Who Should Get Commercial Insurance?

Among the various types of insurance available, you are probably familiar with many. But you might not know as much about commercial insurance. Like other types of insurance, there are numerous key facts to know and understand. And you need to know who should get commercial insurance. Here is that information, courtesy of Calhoun Risk Management serving Minneapolis, MN.

Types of companies

Basically, commercial insurance is for a vehicle that is driven for business, or commercial, purposes. It covers things like accidents that occur when the vehicle is being used for business purposes. So there are similarities and differences between commercial and personal auto insurance. Some of the types of companies that would need commercial insurance are companies that have vehicles being driven by sales staff, delivery companies that have trucks, and appliance repair companies. In addition to those, there are many other companies that should obtain commercial insurance on their vehicles.

More specific details

It is not just companies that have numerous vehicles being used for business purposes that need commercial insurance. Even if only one vehicle is used by an organization for business purposes, commercial insurance is typically needed. And if a person is running a business solo and uses a vehicle for business-related driving, it is a wise idea to have commercial insurance on that vehicle. Commercial insurance changes over time when it comes to who needs to get it. For example, with the introduction of car-sharing and ride services like Uber, the realm of commercial insurance has had to change and adapt.

You likely have more questions and need additional details about commercial insurance, so please feel free to contact Calhoun Risk Management serving Minneapolis, MN.

Minimizing Your Life Insurance Premium

Life insurance is an increasingly popular option for a growing number of people in Minneapolis, MN. Therefore, it is critical to ensure that you purchase the best policy for your needs from Calhoun Risk Management or another provider and to take several steps to minimize your premiums. These actions consist in making healthier choices in your life and are, therefore, doubly beneficial for your life. 

Quit Your Worst Habits

Your life insurance policy is going to be heavily affected by any bad habits you possess. For example, smokers and drinkers automatically get higher premiums because they are at a higher risk for many types of diseases. Therefore, it is critical to put away your cigarettes and to minimize your alcohol intake. This step will slowly, but surely, decrease your life insurance premiums. Usually, you need to have quit smoking for at least five years to get the best results.

Treat Common Health Problems

Persistent pre-existing conditions will bother your life insurance provider and make it more likely that they’ll increase your premiums. Get these problems under control by treating them properly. Schedule regular doctor appointments to let your provider know that you are taking this problem seriously and are working to manage it.

Avoid Dangerous Hobbies

If you enjoy hunting, deep sea diving, racing, and skydiving, you are greatly increasing your risk of higher premiums. That’s because life insurance companies consider you a dangerous individual and may even refuse to sell you insurance. Cutting out these activities can be a major bummer but, as you age, it may be time to find less problematic things to do.

Get the Best Life Insurance Policy You Can Afford

So if you need high-quality life insurance in Minneapolis, MN and are worried about your premiums, contact us at Calhoun Risk Management today. We can assess your case, let you know why your premiums are set at a certain level, and advise you on the best ways to decrease the cost. 

Are Commercial and Property Insurance the Same Thing?

When it comes to understanding insurance there are dozens of different policy types to keep in mind. It is always helpful when you are looking for a policy of any kind that you consider what some of the benefits and individual characteristics of each policy are. Though some policies may seem similar, like a commercial and property policy, they may be less alike than you imagine. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can shed a bit more light.

Commercial and property insurance do seem very similar when you look at the individual aspects of each. Though they do look similar, they are also inherently different. For starters, commercial policies are only applicable to businesses while property policies can be added to any property that you own. Another difference is that commercial policies cover things like an injury to workers and theft of merchandise where a property policy would not.

It is important that if you are looking into either type of policy you take the time to figure out what is going to work best for your individual needs. What might seem like a great policy may not cover all the bases and taking the time to speak with an agent can mean the difference between a policy that covers well and one that has holes. Property policies as a whole are going to be more inclusive in terms of what they cover but they may also be lacking if you do have a business that has employees, a physical location, and inventory. You are always going to want to make sure the policy you choose is specific to the property or business that is being protected so that you can ensure your property is fully covered. For those in the Minneapolis, MN area, the agents with Calhoun Risk Management can help.

How Flood Insurance Protects Your Home and Business

You consistently protect your home and business with the appropriate insurance policies to ensure against fire, theft and other damage.  As a home or business owner, you know that this is the responsible action to take.  While these policies will protect your assets from unknown threats, you should be aware that they do not cover flood events.  Homeowners and commercial policies do protect property during significant weather events, but they do so to the exclusion of flooding.  That is why Congress created the National Flood Insurance Program in 1968 to assist citizens impacted by these types of events.  If you are concerned that your home or business is at risk from a flood event, call the team at Calhoun Risk Management.  They understand the needs and challenges that homeowners and businesses face in the Minneapolis, MN area. 

For homes or businesses located in areas deemed to be “high risk” for flooding, owners may be required to purchase flood insurance by their lender.  Those located in areas deemed to be “moderate” or “low” risk areas can also purchase flood insurance if desired.  They will often be able to purchase the coverage for a lower premium.  Regardless of where the property is located, the coverage ensures the building and its contents up to a certain dollar amount.  Coverage for a building’s contents is also available for renters. 

Having insurance for your home and business is important.  If you think that you might need additional flood insurance, call the team at Calhoun Risk Management.  They work with businesses and homeowners in the Minneapolis, MN and can help assess your risk level.  Then they will work to get you the coverage you need.  Your property is important.  Get the coverage you need today!

What kind of policy should I get for my new baby?

It is never too early to start protecting your child’s future, and a life insurance policy is one way which will help you build up protection over the years. If you have a new baby in Minneapolis, MN, you should contact Calhoun Risk Management as soon as possible to start making decisions about what kind of insurance will fit your needs best. But what kind of life insurance is the best for someone just starting out in life?

There are two main kinds of insurance: term life and permanent life. Term life is much less expensive, but it is over at the end of the term and pays nothing if you are still alive. It does become more expensive as you get older, especially after the age of 50. Term life only pays out death benefits. Once the term is over, you don’t get any of the money back.

Permanent life insurance is basically the opposite. You can get a policy that will cover you for life, and you can lock in the price of the premium at the beginning. The older you get, the more expensive the premium is likely to be. You could also be asked to have a health exam and then pay more if your results aren’t good. 

A whole life or permanent insurance policy will pay out death benefits, but the premiums also accumulate and have a cash value. It can take about 15 years to build up a decent amount of money, but part of the cash can be withdrawn or borrowed by the owner of the policy.

Because of the advantages of both kinds of life insurance, it may be better to start with both kinds and only have permanent life insurance later. If you live in Minneapolis, MN, contact  Calhoun Risk Management today to see how a policy could help you and your family. 

Can I Have a Minor as My Life Insurance Beneficiary?

If you are a single parent or divorced, you may want to leave any life insurance money to your minor child. However, since the child is a minor, you may be unsure as to whether this is something you can do or whether you have to leave the money to the person who is in charge of caring for your minor child. This is a question that we are frequently asked at Calhoun Risk Management, serving Minneapolis, MN. Here is the answer to whether you can have a minor listed as the beneficiary for your life insurance policy. 

It is not recommended that you list a minor as the beneficiary to your life insurance policy. If you do list a child, they will be ineligible to receive the money until they reach the age of maturity, which is either 18 or 21, depending on local laws in the county and city you resided in at the time of your death or the city and county your child currently resides in. 

If you want to leave your life insurance proceeds to a child, it is strongly recommended that you create a trust or make other legal arrangements for the money and your child in the event you pass away before your child reaches adulthood. This helps to designate where the money goes, who looks after it, and when, if ever, your child will have access to it before they reach the age of maturity. 

If you are looking to obtain a new life insurance policy, contact Calhoun Risk Management, serving the greater Minneapolis, MN area. We can help you designate beneficiaries and set up the policy to benefit those who you want to benefit. 

How Whole Life Insurance Can Relieve the Burden of Final Arrangements

Most people are uncomfortable thinking about their own death. Whole life policies usually include death benefits that cover your burial costs. This is a great tool to protect your loved ones from a heavy financial burden while they are grieving your death. Talk to the knowledgeable agents at Calhoun Risk Management in Minneapolis, MN to find out more about your coverage options.

What is Burial Insurance?

Burial insurance is part of a comprehensive whole life policy that pays for funeral and final arrangement expenses. As its name implies, it covers your burial costs so that your family doesn’t have to. It doesn’t require a medical exam, just the answers to a few questions about your health.

You pay premiums monthly, or sometimes weekly, and they’re typically very reasonable. The death benefit is determined by your age when you get the policy and the amount of premium collected. Most burial policies are flexible and may even cover the whole family. Ask your representative at Calhoun Risk Management in Minneapolis, MN about plans that cover yourself and family members to make the policy even more affordable.

Other Options

Another approach is coverage that lets you pick out the funeral home, casket or cremation preferences and even the type of flowers. Your premium is adjusted to cover the actual costs. 

Don’t be paralyzed by a fear of the unknown. Let Calhoun Risk Management help you get the peace of mind that comes with knowing your final arrangements are taken care of in Minneapolis, MN. Call an experienced Calhoun agent today to set up an appointment for all your life insurance needs.

Who Should Have Flood Insurance?

The biggest asset that most people will ever own is their home. For those that are in the Minneapolis, MN area, making sure that they have adequate home insurance is extremely important. One type of additional home insurance that many people may need to have in the area is flood insurance. There are several situations in which you should have additional flood insurance on your home policy.

Those that are Required to Carry It

One situation in which you should have flood insurance is if it is required for your mortgage documents. If you have an FHA guaranteed loan, the federal government will require you to have flood insurance if you are home is situated in a designated area set forth by FEMA.  In these situations, your mortgage lender will likely require you to have your flood insurance payments escrowed each month to make sure there is not a lapse in coverage.  

Those with Flood Concerns

While you may not technically live in a designated flood zone, or you may not be required to have it under a mortgage document, you should still have flood insurance if you are concerned about floods in your area. If your area is susceptible to floods and water damage, you should have flood insurance as an extra precaution.  In many cases, your standard home insurance policy will not cover flood damage so an extra flood policy would be very beneficial.  

For those that are in the Minneapolis, MN area and may need to have flood insurance, meeting with the Calhoun Risk Management company will be a good idea.  The Calhoun Risk Management company will be able to provide you with insight into your flood insurance needs and make sure you get the right policy to provide you with necessary coverage.  

3 Reasons to Get Life Insurance

If you are like most people, the last thing you want to do is sit around and think about your own mortality. Unfortunately, death is one of those things that are guaranteed in life. If you fail to purchase life insurance from Calhoun Risk Management serving Minneapolis, MN then you may leave your family with a huge burden. 

The good news is, buying life insurance is actually a pretty easy and painless process. Find out three reasons why you should make this investment. 

Pay for Your Funeral    

Did you know that on average, a funeral costs between $7,000 and $10,000? Unfortunately, this is money that most people don’t have lying around. However, if you pass away with no life insurance, your family members are going to have to figure out how to cover these huge costs. While there may be some ways to reduce the cost some, this is something most people won’t want to do when lying a loved one to rest. If you have life insurance, you can ensure that your funeral costs are covered and that you don’t put this extra burden on your loved one’s shoulders. 

Pay off Outstanding Debt

Another reason to invest in life insurance is to pay off your outstanding debt. In some cases, if you don’t have any funds set aside to do this, creditors may petition the court to sell off parts of your estate to recoup their losses. This may leave your family members without items you wanted them to have. 

Help Family Members Cover Other Related Costs 

Unfortunately, it can cost quite a bit to die. Between unpaid medical bills, the loss of your income and more, many families face serious hardships after someone passes away. The funds provided by a life insurance policy can help to reduce this burden while a family grieves. 

If you are ready to buy life insurance, contact the staff at Calhoun Risk Management serving Minneapolis, MN to learn more about the life insurance policy options available. 

 

What Types of Coverage Do I Need to Protect My Business?

What Types of Coverage Do I Need to Protect My Business?

Businesses need to ensure that their operations, employees and equipment are adequately protected. It is important that business owners in the Minneapolis, MN area contact their agent at Calhoun Risk Management about their operations and discover the types of policies needed. There are several different types of coverage, some of which can be used individually or as part of a package.  

These are some of the potential policies your agent may discuss with you. Commercial General Liability coverage provides liability coverage in a variety of circumstances. If a consumer is injured while at your location or by your product, the policy may cover the business. It also may protect the business if there is a libel or slander case. Commercial auto insurance will provide protection for the business’ fleet. Talk with your agent for an appropriate coverage level for the type of vehicle and how it will be used. Commercial property insurance protects the business’ facility, as well as, products and materials. Some policies will also cover the equipment and tools. Workers compensation protects the business if employees are injured during the performance of their job. An additional employee practices liability policy protects the business in several legal situations such as wrongful termination or workplace discrimination cases. Legal costs and damages from these situations can significantly impact a business’ assets.  In recent years, cyber risk insurance has become more important. These policies protect if there is a breach of corporate or consumer information. Unfortunately, this happens frequently today.  The board of directors can also be protected with an appropriate policy.

Call the agents at Calhoun Risk Management to discuss the many types of commercial policies to protect your business. For businesses in the Minneapolis MN area, coverage is that important.