The Different Types of Commercial Insurance

If you live in the Little Falls, MN area and want to start a business, it is crucial to invest in commercial insurance. Commercial insurance protects you from things such as property damage, theft, employee injury, and more. But, unlike traditional insurance, there are various types of commercial insurance that you must familiarize yourself with. Understanding each type of commercial insurance will help you pick the best policy and coverage for you and your business.

Here are the different types of commercial insurance.

Business liability insurance

Business liability or general business liability insurance is one of the most essential types of insurance for businesses of all types. Business liability protects you from being sued by a third party outside of your business. In addition, it helps cover legal fees, settlements, and awards.

Workers’ compensation insurance

Workers’ compensation covers medical care and partial wages if your employee gets injured on the job.

Property insurance

Property insurance is essential to protect your place of business from natural disasters, floods, and fire. Depending on your plan, you can cover everything from furniture, inventory, technology, and anything you deem necessary for your business in addition to your property.

Business auto insurance

Business auto insurance is crucial if your business relies on vehicle transportation. For example, if you or an employee get in an accident, your business auto insurance will cover the costs.

Umbrella policies

Umbrella policies are crucial if you’re a business that is prone to major losses and lawsuits. Umbrella policies work by covering whatever your original policies won’t.

If you’re looking to start a business in the Little Falls, MN area reach out to Hanneken Insurance Agency Inc. to discuss what commercial insurance would be right for you!

What Aspects Does Home Insurance Cover? Here’s What You Need to Know

Getting a home is one of the celebrated milestones one can achieve in life. A home is also a place where you go back to after a long day and find calm. For these reasons, you need to protect it as much as you can from unexpected occurrences. The most effective way of doing this is by getting home insurance cover. At Hanneken Insurance Agency Inc., serving Little Falls, MN, we offer home insurance covers. We are ready to take you through our offers and give you sound advice to ensure maximum coverage of your home. 

Below are some of the most common that home insurance covers.

Home Structure Damage

Under this aspect, insurance covers the physical structure of a house against damages. For example, if a roof leak is caused by hail or a storm, the policy may pay for repairs. Some policies also cover damages caused by trees, as long as it’s not out of negligence.

Fire

Standard home insurance offers coverage against fires. Mostly, the covers include rebuilding the structure and replacing the possessions destroyed by the ordeal. Some even offer accommodation coverage during the rebuilding period. 

Plumbing Issues

Some companies cover plumbing issues that don’t arise out of maintenance negligence. Flood insurance may not be offered in a standard policy but may be available at an additional cost. 

Loss Of Personal Property

Some insurance properties offer cover for personal property such as computers, air conditioners, and television sets. They can also cover expensive possessions, including jewelry. Insurance companies usually have a limit on their extent of coverage. That’s why you should read the policy properly before taking it. 

A home is a costly investment that needs to be protected against unforeseen calamities. At Hanneken Insurance Agency Inc. serving Little Falls, MN, we have various home insurance coverages you can choose from, according to your individual needs. Contact us to learn more.

7 Words and Phrases to Know Before You Get Auto Insurance

There are many terms that are used in the documents you get for your auto insurance policy. Wouldn’t it be great to know what some of the more common ones mean before you have to read over this paperwork and agree to it? Professionals at the Hanneken Insurance Agency Inc. of Little Falls, MN and beyond will discuss anything you want about your auto insurance policy and your questions about this area of insurance in general. 

Agreed Value Policy 

This is defined as coverage that pays the full insured amount of a vehicle (as well as other types of property) if it’s considered to be a covered total loss. 

Antique Automobile

When a private passenger automobile is at least 25 years old, and it’s been maintained, restored, or preserved by hobbyists, it’s an antique automobile. They may be covered under classic car insurance.

Comprehensive Coverage 

This is coverage for vehicle damage that was not caused by an upset or collision. Some of the instances that can lead to this include vandalism, contact with animals, theft, and weather events.

Gap Coverage 

Gap coverage usually is required if you have a new or financed vehicle. This covers the cost difference between the car’s value and what you’d owe if the car it totaled (determined to be a total loss situation). 

Limit 

The limit is the maximum amount that your policy will pay for events such as medical or liability. 

Medical Payments Coverage 

This is an element of the standard policy. It covers the medical expenses of those parties who are injured during an accident.

SR-22 Insurance Form 

This is the form that your insurance company files on your behalf with the state in which you reside. You’ll typically need it if you commit a serious traffic offense that includes a DUI conviction or driving with a suspended license. 

There are many other things you might not recognize in your insurance policy document. Be sure to speak up and ask someone at Hanneken Insurance Agency Inc. of the Little Falls, MN area if you’d like to know more. 

Should You and Your Spouse Carry Separate Health Insurance Policies?

In most cases, spouses tend to get health insurance coverage under the same policy. However, this is not always possible and sometimes having separate policies makes more sense. Spouses in Little Falls, MN should take the time to review their health insurance plans, determine who has the best policy, and decide if they should be under the same policy or carry individual ones. 

Those with questions about health insurance coverage for spouses should reach out to Hanneken Insurance Agency Inc. for additional information.

Out-of-Pocket Expenses

Health insurance plans have maximum out-of-pocket costs policyholders pay annually. The total out-of-pocket expenses vary based on the plan. However, the Affordable Care Act did impose a max limit of $8,550 for an individual and $17,100 for a family. If it is just you and your spouse, having separate policies may not be an issue for out-of-pocket expenses. However, if you have a family, having a policy together is beneficial when calculating max out-of-pocket costs. 

Healthcare Needs

If one of you has extensive healthcare needs, such as a significant medical condition, having two separate policies may be the best option for financial reasons. The spouse with the medical conditions can select a more expensive provider with higher coverage options. The other spouse can choose a less comprehensive policy and save money on premiums. 

Employer-Sponsored Health Insurance

Most employers offer health insurance options for their employees, which also provide coverage for spouses. If both spouses work and have access to employer-sponsored health insurance, they need to decide if they want to keep separate policies or pick the plan with the best coverage for both of them. If only one spouse has this option, it may be best to be on the same health insurance plan. Otherwise, it would be best if you shopped for insurance from a Little Falls, MN private provider. 

Call the agents at Hanneken Insurance Agency Inc. today for additional information about health insurance options for couples. 

How Is My Farm Protected Against Pollution With Farm Insurance?

Whether it’s a prominent concern or a minimal one, pollution should be a consideration for farmers in Little Falls, MN. Fortunately, Hanneken Insurance Agency Inc.’s insurance agents can help ease those concerns.

When you first think of farm insurance, pollution might not immediately spring to mind as something that needs to be part of your coverage, but in fact, it’s definitely something you’ll want to make sure is addressed in your policy. 

There are a variety of reasons why any farmer should make sure that there is adequate pollution coverage in your policy, which is that there are exposures to pollution that are completely unavoidable. Some of these potential losses include:

  • Water contamination (both groundwater and surface water)
  • Storage of pesticides and herbicides
  • Potential for fertilizer mishaps (such as spills or unintentional releases)
  • Bodily injury from exposure to bacteria (such as high levels of nitrates in drinking water)
  • Storage tanks for fuel related to operating the farm
  • Damage to natural resources on or near the farm
  • Odors from the items needed to run the farming business (manure, pesticides, fuels, fertilizer)

Additionally, with the rise of multiple farming locations being placed under one ownership, the risk of accidents has increased because of equipment and supplies being moved in between farming locations. Costs to clean up farming accidents can be substantial, particularly for accidents that are considered pollution related, so insurance in situations like that could mean the difference between the survival of a farm and debilitating costs to the farmer.

Let the team at Hanneken Insurance Agency Inc. serving Little Falls, MN assist with all your farm insurance questions today!

4 reasons you need to buy term life insurance

Life insurance comes in all shapes and sizes to fit different consumer needs. The policy is divided into major types–term and whole/permanent life insurance. In such a complex marketplace, it becomes difficult to choose the right plan. However, there is always a typical winner as most people in Little Falls, MN, choose term life insurance to keep things as simple as possible. If you’re wondering why you should go for term life insurance, Hanneken Insurance Agency Inc will share four reasons why you should.

1. Can pay for your debts

If you’re the breadwinner for your family, you may want to buy term life insurance to ensure that your family is provided for even after your death. If you have students loans, car loans, mortgage, and other debts, your policy can help clear all of them if you pass away without fully paying them.

2. You lock in low rates 

Many people in Little Falls MN, buy term life insurance due to its surprisingly low rates. Unlike whole life insurance, you’re likely to pay your premiums smoothly without hitches throughout the agreed duration. You can also opt for simplified term life insurance that fits your goals.

3. It’s more flexible

Term life insurance allows you to take charge of your financial needs and plan your future accordingly. If you are young and single, you can buy the policy and choose your duration–3, 5, 10, or even 30 years, depending on your lifestyle goals.

4. Rates remain the same throughout

Unlike permanent life insurance, which comes with maturity benefits, term life insurance does not have such privileges. However, rates remain the same throughout which makes it easier for you to plan your finances as you age.

Buying term life insurance soon? Hanneken Insurance Agency Inc. would like to be part of the process. Let us guide you through the process and make sure you’re adequately covered. Feel free to call or visit our offices in Little Falls.

Required Commercial Insurance in Minnesota

If you own a business in Minnesota, there are two types of commercial insurance that your company may be required to have. In addition, there are many other types that are smart to have but not required by law. If you need commercial insurance, call us at Hanneken Insurance Agency Inc. in Little Falls, MN. 

Workers’ Compensation Insurance

In Minnesota, most businesses are required to carry workers’ compensation insurance for their employees. This is mandated by the state if your company has at least one employee whether they work full or part-time. If you are a sole proprietorship with no employees, you are not required to have this type of insurance. For all other businesses, this insurance policy protects them from having to pay for the medical bills of those who are injured at work. For employees, it stays ready to pay for their medical bills after an accident or illness that happens while on the job. 

Commercial Auto Insurance

Every vehicle in Minnesota has to be covered by auto insurance, and every vehicle in the state that is owned by a business is required to have a commercial insurance policy. These policies will pay out if there is a company vehicle that has an accident. If the same vehicle had a personal insurance policy, it would not pay out because the vehicle was used for business. If you use a personal car for business, it’s recommended that you get a hired and non-owned auto policy for it. 

Other Insurance

While no other insurance types are mandated, there are several that are helpful to small businesses. These include a business owner’s policy, professional liability coverage and cyber insurance. Talk to an agent about the best ones for your business type. 

Get Your Commercial Policies

If you are in need of a commercial insurance policy, call us at Hanneken Insurance Agency Inc. in Little Falls, MN.

3 Risks of Driving Without Minnesota Auto Insurance

Considering how vital auto insurance is, it’s difficult to imagine that some motorists in Little Falls, MN, drive without auto insurance. But because humans will always be humans, it’s not uncommon to find uninsured motorists in Minnesota. In fact, recent statistics show that 9.9 percent of Minnesota drivers aren’t insured. 

Until you are involved in an accident, you might think failing to buy auto insurance is a wise saving. However, you are in for a rude shock when an accident or any other disaster occurs on your vehicle. Whether it’s intentional or not, failure to buy auto insurance from Hanneken Insurance Agency Inc. exposes you to the below risks. 

Breaking the law

It’s an offense to drive without auto insurance in Minnesota. Penalties for first offenders include a fine of up to $1,000, community service, and suspension of driver’s license and car plates up to 30 days. Of course, the penalties can increase dramatically for repeat offenses. 

Uncovered losses

It’s usually a huge risk driving without auto insurance. Given the inherent risks like distracted, speeding, teenagers, and drunk drivers, the risk of an accident is extremely high on American roads. National Safety Council states that at least 1 in every 11 drivers is likely to be involved in an accident at some point. The result? The aftermath of accidents is injuries and property damage, at the very least.

Without insurance, you need to pay for your medical expenses from your pocket. Similarly, you have to fix your car and that of the other motorist out-of-pocket. 

Legal suits

While a court case can still follow even when you have car insurance, you are likely to incur out-of-pocket legal expenses when you don’t have auto insurance. Worse yet, your assets will be at stake if the case is ruled against you and the settlement claims are enormous. 

Are you feeling like driving without auto insurance in Little Falls, MN? The risk is not worth it. Instead, be a wise driver and purchase auto insurance from Hanneken Insurance Agency Inc. Contact us today for an affordable quote.

How Often Should I Upgrade My Home Insurance Policy?

When you built or bought your Little Falls, MN home, you purchased home insurance. But since no catastrophe has hit, it’s easy to forget to update your home insurance plan. Reviewing your home insurance helps you avoid a nasty experience when filing a claim. According to Hanneken Insurance Agency Inc., you should at least update your home insurance every year. But if certain situations arise, you shouldn’t wait for a year to lapse because disaster can strike in between.

Why insurance review is important

Home insurance not only gives you peace of mind but also protects what you treasure in case the unexpected occurs. Having sufficient coverage cushions you financially when your valuables are damaged or lost through perils like fire, theft, hail, and many others. Besides, periodic insurance review helps your agent find whether you are eligible for discounts.

When should you upgrade your home insurance plan?

After buying home insurance, it shouldn’t be a “set and forget” purchase. When the below situations arise, you should talk to your insurance agent for a review.

  • You bought new valuables: During the year, you might buy things little by little that can accumulate to a significant value when added together. Leaving these additions out of your home insurance policy is a recipe for disaster when the unthinkable happens. Often, take an inventory count of your valuables from room to room and compare them with your insurance list. Any uncovered valuable item should be insured.
  • Changes in your family size: You got married? Did you become a foster parent? These changes should be reflected in your home insurance to cushion you against liabilities that may arise from your family members. 
  • Significant home improvements: Added an extra room? Remodeled your kitchen? Update your home insurance policy with these significant improvements for optimal coverage.

Are you unsure when you should update your home insurance in Little Falls, MN, and its environs? Please contact Hanneken Insurance Agency Inc. for more information.

4 Benefits of Health Insurance

If you have been keen, healthcare in the US has been rising every day. Without health insurance, medical costs can drain your finances. To protect yourself from the biting healthcare costs, you need to secure health insurance from Hanneken Insurance Agency Inc. of Little Falls, MN. This way, you will enjoy the below benefits.

Coverage of medical expenses

Of course, the most common reason for a health insurance plan is ensuring you receive proper medical care without straining your resources. Health insurance covers hospitalization expenses, medication costs, ambulance costs, domiciliary expenses, and many others. With health insurance, you can focus on your recovery, knowing that medical costs are taken care of. 

Coverage of chronic health conditions

The good thing with health insurance is that it protects against life-threatening diseases such as cancer, heart disease, and stroke. Health insurance caters to treatment costs, disease management costs, and other financial obligations.

With the increasing pollution, increasing accident rates, deteriorating lifestyle, and the emergence of new diseases, you need health insurance to protect your health. 

Prevention of illnesses

Health insurance plans offer preventive and routine care to prevent the occurrence of future illnesses. Services like vaccinations and routine checkups are pivotal in preventing and identifying illnesses at an early, easy-to-manage stage. 

For peace of mind

No one likes to get ill or injured. You might be in good health now, but the next minute you are sick or injured. Since we are humans — and humans get sick — we need health insurance to protect us at our vulnerable moments. 

Health insurance near me

Health is wealth. That said, you need to safeguard your health with a sound health insurance plan. If you are a resident of Little Falls, MN, your health insurance needs are well covered by Hanneken Insurance Agency Inc. Contact us today, and our friendly staff shall help you navigate the health insurance landscape.