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!

Why You Need Home Insurance For a Home Loan

A common insurance policy that homeowners take in Little Falls, MN, is a homeowner’s insurance policy that protects their personal possessions. If you decide to buy a property through a bonded loan or a mortgage, a financial institution may require you to have homeowner’s insurance before it even considers your application.

Hanneken Insurance Agency Inc. seeks to lighten the burden of homeowners who use loans to buy their dream houses. Mortgage providers face several risks when they lend money to home buyers. One of them is that a borrower may fail to pay the home loan back, leading to foreclosure to recover the loan. It raises the need for banks and borrowers to protect themselves from financial loss.

Another significant risk is that a property can be damaged or destroyed while bonded. In this case, the buyer, you, and your bank are affected. Although the bonded property is damaged extensively, you still have to repay the mortgage. It places a heavy burden on you and hurts your budget, something that you need to avoid.

If you become unable to clear the home loan, your bank may lose in that the property is no longer there to serve as security against the mortgage. For this reason, a homeowner’s insurance policy is essential to protect you and your mortgage provider. The policy provides coverage for the bonded property, not its contents.

If a fire or anything destructive causes severe damage to the bonded property, the homeowner’s insurance should pay for the property loss and repay the home loan, too.

KEY TAKEAWAY

A bonded property faces many risks, including fire, storms, non-repayment, etc., leading to a financial loss to you and your bank or financial provider. A home insurance policy is necessary to protect yourself and the financial institution.

Interested in knowing more about how you can protect yourself when you take a home loan? Contact Hanneken Insurance Agency Inc. today.

Should I get auto insurance in Little Falls?

The Little Falls, MN area is a great place for someone to work and live. While there are a lot of advantages that come with living in this area, the location and layout of the city make it a place where owning a car is a practical necessity. If you are going to purchase your next vehicle here, you also need to get proper insurance for it. You should get this coverage and keep it in place when you have a car. 

Insurance Will be Required

An important reason to get auto insurance when you are in this area of Minnesota is that it will be a requirement for you. Any driver in the state needs to carry auto liability insurance at all times. People that do drive a car without this insurance are often caught and penalized, which could include losing a license or other privilege. Additionally, anyone that has an auto loan will have to maintain a full policy until the loan is repaid.

Insurance Protects Car Owner

Even if you did not have requirements for insurance, you should still get it. With an appropriate insurance policy, you are going to receive coverage for liability and your asset. This can help to ensure you are covered and protected in several different challenging situations. 

Those that are going to move to the Little Falls, MN area and are in need of auto insurance should call the team at Hanneken Insurance Agency Inc. When you do call Hanneken Insurance Agency Inc. you can get a lot of guidance and support that will be necessary to ensure you pick the right insurance policy. There are many options available to you and the team here will help you build a policy that properly addresses your needs. 

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.

How will home insurance protect me?

In the Little Falls, MN area, one of the best long-term decisions that you could make would be to purchase your own home. There are plenty of long-term benefits that come with buying a property. If you do purchase a property, you need to make sure that you get the right insurance. A quality home insurance policy could protect you in several ways. 

Insurance Will Provide Liability Protection

One way that your home insurance will protect you is by providing you with liability protection. If you own a home, there are several liability risks that you should be prepared for. A property owner could be responsible for damages if their home causes damage to another property or if a guest is injured when visiting. Since these situations can be predictable, you should make sure that you get proper insurance protection at all times.

Insurance Offers Property Protection

Another advantage of getting home insurance is that you will receive protection for your dwelling. When you own a property, you will want to ensure that your assets are properly covered at all times. With a home insurance policy, you will get coverage for the assets that you need. This can include providing you with protection for the dwelling and your personal assets. The insurance can cover a variety of situations that could result in a loss including theft, vandalism, or fire damage. 

When you want to get home insurance in the Little Falls, MN area, it is important that you carefully evaluate all of your options. Since this can be a complicated process, you should reach out to the team at Hanneken Insurance Agency Inc. When you do call Hanneken Insurance Agency Inc. the team will be able to provide you with very valuable guidance and support. 

Four auto insurance requirements to meet as a Minnesota motorist

As a driver in Minnesota, you need to meet insurance requirements to drive legally. At Hanneken Insurance Agency Inc. we offer auto insurance policies that will allow you to meet state-mandated minimum coverage requirements.

The following are four auto insurance requirements you’ll need to meet as a Minnesota motorist.

You need to have $60,000 in bodily injury coverage.

It is required that Minnesota drivers carry at least $60,000 in total bodily injury coverage per accident. In addition, you need to carry $30,000 in bodily injury coverage per person per accident.

You need to have $10,000 in property damage liability coverage.

Minnesota auto insurance policies are required to meet property damage liability requirements. You need to have a policy that offers at least $10,000 in property damage liability coverage. 

You need to have $40,000 in personal injury protection. 

Another requirement in Minnesota is that motorists carry personal injury protection coverage. You need to have auto insurance policies that include at least $40,000 in personal injury protection.

Personal injury protection will pay for medical expenses for both you and your passengers in the event of an accident. This will cover medical expenses before your own health insurance coverage comes into play. 

You need to carry uninsured motorist coverage.

Minnesota is a state that requires uninsured motorist coverage. You are required to carry at least $25,000 in uninsured motorist coverage as a Minnesota driver. This will cover you if you are involved in an accident with a motorist who does not carry adequate insurance and is at fault in an accident in which you are involved.

Are you looking for auto insurance coverage in Little Falls, MN? Let us help you find coverage at Hanneken Insurance Agency Inc. Get in touch with us with your questions and inquiries regarding auto insurance options in Minnesota.