Whatever your business, it’s important to make sure your business and its assets are fully protected. If you don’t, it could cost you.
Without the right insurance, you could be looking at millions in legal fees or damages claims should something go wrong. In some cases, having certain coverage may even be required by law.
Insurance Coverage to Consider for Your Brownstown Michigan Business
Generally, businesses in Brownstown will need one or more types of business insurance to be protected. Below are 11 kinds of commercial business insurance available to Michigan small business owners. Most are optional, though highly recommended. However, depending on your type of business, some may be required by law.
General Liability Insurance – Coverage for legal defense and damages claims for accidents, injuries, and negligence against your business. Highly recommended, whether you’re in the construction business or consulting industry.
Product Liability Insurance – Covers you for a financial loss due to a product defect that causes injury. Recommended for manufacture, distribution, wholesale, or retail businesses.
Professional Liability Insurance (Errors & Omissions Insurance, EOI) – Coverage for legal defense and damages claims of negligence or malpractice for service providers, beyond general liability coverage. Recommended for accountants, consultants, insurance agents, lawyers, notaries, real estate agents, and more.
Commercial Property Insurance – Protects assets related to your company’s property from loss or damage due to fire, severe weather, and theft. Optional coverage for business interruptions, lost income, and company papers also available. Recommended.
Commercial Auto Insurance – Protects vehicles used to move equipment or products, or to transport employees, should one of your vehicles be involved in a collision or sustain damage. Required if your business uses vehicles in the course of business.
Business Owner’s Policy (BOP) – A combination policy of property, professional, and general liability coverage that could help you save big. Highly recommended.
Data Breach Insurance – Coverage for when your business suffers a digital or physical breach or if private information is released accidentally. Highly recommended for any business that deals with sensitive employee, customer, or client information.
Home-Based Business insurance – Covers losses affecting your business equipment or merchandise as well as claims by clients, employees, or vendors injured at your home. Limited coverage can be added as a rider to your existing homeowner’s or renter’s policy. Highly recommended for home businesses.
Workers’ Compensation Insurance – Protection for when an employee is injured at work or becomes ill as a direct result of their job. Required for nearly all employees of private and public Michigan businesses. Find more details here.
Unemployment Insurance Tax – Provides temporary income assistance to workers who become unemployed through no fault of their own. While it’s not necessarily insurance, Unemployment Insurance is a requirement for any Michigan business with employees. After registering with Michigan’s Unemployment Insurance Agency, you’ll pay these taxes to fund the state’s unemployment insurance program.
Disability Insurance – Coverage for income replacement for sick or injured workers. Optional, as part of a benefits package you could offer to employees — unless your Brownstown business has an office in California, Hawaii, New Jersey, New York, Rhode Island, or Puerto Rico. Then it’s required for those out-of-state workers.
These Michigan business insurance policies can help protect your business and its assets. But like personal insurance, policies and coverage can vary, so talk to your Brownstown insurance agent.
Where to Go for Insurance for Your Brownstown Michigan Business
Your business’s specific circumstances will affect what coverage is needed to make sure you have the business protection you need and that you’re in full compliance with your local laws.
So how can you find cheaper insurance for your Brownstown Michigan business?
Try Frost & Remer’s online quote request for starters. Getting quotes online is an easy way to search for cheaper coverage to insure your business.
While it may feel time-consuming to submit quotes online, you can easily get in contact with an agent who will be able to help you evaluate the available coverage in the Michigan insurance market.
Finding the right business insurance coverage may take a bit of time and perseverance, but your efforts will pay for themselves. By finding less expensive policy coverage, you’ll save yourself in the long run.
Wondering where to start your Brownstown Michigan business insurance search? Try Frost & Remer at InsuranceByFrost.com.