Small Business Insurance Michigan – If you’re a small business owner in Michigan, you should know that you’re important to the city’s economic well-being. By protecting your business from certain risks, you also protect Michigan’s economy, as well as yourself and your valuable employees.
The best way to protect your organization is to purchase liability insurance. Getting insurance for your business is an investment. To prove our point, we’re going to share some of the things you need to know about business insurance in Michigan.
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Business liability insurance is an insurance policy designed to protect your Michigan business from financial loss. Any financial loss can be devastating to any business, especially if they face claims for damage or injury to others caused by you or your employees.
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Not all of these policies are created equal. Let’s take a look at what business insurance for small businesses in Michigan can cover. But first, let us introduce you to all the mandatory business insurance policies for Michigan businesses:
While the government requires most business owners to purchase general liability insurance, workers’ compensation insurance is mandatory for small businesses.
General insurance can protect small businesses against many types of risks. If one company causes direct or indirect damage to another, this often results in a lawsuit. General insurance helps small businesses cover any losses.
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A general insurance policy has a very wide range of coverage. This insurance covers bodily injury and property damage involving visitors, customers and subcontractors.
Another mandatory insurance policy for businesses with three or more employees is workers’ compensation coverage. This also applies if the business has part-time employees. Workers compensation programs can protect your business by processing payments if any of your employees are injured on the job.
In Michigan, business insurance goes by many names, such as commercial or commercial general insurance, so be aware of these forms of coverage as well.
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Most typical business insurance policies cover various expenses arising from claims for damage or injury caused by you or your employees to others. This includes:
There are some very specific claim types that are not covered by general policies. For example, pollution liability, maritime liability, professional negligence or failure to perform professional duties all fall into this category.
If you believe that certain liability risks are not covered by general insurance, you should take action to obtain an appropriate specific liability insurance plan.
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While getting a quote for a specific service is a simple process, requesting a quote for a small business can be complicated.
Michigan insurers like Melton McFadden can quickly provide professional liability insurance quotes for small businesses in need. When you request a small business general insurance quote from Melton McFadden, an insurance specialist will be in touch shortly.
Michigan law does not require business insurance, with the exception of workers’ compensation coverage. This applies to employers with one or more employees who work 35 hours or more per week, or employers with 3 or more employees. Certain exceptions and exemptions apply to agricultural workers, domestic workers and clerical workers. Visit the Michigan Department of Labor Economic Opportunity for more information. Michigan also requires all drivers to have auto insurance. If your small business requires the use of a car or truck, it is recommended that you have adequate car insurance.
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With our years of experience in the insurance industry, you’ll get help and guidance in choosing the best business liability insurance for your Michigan business. Melton McFadden has helped hundreds of businesses protect their assets and resources by providing the most cost-effective small business general liability insurance quotes.
You’ll also benefit from a detailed appraisal thanks to our unique approach, and you’ll have the opportunity to build your own bespoke business insurance policy. Partner with over 600 top insurance companies to bring you the highest quality health insurance options.
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This is not an easy question to answer. The lowest monthly payment (your premium) is rarely the best option. Fees, deductibles, co-pays and other costs for various medical services often offset the monthly savings.
Each state has a different list of top health insurance providers. Some insurance companies operate in only a few states, while others only provide coverage in selected areas within the state.
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If you take a few extra minutes to provide more details, you can often find better options and save more money. Due to our Independence Day celebration, phone and email support may be limited Monday, July 3rd through Tuesday, July 4th. You can still access your account and request a quote online.
Small business owners can get a good idea of the cost of business insurance by looking at pricing data from the thousands of businesses that have found the policy.
The first (and least expensive) policy most business owners need is general liability coverage. The average cost of a general liability policy is $42 per month or $500 per year, according to an analysis of 30,000 small business owners who purchased business insurance.
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A Business Owners Policy (BOP) combines general liability coverage with business property coverage at a discounted price. The average cost of a Business Owners Policy (BOP) is $57 per month or $684 per year.
The table below shows the average monthly cost of a typical small business policy. Our data comes from the average cost a customer pays for a policy. The median gives a better estimate of how much your business is likely to pay because it excludes both higher and lower premiums.
If you want to pay for multiple damage auto insurance, you have to pay more. The same rules apply to business insurance. If you want a policy that covers more expensive accidents and lawsuits, expect to pay more than basic coverage.
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Small business insurance coverage limits range from $250,000 to $2 million. Most policies have two restrictions:
For example, most clients choose a general liability policy with a limit of $1M/$2M.
When buying a policy, it’s best to make sure the deductible is something you can comfortably afford. If you cannot pay during a crisis, your insurance will not kick in to cover your liability claims. The average deductible for the general liability coverage selected by the client is $500.
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The right coverage depends on your business needs. You want coverage that covers potential litigation without buying more coverage than you need. If you’re not sure which limits are right for your business, check with a licensed insurance agent.
Your industry is a key consideration when deciding how much to charge for your policy. Insurers consider any risk that could increase the chance of an expensive claim, such as dangerous machinery that could injure a worker, or the possibility of a larger malpractice lawsuit.
For example, general liability insurance covers third-party bodily injury and property damage, so professionals who deal with the public will often pay more for the policy. This means that the cost of general liability insurance is higher for retailers, but lower for individual consultants.
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Likewise, the cost of commercial auto insurance depends on the type of driving you do, and the cost of professional liability insurance depends on the type of professional advice or services you provide. If other businesses like yours have a history of claims, it also means increased costs for your business.
You may also face insurance requirements in your industry. For example, businesses in the construction and cannabis industries are often required to purchase general liability insurance.
Your location can also affect insurance costs. For example, businesses in areas with high crime rates or increased foot traffic may pay more for insurance that covers customer theft or accidents.
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State laws also come into play. Most states require businesses with employees to purchase workers’ compensation insurance. Most states also require commercial auto insurance for business-owned vehicles.
Finally, you may need specific policies to work in certain locations. For example, real estate, insurance, or healthcare businesses may require professional liability coverage (also known as errors and omissions coverage) to be licensed in their state or to work in certain settings, such as hospitals.
The amount of coverage you choose and the industry you work in aren’t the only factors that affect insurance costs.
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