Most business owners assume that purchasing commercial insurance means their business and property are covered against all risks, which isn’t the case. Some risks aren’t covered, and it’s vital that you are aware of them. As a business owner in Little Falls, MN, the knowledge will enable you to implement best practices to mitigate excluded risks. The standard commercial insurance exclusions are:

1. Catastrophic Events

Risks of catastrophic events such as war and the effects of war aren’t covered under commercial insurance. For instance, if a war breaks out and an explosive damages your commercial property, your business property policy won’t cover the damage. However, you can get specialized commercial coverage for catastrophic events like earthquakes and flooding.

2. Equipment Maintenance Issues and Wear and Tear

Business equipment coverage is a necessity if you are utilizing any equipment in your business operations since it covers it from loss or damage. However, this coverage excludes equipment loss or damage resulting from maintenance issues and wear and tear. This means that risks that can be mitigated with regular maintenance, such as corrosion, rust, and insect infestations on your equipment, won’t be covered. This is why at Hanneken Insurance Agency Inc., we advise our clients to implement outstanding equipment maintenance practices.

3. Risks Against Public Policy

No commercial insurance covers risks against public policy such as violations of the law, crimes, and intentionally caused injuries. Threats against public policy are excluded because providing coverage might encourage people and commercial enterprises to violate the law. Therefore, if a company’s management intentionally commits fraud, commercial insurance won’t offer any coverage.

4. Refunding or Repairing Faulty Products

Most businesses also get product liability coverage, but this only covers bodily injury and property damage resulting from faulty products. It doesn’t cover the cost of refunding or repairing defective products.

Contact Hanneken Insurance Agency Inc. for more info on commercial insurance in Little Falls, MN.

If you seek life insurance in Little Falls, MN, it’s essential to familiarize yourself with the different life policy options available. This will enable you to get life insurance coverage sufficient to protect your family financially in case you die. Here are the basic types of life insurance policies. 

1. Term Life Insurance

Term life policy is arguably the most affordable life policy. It provides coverage for a limited period, typically 5 to 30-year spans. An annual renewable term life policy is usually renewed annually without proof of insurability; however, the premium may increase after every renewal. 

2. Permanent Life Insurance

A permanent life policy offers coverage for your entire lifetime. You will be required to pay premiums for this life policy for as long as you live. It also offers a “cash value” savings element. Under permanent life insurance, there is whole life insurance, universal life insurance, and variable life insurance. At Hanneken Insurance Agency Inc., we recommend you consult an insurance expert to determine which of the three permanent life insurance options best suit you. 

3. Final Expense Insurance

Final expense insurance is a life policy designed to cater only to the end-of-life expenses like funeral and burial costs. You will have to pay premiums for the final expense policy throughout your life, and it has no cash value/investment component. 

4. Group Life Insurance

Group life insurance can only be bought as part of a group, such as via a membership organization or your employee benefits package. This life policy is usually term; in most cases, it doesn’t provide sufficient financial protection to your family. This means that if you have group life insurance, it’s prudent to get additional life insurance life a permanent life policy. 

Contact Hanneken Insurance Agency Inc. for exceptional life insurance offers in Little Falls, MN.

Health insurance covers a range of services, from prescription drugs to preventative care. It may also cover specific surgery or other procedures, such as x-rays or blood tests. The insurance may also cover some types of therapy or medication and may provide coverage for certain covered expenses such as certain drugs, laboratory tests, and surgeries. 

It is important to note that while most health insurance plans cover a range of expenses, such as doctor visits and prescription drugs, they do not cover everything. The insurance caters to treatments, screenings, and costs associated with certain medical conditions. There are several different types of health insurance, but the most common ones are medical, pharmacy, and travel. 

Reimbursement Policies 

Some companies do not offer health insurance, so you may want to ensure you have the right benefits before you start work. Others provide a certain level of coverage, but only if you have a doctor or other healthcare provider listed on your health plan. Some offer a wide range of plans to choose the one right for you. Some will only pay for treatment.

Employers are required by law or policy to cover all employees. The requirement does not vary based on an employee’s age, but it does increase with age (and level of responsibility) in the employer’s brand. Many employers require health insurance as a condition of employment, but others choose to offer it as an option. 

Bottomline

Health insurance is a product that protects medical expenses. It can cover routine visits to the doctor, medication, and tests. The most important thing is to talk to a trusted professional and get the help you need when it comes to mental health. Contact Hanneken Insurance Agency Inc. in Little Falls, MN for more information on the insurance coverage.

Farm insurance protects against the financial loss of crops and livestock due to natural disasters such as severe storms and floods. Most insurance contracts cover these types of damage at no additional cost to the farmer, while some provide additional coverage specific to farm animals. Some insurance firms provide additional coverage specific to farm animals for the equipment and building, while others are solely for repairing damaged property. 

When is farm insurance required? 

Farm insurance is required by law in most U.S. states and foreign countries. However, some states do not require farm insurance. Many farmers do not require this cover because their land is not considered at risk of crop failure. However, if you operate a large farm, you may want to consider getting farm insurance to protect your assets should something happen to your farm. In addition to coverages like crop damage, farm insurance provides protection against other risks such as theft, fire, storm, and animals. You can learn from Hanneken Insurance Agency Inc., which serves Little Falls, MN. 

Farm insurance is essential whether you own a homestead or lease a farm. It may be necessary if you are considering buying a farm or selling your farm. Farm insurance can protect you against various risks such as hail, storm, flooding, wind, hail, or water damage on your farm. Farm insurance is also necessary if you breed livestock or grow crops on your farm. Even if you are not actively involved in farming, getting farm insurance is still a good idea. 

Bottomline 

Farm insurance can be expensive, but it is worth it because it protects your livelihood. Be sure to research farm insurance coverages before you buy a policy. Farm-related losses are common in agricultural and livestock-based industries. For example, crops are destroyed by bad weather, diseases kill livestock, and natural calamities like floods or storms destroy equipment. To protect your farmland and livestock from these losses, you need to purchase farm insurance. You can get this coverage from a farm insurer or your farmer’s insurance program. Keep in mind that the two types of insurance have different coverage limits. For example, a farm insurance policy may have a higher limit than a homeowner’s insurance policy. For help, reach out to Hanneken Insurance Agency Inc. in Little Falls, MN.

The Little Falls, MN agricultural community can rely on Hanneken Insurance Agency Inc. for their family farm insurance needs. If you want to make sure that your farm has the protection it needs, call us today and set up an appointment. Our team is experienced and knowledgeable and can help you get the protection you need.

Protect your family farm today

We understand that finding the right policy to protect your family farm can be challenging. Underwriting a family farm or agricultural business requires a different approach than most properties receive. If you don’t feel like your insurance provider is giving you the protection you need at a fair price, we can help. 

We work with several different insurance providers who understand the nuances of underwriting farm insurance. We know that you need protection for:

• Livestock
• Farm equipment
• Worker’s compensation
• Crop protection
• Liability coverage

Yes, a family farm is a business, but its insurance needs vary greatly from most other commercial enterprises. If you want to learn more about farm insurance benefits, it’s time to sit down with a local agent. 

Farming is hard work, and your dedication and hard work need to be protected. Having the right farm policy can make the difference between going under due to a catastrophe and passing the family farm down to the next generation.

We look forward to working with you!

The folks here at Hanneken Insurance Agency Inc. are proud to work with the greater Little Falls, MN community. If you want to make sure that your family farm has the protection it needs, call us today! We look forward to working with you.