Michigan Small Business Insurance

If you own and operate a Michigan small business of any kind, you need the right insurance policy. But first, you should familiarize yourself with the facts about other businesses in this area. For instance, there are 856,682 small businesses here, and in 2012, these local firms created 73,858 new jobs. (Source: BDS). If yours was one of them – or even if your firm opened any other year – it’s a good idea to learn what kind of coverage you need when you get a Michigan small business insurance policy.

Michigan Small Businesses Need The Following Insurance

Protect your business (GL): As a business owner, you should always be prepared to pay for the medical bills of anyone who gets hurt while present on your property. You can do this by ensuring that your Michigan small business insurance policy includes general liability. This way, since you won’t have to worry about paying for an injured customer’s medical bills out of your own pocket, you can focus on sending well wishes to him or her while continuing to run your business. Another advantage of this coverage is that it pays to make repairs to customers’ belongings if your business is somehow responsible for the damage.

Insure Your Property (BPP): Insuring your business with BPP is a great way to keep it in good condition, even after a disaster occurs that causes damage to your property. For example, if the sewer gets backed up, a criminal breaks a window, or a fire burns part or all of your property, BPP will kick in and pay for the damage. This part of your Michigan small business insurance policy will pay for replacements or repairs even if your inventory or furnishings are damaged or lost. This kind of coverage can reduce the chance that a disaster will interrupt or possibly close your small business for good.

Employee Protection (WC): Businesses that have one or multiple employees in Michigan need workers compensation to ensure that the staff is protected while at work. Without this coverage, your employees would be left paying for their own medical care after getting hurt in the workplace, at which point they could sue you. Since legal action would just add to your costs and possibly harm your reputation, it’s best to simply add workers compensation to your Michigan small business insurance right away to avoid any complications.

Umbrella/Excess Liability: Though general liability coverage is a crucial aspect of your Michigan small business insurance policy, it does have its limits, and those might be exceeded if more than a few people are injured on your property. If you want to avoid having to pay the extra costs of their healthcare yourself, excess liability is a good idea.

Cyber Crime Liability: Considering that we’ve all heard about major businesses being crippled by cyber crime at one time or another, it’s clear that no business is safe from this threat. That’s why it’s helpful to have cyber crime liability when you get Michigan small business insurance.