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. 

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. 

How a Prompt Life Insurance Policy Payout Can Help Your Family

Life insurance provides your family with continued security after you have passed in more ways than one. In addition to the peace of mind that comes with knowing that they will be able to remain in the family home, it is another reminder of your love and dedication to providing a safe and secure lifestyle. Calhoun Risk Management is proud to serve the greater Minneapolis, MN area and help you provide your family with a happy and comfortable life, even after you are gone. The death of a parent or spouse is already a stressful event, and without the death benefit that your life insurance provides it can be even more so. Life insurance can help to ease their version and help them to adjust to life without you.

Life Insurance Helps Your Family Continue Living

When you are gone your family will feel an emotional loss from which you cannot protect them. However, by holding an appropriate life insurance policy you will be able to continue providing for them. If your life insurance has been in place for several years or has not been updated to reflect new family members or changes in your financial situation, now is the perfect time to review your policy. Your family will appreciate your care and thoughtfulness, and prompt payment of a death benefit can help them manage a heartbreaking situation with less stress.

Now is the perfect time for a life insurance policy review to ensure that your current level of coverage is sufficient to protect your family after you are gone. Contact the team at Calhoun Risk Management today and schedule an appointment with one of our professional agents; we are proud to serve the greater Minneapolis, MN and look forward to working with you.

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.