The Commercial Insurance Difference You Should Know About

Minnesota is a big state with some big differences. We have the metro area of the Twin Cities, and the rural areas of Superior National Forest. We have the small town feel of Fargo and the shipping at the Port of Duluth. We are even home to International Falls, which gets more than its fair share of publicity in the winter. Even the accents are different between parts of the state, although only locals may notice the difference.

If you operate a business in the state, do you know the difference in commercial insurance? It is not as complicated as it may first seem.

When it comes to property insurance, there are two main forms, Basic Form and Special Form. With Basic Form insurance, each covered peril is specifically spelled out. If it is not mentioned in the policy, it will likely not be covered. On the other hand, Special Form insurance takes a more encompassing view. It states that all perils will be covered EXCEPT those spelled out in the policy. Most business choose Special Form insurance because of the broader range of protection it provides.

There’s another big difference in insurance you should know about. That is the difference between captive and independent insurance agencies. While captive agencies can only offer the products of the single company they work for, independent agents can work with multiple companies to locate the best rates. Hanneken Insurance Agency is an independent agency. If you would like to know more about your coverage, please feel free to contact us. We can review what you have and make any needed recommendations.

Compare your auto and homeowners insurance rates online from our website. You’ll discover the differences an independent agency can make. If you would like to discuss business insurance, contact us. We look forward to working with you.