Michigan Retailer Insurance
The retail trade is fairly popular in Michigan, considering that this state has 80,725 small firms in this industry. The economy in general is doing well, too. After all, 13,901 small businesses opened here in 2010, and 66.7 percent of them stayed open past 2012. That statistic improved in 2013, when 13,206 small firms opened and 79.6 percent made it to 2014. (Source: BLS, BED). If the trade you’re in involves retail, it’s time to get a Michigan retailer insurance policy that includes all the coverage you’ll need as a business owner.
Michigan Retailers Need The Following Insurance
Business Liability Insurance (GL): When you invite customers to come to your store and take a look at your products for sale, you take the chance that someone will get hurt on your property. That’s where the general liability portion of your Michigan retailer insurance policy comes in. This makes sure that any injured customers’ medical bills will be paid for by your insurer, taking the responsibility off of your own shoulders. General liability can also pay for repairs when a customer’s personal property is damaged in any way at your store.
Business Personal Property Insurance: Once you are confident that your Michigan retailer insurance policy protects your customers in the event of any injuries, you need to make sure that it also protects your store. In particular, you need to be able to pay to fix any damage that might occur when a fire, act of vandalism, or other disaster harms your store. Fortunately, you get this coverage when you add business personal property insurance to your Michigan retailer insurance policy.
Workers Comp Protection: Whether your staff consists of dozens of couple or just a few, it’s important that you include workers compensation coverage on your Michigan retailer insurance policy. That’s because you need a way to ensure that your employees’ medical bills are covered if they are ever injured while working for you. When you have workers compensation and an employee falls off a ladder, has a heavy box fall on him or her, or has some other injury at work, you can rest assured that the ensuing medical expenses will be paid for. Plus, this coverage can make up for any missed wages that your injured employee won’t be able to work for during the recovery period.
Umbrella/Excess Liability: As crucial as general liability coverage can be, sometimes it falls short, such as after a particularly expensive claim. This is why you need excess liability as part of your Michigan retailer insurance policy. This way, you’re unlikely to have to pay out of pocket after people are injured at your retail store in Michigan.
Cyber Crime Liability: You’ve likely heard of major businesses being the victims of cyber crime. If you want to avoid the same consequences in case you are ever targeted, you need cyber crime liability. This coverage will help protect your business in the event that cyber criminals ever try to harm your financial standing or reputation.