Do I need life insurance in Minnesota?

People that live all over the Little Falls, MN area are going to have a variety of different personal insurance needs. An important form of insurance coverage to consider getting is life insurance. This type of protection can offer many benefits including the ability to protect those that rely on you. There are a few different reasons why people here will need to get a life insurance plan. 

Protect Those that You Care About

A reason that you should get a life insurance plan when you are in Minnesota is so you can protect those that you care about. If you would like to get this coverage here you can build a plan that is curtailed to meet the needs of your dependents. This can include handling the future costs associated with housing, higher education, or even retirement.

Conservative Investment Alternative

If you would like to get a life insurance plan in Minnesota you will also find that it offers unique investment benefits. When you get a whole life insurance plan a portion of your monthly payment will build up in an account that you can liquidate in the future. This account will continue to build with interest and offers little risk to the investor. This can be a good addition to any personal investment plan. 

Having life insurance in the Little Falls, MN area is very important. When you are in the market for a new policy, it would be a good idea to call Hanneken Insurance Agency Inc. When you do call Hanneken Insurance Agency Inc. you can learn more about your different life insurance options and the benefits of having coverage. This can help you pick a policy that is right for your situation and provides ideal life insurance coverage. 

Commercial Insurance Requirements and Options in Minnesota

You have put your money, hard work, and heart into your business and you will want to protect in any way you can. One of the main ways to provide protection for your business is through commercial insurance and the agents at the Hanneken Insurance Agency Inc. in Little Falls, MN can provide you with the information you need to obtain the commercial insurance policy that is best for you and your business.

Workers’ Compensation Insurance

In Minnesota, if you employ people to work at your business, you must either maintain workers’ compensation insurance or become self-insured to cover any injuries to your workers that occur on the job. This will also cover any lost wages your employees experience while being off work due to an injury or illness that occurred due to their job.

Commercial Auto Insurance

Under Minnesota law, all motorists must at least have an auto liability insurance policy in place and this includes vehicles that are owned by your business. If personal vehicles are used for your business, you should ensure that the owners of those vehicles have at least an auto liability insurance policy in place.

General Liability Insurance

If you rent the space in which your business is located, the property owner will probably require you to have this type of policy in place. Even if you own your business space, it is a great idea to have liability insurance to be on the safe side. For example, if a customer is injured while visiting your business, this type of insurance will cover their medical bills. It also protects you and your business if a product that you produce injures someone or if an employee of your business causes an accident to happen that injuries someone or causes property damage.

Other Coverage Options

There are several commercial insurance options you can also choose to have in place, including business interruption insurance, property insurance, cyber liability coverage, and management and employee practices liability insurance.

To obtain a quote or to make an appointment with an experienced commercial insurance agent, call the professionals at the Hanneken Insurance Agency Inc. in Little Falls, MN today!

Three mistakes to avoid when you buy health insurance in Minnesota

Health insurance is one of the most important financial products you need to both protect your finances and stay healthy. We provide health insurance policies in Little Falls, MN at Hanneken Insurance Agency Inc.

The following are three mistakes you need to avoid when you buy health insurance in Minnesota.

Selecting the least expensive plan available

It’s important to carefully evaluate any plan before you choose it. Plans are going to vary widely in cost. However, it’s important to realize that less expensive plans won’t offer nearly as much coverage as the plans that cost more.

Choose a plan that best suits your needs and offers the best value. 

Not buying any coverage because you think you’re healthy

Too many Americans make the mistake of thinking they can get away with not having coverage because they’re healthy. 

It’s important to at least have some basic coverage to protect yourself in the event of an injury or illness. You never know what can happen in the future. Most individuals occasionally need health care services even if they are healthy. That’s why it’s so important to have insurance.

Being unaware of government subsidies and assistance you’re eligible for

There are many government programs that help consumers to afford the costs of health insurance.

It’s essential that you look into your eligibility for government subsidies before purchasing a plan. Otherwise, you might end up paying much more than you should have for coverage. 

If you’re on the market for health insurance in Little Falls, MN, contact us at Hanneken Insurance Agency Inc to learn about the health insurance options we offer. We can answer your questions about health insurance in Minnesota.  

Who needs farm insurance in Minnesota?

For those that are in the Little Falls, MN area, owning a farm can be a great way to earn a living. There continues to be a demand for farmers in this area of the country and the industry offers a lot of potential for success. If you are going to purchase a farm here, you need to make sure that you insure it as well as possible. There are several situations when someone would need to get a farm insurance policy. 

Those Taking Out a Loan Need Insurance

A lot of people that own a farm will need to take out a loan at some point. Farm loans can be used to purchase new equipment, build a barn, or pay for inventory. If you do take out a loan of any kind, you will have to get the proper coverage to comply with the lender’s requirements. Lenders usually require insurance as it can protect their collateral and could help keep your farm solvent. 

Those Looking to Expand Customer Base

Another situation when you are going to need farm insurance is when you want to expand your customer base. If someone is going to purchase products from you, they will want to ensure that you are properly covered by liability insurance. Having a good insurance policy could be a requirement in order to grow and find new customers. 

Anyone that owns or manages a farm in the Little Falls, MN area needs to make sure that they protect it as well as possible. When you are looking for a new farm insurance policy here, you should call Hanneken Insurance Agency Inc. The team at Hanneken Insurance Agency Inc. understands the unique risks that come with owning a farm. They can then help you build an insurance policy that will mitigate these risks as much as possible. 

Why it is important to get life insurance.

In the Little Falls, MN area, there are many important forms of insurance that the average person may need to get. One form of insurance that should be carefully considered is life insurance. There are several reasons why getting a proper life insurance policy is so important for anyone in this area. 

Protects Dependants

The main reason that it is important to get into a life insurance policy is that it will give valuable coverage to your dependents. If there are people in your life that depend on your income, you will want to ensure you get the coverage necessary to protect their financial future. If you get a life insurance policy, it can be built to ensure the benefit will give them the financial protection necessary if you were to pass away. For those without dependents, having insurance to cover your debts or end of life expenses could be helpful to those you care about. 

Gives Peace of Mind

Additionally, you will want to have life insurance because it can give you peace of mind. The thought of leaving people with debt and financial challenges can be very stressful. Fortunately, you can provide yourself with peace of mind if you get an appropriate life insurance policy. 

There are a variety of important reasons to get life insurance if you are in the Little Falls, MN area. When you are looking for this insurance here, you could find that picking the right policy is complicated. Fortunately, you can reach out to the team at Hanneken Insurance Agency Inc. to make it easier for you. The insurance team at Hanneken Insurance Agency Inc. is experienced when it comes to helping people understand their needs and options when it comes to life insurance. This can help to ensure that you receive the right coverage for your situation. 

Commercial Insurance and Your Business Continuity

You need to protect your Little Falls, MN business in every way possible both for yourself and for the overall Minnesota economy. Hanneken Insurance Agency Inc. wants you to understand the part that commercial insurance plays in your business continuity and how to integrate it into your business continuity plan. Now, if you read that and thought, “What’s a business continuity plan?” then let’s start there.

Business Continuity Plan

A business continuity plan explores the possible business interruptions and devises strategies and mitigation practices and procedures to circumvent them in a written plan. The plan often includes alternate physical locations where you could continue running your business and/or cloud options to do so while working from home or another location. The plan reduces downtime so your business remains up and running and you can reduce losses. One strategy of a business continuity plan is an insurance policy that includes business continuity insurance, also called business interruption insurance, a type of commercial insurance.

Business Interruption Insurance

An insurance company typically requires you to have a business continuity plan before you can obtain business interruption insurance. That is because the insurance agency wants to see your plan for managing risks and reducing losses. A business interruption policy pays for the lost income while your business must close, so the insurance policy wants to see that you have in place viable ways to prevent having to close the business even if that means temporarily relocating it to a different storefront or manufacturing plant, etc.

The insurance policy forms one small part of this plan, but it’s integral. The BCP forms part of your business plan. If you go to a financial lender to take out a business loan, they will ask to see this as a part of your loan package. If you have left out the business interruption insurance, they will typically suggest you purchase a policy and consider you unqualified for a business loan until you obtain one.

Come talk to us at Hanneken Insurance Agency Inc. serving the Little Falls, MN area to learn more about business interruption insurance and how it can help you. Call us today.

3 ways to get the most out of your health plan

There is more to your health insurance policy than co-payments, monthly premiums, and deductibles. You can save money with proper planning. The agents at Hanneken Insurance Agency Inc. can help you strategize to find the health insurance plan that works best for your lifestyle. Read on to learn how you can get the most out of your policy in Little Falls, MN.

Choose the right plan

Many consumers purchase the first health insurance plan offered to them. This method is not always the best route as the first option is sometimes the most expensive plan. 

You should shop around for health insurance like you shop around for a home or car. Pick three possibilities and weigh the pros and cons before ultimately deciding on the plan that you believe fits your family’s needs. 

Stay with in-network providers

HMO insurance plans require you to stay with your physician for all care needs. You have the option of going outside of your network with a PPO plan. The expenses that follow such a decision, however, can be enormous. It is best, then, to find a physician and hospital that receives payment directly from your provider. 

Take advantage of mail orders for prescriptions

You cannot utilize the mail ordering benefit if your prescription is for a temporary condition. Those with chronic health problems, however, may find it beneficial to order medication in bulk. A 90-day supply is cheaper in the long run in comparison to a 10-day supply of the same medication that you have to keep getting refilled. 

The agents at Hanneken Insurance Agency Inc. can help you find the right health insurance plan. Call them today to get a quote for coverage in Little Falls, MN.

What does farm insurance cover?

If you own a farm in Little Falls, MN, you might have already figured that you might greatly benefit from farm insurance. Generally, you want to buy enough coverage based on what you are dealing with. Farm insurance is designed to protect you commercially as well as personally.

At Hanneken Insurance Agency Inc., we recommend farm insurance as it provides coverage for your possessions, home, and personal liability. This policy also goes beyond that to cover your livestock and machinery.

What does farm insurance cover?

Farm insurance covers property that is directly related to farming. Here are the primary coverages associated with farm insurance.

Livestock

Livestock coverage is the most comprehensive coverage for any farmer in Little Falls MN who prefers to keep livestock. A lot can happen to the animals you are keeping, whether for domestic or commercial purposes such as illnesses, death, and injuries. Livestock coverage helps protect your finances by paying the medical bills.

Farm equipment and machinery

This coverage is specifically for farmers with large equipment and machinery that are used on the farm. Whether it is a hay raker, planter, cotton picker, or tractor, this coverage protects all of them.

Farm products

Farm products such as seed, grain, and feed are all considered farm products. Farm insurance helps compensate the farmer in the event of an accident that left these products destroyed. It can also pay for stolen seeds or grain. It is critical to note that seed or grain that is already planted is not covered. Crops are covered under the commercial insurance policy.

Farm liability coverage

Like home and auto insurance, farm insurance comes with liability coverage to cover risks such as lawsuits if your livestock destroyed someone’s property. It covers medical expenses, bodily injury, and property damage liability.

Farm insurance is a critical coverage for any farmer. For more information, visit Hanneken Insurance Agency Inc. today.

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!