Ann Arbor Business Insurance

The Complete Ann Arbor Business Insurance Guide

Ann Arbor has become a hub for small businesses in Michigan, with three unique business districts and easy access to public transportation. In 2014, there were 856,682 small businesses in Michigan, providing jobs to 1,755,901 people. However, 2014 also brought some serious risks for business owners, with $12,848,751 paid out for losses. If you own a small business in Ann Arbor, MI, make sure you are protected against common threats like liability and business interruption with comprehensive Ann Arbor business insurance. Trusted Choice® Independent Insurance Agents specialize in helping small businesses find unique commercial insurance solutions to safeguard against lawsuits, cyber crime and property damage.

Operating a small business requires a significant investment, and it only takes one liability lawsuit to wipe out your business resources and tank your professional goals. If someone trips and falls on your business property, you could be held responsible for paying the medical costs. According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. Liability insurance is a great solution to protect your business from this serious threat. 

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amount to $1 million or more. If your company designs, manufactures or distributes any kind of product, make sure you're prepared for product liability issues with a comprehensive business insurance policy.
  • E&O/Professional Liability: Professional liability coverage can protect your business from claims of errors or omissions. If a customer alleges that your services caused harm you could face an expensive legal battle. Professional liability insurance protects your small business against this serious threat and insures the you have the financial resources available to hire a strong defense or pay any necessary settlements. 

Business Interruption Insurance for Ann Arbor Businesses

  • Gross domestic product in 2014: 2.2%
  • Michigan gross state product in 2014: 2.0%
  • The 2014 GSP was 0.2% lower than the 2014 GDP

Business interruption insurance safeguards your company against lost profits after an unexpected event. For example, if your office building catches fire, you'll have to shut down operations until you can make repairs. In the meantime, all of your customers will have to visit competitors to get the products or services they need. Business interruption insurance pays you back for the profits you lose during an interrupting event, making it easier to get back on your feet and keep going after a disaster.

Property Insurance for Ann Arbor Businesses

  • Number of natural disasters in 2014: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in 2014: $9.7 billion

Ann Arbor's lake effect weather can cause unpredictable storm systems and severe winter weather. If a major storm causes damage to your commercial property, your business insurance covers the cost of repairs so you can get back to work as quickly as possible.

Workers' Compensation for Ann Arbor Businesses

Workers' compensation is an important safeguard to protect your business if an employee gets injured on the job. Even if you are a sole proprietor working as an independent contractor, you might be required to have workers' compensation coverage in order to work on certain contracts. Trusted Choice Independent Insurance Agents can help you find the best workers' compensation solutions no matter your business size so you're always prepared in case of accidents or injuries. 

Employee Coverages for Ann Arbor Businesses

  • Total 2013 spending on premiums in Michigan: $1,134,005
  • Ranked 39th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in 2013: $5,321/person or $15,242/family

With health care costs steadily rising across Michigan, employees are looking for jobs that offer the best benefit packages. Finding affordable health care and life insurance for your staff might be a challenge, but the experienced Independent Insurance Agents at Trusted Choice can help you navigate the options. Our agents can provide customized quotes on multiple policy options so you can compare premiums and benefits and find a plan that's right for your Ann Arbor business. 

Cyber Crime Insurance for Ann Arbor Businesses

  • 10,338 Identity theft complaints in Michigan in 2014
  • Ranked 6th highest for identity theft complaints in the U.S.

Identity theft is a growing problem in Michigan, and Ann Arbor businesses have to give this careful consideration as they shop for commercial insurance. Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. If a hacker managed to get into your sensitive business information, how would you recover? Cyber crime insurance is a smart solution that is a must-have for small businesses operating in today's technology-driven workforce. 

Finding the best commercial insurance for your Ann Arbor business is simple with help from our friendly Trusted Choice Independent Insurance Agents. If you're not sure how much coverage you need or what types of commercial insurance are most important for your business, our experienced agents can walk you through the process. Contact a Trusted Choice agent today to learn more about the best solutions for Ann Arbor commercial insurance. 

Now, who's ready to get their insurance problems solved?