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!

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. 

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.