A quality insurance plan has become a necessity for all business owners. However, it’s also important to keep it updated. The agents at Hanneken Insurance Agency Inc. serving residents of Little Falls, MN could assist you in making those adjustments to your plan.
Avoiding Costly Risks
A business that isn’t adequately insured runs a huge risk of future financial problems. To avoid this, you must contact your agent or broker about making new updates to your coverage. For example, in the state of Minnesota, we are prone to severe winter storms. If you own the building where your business is located, it’s vital to keep updating your property insurance. By making the needed adjustments to your plan, you will fully protect your property and assets from financial loss caused by those storms.
By updating your coverage, you are also protecting yourself against harmful claims against your business. One example of this is claimed for damages caused by your employees. If not handled properly, this risk could result in the loss of your business and personal assets. Understanding how to avoid or minimize risks like this will help you run a successful business.
Maintaining Peace of Mind in running your business
No one wants to see everything they worked for disappearing. Your circumstances are likely to change in the near future. That’s why it is vital to stay in touch with your insurance agent on new changes to your plan. Being adequately insured will protect your business from costly risks.
If you live in the Little Falls, MN area, the agents at Hanneken Insurance Agency Inc. could help you in updating your insurance coverage. Visit our agency’s website for further information or to schedule an appointment.
A great way to use estate planning is to put away something for the grandkids. You can really help them if you prepare for a way to pay for their college tuition and living expenses, while they go to school by using life insurance as part of your estate planning.
How to Use Life Insurance for a Dedicated Purpose
To use life insurance to meet a certain financial need, you will have to work with your agent at Hanneken Insurance Agency Inc. serving Little Falls, MN and the surrounding area and a trust attorney. The way this works is you put the life insurance in a trust that directs the use of the death benefits for a certain purpose. Be sure to consult with a tax accountant as well to make sure you minimize the tax implications as part of your estate planning.
How much life insurance do you need?
Forbes reports that the cost of attending college increased eight times faster than wages over the past thirty years so it is getting really expensive now to attend college in America. The median cost of attending a four-year college in 2019 dollars is $104,480. This amount goes up each year. If it continues to rise at the same past rate, it will increase by about 2.6% per year.
To make the calculation, take the 2019 base number of $104,480 and then use a compound interest calculator found online to see what that amount will be needed in the future year that your grandchild will be old enough to attend college.
For example, if they are 5 years old now, then, 13 years later they will need about $145,864 so getting a policy with a death benefit of $150,000 would be nice.
Leaving your legacy as free college tuition or a windfall when your grandkids turn 18 is an excellent idea. You will free them from the burden of having to pay back this enormous debt if they have to borrow this money to go to college. Contact your agent at Hanneken Insurance Agency Inc. in Little Falls, MN to get a quote for the life insurance you need.
Many homes in the Little Falls, MN area are seeing improvements in their home when they choose to have their basement encapsulated. In this process, your basement is laid with a vapor barrier that protects this area from outside elements. All the junctions and seams are sealed, and the area is conditioned with either a dehumidifier or HVAC system to keep the area dry and cool.
Air Quality Enhancement
With a basement encapsulation on your home, the air quality will improve immensely, since mold and mildew will not be able to build. Many basements that do not have this service suffer from mildew and mold which carry through the home, making air quality diminish. For your family members with allergies, this could help them immensely.
Become More Energy Efficient
Because the basement has undergone this encapsulation, energy bills are showing to be reduced significantly. Power sources do not have to run at the same speed and consistency prior to the encapsulation because the energy is retained longer. This energy retention allows your home to retain its heat in the cooler months, which saves money on utilities and makes this season that much easier.
Preservation of Ducts and Equipment
Because the energy is being retained within the home longer and the risk of mildew has diminished drastically, the ducts and heating source equipment will last much longer because they are not exposed to these elements and are placed in a conditioned environment.
Choose Additional Security with Home Insurance
If you live in or around Little Falls, MN, it may be time to add that extra layer of protection with home insurance. At Hanneken Insurance Agency Inc. you can take advantage of our online rating tool for your personal home insurance quote or call us for more information.
Owning and driving a car on a daily basis is a necessity for a lot of people in the Little Falls, MN area. Since your car is such an important asset, you should also make sure that you have it properly covered by insurance. Overall, there are a variety of benefits that will come when you have an auto insurance policy on your car.
Ensure Your Car is Protected
One reason why you will need to have auto insurance in Minnesota is that it will make sure that your car is protected. While you can be a safe and diligent driver, situations that could cause a loss do occur from time to time. If you have a full auto insurance policy, you will receive coverage for situations including theft, vandalism, and auto accident damage.
Additionally, people in Minnesota will need to have auto insurance to make sure that they are in legal compliance. When you drive in this state, you are going to need to have liability insurance to drive legally. When you have a full auto insurance policy, you will be in compliance with the law and will have the protection that you need in the event you get into an accident.
There are clearly many reasons why you should make sure that you have good auto insurance in place when you live in the Little Falls, MN area. Since having auto insurance is so important, you should speak with the team at Hanneken Insurance Agency Inc. to discuss your auto insurance needs. When you speak with the professionals at Hanneken Insurance Agency Inc. you will learn a lot more about the auto insurance options that you have available. This will ensure that you get into the right policy that gives you the best coverage possible.
If you change jobs every three to four years like most of America, health insurance may be something that you haven’t purchased simply because you don’t want to bother switching carriers every time the view out the office window changes. However, you can focus on your future and protect your most valuable asset–your health–when you purchase a stand-alone policy from Hanneken Insurance Agency Inc. serving Little Falls, MN.
How Does It Work
When you find your own health insurance, you will either find a policy that is part of the Affordable Care Act or purchase one straight from an insurance provider. You pay the premiums just like any other monthly bill to maintain coverage. If you switch jobs, your healthcare stays the same without any pause in coverage, change of doctors, or increase of prescription co-pays.
Finding the Right Healthcare for Your Family
Did you know that small and large businesses can spend weeks every year negotiating rates and coverage options for their employees? The variety of policies is huge and finding a policy that takes care of your current health needs and offers protection for emergencies is a serious challenge. When you sit down with a health insurance expert, like our agents at Hanneken Insurance Agency Inc. we can cut through the mountain of choices and speed up your selection process.
Find the Freedom to Flourish
Have you hesitated to leave your unsatisfying corporate position to pursue your dream of building your own business due to health insurance? Take the time to check out the available options and find a policy that works with your current budget and includes the ability to expand coverage when you get off the ground. Once you sever your health insurance from an employer, you will be free to find the perfect position to fulfill your future in Little Falls, MN.
The Little Falls, MN area is well known for its very fertile soil and open terrain, which can make it an ideal place to own a farm. Those that do own farms in this area are very well aware of how valuable a business their farm is. To help protect your Little Falls MN farm and business, you need to have farm insurance at all times.
Crop and Livestock Coverage
One unique form of coverage that comes with farm insurance is crop and livestock coverage. As an owner of your farm, your financial future rests heavily on your crop and livestock. When you have farm insurance, you can receive coverage for your assets from a variety of catastrophic events including fire damage, extreme weather damage, or tornadoes. This will ensure you receive financial coverage if you do suffer a loss.
Farmers also need to have farm insurance because they need to make sure that all of their farming assets are properly covered by insurance. A full farm insurance policy will include insurance for any dwellings on the premises, including barns, farmhouses, and other real estate. You will also want to make sure that you get insurance coverage for your heavy farm equipment, such as tractors and other machinery. This will ensure you are properly covered in the event something catastrophic happens to your farm and you suffer some type of a loss.
As you are shopping for farm insurance in Minnesota, you should contact Hanneken Insurance Agency Inc. The team at Hanneken Insurance Agency Inc. is very experienced in providing insurance coverage to farm owners. They can help you to build a policy that properly meets the unique needs of farm owners and helps you to protect your very valuable farming assets.
Whole life insurance may not be the right choice for everyone, but it can be a policy that protects you and your loved ones in ways you hadn’t considered. If you live in Little Falls, MN, it makes sense to explore your options before settling on a type of life insurance that will actually serve your needs.
1. Consistent Payments
When you buy whole life insurance, you’re getting consistency when it comes to how much you pay. In other words, you won’t have to worry about your premium going up as you get older, no matter what happens in the future. It’s also a permanent policy, which means that it’s always available to your loved ones. If you purchase term insurance, the policy will have an expiration date based on your preferences (e.g., the policy runs out when your youngest child turns 21).
2. You Accrue Interest
Like most permanent policies, whole-life insurance comes with a built-in savings component. If you needed to take out a loan later on in life, you can borrow from your life insurance policy. This loan is not interest-free, but it is tax-free. It can be exactly what you’re looking if you and your family hit a rough patch. There are also accelerated benefits available through a whole-life policy, which may pay for things like long-term medical treatment. It’s even possible to terminate the policy for a cash payout.
3. Help When You Need It
When you buy whole life insurance, you have a wealth of options available to you. People in Little Falls, MN who work with Hanneken Insurance Agency Inc. know that they always have someone to turn to if they’re confused or have questions. Call Hanneken Insurance Agency Inc. today to learn more about how whole-life can work for you.
Opening a business in Little Falls, MN can become a very rewarding experience. Hanneken Insurance Agency Inc. wants to be part of that by helping cover you against losses. This blog covers the types of commercial insurance coverage that protect your business. Depending on your company, you might need one or all of them.
You might think of commercial auto or commercial property insurance when someone mentions insuring your business, but it goes much further than that. Most businesses require property and liability insurance to protect against damages to their property or someone else’s. If they employee people, they also need a workers’ compensation policy to cover employees injured on the job. Here’s a quick list of policies your business may also need.
- Equipment breakdown insurance covers the breakdown of boilers, equipment, and machinery. That includes your copier or your tiller or your crane, depending on your business.
- Debris removal insurance pays for cleanup and debris removal following a covered hazard such as fire or flood.
- Builder’s risk insurance covers structures you have under construction.
- Glass insurance covers the glass on your building. If vandals break your store windows, this pays for their replacement.
- Inland marine insurance covers other people’s property on your worksite and property in transit.
- Business interruption insurance pays for your lost income and expenses if your business incurs property damage or loss.
- Ordinance or law insurance could also be called code insurance since it pays the costs of demolishing and rebuilding to code if you partially damaged the building.
- Tenant’s insurance is renter’s insurance for a business. It also pays for damages to improvements you, the tenant, made caused by employee negligence.
- Crime insurance pays out when your business becomes the victim of a theft, burglary or robbery.
- Fidelity bonds cover theft of property or money by a bonded employee.
- Liability insurance pays for damages stemming from injuries your business caused to third parties. This category includes the specialized policies of errors and omissions ("E & O") insurance, malpractice insurance and automobile insurance.
- Directors’ and Officers’ liability insurance covers lawsuits against the directors and officers of corporations and nonprofit organizations.
If you think that sounds a tad complicated, we can help sort it out. Contact Hanneken Insurance Agency Inc. of Little Falls, MN for a consultation to help you determine which policies your business needs.
At Hanneken Insurance Agency Inc. serving Little Falls, MN., we have seen more home break-ins than we would like to. While there is no way to prevent every break-in, the steps and actions you take can help to increase the security of your home and decrease the odds of your home being a target for thieves. Here are a few tips to help you increase your home’s security.
Make Sure Your Home is Well Illuminated
One of the best ways to protect yourself against burglaries and break-ins is to ensure your home is well illuminated. Using exterior lights around the outside of your home can help you with this task. Trimming back trees and bushes that provide coverage for an intruder can also help. Thieves prefer to stay hidden, so making sure your space is well lit can be a huge deterrent.
Utilize an Alarm and/or Cameras
Another way to help increase your home’s security is to utilize an alarm and/or cameras. A thief wants to easily get in and out of your home without being seen or heard. If thieves see that you have an alarm system and/or cameras, they may pass your home up.
Ensure Valuables Are Not Left in Plain Sight
Finally, be sure to keep valuables out of sight. If a thief can look in through a window and see money, jewelry or expensive electronics, your home may be more of a target compared to a home where thieves cannot see anything.
Having home insurance is important, as it helps to protect against any losses that you sustain as the result of unexpected events, such as a break-in. If you are in the market for a new home insurance policy in the greater Little Falls, MN area, let Hanneken Insurance Agency Inc. help you. Schedule an appointment with one of our insurance agents today.
Most people in the Little Falls, MN area are very aware that they need to have auto insurance in place at all times. However, the process of researching and picking a policy can be a complicated process. There are several things that you need to know about auto insurance to ensure you get into a great policy.
Coverage that is Required
When you are shopping for auto insurance, the first thing that you need to understand is what type of coverage is required for your situation. All drivers in Minnesota will need to have liability insurance at all times. While it may not be required by law, many drivers will also need to have collision and comprehensive insurance if they have a loan out against their car. It is important that you know what your personal requirements are.
You should also fully understand your policy and responsibilities when you are shopping for insurance. This can include understanding how your deductible will work. The deductible is the amount of money that you will have to pay out of pocket before you can file a claim. Knowing this information will come in handy if you are ever in an accident.
It is very important that you choose the right auto insurance policy for your Little Falls, MN car. When you are trying to find the right policy for your current or next car, the best place to turn to is the Hanneken Insurance Agency Inc. When you contact the team at Hanneken Insurance Agency Inc. you will receive the expert advice that you need to get into the best auto insurance policy possible for your situation. This will ensure that you are covered with the right amount and from a good provider.