There are nearly 1,000 businesses operating in Alpena, Michigan. Businesses in Alpena represent a wide variety of industries, including health care, hospitality, and educational services. Alpena business owners need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Alpena, MI
Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating. What’s more, even if claims against you are unfounded, you always have to defend yourself if you are sued. Defending even a minor lawsuit can seriously disrupt your financial well-being.
Businesses need liability insurance to protect them from the financial losses associated with lawsuits. A commercial general liability (CGL) policy offers broad protection from negligence claims and lawsuits. It covers court costs, attorney fees, and even settlements or judgments that you must pay to the injured party. CGL policies typically include premises liability insurance, which covers incidents on your business property, and product liability coverage, which pays for third-party damage, illnesses, or injuries caused by defective products that you produce, sell, or promote.
Not every kind of liability risk is covered by a CGL policy. There are additional commercial liability policies available for many of these scenarios. Talk to your independent insurance agent about why you might need commercial auto liability insurance, environmental liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits.
Cyber Liability Insurance for Alpena Businesses
Would your standard business liability insurance protect you if your electronic data were stolen, your website were shut down by a power failure or by being hacked, or if someone filed slander or libel allegations against your business based on a social media post?
- Number of identity theft complaints in Michigan per year: 10,338
- Ranked 6th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them. Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Alpena, Michigan
Structure fires, wind, hail, and severe storms can cause extensive damage to your Alpena commercial property.
- Number of federally declared disasters in Michigan since 1953: 37
- Most common reasons for declared disasters in Michigan: Floods and Severe Storms
Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs. Your business property policy covers fires, severe weather, theft, vandalism, and more.
An independent insurance agent can help you determine if you need more than just a basic commercial property policy. If you live in an area that is prone to flooding, you are likely to need flood insurance designed for businesses. Flood insurance is available from the National Flood Insurance Program (NFIP), and your local agent can help you purchase coverage.
Business Interruption Insurance for Alpena Businesses
Sometimes, unexpected events can damage your building, your suppliers’ buildings, local utilities, or other structures that are essential to operating your business. A tornado, a fire, or even a snowstorm can leave you unable to operate for some time while you repair or rebuild your commercial property.
Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a covered event. If you are forced to close your doors for an extended period in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Alpena, Michigan Businesses
Most Michigan employers are required to purchase insurance coverage that compensates workers who are injured on the job. Workers’ compensation insurance pays for medical care and lost wages for the injured worker and protects employers from being sued for further damages. The Michigan Workers' Disability Compensation Act covers nearly all employers in the state, including both public and private employers.
Any private employer who has three or more employees at any one time, or who employs one or more workers for 35 or more hours per week for 13 or more weeks, is subject to Michigan’s workers’ compensation laws. Michigan’s workers’ compensation laws also include numerous exclusions and special provisions for different types of employers, such as agricultural employers, domestic workers, partnerships and sole proprietorships, independent contractors, and more.
It’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. Failing to comply with workers’ compensation laws can lead to fines and penalties for employers. A local agent can work closely with you to help you understand how the law affects you and to help you find an appropriate Michigan workers’ compensation policy.
Employee Benefits for Small Businesses in Michigan
An employee benefits plan that includes health insurance, life insurance, vacation and sick time, and other perks help companies attract and retain top employees. While employee benefits are often complex and expensive, they are a necessary part of keeping your workforce healthy and satisfied.
- Average amount spent per year on healthcare coverage by Michigan businesses: $1,134,005
- Ranked 13th for highest health insurance premium spending in the US
- Average annual cost of health care in Michigan: $5,321/person or $15,242/family
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Alpena business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work that you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
Find an agent in or near Alpena to get started.