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What type of insurance do you need?
Last year small businesses in Michigan made $252,969,305. Accidents happen. And without insurance, business claims have to be paid out of your pocket, meaning they have to be paid out of your business’s revenue.
It's important to be properly insured so you can stay financially stable and keep revenues growing if something unexpected occurs.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
Michigan business insurance will pay for covered claims so your business doesn’t have to. It gives you peace of mind knowing your bottom line is safe and that you don't have to pay for medical bills or legal costs out of pocket.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
While a commercial insurance policy is not required of business owners, certain aspects of it may be. For example, in this state, businesses must carry workers' compensation insurance, and there are no exemptions.
To learn more about coverage that you may be required to carry, you can talk with a local independent insurance agent. They'll find you something customized and ideal for your business situation.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want.
Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in Michigan since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|
|St. Clair Shores||5,131||2.36||1.07|