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.

Can My Mortgage Company Require Me to Carry Flood Insurance?

One of the biggest misconceptions about flooding is that your home insurance policy will protect you if your home floods. Unfortunately, this is not true. The majority of homeowners insurance policies preclude flooding unless you carry a separate flood insurance policy. If you have recently purchased your home, or have refinanced it, you may wonder if the mortgage company can require you to carry flood insurance. This is a question that we at Calhoun Risk Management, serving the greater Minneapolis, MN area, are often asked. Here is the answer to that question. 

If you have a federally regulated mortgage, such as an FHA and/or you live in a high-risk flood zone, a mortgage lender can require you to purchase flood insurance as part of your loan agreement. However, this information has to be disclosed to you when you are taking out the loan. It can not be added onto the requirements later on. As such, you will have to read your loan documents to determine if this is required of you. 

If you do not have a federally regulated mortgage and you do not live in a high-risk flood zone, a lender cannot require you to obtain flood insurance. However, it is highly recommended you do. If you do not have flood insurance, and the home floods, you will be required to pay for the damage yourself. If you are unable to do so, or the home is gone, you can still be on the hook for the mortgage until it is paid off. 

If you are required by your lender to purchase flood insurance, it is important to understand that you are able to purchase any flood insurance policy of your choosing. You do not have to purchase the flood insurance they offer you. When you are in this situation, let Calhoun Risk Management, serving the greater Minneapolis, MN area help. Call us today to get a free estimate. 

Multiple Life Insurance Policies: Pros and Cons

It is possible to have more than one active life insurance policy. But is it worth it? Here are the pros and cons of having multiple life insurance policies.

Advantages

  • People with higher incomes may need more than one policy to ensure their families are fully covered.
  • Accounts can be designated to go to different beneficiaries, so you can know everyone has what they need. Policies can be used to fund your child’s education, pay off mortgages and loans, or to care for a surviving spouse.
  • Entrepreneurs and other business owners benefit from having a policy to protect their business investments and a separate policy for their dependents.
  • There are different types of life insurance policies, each with its unique advantages. If you live in the Minneapolis, MN area, the insurance pros at Calhoun Risk Management can help you secure your family’s financial future with a carefully planned insurance strategy.
  • Younger people just starting out may not be able to afford all the insurance they need. Multiple policies make it possible to build walls of protection as income increases.

Disadvantages

  • Multiple insurance policies mean multiple premium payments, which can strain monthly finances. If you experience financial troubles, you may not be able to pay all of your premiums.
  • If beneficiaries for each account are not clearly spelled out, having multiple policies can cause competition amongst survivors.
  • Many policy companies have minimum and maximum coverage amounts. You may not be able to buy all the insurance you want from one company.

The right combination of life insurance policies can keep your family, business, and property safe after you’re gone. Contact the insurance pros at Calhoun Risk Management, who proudly serve the insurance needs of residents in the Minneapolis, MN area. They will help you develop an insurance strategy that fits your lifestyle, needs, and budget.

Popular Misconceptions About Commercial Insurance

In the business world, there is no such thing as being "too small" to get sued by any other entity or individual. Small business owners face lawsuits from former employees, contractors, subcontractors and the list goes on. Small business owners also need worker’s compensation insurance that many commercial policies offer.

Small Companies Don’t Need Commercial Policies to Cover Their Assets

A common misconception among some business owners is their assets aren’t worth much, so they don’t need a commercial policy. Although the value of each asset might be low, the value of those assets combined could be enormous. If each asset needs replacing due to a catastrophic event all at once, the financial consequences could be devastating to any business owner without a commercial insurance policy. By having the right commercial property insurance in place, both small and large business owners receive the help they need with the high-cost of replacing lost, stolen or damaged assets.

Commercial Policies Cost Too Much

The right commercial policy pays for itself in the long run, whether it is a small or large business. Commercial insurance isn’t free, and in most cases, it isn’t cheap. However, insuring equipment, property and most importantly employees is a worthy investment. The value of insuring any company in the event of a catastrophe could be the difference between staying in business or facing a permanent shutdown of operations. Additionally, business owners can bundle commercial insurance policies together as a cost-effective approach to maximize savings on premiums.

For the most comprehensive commercial insurance coverage for your business in Minneapolis, MN, Calhoun Risk Management is the one to contact. Let us help you debunk the most common misconceptions regarding commercial insurance policies and how one of our policies will help you protect your most treasured asset, your business.

 

Vehicle Upgrades that Save You on Your Insurance

After purchasing your current vehicle, you do not need to let it simply sit as-is. There are plenty of after market features you can install on your vehicle. This doesn’t mean you need to trick it out or anything of that nature, but you can save some money on some of these improvements. At Calhoun Risk Management, we are all about helping you save money on insurance while living in Minneapolis, MN, so take advantage of these upgrades that may help you save on auto insurance. 

Car Alarm

Have an older vehicle without a car alarm, or maybe the model trim you purchase didn’t come with the feature? Have one installed. A car alarm reduces the chances of someone stealing the vehicle, which cuts down on insurance costs. 

GPS Tracking System

A GPS tracking system within the vehicle will make it easy to monitor any movements of the vehicle, should it be stolen. This way, the vehicle can be located before it is chopped or stripped of parts. With this feature insurance companies will have less of a chance of paying for a replacement vehicle, which in turn saves you money. 

Rim Locks

One of the areas of a vehicle most commonly stolen is the rims. Pristine rims can go for hundreds, if not thousands of dollars on the secondary market. In order to prevent your vehicle from being such a target, rim locks are a must. With a rim lock, the only way the wheel can be removed is with a special, dedicated key used with the lug nuts on the wheel. Without the key it is impossible to remove the wheel without damaging it, rendering it worthless to those stealing it. 

From a GPS system to rim locks, we at Calhoun Risk Management want to help you save money on your Minneapolis, MN auto insurance. 

Auto Insurance tips for drivers in Minneapolis MN

In Minneapolis, MN, you will probably need a car to get around, even though there is access to some public transportation. So if you are a driver, you will need auto insurance of some kind, preferably from a local broker like Calhoun Risk Management who serves the greater Minneapolis area. There are a variety of different types of auto insurance available and below are some tips for those with policies in Minneapolis for what type of policy to set up, based on what type of car they drive, how often they drive or what type of coverage is most suitable for them.

LIABILITY INSURANCE

This is an absolute must for any driver on the road in Minneapolis, MN because it will protect all of those involved in the event of an accident. This is the minimum insurance one needs to legally drive in Minnesota, and it covers the physical damage to other vehicles or medical damage up to a certain amount when an accident is deemed to be your fault. Make sure this aspect of your auto insurance policy is always in effect while driving in Minneapolis.

BODILY INJURY LIABILITY

The most expensive part of any bad auto accident can usually be the medical costs those involved may incur. The cost of repairing the vehicle itself will be nothing compared with medical bills for someone who is seriously injured, so if you drive a lot or are worried about the cost of bodily injury to yourself or someone else, this bodily injury policy is a good addition.

FIRE AN THEFT COVERAGE

It may also be a good idea to have coverage for your car catching on fire or being stolen in a place like Minneapolis, MN, as cars tend to overheat in the summers here and there are a large number of people in this big city, making theft more likely.

Why Auto Insurance Varies From State to State

If you have just moved to or from Minneapolis, MN, you may notice that insurance is more or less than you were expecting in a different state. This can be confusing, as many people expect to pay around the same amount since their car is still worth the same amount of money. However, auto insurance varies from city to city and state to state. Here are a few of the reasons why.

Minimum Coverage Varies From State to State

One of the biggest reasons why car insurance varies from state to state is because different states have different basic policy limits. If you only buy the minimum amount of insurance needed, you may find that insurance increases or decreases if the states require more or less insurance.

Some States Have Higher Car Theft Rates

Another reason why car insurance rates are higher or lower in certain states is that car theft rates vary from state to state. If one state has a higher incident of car thefts, auto insurance will be higher in this state as the car insurance company has to pay out on these claims more.

Some States Have Higher Accident Rates

The last reason auto insurance rates vary from state to state is that you are more likely to get in a car accident in some states. If you live in an area with a higher accident rate, your insurance will likely be higher to compensate for the higher likelihood of you being in an accident and insurance having to pay out because of it.

If you are looking to purchase auto insurance in the greater Minneapolis, MN area, contact (insert company name) today. They would love to help you figure out how to get an affordable policy that best meets your needs. Give them a call today to get a free quote.

Home Insurance Specialty Policies that You Might Need

Your basic home insurance policy does cover a wide range of things, but for some, this coverage is simply not enough. This is where specialty policies come into play. There are a wide range of specialty policies that you might be in need of that you never even realized. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you discover all the wonderful supplemental policies that there are.

The first and most common specialty policy that you might need is flood insurance. Though water damage from a damaged roof is going to be covered in your basic policy, a flood is not. For those that live near rivers, lakes, the ocean and more that are in immediate vicinity of water that may flood, you should certainly take out flood insurance.

Another special policy you might need is hurricane insurance. This is not going to be beneficial for someone that lives on the planes of Iowa for instance, but someone is living in South Carolina or Florida for instance where hurricanes are common, you will likely need this type of policy. Still, another specialty policy you may need is an earthquake policy. Again, if you do not live near any fault lines or any place where earthquakes are common, you are likely not going to need this type of policy. For those that live in California however, an earthquake policy might be beneficial.

Take the time to talk with your agent about possible policies that are supplemental and not part of your typical home insurance policy. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you determine what policy is right for you and what extra policies you may need.

Home Insurance Specialty Policies that You Might Need

Your basic home insurance policy does cover a wide range of things but for some, this coverage is simply not enough. This is where specialty policies come into play. There are a wide range of specialty policies that you might actually be in need of that you never even realized. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you discover all the wonderful supplemental policies that there are.

The first and most common specialty policy that you might need is flood insurance. Though water damage from a damaged roof is going to be covered in your basic policy, flood is not. For those that live near rivers, lakes, the ocean and more that are in immediate vicinity of water that may flood, you should certainly take out flood insurance.

Another special policy you might need is hurricane insurance. This is not going to be beneficial for someone that lives on the planes of Iowa for instance, but someone living in South Carolina or Florida for instance where hurricanes are common, you will likely need this type of policy. Still, another specialty policy you may need is an earthquake policy. Again, if you do not live near any fault lines or any place where earthquakes are common, you are likely not going to need this type of policy. For those that live in California however, an earthquake policy might be beneficial.

Take the time to talk with your agent about possible policies that are supplemental and not part of your typical home insurance policy. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you determine what policy is right for you and what extra policies you may need.

Keeping Minneapolis Safe: How Home Insurance Can Help

When the people of Minneapolis, MN take pride in their neighborhoods, it benefits everyone. Streets that are well kept will command better prices on the market and sends a clear message to would-be criminals that this is not an area where people won’t notice what goes on. So how exactly does home insurance help here exactly? Calhoun Risk Management is a company that understands the dynamics at play here, and wants you to have a sense of how doing your part can mean more for everyone.

Fix It and Forget It 

When you have the best home insurance, you have a means to fix everything that may happen to your property. This means if a thief breaks your window, you’re able to replace it quickly rather than putting some makeshift covering over it. The more people take care of their homes, the more likely it is that they’ll keep them safe for years to come. After all, if you’re unable to repair your foundation, you may risk the house caving in. If you’re unable to remove a dying tree on your property, you may risk it falling into the house. There are some ways that home insurance contributes to your safety, and the more you (and the rest of the people on the street do), the more likely it is you won’t have any major incidents.

Call Calhoun Risk Management Today 

We can help you find the policies that will benefit you. Our agents are friendly, and they can remind you of events and details that you may not have necessarily thought of. We won’t use fear to sell, but rather safety and security. If you live in Minneapolis, MN, give us a call for more information.