonds, and Professional Liability, available to businesses from one-person operations to larger enterprises.
• Condo Insurance Insurance coverage specifically designed for condominium owners, placed through carrier partners.
• Renters Insurance Insurance coverage for renters to protect their personal belongings and liability.
• Dwelling Fire Insurance Fire insurance coverage for dwellings, commonly used for landlord rental properties.
• Landlord Package Insurance Comprehensive insurance package for landlords covering their rental properties.
• Recreational Lines Insurance Insurance coverage for recreational vehicles including ATV, snowmobile, motorcycle, boat, personal watercraft, and recreation vehicles.
• Personal Umbrella Insurance Additional personal liability coverage that extends beyond standard policy limits.
• Pet Insurance Insurance coverage for veterinary expenses and pet-related incidents, offered through carrier partners.
• Scheduled Personal Property Insurance Coverage for specific high-value personal items that are individually scheduled and appraised.
• Wedding Insurance Insurance coverage for wedding events to protect against unforeseen circumstances.
• Bonds Surety bonds for commercial and business purposes placed through carrier partners.
• Builders Risk Insurance Insurance coverage for buildings under construction or renovation.
• Business Auto Insurance Commercial automobile insurance coverage for business vehicles.
• Business Owners Policy (BOP) Comprehensive insurance package combining property, liability, and business interruption coverage for small businesses.
• Commercial General Liability Insurance Liability coverage for bodily injury, property damage, and personal injury arising from business operations.
• Commercial Package Policy Customizable commercial insurance package combining multiple commercial coverages.
• Commercial Property Insurance Insurance coverage for commercial buildings and business contents.
• Commercial Umbrella Insurance Additional liability coverage extending beyond commercial policy limits.
• Contractors Liability Insurance Liability coverage specifically designed for contractors.
• Errors and Omissions (E&O) Insurance Professional liability coverage protecting against claims of negligence or inadequate work.
• Liquor Liability Insurance Coverage for businesses that sell, serve, or distribute alcohol.
• Product Liability Insurance Coverage for claims arising from products manufactured, sold, or distributed by a business.
• Professional Liability Insurance Insurance protecting professionals against claims of negligence or mistakes in their services.
• Workers' Compensation Insurance Coverage for employee injuries and illnesses sustained during employment.
• Annuities Financial products providing regular income payments, typically used for retirement planning.
• Disability Insurance Insurance coverage providing income replacement if an individual becomes disabled.
• Health Insurance Coverage for medical expenses and healthcare costs.
• Life Insurance Insurance coverage providing financial protection to beneficiaries upon the policyholder's death.
• Long Term Care Insurance Insurance coverage for extended care services such as nursing home, assisted living, or in-home care.

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

18 partnerships are on record, tiered core and minor.

• AllstatecoreChannel Partner/ Reseller/ DistributorMajor national insurance carrier represented by Richfield State Insurance. Provides personal auto, home, and business insurance products through the independent agency channel.
• ProgressivecoreChannel Partner/ Reseller/ DistributorNational insurance carrier providing auto and home insurance. Richfield State Insurance writes Progressive policies for customers seeking their coverage options.
• NationwidecoreChannel Partner/ Reseller/ DistributorMajor insurance carrier providing auto, home, and business coverage. Listed as Allied/Nationwide on claims page with dedicated claims contact.
• The HartfordcoreChannel Partner/ Reseller/ DistributorInsurance carrier specializing in business and personal insurance products. Provides auto/home claims and business policy claims options.
• Liberty Mutual InsurancecoreChannel Partner/ Reseller/ DistributorNational insurance carrier providing personal and business insurance products through independent agents.
• TravelerscoreChannel Partner/ Reseller/ DistributorMajor commercial and personal lines insurance carrier. Provides separate contacts for personal lines and commercial lines claims.
• Safeco InsurancecoreChannel Partner/ Reseller/ DistributorPersonal insurance carrier (part of Liberty Mutual) providing auto and home insurance products through independent agents.
• American Strategic Insurance Corporation (ASI)coreChannel Partner/ Reseller/ DistributorInsurance carrier now operating under Progressive Home brand. Provides home insurance coverage options.
• Auto-OwnerscoreChannel Partner/ Reseller/ DistributorRegional insurance carrier providing auto, home, and business insurance primarily in the Midwest.
• HagertyminorChannel Partner/ Reseller/ DistributorSpecialty insurance carrier focused on classic cars, boats, and recreational vehicles. Appeals to customers with special/rare vehicles.
• MetLifecoreChannel Partner/ Reseller/ DistributorMajor national insurance carrier providing auto, home, and life insurance products. Listed with dedicated claims contact.
• State Auto Insurance CompaniesminorChannel Partner/ Reseller/ DistributorRegional insurance group providing personal and commercial insurance products.
• Western National InsuranceminorChannel Partner/ Reseller/ DistributorRegional insurance carrier providing personal and commercial coverage in the Midwest.
• EncompassminorChannel Partner/ Reseller/ DistributorPersonal insurance carrier providing auto and home coverage with claims contact provided.
• Foremost Insurance GroupminorChannel Partner/ Reseller/ DistributorInsurance carrier providing personal lines and business lines coverage, including specialty products.
• CNA CommercialcoreChannel Partner/ Reseller/ DistributorMajor commercial insurance carrier providing business liability, property, and specialized commercial coverage.
• Badger Mutual InsuranceminorChannel Partner/ Reseller/ DistributorRegional mutual insurance company providing auto, home, and business coverage in the Midwest.
• AgentInsureminorChannel Partner/ Reseller/ DistributorTechnology platform powering auto and home insurance quote comparisons on the Richfield State Insurance website.

Scale indicators3 records

Recent moves5 records

Expansion highlights3 records

Market position

Strengths4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/Richfield-State-Insurance-193045314080008

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Richfield State Insurance