In 2014, there were 856,682 small businesses, employing 1,755,901 people, headquartered in Michigan. Nearly 1,300 of these businesses were based right here in Adrian, MI. This innovative city is an ideal location for entrepreneurs and small-business owners alike. Whether you have a business that employs numerous people like the Anderson Development Company or you have a business with no employees, it is important that you protect the investment you have made in your business with a comprehensive Adrian commercial insurance policy. Consider this: Businesses in Michigan collected $12,848,751 in business insurance claims in 2014 alone.
Building a suitable Adrian business insurance portfolio can be complicated, so you may benefit from working with a professional who is familiar with the ins and outs of commercial insurance. Independent agents in the Trusted Choice® network are available to help you identify the exposures that are unique to your particular business and provide appropriate coverage recommendations. Because they are free to work with a number of reputable insurance companies, they can provide you with a variety of Adrian business insurance quotes that are suitable to meet your business’s specific needs.
General liability coverage is a fundamental part of every commercial insurance policy. It provides your company with compensation for legal defense, court costs and financial damages that are associated with covered lawsuits. Your Trusted Choice Agent can help you identify any other types of liability insurance, such as commercial vehicle or pollution liability coverage, that may be appropriate to include in your Adrian commercial insurance package. Your agent may discuss such aspects of liability coverage as follows:
Businesses in Adrian contribute to Michigan’s GSP. However, if a covered disaster, such as a fire or an explosion, forces you to shut down your commercial operations for an extended period while repairs are made, your business will not be generating any revenue for a while. As a result, it can suffer financially, possibly even ending up in bankruptcy.
You can safeguard your company’s finances from this sort of loss by making sure that your Adrian commercial insurance portfolio includes business interruption insurance. This insurance delivers a continuation of income during the time that your business is not operational because of a covered event. With these resources, you can afford to pay salaries to key employees and keep up with monthly expenses until you can resume normal business operations. Business interruption insurance coverage is typically limited to one year.
Natural disasters, man-made disasters and property crimes can each lead to significant damage to your commercially-owned property. This is why including sufficient amounts of property coverage in your Adrian commercial insurance policy is so important.
Commercial property insurance enables you to cover most of your business assets, including such things as inventory, tools, machinery, computer systems and office furniture. Because of the diverse coverage needs of businesses in dissimilar industries, it is beneficial to work with a Trusted Choice Agent, who can recommend appropriate property coverage and policy offerings, such as inland marine insurance and boiler and machinery insurance, when they are appropriate to your business model.
If your workers are injured on the job or suffer illnesses related to the work they do for your company, your business is liable for covering associated costs. Workman’s comp insurance covers medical treatments and lost wages and can even pay death benefits to surviving family members if an injury proves fatal. Having this coverage can protect your business from facing a potential liability lawsuit related to workplace injuries as well.
In Michigan, you are required to carry this insurance if you are a public employer. Private employers have more specific laws governing their requirement to carry workers' compensation insurance. Your Trusted Choice Agent can help you determine whether you need this coverage and, if so, can help you find a suitable policy.
If your Adrian business has at least 50 full time employees, you are required by the “employer mandate” portion of the 2010 Affordable Care Act (ACA) to provide them with subsidized health insurance coverage. Even if you have a smaller company and are not required to offer health coverage, benefits such as life and health insurance can help you attract and retain talented employees, so it may be worth the cost. If you would like to learn more, you can talk to your Trusted Choice Agent about reviewing suitable coverage options.
Cyber crime insurance is a type of liability insurance. Because it is a relatively new offering, many of our nation’s businesses are still without it. However, because electronic data theft is on the rise, particularly in Michigan, this insurance can prove vital. It provides coverage against lawsuits and damages that may result if criminals hack into your computer system and steal sensitive customer or employee information, such as personal and financial data. Talk to your Trusted Choice Agent to learn more about how adding cyber crime insurance to your Adrian business insurance portfolio can be of benefit to your company.
Every business has specific coverage needs, and different types of commercial insurance cater to businesses in different industries. This is why selecting Adrian commercial insurance can sometimes be tricky. Agents in the Trusted Choice network can help you identify the exposures faced by your business and can recommend the appropriate coverage options to mitigate those risks.
Your local agent can contact several different insurance companies on your behalf in order to help you find the most affordable coverage. There are many Trusted Choice Agents with offices in Michigan, including in and near Adrian. Find an agent near you to discover how easy it can be to compare Adrian commercial insurance quotes.