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.
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.