5 Tips for Choosing a Beneficiary for Your Life Insurance

The next step after purchasing life insurance is choosing a beneficiary. Designating a beneficiary ensures your insurance benefits go to the individual(s) you want to help most after you’re gone. The following tips from Calhoun Risk Management in Minneapolis, MN can help you make wise decisions in this matter. 

Consider Your Immediate Family

If you have a spouse and children, consider how they would fare if you were to suddenly pass on. Life benefits can provide much-needed financial support for these loved ones, so they’ll be well taken care of after you’re gone.

Make Provision for Minor Children

Another way to make provision for your children is to set up a trust and have benefits placed in the trust specifically for your children’s needs. If you choose this route, you’ll need to name a guardian for the trust and specify how funds will be dispersed to meet your children’s immediate or future needs.

Review Your Options

If your spouse and children are well provided for, review your options for who else you can support after you’re gone. Younger siblings, aging parents, a business partner or a favorite charity all make good beneficiary options. You could even divide benefits among several of these options. 

Select a Backup Beneficiary

Choose a contingent beneficiary to receive policy benefits in case your primary choice passes on before you do. This saves you time and trouble in repeating the process.  

Update Your Beneficiary Choice When Necessary

Update your choice of a beneficiary to reflect major changes in your life. Singles may want to change their beneficiary from their parents to their spouse after getting married. A divorce could prompt you to change your beneficiary from your ex-wife to your children or another member (s) of your family.

For more information about life insurance coverage, choice of beneficiaries and cost, contact Calhoun Risk Management in Minneapolis, MN. 

The Number One Way to Protect Your Business

Running your own business requires a great deal of skill and creativity. But no matter how skilled or creative you are, there are things that are difficult to prepare for. These unexpected obstacles can be some of the most damaging to your business and to your profits. There are ways to protect yourself from these unforeseen events, though. At Calhoun Risk Management, we help business owners like you in Minneapolis, MN and surrounding areas, to better understand their risks. We also help those business owners better prepare for these risks so that they can protect their assets and future success. 

Commercial Insurance

Commercial insurance is one of the best ways that business owners can protect their investment. You have put a lot of time and money into your business. You can’t allow obstacles to ruin your success. Commercial insurance is there to make sure that you are protected during these obstacles. 

What Does Commercial Insurance Do?

Commercial insurance covers a variety of aspects of your business which can be at risk during regular operation. Commercial insurance can cover things like injuries on your property to both employees as well as customer or clients. Vehicles which are used in the course of your business can also be covered. Even things people do not often think of such as data breaches and the legal consequences of such can be protected under a comprehensive commercial insurance policy. 

The best way to ensure that you are getting the coverage you need is to speak with a trained insurance specialist at Calhoun Risk Management. We can look at your specific business needs and customize a commercial policy that will perfectly fit your specific business. We are now serving business owners in  Minneapolis, MN and in surrounding areas. 

How are home insurance premiums determined?

Your home is the talk of the town in Minneapolis, MN. There are a few minor repairs that your dwelling place needs, but you figure that these things can be addressed at a later time. Did you know, though, that the cost of your home insurance premium may rise or fall depending on the condition of your home? Suddenly, those minor repairs could cost you a significant amount of money. 

The agents at Calhoun Risk Management can help you understand how home insurance rates are calculated. Read on to get a general overview of what insurers consider when deciding how much to charge in premium rates. 

How are home insurance premiums determined?

Home insurance premiums are heavily influenced by the replacement cost of the home. Insurers estimate how much they would have to pay if your home were damaged beyond repair. They then decide whether to charge more or less depending on the figure upon which they settle. Large homes tend to cost more to insure because of the high replacement value. Meanwhile, smaller homes may cost less because of their limited square feet measurements. 

Another factor that insurers consider when determining premium rates is the age of the home. Newer homes tend to cost less to assure because of their recent construction. Meanwhile, older homes may cost more to insure because of the higher probability of total destruction when tragedy strikes. The number of occupants is also a factor that insurers consider as the likelihood of incidents arise when more people reside in the home. 

Many homeowners in Minneapolis, MN are not aware of the impact that their credit scores have on home insurance rates. The reality is that consumers with lower credit scores pose a higher risk of liability that those with higher credit numbers. 

Call Calhoun Risk Management today!

Our agents can give you a breakdown of what makes your home insurance premium rates rise and fall. Call us today to get started with a consultation and a quote!

First-Time Car Insurance Buying Tips

When you are purchasing car insurance for the first time, you may have many questions. At Calhoun Risk Management, serving Minneapolis, MN, our agents can help. Here are a few first-time car insurance buying tips that can help you when it comes to purchasing your first policy. 

Take the Time to Get Quotes From Multiple Companies

Prior to purchasing any auto insurance policy, it is wise to get quotes from multiple companies. This helps you get a feel for how much auto insurance may cost and what types of auto insurance policies are out there. Pay close attention to not only the price but the reputation of the company who is issuing the auto insurance policy as well when you are comparing quotes. 

Educate Yourself on Auto Insurance Lingo

Auto insurance companies may use a lot of lingo that you may not be familiar with. Prior to shopping for auto insurance, take the time to read up on different auto insurance terms that are frequently used in the industry and what the meaning of these words are. This can be vital to helping you understand exactly what you are agreeing to and getting when buying a car insurance policy. 

Carefully Consider Deductible Amounts and Coverage Limits

Lastly, take the time to carefully consider the available deductible amounts and coverage limits. Every person has different needs, and as such, their deductible needs and coverage limits vary. You want to find a policy that works best for you and provides you with the coverage you need, so carefully consider these two important factors. 

Now is a great time to get started buying your car insurance policy. When you are ready to get started, we are here to help. Contact Calhoun Risk Management, serving Minneapolis, MN now. 

What is flood insurance and do I need it?

According to FEMA floods are the most common natural disasters in the United States and the most costly. Major flooding has occurred in all 50 states so if you are thinking you are safe, you may not be. Record flooding is occurring on a more regular basis and it may be time to start thinking about how a flood could affect you. If you live in the Minneapolis, MN area, the experienced staff at Calhoun Risk Management can help you to understand the coverage you need. 

Flooding can cause an extreme amount of damage to your home. You may be thinking that your home, condo or renters insurance provides coverage for flooding, you are wrong. Floods are not covered on any of these policies. Imagine the amount of damage that several feet of water pouring into your home can cause. Then ask yourself if you are willing to take that risk of not having insurance coverage. 

Flood insurance policies are issued by the federal government through the National Flood Insurance Program. While the program is federal, you can’t buy the policy from FEMA, you purchase it through your local insurance agent. It covers much of the damage that your home could receive from a flood. It doesn’t, however, cover everything and it is important that you read your policy carefully so that you understand what you can do to minimize your loss. 

Minneapolis, MN has some really great lakes and rivers. They offer the opportunity to enjoy the great outdoors but when they are running over their banks, they are a danger to you, your home and your possessions. Give the experienced agents at  Calhoun Risk Management a call at  952-746-2416 with any questions you may have. They will give you a no-obligation quote and some peace of mind. 

 

3 Tips for Buying Life Insurance in Minneapolis, MN

As a responsible adult, it’s essential for you to protect those who depend on you. While it may not be pleasant to think about your own mortality, it’s a fact of life. This means it’s a good idea to purchase a life insurance policy sooner rather than later. If you need some tips for buying life insurance in Minneapolis, MN, you should reach out to the team at Calhoun Risk Management who serves this area. You can also use the tips and information here to ensure you get the policy that’s right for you.

1. Compare Various Quotes

When shopping for life insurance, one of the first things you have to figure out is if you want term or whole life insurance.

  • Term insurance: Designed to last for a certain period of time, and once it expires the benefits are no longer available.

  • Whole life insurance: Designed to last your entire life, this insurance costs more because the benefits never expire as long as you pay your policy premium.

Once you determine the type of insurance you want to purchase, you should compare quotes to determine what option provides you with the most value.

2. Consider Bundling Your Policies

Buying life insurance can seem a bit overwhelming and expensive. A great way to save time and money is by working with your existing insurance company. They can help you get the right policy and for a lower price when you bundle your other insurance policies under the same insurance carrier– it’s a win-win situation.

3. Find a Reputable Agent for Help

Finding the right agent for help with your life insurance purchase is essential. Be sure to keep this in mind when shopping around.

Additional information about life insurance in Minneapolis, MN can be found by contacting the professional team at Calhoun Risk Management. Being informed and using the tips here is the best way to get the coverage needed.

 

Do Independent Contractors Need Commercial Insurance?

When starting out on your own as an independent contractor in Minneapolis, MN, it is important that you assess all of the risks that you might face as your own boss. It would be terrible if all of your blood, sweat, and tears were destroyed by an incident that could have been covered with the right type of insurance. As an independent contractor, the only person you will have to blame is yourself. If you are interested in protecting your business, you should seriously consider some form of commercial insurance.

In a nutshell, commercial insurance is designed to cover the business and the owner. Since there are different options available to you, it is important that you do some research to find out which policies are best for you. The process can be a bit overwhelming, so it might be a good idea to contact Calhoun Risk Management to get some insight on the path that best suits your needs. In the meantime, here is some basic information on commercial insurance for independent contractors. 

Types of Insurance Plans for Independent Contractors

Commercial insurance plans can consist of a variety of different types of insurances plans. In general, independent contractors carry the following:

  • Professional Liability Insurance (e.g., coverage for injuries while on the job or if your equipment breaks, etc.)
  • Commercial Auto Insurance (e.g., coverage for car accidents while driving on the job, etc.)
  • Disability Insurance (i.e., coverage if you are unable to work because of a disability)
  • Performance Bond (i.e., if you can’t finish a project or it is done poorly, the bond will be released to complete the job or fix it)

Contact Calhoun Risk Management in Minneapolis, MN

Be sure to contact Calhoun Risk Management, if you need any further help in choosing the right policy for you. The company’s trained professionals will be able to answer any questions you may have. It always helps to have a guiding hand throughout the process of purchasing a plan for those who are not quite sure how to go about it. 

Should You Update Your Home Insurance Coverage?

If you own a home, you should review your insurance annually to make sure you still have the coverage you need. If your home’s gone up in value, your current coverage may be insufficient to replace it if it’s destroyed in a disaster. An agent from Calhoun Risk Management in Minneapolis, MN can help you determine if and when you should update your coverage. Here are a few reasons why an update may be needed.

Major Renovations

If you made major renovations to your home last year, you need to add them to your insurance coverage so that they’re protected against unforeseen disasters. This requires an update to your policy.

Increased Home Value

Renovations like a new roof or kitchen remodel could raise the value of your home. If so, you may need to raise the limits on your coverage to fully protect your property. Ideally, you should have enough dwelling insurance coverage to replace your home, if necessary, due to a disaster. Without adequate coverage, you may need to dip into your savings to help cover home repair or replacement costs.

Pricey Gifts or Purchases

If you purchased expensive goods or received pricey gifts such as jewelry, fur coat or fine art over Christmas, you need to confirm that they’re fully covered under your personal property coverage. The value of these goods may go beyond the limits of your standard homeowner’s policy. If your current policy doesn’t provide sufficient coverage to replace these goods in the event of theft or loss, you can obtain an endorsement or floater to protect these valuables.

To ensure your home and personal goods have the protection they need, contact Calhoun Risk Management in Minneapolis, MN. We’ll provide you with quality home insurance coverage at a reasonable cost. 

Is full coverage better than liability only?

All drivers in Minneapolis, MN need to carry at least a certain amount of insurance. Every driver must be able to prove 

  • at least $30,000 per person and $60,000 per accident for Bodily Injury Liability and
  • at least $10,000 in Property Damage Liability

This means that if you are in an accident and it is deemed your fault, that is the maximum amount your insurance is required to pay on any claims. If you think about it, there are a lot of other losses you could suffer, and the damages could far exceed those minimal amounts.

When you got your original policy at Calhoun Risk Management, there are a lot of reasons you may have gotten the smallest amount of coverage. Maybe you were in a hurry or really didn’t have extra money at the time. Maybe you didn’t know the right questions to ask.

The "extras" you may get with full coverage

Depending on your policy, here are some of the extra kinds of protection you may get with full coverage:

  1. Collision coverage — This will cover your own vehicle’s damages after an accident. 
  2. Comprehension coverage — This adds extra coverage for your vehicle, for claims related to, for instance, weather or theft.
  3. Vehicle rental reimbursement — If you only have minimum coverage, you are on your own while you are waiting to have your car repaired after an accident. Coverage usually starts the next day.
  4. Roadside assistance — Being stuck because of car problems isn’t just inconvenient; it can be dangerous. Your vehicle insurance can provide roadside assistance, including towing, help with a flat and other important aid.

Driving in Minneapolis, MN comes with risks, but you can protect yourself with broader coverage. If you have any questions about the difference between full and liability coverage, please feel free to call Calhoun Risk Management today.

How Can Flood Insurance Help Me?

If you own a home, it is important that you make sure that your property is properly covered by insurance. One type of risk that you may need to consider getting additional coverage for is flood damage. If you live in an area that is prone to floods, you are running the risk that you’re properly could be significantly damaged if a flood occurs. Getting flood insurance in place could provide you with the protection that you need.

Gives Protection for Flood Damage

Having a property that is damaged by a flood could be a very significant loss. Between the costs of removing water, replacing damaged fixtures, and making all necessary repairs, you could easily spend tens of thousands of dollars to repair your home. If your base home insurance policy does not provide coverage for flood water damage, you will need to have additional flood insurance policies in place at all times. 

Ensures Loan Compliance

Another advantage of getting flood insurance is that it will help to ensure loan compliance for you. For people that live in a flood zone in the Minneapolis MN area, having flood insurance in place is often a requirement. This is especially true if you live in a FEMA-designated flood zone and have an FHA mortgage. In these situations, the lender will undoubtedly require that you carry flood insurance at all times.

When you are looking for flood insurance in the Minneapolis, MN area, meeting with the team at Calhoun Risk Management is a necessary first step. Determining what your exposure to flood damage risk is can be hard to do. The team at Calhoun Risk Management will have all of the most current information about flood risks and can help you to determine what your flood insurance needs are.