Types of Commercial Insurance Every Business Needs

Commercial insurance is vital for businesses as a viable way to protect against inherent risks and liabilities. According to the Hanneken Insurance Agency Inc. in Little Falls, MN, the commercial insurance required for a business will vary and depend on the company’s type, size, and location, among other relevant business aspects.

Commercial Insurance Options for Businesses

These types of insurance offer business risk protection:

  • General Liability Insurance –covers personal injury, bodily injury, and property damage claims, including medical expenses and lawsuits.
  • Property Insurance –reimburses for losses (caused by fire, vandalism, natural disasters, theft) related to physical assets like furniture, inventory, equipment, or buildings.
  • Commercial Auto Insurance –covers company vehicles against theft, accidents, or damage.
  • Workers’ Compensation Insurance –offers coverage (for lost wages/medical fees) for business employees who are injured in the workplace. It also protects a business against workplace injury lawsuits.
  • Errors and Omissions (E&O) Insurance – a.k.a. professional liability insurance protects professionals against negligence or inadequate performance claims, including legal fees and related settlements.
  • Commercial Umbrella Insurance – adds coverage beyond the upper limits of existing policies.
  • Cyber Liability –covers potential losses (including reputation management, legal fees, etc.) caused by cyber events – i.e., hacking or data breaches.
  • Business Interruption –covers lost revenue and extra expenses due to a covered event that may disrupt routine business operations.
  • Employment Practices Liability – protects against employment practices, such as discrimination, wrongful termination, or harassment.
  • Environmental Liability – protects against environmental damage caused by business operations.
  • Product Liability – protects manufacturers or sellers of faulty products that cause harm.

Contact a Leading Little Falls, MN Insurance Agency 

For more information and help assessing your business risks and needs, contact the Hanneken Insurance Agency Inc. at 320-532-6592  or online.

Common myths about life insurance

Life insurance is the type of insurance that many people prefer to skip. Some people believe they do not need it, while others do not purchase it because of misconceptions about it. Keep on reading this post, where we will debunk the most common myths floating around life insurance:

Life Insurance: Myths About It

Myth 1: Purchasing life insurance when you are young is a waste of money

One of the most common misconceptions about life insurance among young people is that they do not need it until they get older. Here is the surprising truth; it is more beneficial to buy life insurance when you are still young. Young people pay less for their policies! The older you get, the more you will have to pay for your life insurance policy. 

Myth 2: You will have to pay a lot for a life insurance policy

The price of life insurance is another misconception. Like any other type of insurance, life insurance costs depend on multiple personal factors, including age, occupation, gender, and more. However, for most people, life insurance is quite affordable. 

Myth 3: If you are a stay-at-home mom or dad, do not waste money on life insurance

Life insurance is actually beneficial for homemakers. You will still benefit from this insurance type even if you do not earn income. This is because most stay-at-home parents offer expensive services that a surviving spouse or partner will have to pay for. These services typically include home maintenance, cooking, childcare, and more. 

Are you thinking of purchasing life insurance soon? Hanneken Insurance Agency Inc. is ready to assist you if you live in Little Falls, MN, or any other surrounding area. At Hanneken Insurance Agency Inc., we work with clients in Little Falls, MN, and other nearby towns. Feel free to reach out to us to learn more about insurance options.