The Benefits of Updating your business insurance coverage

A quality insurance plan has become a necessity for all business owners.  However, it’s also important to keep it updated. The agents at Hanneken Insurance Agency Inc. serving residents of Little Falls, MN could assist you in making those adjustments to your plan. 

Avoiding Costly Risks

A business that isn’t adequately insured runs a huge risk of future financial problems. To avoid this, you must contact your agent or broker about making new updates to your coverage. For example, in the state of Minnesota, we are prone to severe winter storms.  If you own the building where your business is located, it’s vital to keep updating your property insurance. By making the needed adjustments to your plan, you will fully protect your property and assets from financial loss caused by those storms.

By updating your coverage, you are also protecting yourself against harmful claims against your business. One example of this is claimed for damages caused by your employees. If not handled properly, this risk could result in the loss of your business and personal assets. Understanding how to avoid or minimize risks like this will help you run a successful business.  

Maintaining Peace of Mind in running your business

No one wants to see everything they worked for disappearing. Your circumstances are likely to change in the near future. That’s why it is vital to stay in touch with your insurance agent on new changes to your plan.  Being adequately insured will protect your business from costly risks. 

If you live in the Little Falls, MN area, the agents at Hanneken Insurance Agency Inc. could help you in updating your insurance coverage. Visit our agency’s website for further information or to schedule an appointment.   

Using Life Insurance to Pay for Grandkids’ College Tuition

A great way to use estate planning is to put away something for the grandkids. You can really help them if you prepare for a way to pay for their college tuition and living expenses, while they go to school by using life insurance as part of your estate planning.

How to Use Life Insurance for a Dedicated Purpose

To use life insurance to meet a certain financial need, you will have to work with your agent at Hanneken Insurance Agency Inc. serving Little Falls, MN and the surrounding area and a trust attorney. The way this works is you put the life insurance in a trust that directs the use of the death benefits for a certain purpose. Be sure to consult with a tax accountant as well to make sure you minimize the tax implications as part of your estate planning.

How much life insurance do you need?

Forbes reports that the cost of attending college increased eight times faster than wages over the past thirty years so it is getting really expensive now to attend college in America. The median cost of attending a four-year college in 2019 dollars is $104,480. This amount goes up each year. If it continues to rise at the same past rate, it will increase by about 2.6% per year.

To make the calculation, take the 2019 base number of $104,480 and then use a compound interest calculator found online to see what that amount will be needed in the future year that your grandchild will be old enough to attend college.

For example, if they are 5 years old now, then, 13 years later they will need about $145,864 so getting a policy with a death benefit of $150,000 would be nice.

Summary

Leaving your legacy as free college tuition or a windfall when your grandkids turn 18 is an excellent idea. You will free them from the burden of having to pay back this enormous debt if they have to borrow this money to go to college. Contact your agent at Hanneken Insurance Agency Inc. in Little Falls, MN to get a quote for the life insurance you need.

How to Take Your Health Insurance with You

If you change jobs every three to four years like most of America, health insurance may be something that you haven’t purchased simply because you don’t want to bother switching carriers every time the view out the office window changes. However, you can focus on your future and protect your most valuable asset–your health–when you purchase a stand-alone policy from Hanneken Insurance Agency Inc. serving Little Falls, MN.

How Does It Work

When you find your own health insurance, you will either find a policy that is part of the Affordable Care Act or purchase one straight from an insurance provider. You pay the premiums just like any other monthly bill to maintain coverage. If you switch jobs, your healthcare stays the same without any pause in coverage, change of doctors, or increase of prescription co-pays.

Finding the Right Healthcare for Your Family

Did you know that small and large businesses can spend weeks every year negotiating rates and coverage options for their employees? The variety of policies is huge and finding a policy that takes care of your current health needs and offers protection for emergencies is a serious challenge. When you sit down with a health insurance expert, like our agents at Hanneken Insurance Agency Inc. we can cut through the mountain of choices and speed up your selection process.

Find the Freedom to Flourish

Have you hesitated to leave your unsatisfying corporate position to pursue your dream of building your own business due to health insurance? Take the time to check out the available options and find a policy that works with your current budget and includes the ability to expand coverage when you get off the ground. Once you sever your health insurance from an employer, you will be free to find the perfect position to fulfill your future in Little Falls, MN.

Why do I need farm insurance in Minnesota?

The Little Falls, MN area is well known for its very fertile soil and open terrain, which can make it an ideal place to own a farm. Those that do own farms in this area are very well aware of how valuable a business their farm is. To help protect your Little Falls MN farm and business, you need to have farm insurance at all times. 

Crop and Livestock Coverage

One unique form of coverage that comes with farm insurance is crop and livestock coverage. As an owner of your farm, your financial future rests heavily on your crop and livestock. When you have farm insurance, you can receive coverage for your assets from a variety of catastrophic events including fire damage, extreme weather damage, or tornadoes. This will ensure you receive financial coverage if you do suffer a loss. 

Property Coverage

Farmers also need to have farm insurance because they need to make sure that all of their farming assets are properly covered by insurance. A full farm insurance policy will include insurance for any dwellings on the premises, including barns, farmhouses, and other real estate. You will also want to make sure that you get insurance coverage for your heavy farm equipment, such as tractors and other machinery. This will ensure you are properly covered in the event something catastrophic happens to your farm and you suffer some type of a loss. 

As you are shopping for farm insurance in Minnesota, you should contact Hanneken Insurance Agency Inc. The team at Hanneken Insurance Agency Inc. is very experienced in providing insurance coverage to farm owners. They can help you to build a policy that properly meets the unique needs of farm owners and helps you to protect your very valuable farming assets. 

 

3 Reasons to Buy Whole Life Insurance

Whole life insurance may not be the right choice for everyone, but it can be a policy that protects you and your loved ones in ways you hadn’t considered. If you live in Little Falls, MN, it makes sense to explore your options before settling on a type of life insurance that will actually serve your needs. 

1. Consistent Payments 

When you buy whole life insurance, you’re getting consistency when it comes to how much you pay. In other words, you won’t have to worry about your premium going up as you get older, no matter what happens in the future. It’s also a permanent policy, which means that it’s always available to your loved ones. If you purchase term insurance, the policy will have an expiration date based on your preferences (e.g., the policy runs out when your youngest child turns 21). 

2. You Accrue Interest 

Like most permanent policies, whole-life insurance comes with a built-in savings component. If you needed to take out a loan later on in life, you can borrow from your life insurance policy. This loan is not interest-free, but it is tax-free. It can be exactly what you’re looking if you and your family hit a rough patch. There are also accelerated benefits available through a whole-life policy, which may pay for things like long-term medical treatment. It’s even possible to terminate the policy for a cash payout. 

3. Help When You Need It

When you buy whole life insurance, you have a wealth of options available to you. People in Little Falls, MN who work with Hanneken Insurance Agency Inc. know that they always have someone to turn to if they’re confused or have questions. Call Hanneken Insurance Agency Inc. today to learn more about how whole-life can work for you. 

 

Types of Commercial Insurance

Opening a business in Little Falls, MN can become a very rewarding experience.  Hanneken Insurance Agency Inc. wants to be part of that by helping cover you against losses. This blog covers the types of commercial insurance coverage that protect your business. Depending on your company, you might need one or all of them. 

You might think of commercial auto or commercial property insurance when someone mentions insuring your business, but it goes much further than that. Most businesses require property and liability insurance to protect against damages to their property or someone else’s. If they employee people, they also need a workers’ compensation policy to cover employees injured on the job. Here’s a quick list of policies your business may also need.

  • Equipment breakdown insurance covers the breakdown of boilers, equipment, and machinery. That includes your copier or your tiller or your crane, depending on your business.
  • Debris removal insurance pays for cleanup and debris removal following a covered hazard such as fire or flood.
  • Builder’s risk insurance covers structures you have under construction.
  • Glass insurance covers the glass on your building. If vandals break your store windows, this pays for their replacement.
  • Inland marine insurance covers other people’s property on your worksite and property in transit.
  • Business interruption insurance pays for your lost income and expenses if your business incurs property damage or loss.
  • Ordinance or law insurance could also be called code insurance since it pays the costs of demolishing and rebuilding to code if you partially damaged the building.
  • Tenant’s insurance is renter’s insurance for a business. It also pays for damages to improvements you, the tenant, made caused by employee negligence.
  • Crime insurance pays out when your business becomes the victim of a theft, burglary or robbery.
  • Fidelity bonds cover theft of property or money by a bonded employee.
  • Liability insurance pays for damages stemming from injuries your business caused to third parties. This category includes the specialized policies of errors and omissions ("E & O") insurance,  malpractice insurance and automobile insurance.
  • Directors’ and Officers’ liability insurance covers lawsuits against the directors and officers of corporations and nonprofit organizations. 

If you think that sounds a tad complicated, we can help sort it out. Contact Hanneken Insurance Agency Inc. of Little Falls, MN for a consultation to help you determine which policies your business needs.

There is More to Farm Insurance in Minnesota Than You May Think.

Little Falls, MN has many farms and ranches in the region and surrounding areas each providing a vital agricultural service locally or even globally. A farm is a corporation in and of itself when it comes to all the aspects that need to be addressed daily ranging from animals, employees, valuable machinery, and buildings. At Hanneken Insurance Agency Inc. we provide quality insurance services including farm insurance, auto insurance, home insurance, flood insurance, and more. 

In the state of Minnesota, there are many insurance considerations when it comes to farming or ranching. For example, a beginning rancher or farmer will receive certain insurance perks that the first year that may make it easier to purchase affordable insurance. But this is not to exclude people who were raised on farms or ranches who are branching off on their own. Other considerations include which crop you grow in a particular year, your farm’s past performance, and unique risks and assets. Farm insurance is not quite as straight forward as other policies but this is to protect you, the farmer, and make sure you are protected as you run your unique corporation. Come in and discuss your particular insurance needs for your farm assets and risks, and we can help clear up any questions you have about farm insurance in your area. 

Contact us at Hanneken Insurance Agency Inc. for all of your farm insurance needs in and around Little Falls, MN. Or if you have any questions as you begin on your journey or running your own working farm or ranch you can come on in and discuss your farm with our experienced agent. 

Does Health Insurance Cover Preexisting Conditions?

Health insurance is no doubt a wonderful thing. It allows us to have help in paying for medical care that is essential to our being healthy and living a long happy life. For some with preexisting conditions, finding insurance can be difficult, with the right help you can find a policy that fits with you. For those in the Little Falls, MN area, the agents with Hanneken Insurance Agency Inc. can help you to find a policy that works well for you and that can take care of your condition.

The overwhelming number of insurance companies out there are going to ask you to fill out a health questionnaire to determine if you have any specific health issues that are pertinent to the insurance. Some insurance companies are not going to accept those that have conditions when they apply for the insurance. An example may be someone that has cancer, they want to switch to a better insurance that helps pay more for their cancer treatment, they would be required to disclose that they have cancer to the insurance company and the company can then either approve or deny their application. In most cases, a preexisting condition does not disqualify you for insurance but rather makes it necessary to get a different type of coverage that is going to cost more each month to make up for your added costs.

Insurance is something that you have to have and having a great policy that is going to be able to cover and help take care of your bills is a must. You should take the time to find a policy that works for you, no matter what condition you have. For those in the Little Falls, MN area, the agents with Hanneken Insurance Agency Inc. can help you find a policy that works for you.  

Finding Health Insurance After 50

As businesses downsize, many established employees find themselves without their former employer’s benefits. They need to purchase their own health coverage. Hanneken Insurance Agency Inc. of Little Falls, MN wants you to know how to find affordable coverage at 50 and older.

One of the reasons it becomes tougher is that older people are more likely to have developed chronic diseases like diabetes, high blood pressure, and heart disease. Some insurers will not offer a policy that covers pre-existing conditions. Others will cover it once the insured has gone a specified period without any problems. Some will cover long-term pre-existing conditions like diabetes or high blood pressure.

Not only will it become harder to find coverage; it gets more expensive. You can reduce the costs by following these tips:

  • Avoid the options and extras. Select only the coverage you really need.
  • Obtain private coverage for major illnesses only.
  • Choose a plan with a waiting period before treatment ends. The common periods are four-week or six-week options.
  • Choose a policy that only offers treatment at a few hospitals.
  • Remain in good shape. A healthy BMI can sometimes get you a discount.

The plans you are accustomed to from your workplace offer so many options because they serve a large group of diverse people. Your employer needs a plan that can accommodate every employee. When you choose a private health plan, you get to pick just what you need and tailor it to yourself. That can save you money.

Hanneken Insurance Agency Inc. of Little Falls, MN can help you obtain the health coverage you need. Call or visit us to learn about the health insurance plans we can offer you.

How do I know if I need farm insurance?

Farmers in and around Little Falls, MN understand what it’s like to deal with a mix of the old and the new on an everyday basis. While most things have changed, many others remain comfortingly the same. One thing modern farmers have in common is the need to protect themselves from the risks associated with farming activities.

Who Actually Needs Farm or Ranch Insurance?

If you don’t technically live on a farm or ranch, a standard homeowners policy might be adequate to meet your needs. There are some criteria you can use to decide if you will need the additional coverage available with a specialized policy:

  • Are there any additional structures on your property, like a shed, a stable, or even a greenhouse?  Especially if you are growing plants for sale, you may want to consider the amount of revenue you expect to receive when deciding whether or not to get farm insurance.
  • What kind of animals are you keeping on your property? Larger animals like cows or horses may give your property a business exposure that requires you to get more protection.
  • Are there workers on your property? If you have employees who help with the crops or animals, they are a potential liability. Minnesota law requires that most employees be protected with workers’ compensation insurance.

Buying a Farm Insurance Policy

At Hanneken Insurance Agency Inc., we can help you go through all your options and help you look at your situation to see if you need farm insurance. Your policy will be individualized to fit your circumstances because every situation is different.

If you are in Little Falls, MN and thinking about whether you should get farm insurance, call Hanneken Insurance Agency Inc. today so we can show you all your options.