If you’re a local small business owner here in Woodhaven, you may need a couple kinds of Woodhaven business insurance to fully protect your business and its assets. In some cases, having certain coverage may even be required by law.
If you don’t have protection for your business, it could cost you. Legal fees and damages claims can climb into the millions quickly, so it’s important to be protected.
With the right coverage, your Woodhaven business and its assets will be protected should a business partner die, a customer or employee become injured, or your business or its property suffer damage, theft, or fire.
Generally, businesses in Woodhaven will need one or more types of business insurance to be protected. Below are 11 kinds of commercial Woodhaven business insurance available to small business owners. Most are optional, though highly recommended. However, depending on your type of business, some may be required by law.
1. General Liability Insurance – Provides legal defense and damages coverage for accidents, injuries, and negligence claims against your business. Highly recommended, whether you’re a building contractor or business consultant.
2. Product Liability Insurance – Protects you from a financial loss due to a product defect that causes injury. Recommended for manufacture, distribution, wholesale, or retail businesses.
3. Professional Liability Insurance (Errors & Omissions Insurance, EOI) – Provides legal defense and damages coverage against claims of negligence or malpractice for service providers beyond general liability coverage. Recommended for lawyers, accountants, consultants, notaries, real estate agents, insurance agents, and others.
4. Commercial Property Insurance – Covers everything related to your company property, from loss or damage due to fire, severe weather, and theft. Can also cover business interruptions, lost income, and company papers. Recommended.
5. Commercial Auto Insurance – Covers vehicles used to move products and equipment, or transport employees, should one of the vehicles be involved in a collision or sustain damage. Required if your business uses vehicles in the course of business.
6. Business Owner’s Policy (BOP) – Provides a combination of property, professional, and general liability policy coverage, saving you money. Highly recommended.
7. Data Breach Insurance – Protect you if your business suffers a digital or physical breach or if private information is accidentally released. Highly recommended for any business that deals with sensitive client, customer, or employee information.
8. Home-Based Business Insurance – Protection against losses affecting your business equipment or merchandise or from claims by clients, vendors, or employees 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.
9. Workers’ Compensation Insurance – Covers 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.
10. Unemployment Insurance Tax – Provides temporary income to workers unemployeed through no fault of their own. It’s not necessarily insurance, but after registering with Michigan’s Unemployment Insurance Agency, you’ll pay these taxes to fund the state’s unemployment insurance program. Required for any Michigan business with employees.
11. Disability Insurance – Provides coverage income replacement for sick or injured workers. Optional as part of a benefits package, unless your Woodhaven 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.
The many types of commercial Woodhaven business insurance available can help protect your business and its assets. Like personal insurance, policies and coverage can vary, so talk to your Woodhaven insurance agent about your business’s specific circumstances to make sure you have the protection you need and that you’re in full compliance with your local laws.
Wondering where to buy this kind of insurance? Start at Frost & Remer at InsuranceByFrost.com.