The most common small business claims made against commercial insurance policies.

Many small business owners only purchase the insurance that is required of them in contracts to do business. However, a small business that does not have adequate coverage is putting the business at risk of a significant financial loss. Here we will review the most common types of claims made by small businesses we see at Hanneken Insurance Agency Inc.

Theft and burglary are the top types of claims made under commercial policies. While these claims tend to cost less than other sorts of claims, over time, it can start to add up. In addition to an insurance policy, businesses should have systems in place to reduce the likelihood such as an alarm system. 

Water damage is another common claim made by small businesses. People find this surprising, as they think of their office space on the 5th floor as protected from water. However, most water damage claims are the result of a bursting pipe causing widespread damage to your computer equipment. As a business owner in Little Falls, MN, this should of be a particular concern as cold winters can lead to frozen pipes that burst.

Wind and Hail damage is another leading driver of insurance claims for small businesses. Hail can cause a massive amount of destruction in a short amount of time. Losses stemming from hail can leave a company recovering for years, speak with your agent to see if your policy covers hail damage. 

Fire is another frequent and costly claim made under commercial policies. In addition to having property insurance in place, business owners should rent office space that has an adequate sprinkler system that will help limit the damage in the event of a loss. 

If you are a small business owner interested in learning more about a commercial insurance policy package, please feel free to reach out to us at Hanneken Insurance Agency Inc. We proudly serve the Little Falls, MN area. 

Farm Insurance Considerations for Smaller Family Farms in Little Falls, MN

Smaller farms in Little Falls, MN don’t have all the concerns of larger or commercial farms. If you own a small farm, the Hanneken Insurance Agency Inc. can help you figure out which insurance options will work best for you. Here are a few considerations for insuring your small family farm.

What Do You Do With Your Family Farm?

Some people have small farms strictly as a lifestyle choice. That means they do little or no selling and consume the proceeds produced by the farm themselves. A homeowner’s policy can cover the bulk of the farm, as it’s mostly just a home.

If you do plan to sell, even if you’re only selling surplus, then you absolutely need a complete farm insurance package. Once you start producing and selling, you open yourself up to a whole universe of possible liability. You will need to add extra liability coverage to your property coverage in the form of business farm insurance.

What Do You Have on Your Family Farm?

You may also need farm insurance to cover the things on your property. For example, some small family farms only grow vegetables rather than raise animals of any kind. Alternatively, you may have some livestock or horses.

In addition, you may have multiple buildings on the property, such as a barn and utility shed. If you have tools and large equipment uniquely suitable for farming, those too may require extra coverage.

The more you have on the farm that contributes to farming activities, the more robust your farm insurance needs to be. Property insurance can only cover so much. Farm insurance can help fill in any gaps.

What Insurance Options Does Your Family Farm Need?

Family and hobby farms in Little Falls, MN aren’t all the same. Speaking to an insurance company that carries farm insurance can help you figure out how much coverage your smaller family farm will need. At Hanneken Insurance Agency Inc., we will help you figure out which farm insurance options will work best for you. Contact us today for more information.

Do Older Homes Need Larger Home Insurance Policies?

Homes are not all created equally and as such each home requires a unique policy that caters to every nuance. As our homes age they become more and more likely to experience damage and other issues, does this mean we need larger policies for older homes? If you live in the Little Falls, MN area the agents with Hanneken Insurance Agency Inc. can help answer this question in great detail.

For starters, older homes are built with materials that might not be considered fire safe or fire resistant, this makes them more susceptible to fire. Another issue is that older homes are more likely to withstand in natural events like ice storms, wind storms, and even normal thunderstorms or seasonal storms. Older homes are also going to cost far more to rebuild in this day and age than they did when they were first built.

In summation, older homes are likely going to need a larger policy than you might imagine but that does not mean that they are going to need a larger policy than a new state of the art home that was just built. Rather, it means that your home is going to need very specific coverage based entirely on the home that you have. You should take the time to have an adjuster come to your home and tell you just what your home needs in terms of coverage.

Adjusters are able to tell you your home’s weak points as well as tell you how much it would cost to build the same home back in this day and age. For those that live in the Little Falls, MN area, the agents with Hanneken Insurance Agency Inc. can help you find the perfect coverage each and every time.

When Car Insurance Won’t Pay After A Totaled Car

When you suffer from a serious car accident in Little Falls, MN, it is possible that you may need to get your car totaled. When that happens, your insurance company may either refuse to pay the cost or cover only part of it. We at Hanneken Insurance Agency Inc. are here to help you understand why this happens and how to avoid it.

Coverage Is Affected By What You Owe

When your car is totaled in a car accident, the insurance company will pay the actual cash value for your vehicle. This amount is the market value of your vehicle before the crash. As a result, it is possible to end up getting less than you owe on the vehicle. For example, if you owe $10,000 on a vehicle that is worth only $7,000, your insurance company won’t make up the $3,000 difference.

Car Value Can Vary

The value of a car will change very quickly over the years. The longer that you own the car, the more quickly the value you will drop. It will also decrease as other types of damage occur on the vehicle. For example, if you suffer from a front-end collision that requires you to put in a new engine, the value of your car will decrease. As a result, you may end up either getting denied for totaled coverage or get caught picking up the slack.

How Gap Insurance Can Help

Gap insurance is designed to fill in the gaps when your insurance company won’t or can’t cover your totaled car. It will kick in to pay the rest of the money you owe on a totaled car and help you get the high-quality replacement that you deserve.

Covering Your Vehicle Successfully

If you are worried about the potential of a serious accident totaling your car, please contact us at Hanneken Insurance Agency Inc. to learn more. We can help Little Falls, MN get the gap insurance they need to keep their car fully insured.

What is Farm Insurance?

One of the types of insurance that we at Hanneken Insurance Agency Inc. serving the greater Little Falls, MN area offers is farm insurance. However, farm insurance is such a broad term and many people do not know what it is and what it covers. Here are a few of the different things that farm insurance may cover, depending on the policy.

Buildings on the Land

Farm insurance may be written to cover any buildings on the farm or land. This includes items such as homes, barns and storage silos. If you own the land and all of the buildings on the land, you may wish to include them in the farm insurance. If you do not own the buildings, you may not be able to insure them with farm insurance.

The Land

Another item that may be covered under farm insurance is the land. Depending on the type of policy, land insurance can protect against damage to the land that prevents you from being able to plant crops, such as floods or mud slides, or even damage to existing crops already in the land, such as freeze damage or pest damage.

Farm Equipment

Lastly, farm insurance may cover your farm equipment, including tractors, plowing equipment and seeding tools. These pieces of machinery can be expensive, so insurance protects them against theft and damage that is caused by accidents. Once again, you have to own the farm equipment in order for you to insure it under farm insurance. You cannot simply be renting it.

Farm insurance can be customized many different ways to help insure that it works for you. If you are looking to purchase farm insurance in the greater Little Falls, MN area, call Hanneken Insurance Agency Inc. today. We can help customize a policy for you, covering all of the elements you are concerned about on your farm.

Health Insurance is Beneficial at Any Age

Don’t think just because you’re young you don’t have to have health insurance. Although laws require everyone to have insurance currently, you might feel as though you shouldn’t have to because you’re young. However, age doesn’t play a role in your need for health insurance.

1. Accidents Happen Anytime

Accidents like broken bones happen anytime; it doesn’t matter how old or young you are. You could slice your finger at any time and require stitches. You could get into a car accident. The possibilities are endless, and sometimes you just can’t prevent accidents from occurring. Keep in mind, if you don’t have insurance through Hanneken Insurance Agency Inc., you might find a costly medical bill in the mail shortly after the incident. 

2. Sickness Happens

Sickness isn’t going to stay away from you just because you don’t have insurance. A serious infection may happen at any time. If you’re around the general public in Little Falls, MN, you could acquire a number of illnesses, some that require urgent medical care. Diseases like cancer don’t have an age limit, so your doctor may diagnose you at any age. Having insurance will allow you to get tested sooner and have a better prognosis. 

3. Extensive Treatment

You might feel as though you can easily afford the small doctor’s bills you accrue and a minor medical expense every now and then. However, you might find yourself in a predicament where you need therapy or have to remain in the hospital for several days. Let’s say you need physical rehabilitation after an accident. Could you afford to spend thousands? 

4. Preventative Medicine

Following recommendations for preventative medical care can get costly, especially if you get all the lab work done you should have each year. Insurance covers these expenses. 

Get a quote for health insurance today by contacting Hanneken Insurance Agency Inc., serving Little Falls, MN and the surrounding area, at 320-632-6592.

What is Term Life Insurance?

There are tons of different types of policies that fall under the category of life insurance. Keeping this in mind, one of the most common types of life insurance is term life. What is term life? Keep reading to find out. If you live in the Little Falls, MN area, the agents with Hanneken Insurance Agency Inc. can answer your questions.

Term life insurance put simply is life insurance that will pay out a death benefit during a specific term. This means that the term is preset when the policy is taken out and if it is not claimed or filed within that time limit, the policy is invalid. In most cases, term life insurance goes in increments of ten. This means policy terms can run from 10 years, to 20, to 30 and so on.

Term life insurance policies are wonderful if you have dependent children and want to make sure that there is a policy in place in the event that you pass before they are 18. It is also good if you have other dependents and you want them to be taken care of for a specific amount of time. Term policies are great for those that do not want a policy that is going to last for a very long time.

Term life insurance is not the only kind of policy out there. You can also take out whole life insurance that pays out no matter when you pass, but these are much more expensive, and you can also take out partial payout policies and more. If you have questions and live in the Little Falls, MN area, the agents with Hanneken Insurance Agency Inc. can help answer all your questions and get you the best policy possible for your individual needs.  

3 Tips Small Businesses Need to Know When Getting Commercial Insurance

Commercial insurance is important for small businesses. It helps protect you against losses that can financially harm or ruin your business. If you are looking to take out a new policy, here are a few tips to keep in mind as you obtain price quotes. 

Learn What Coverage You Need

When you are looking to obtain commercial insurance for your small business, take time to learn what coverage options are available and then which ones are applicable to your business. This helps ensure you are getting the coverage you need. 

Carefully Consider Your Deductible

When you are looking to obtain a commercial insurance policy, carefully consider your deductible. The higher the deductible, the less your premium will be. But you need to ensure you can comfortably afford the deductible as well. If your deductible is too high, it can negatively affect your business if you need to file a claim. Keep this in mind to select the right coverage for you. 

Determine What Coverage You Are Required to Have

Lastly, take the time to learn what coverages the city, county and building owner require you to carry when you open a small business in the area. If you don’t have the right insurance, you can be fined and those fines can add up quickly. The last thing you want is to be paying high fines when you’re trying to establish and run a profitable business. 

Are you looking to obtain a new commercial insurance policy? Then let Hanneken Insurance Agency Inc. help. We serve the greater Little Falls, MN area. Give us a call now to get a free estimate or get answers to your insurance questions. 

How to Keep Your Home Safe while away on Summer Vacation

Whether you decide to visit family nearby this summer or take a trip to the Caribbean, there are some steps you can take to keep your Little Falls, MN home safe and sound while you are away.  The key is to not make your home an easy target for thieves.  If they know you’re away on vacation and your home isn’t properly secured, thieves can easily slip through a window unnoticed. 

To avoid this and similar scenarios, follow these tips to keep your home safe while you’re away on summer vacation.  

1.  Hire a House Sitter

Having someone at the home is one way to keep burglars away.  Professional house sitters typically charge a flat fee per day and will sleep at your house.  If you have pets, they can take care of them, too.  If you don’t know of any professional house sitters in your area, ask a family member or friend to do the job.  

2.  Have a Neighbor Keep an Eye on Your Home

You can also ask a neighbor to keep an eye on your home while you are away. They can collect your mail, take out your trash, and generally watch out for anything suspicious.  In the future, you can return the favor.

3. Install a Security System

A sign in your front yard that says you have a security system is a deterrent for thieves. They will typically not risk breaking into a home where they will set off an alarm and have the police on the way.  By installing a security system and either having a house sitter or neighbor watch your house, you can feel confident that you home is safe while you’re away.

Unfortunately, things can happen that are out of your control. That’s why it’s important to have quality homeowner’s insurance in Little Falls, MN.  At the Hanneken Insurance Agency Inc. we help find you the right policy for your home so you can have peace of mind when you’re away on vacation.  You can contact the Hanneken Insurance Agency Inc. at 320-632-6592 to speak with a friendly member of our team.  

 

 

Which Driving Habits Affect Your Auto Insurance Rate?

Your driving habits can affect how much you pay for auto insurance. However, while most people know this, they do not know what specific habits can cause the rates to increase or decrease. Here are a few of the habits which affect the price you pay for an auto insurance policy.

How Many Miles Per Year You Drive

The number of miles you drive per year can have a huge effect on the amount you pay for auto insurance. Someone who drives 5000 miles per year will pay less in to insure their automobile than someone who drives 15,000 miles per year. This is because you are more likely to be involved in an accident the more you drive. Therefore, the more you drive, the more your auto insurance bill will be.

If You Obey Traffic Laws

Speeding, running red lights, failing to stop at stop signs and other traffic infractions can cause your auto insurance rates to increase. Those who have good driving habits and have a great driving record will pay far less than those who one or more infraction on their driving record.

Who You Let Use Your Car

The last habit that can increase your auto insurance rates is who you let drive your car. Many auto insurance companies are beginning to exclude or include drivers on your car insurance policy, meaning you must list who uses your car. Allowing someone with a bad driving record access to your car can cause your rates to increase.

Are you looking to purchase a new insurance policy? Then contact Hanneken Insurance Agency Inc. serving the greater Little Falls, MN area. We can help you obtain the right auto insurance policy for your needs.