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.

Checklist for Homes in the Fall

Here at Calhoun Risk Management in Minneapolis, MN, we know how important it is to get your home ready for winter.  For that reason, we have put together this short checklist for you so that you won’t forget anything.

If you have any window air conditioning units, go ahead and take them out of the windows.  If you have to leave them in the windows, it is important to remember to cover the entirety of the outside of the unit to keep the internal components from freezing.  You also might want to vacuum out the interior of the unit.

Clean out your dryer vents.  Lint can and does get built up in dryer vents…it is a fact of life.  Not only can this lead to your dryer working less efficiently, it can also cause fires…especially in the winter because cooler weather causes an increase in static electricity…which can spark those fires.  You can do this on your own or hire a professional to do it for you.

Clean out the down spouts and gutters.  While you are doing this, check them for any issues.  Repair the issues or replace the equipment as necessary.

This is also a great time to give your kitchen a good deep clean.  This not only makes it look great, it also keeps everything working efficiently.  You can degrease your range filter and hood, clean out the over, clean the small appliances, vacuum your refrigerator coils, wash the recycling and garbage cans, scrub the grout and tile, wash the backsplash and walls, and even clean the light fixtures.

Conduct an audit of energy.  You can call in a trained auditor who can assess the energy efficiency of your home.  Once they do this, they will provide you with a list of improvements to make that can include anything from getting new Energy Star appliances to beefing up your weather stripping or insulating the attic.

Choosing the Right Commercial Coverages Could Save You Big

For business owners, deciding on the right insurance coverages can seem more like an art than a science. After all, no one ever knows exactly which hazards will result in a claim, how much such claims may be, or when or if they will happen. But despite the uncertainties, considering the fact that insurance coverage is both an expense and a business protection mechanism, choosing business insurance coverages wisely could save your company big.

Below we will take a look at some ways your company can save by choosing the right insurance coverages:

Insure valuables – Every company has valuable property which helps the company function. For example, delivery companies may own vehicles, and companies with offices may own valuable office equipment. By properly covering your company’s property you can save big should any of the property become damaged by a covered event. Depending on the kind of property involved, the savings could reach into the thousands or hundreds of thousands of dollars.

Protect against personal injury claims – Personal injury and wrongful death claims can be some of the most expensive situations a company can face, both to defend against and to settle. Payouts in personal injury and wrongful death cases can easily reach into the millions. By carrying adequate insurance your company can help protect against the potentially devastating consequences of personal injury claims.  

Unnecessary coverage – One of the best reasons to work with a qualified Minneapolis, MN insurance agent a Calhoun Risk Management is to review your current insurance coverage needs and compare these needs with your current coverages. It could be argued that there is no such thing as too much insurance, and in general this may be a reasonable maxim. But every business has its specific hazards and risks and your insurance coverages should correspond with these risks. If you are carrying too much insurance you could save by restructuring your insurance coverages to reflect your company’s true needs.

At Calhoun Risk Management we have extensive experience in helping our commercial insurance clients properly insure their businesses for every likely possibility. Contact us today for more information.

 

Is life insurance important: Why life insurance is not up for debate

When you are living a beautiful life with your family, spouse, friends, and loved ones, it can be difficult to consider preparing for the end of your life or an unforeseen incident that can take you away from them. The truth is, though, is that we can’t predict the future and it is critical that you prepare as much as possible for the success of your family in your absence. Much like car and home insurance that is there for you when a disaster hits and is truly not debatable, life insurance is the safety net your family will need.

Our agents at Calhoun Risk Management understand that life insurance can, at times, feel like an unaffordable luxury that you can’t squeeze into your budget. However, when thinking about life insurance, it is helpful to view it as an absolutely necessary part of life. Currently, your family has you and your earned income to help out with bills, expenses, and the success of their future. From your kids to your spouse to your aging parents that you may help out, your income is important. However, if you were tragically taken from your family and the income was no longer coming in, your family might be thrown into a tailspin that can truly have devastating effects. Life insurance can provide the funds your family needs to continue their lifestyle, planning for the future, and securing their financial well being. 

Here at Calhoun Risk Management, our mission is to help you find the life insurance that will ensure your family’s financial future in the event that you are no longer with them. They will have the peace of mind through their grieving that they will be able to thrive.

How Much Life Insurance Do You Need in Minneapolis, MN?

Trying to figure out exactly how much life insurance can be a tricky matter. Fortunately, there are ways that you can determine a great ballpark figure without stressing too much. It is a task of simply answering some questions about your life and what you will need if you were to pass. Answer these easy questions to get you on the right path.

  • Do you have any debt? If you currently have debt that will need to be paid after you pass, you do not want that debt to fall on another family member. Instead, you will want to make sure you can pay for the debt. One way of doing that is by making sure you have enough in your life insurance policy to cover the remaining balances. The last thing you want to do is leave a family member with a bill they have to pay for you so make sure you calculate all of your debt for your life insurance amount.
  • Have you set aside money for the funeral? Funerals can be very costly, and if you have not yet planned for the funeral to be paid another way, you may want to set aside some of your life insurance funds for it. This is another thing you do not want to financially leave to family members.
  • Are you financially responsible for anyone? If you have a child, spouse, or parent that you financially care for, you likely will want to make sure they are taken care of after you are gone. Make sure you get enough to cover their expenses for as long as they need it. 

If you are interested in getting a quote or still have some questions about life insurance, feel free to contact us at Calhoun Risk Management of Minneapolis, MN today.