Three ways commercial insurance coverage protects your livelihood

You need to protect your business operation from financial disasters if you want to enjoy continued income from your business venture. Without commercial insurance, there are numerous problems that can come up that can wipe out your company assets and destroy your livelihood.

At Hanneken Insurance Agency Inc. we offer business owners in Little Falls, MN commercial insurance coverage that protects their livelihood. The following are three ways commercial insurance coverage protects your livelihood.

Commercial insurance pays to rebuild damaged commercial facilities.

Your commercial facilities may be essential to your business operations. If your commercial facilities become damaged, it’s likely that you will no longer be able to maintain your company’s revenue stream.

Fortunately, you can cover the costs of repairs to commercial facilities if you insure your properties with commercial insurance. 

Commercial insurance covers the costs of legal representation in the event of a lawsuit.

If your company gets sued, the costs of hiring legal representation could be extremely high. In fact, costs could be high enough to severely restrict your cash flow or even put you out of business.

Commercial liability insurance can cover the costs of hiring representation for a situation where your company is facing a lawsuit. 

Commercial insurance allows you to meet legal requirements.

You are legally required to carry commercial insurance in certain situations. You are legally required to carry worker’s compensation insurance in many cases if you hire employees, for example. 

Therefore, commercial insurance allows you to meet legal requirements and protect yourself from penalties or fees for not complying with these requirements. 

With our help at Hanneken Insurance Agency Inc., we’ll build a commercial insurance policy to protect your company in Little Falls, MN. Get started by contacting us today!

The advantages of buying life insurance while young

For many youngsters in Little Falls, MN, insurance policies are never a priority. However, when it comes to life insurance, young people consider the plan as it comes with a pack of benefits. Life insurance, when bought early, saves you money–lots of it.  At Hanneken Insurance Agency Inc., we recommend buying life insurance as early as the early 20s even when you don’t think you need it. Here are a few benefits to convince you.

Exceptional rates

Like we already mentioned, the younger you are when buying insurance, the better. Insurance rates for young people are typically half the price of senior policyholders. What does that tell you? You will pay lower premiums and get a reasonable sum of money when you are older, depending on the type of life insurance you buy.

Waiting can be costly

Waiting until you are older to buy insurance can be expensive. Life insurance providers in Little Falls, MN pay a lot of attention to age. When you are older, you have more responsibilities such as taking care of a family, looking after your parents, establishing a business, buying a home or a new car, and many other needs.

With all these financial needs, you may end up ignoring life insurance until you are older and are retiring. With age, comes chronic ailments and other medical conditions. These illnesses can raise your premiums, especially if your disease has no cure. In some extreme cases, you may end up not qualifying for life insurance. Most insurance providers will decline an insurance application for individuals above the age of 85.

Helps protect those that matter the most

Life insurance is a powerful financial tool for anyone looking to start a family, have a young family or dependents to look after. At your young age, you may be having other financial needs like paying your student loan or funding your first car. Life insurance is what will safeguard your future and the future of your family.

Need more information on life insurance? Contact Hanneken Insurance Agency Inc. today!

Benefits of Home Insurance in Minnesota

In Minnesota, you are not required to obtain a homeowner’s insurance policy but it sure is a good idea. If you have a mortgage on your home, you will be required by the lender to insure your home so their investment, along with yours, is protected.

Your home will be one of the largest investments you will make in your life so you will want to make sure that you secure the best policy possible to protect your home. Between the harsh Minnesota winters and the potential for hailstorms and wind in the spring and summer, you will want to make sure you have coverage for the actual dwelling of your home.

Dwelling coverage protects the structure of your house, including the roof and walls. This type of coverage will cover your home if it is damaged by a fire, vandalism, or natural disasters, such as a tornado or blizzard.

Personal property coverage will cover the items inside of your home if there is a fire or robbery. This includes items like your furniture, stove, refrigerator, and personal belongings.

Other structures on your property can also be insured, such as barns, garages, and sheds. This can even cover a deck or fencing around your property.

Liability protection will protect you and your property from a potential lawsuit if someone is injured while visiting your home and surrounding property or they suffer property damage while visiting your property.

Guest medical protection will pay the medical bills of a person who claims they were injured while visiting your home and property.

Additional living expenses protection is a nice add-on to obtain in the event your home is destroyed or deemed unlivable after a horrific event such as a fire or tornado. This policy will cover the expense for you to obtain new housing at another location.

To create the best home insurance policy, contact the trust home insurance agents at the Hanneken Insurance Agency Inc. in Little Falls, MN today!

Can You Buy Auto Insurance While Your License Is Suspended?

You can, legally speaking, buy auto insurance while your license is suspended in Little Falls, MN.

But there are a whole lot of reasons why you shouldn’t bother.

  • While your license is suspended, you’re not allowed to drive in the first place. If you plan on driving without a suspended license and you wind up in an accident, your insurance may help you to cover the damages, but it might not keep you out of jail. If your license is suspended, don’t drive, and don’t plan on driving, until you’re legally allowed to again.
  • Your insurance company may be willing to sell you insurance while your license is suspended, but if they know that your license is suspended, there’s a good chance they’ll deny you. They may choose to cancel your policy or not to renew it if you are already insured.
  • If you managed to get insured by lying to your insurance company, don’t expect them to honor any insurance claims you make afterward.

Having a suspended license doesn’t mean you can’t still shop around for auto insurance, but there’s simply not much good that can come of actually buying a policy while you’re not allowed to drive.

Suppose that a car belongs to you, but a family member with a valid license will be driving it. Well, the car-owner and primary driver listed on an insurance policy do not have to be the same person, and your insurer may be willing to work with you here. But you have to be upfront with them about the precise nature of the arrangement, or risk having your claims denied.

If you’re shopping around for insurance in Little Falls, MN, get in touch with Hanneken Insurance Agency Inc., and let’s see what we can do for you. You can call us or you can visit the Hanneken Insurance Agency Inc. and we’ll compare quotes to get you the coverage you need.

Preparing Your Farm for the Summer

Farm owners in Little Falls, MN typically look at the calendar with a sigh of relief when winter is ending. You’re happy to be shedding the bulky winter coats and looking forward to spending time working on the farm in warmer weather. However, summer on the farm comes a lot of preparations, many of which include making sure the winter didn’t cause too much damage to the farm, your home, and the outbuildings. Hanneken Insurance Agency Inc. has put together a few tips to help you prepare your farm for the summer.

Inspect Outbuildings

The first and one of the most important things to do when preparing your farm for the summer is to inspect all of the buildings on your property including outbuildings, barns, and your home. Winter weather can do significant damage to roofing materials, windows, doors, insulation, and siding, so it’s essential that you check for leaks; both water and air, which can lead to increased energy costs. Preparing the buildings on your property for summer means assessing damages and allowing yourself enough time to make repairs.

Check Irrigation System

As a farm owner, the irrigation system is typically an important feature for ensuring the crops and lawn has access to plenty of water. The freezing temperatures can wreak havoc on the irrigation system, so it’s important to ensure all aspects of the system survived the winter intact. The first thing to do is to remove the freeze caps from faucets and turn the water on. If there is only a trickle of water, it may due to an issue with the pipes, such as a crack that is causing water to leak. If you notice any issues with the irrigation system, it may be best to contact a professional to do a comprehensive inspection and a maintenance tune-up on the system.

The key to keeping your farm operating at full function is the equipment, including tractors, animal feeding equipment, and lawn equipment. It’s important to inspect and clean each piece of equipment before use. Be sure to check the fuel to make sure water hasn’t gotten into the tanks, fill all fluids, and perform required maintenance tasks.

Residents of Little Falls, MN interested in learning more information about farm insurance or upgrading current policies should contact Hanneken Insurance Agency Inc.

Health insurance terms that you need to know

To say that most people do not understand much about health insurance is a gross understatement. The language is confusing and as often as not, the choices that are made may or may not be right for the person purchasing it. Cost is a major determining point but choosing the least expensive policy only to find out it offers little coverage is counterproductive.  How is anyone without extensive knowledge of insurance language to understand what to look for in healthcare policies? One thing you can do is to count on the experienced staff at Hanneken Insurance Agency Inc. in Little Falls, MN to help you by explaining what each carrier has to offer you. 

What is a network?

There is not one network. Each insurance company has contracted with healthcare providers to offer services at a set agreed-upon price. When you choose an insurance carrier it is important you check who is in their network. Hopefully, your preferred doctors and other providers are in the network. If they are not you must decide if you are willing to change doctors or pay more for your service. 

Drug formulary

Not all drugs are covered by insurance. The formulary is the list of covered drugs for your chosen provider. Both generic and brand name drugs may be included and they are placed in tiers that determine the monthly cost. 

Deductible

The deductible is the dollar amount of expenses paid out of pocket before the insurance begins coverage. High deductible policies are less expensive but may not be the perfect choice for you. 

Copay

A copay is your portion of a service, the amount you pay when service is provided. Almost all services have copays. 

Choosing health insurance is confusing and stressful. At Hanneken Insurance Agency Inc. in Little Falls, MN we want to take the stress out of the process for you. Give our office a call to set up an appointment to discuss your health insurance needs. 

Besides Mortgage Lenders, Who Else Can Require You Carry Home Insurance?

You may know that you’re not legally required to carry home insurance. If your home is paid off, you’re generally free to buy insurance or drop it at your own discretion.

But, there may be instances where other parties insist that you carry insurance. This is generally a contractual obligation. This means that if you were to, say, start a work-from-home franchise in your house, your parent company could require that you carry home insurance, and you would either have to buy insurance or end the working relationship.

On a contractual basis, pretty much anything that is legal can be included in the contract. If a contract says that you need to paint your house pink, then you are obligated to paint your house pink.

These may be far-fetched examples, but here’s what is not far-fetched: Your Homeowners Association will almost certainly insist that you carry some form of home insurance at your own expense.

If you own your home, if your home is situated on private land far away from the governance of the nearest HOA, if you haven’t signed a contract with anyone who has any influence on how you manage your own household, you’re free to do as you like. And you’re free to pay the expenses out of pocket should something happen to your home. So even when you have no legal or contractual obligation to insure your home, you still have an obligation to yourself to do so.

If you’re still shopping around for insurance in Little Falls, MN, get in touch with Hanneken Insurance Agency Inc. Hanneken Insurance Agency Inc. can connect you with the policy you need to protect your own little corner of Little Falls, MN.

Do I need comprehensive and collision insurance on my car

Drivers in Little Falls, MN must abide by the mandated rules for auto insurance in the state of Minnesota. They require that you carry liability insurance, personal injury coverage, and uninsured /underinsured driver insurance. The liability requirements are bodily injury of $30,000 per person and a total of $60,000 per accident with an additional $10,000 in property damage. Personal injury of $40,000 and $25,000 per person and $50,000 per accident for uninsured/underinsured coverage. Comprehensive and collision coverage is not mandated by law. At Hanneken Insurance Agency Inc. we know the auto insurance requirements but we also know about what you may actually need to have. 

If you have an auto loan, you will need to carry comprehensive and collision insurance, it is required by lenders. If you don’t have a car loan than you don’t have to carry comprehensive and collision insurance but just because it is not required it doesn’t mean that it isn’t a good idea to opt to carry it anyway. 

Collision insurance protects your car in the event that you are the party at fault in an auto accident. Auto repairs are expensive and most people count on their vehicle for transportation to get to work, to get to the grocery store, and for everyday running around. If you can afford to repair your vehicle or if you have an older vehicle with very little cash value then you may not need to carry collision coverage but for most people, it is a good idea. 

Comprehensive insurance covers not collision damage to your vehicle and also theft. The same criteria hold true, if you could pay to repair or replace your vehicle or if it isn’t worth replacing then you don’t need this coverage. 

The experienced team at At Hanneken Insurance Agency Inc. in Little Falls, MN understands auto insurance and is here to help guide you in choosing the correct coverage for your particle situation. Give our office a call for a no-obligation quote. 

Who Should Choose Health Insurance With A Higher Deductible?

Having health insurance in place is an excellent way to protect you financially and help you deal with any health issues that may arise along the way. Health insurance is a complex world of terms and conditions associated with each policy. In many cases, people are confused about which options to choose when it comes to things like deductibles.

Choosing The Higher Deductible

Those who have infrequent medical needs should choose the coverage with a higher deductible. The lower deductible with help with initial visits both to the doctor or an emergency facility which would be plausible for people who have health issues or who are at a higher risk for injury and accidents. The best way to assess the risks and discern current needs is to work with a licensed health insurance agent. They are specially trained to work with clients to help them get the right level of coverage including helping them decide which deductible amounts work best for their situation. 

Top Agents Ready To Serve

Those agents who are trained to help clients select health insurance are imperative to helping people get the coverage they need to protect them from losses due to health issues, accidents, or medical emergencies. The agents at Hanneken Insurance Agency Inc. serving Little Falls MN are ready to help you begin the process of evaluating your needs and then help sort through the options to find the health insurance coverage that meets your current and future needs. It’s all a part of their commitment to excellent customer services during and after the selection process. 

Anyone who is currently in the market for good health insurance coverage should call or stop by Hanneken Insurance Agency Inc. to find out more about how they can assist the residents of Little Falls, MN with their health insurance needs. 

Three things you need to know about farm insurance

It’s important to protect your Little Falls, MN farm with the right farm insurance policy. Whether you have a hobby farm or a farm business that you rely on for your livelihood, farm insurance is essential for covering unexpected expenses that could come up as the result of accidents.

At Hanneken Insurance Agency Inc. we offer a variety of farm insurance options. The following are three things you need to know about farm insurance when you’re in the process of purchasing a policy.

One of the most important and valuable assets that farm insurance protects is farm equipment.

Farm equipment is essential to the productivity of any farm operation. Farm equipment coverage is among the most important coverage types to look into when you take out a farm insurance policy.

Farm insurance is a highly individualized product.

Unlike many types of insurance such as auto insurance, farm insurance is a highly individualized product. There is no such thing as a standard farm insurance policy. You’ll need to devise your own farm insurance policy by determining which types of coverage you need for your unique farming operation. 

If you need coverage for livestock, you can choose between individual and blanket coverage.

Farm insurance is not automatically included in farm insurance policies and needs to be added on. Livestock coverage is classified as either individual coverage or blanket coverage.

Individual coverage involves specifying a certain amount of coverage for individual animals. Blanket coverage is a lump sum amount of coverage for all animals on a farm. 

It’s important to do your research to find the best farm insurance policy option for your needs. You can get in touch with us at Hanneken Insurance Agency Inc. to learn more about options for insuring your farm in Little Falls, MN.