In 2014, there were 856,682 small businesses, employing 1,755,901 people, headquartered in Michigan. More than 800 of these businesses were based in the small city of Big Rapids, MI. Small businesses play a big role within their communities, providing needed services and contributing to the local economy. Whether you are a business owner with several employees or you are an independent contractor with no employees, it is important that you protect the investment you have made in your business with a suitable Big Rapids commercial insurance policy.
Consider this: Businesses in Michigan collected $12,848,751 in business insurance claims in 2014 alone. Protecting your business with the right insurance options can be complicated, so you may benefit from working with an independent insurance agent in the Trusted Choice® network. These knowledgeable agents can help you identify your company’s exposures and can recommend suitable policy solutions to mitigate these risks. Your local Trusted Choice Agent can also provide you with a selection of customized Big Rapids business insurance quotes that you can review and compare. Find an agent near you to learn more.
Liability insurance shields your Big Rapids-based business from excessive financial losses that may result if it is sued. This insurance covers court costs, legal defense fees and associated financial damages, but you need to have the right types of coverage in order to receive compensation. All business policies include commercial general liability insurance (CGL). The main components of general liability coverage are the following:
Your Trusted Choice Agent can also recommend other liability policies that may be appropriate for your business. There are several different types of liability coverage available. Some examples include these:
Businesses in Big Rapids contribute to Michigan’s gross state product. But how would your business handle the financial repercussions if you are forced to halt operations for an extended period of time? This might happen if the building in which your business is housed burns down or if a tornado destroys the machinery you rely on for production. In such a case, you likely need to remain closed for an extended time while repairs are made; and if the closure lasts for weeks or even months, your business could face significant financial losses.
Fortunately, you can protect your business by making sure that your Big Rapids commercial insurance portfolio includes business interruption insurance. This insurance delivers a continuation of income during the time that your business must remain closed due to a covered event. These funds make it possible to pay employee salaries and monthly expenses, like commercial loan payments, until such time as you can resume normal business operations. Business interruption insurance coverage is typically limited to 12 months of coverage.
Your policy’s commercial property insurance covers most of your business assets in the event that they are lost or damaged by a covered event, like a structure fire, tornado or property crime. This coverage includes such things as your business inventory, computers, tools and machinery, outdoor signs, and office furniture. Because businesses in varying industries frequently have very different coverage needs, it is beneficial to work with a Trusted Choice Agent who can help you get the coverage you need to fully protect your assets. Your agent may recommend additional property coverage offerings, such as inland marine insurance and spoilage insurance, if they are appropriate for your business.
Workers' compensation insurance, colloquially referred to as workman’s comp, covers your employees for the treatment of work-related injuries and illnesses as well as any related expenses, such as paid time off. It benefits your business by helping it avoid potential liability lawsuits associated with these workplace injuries. In the state of Michigan, businesses are required to carry this insurance if they are:
Your Trusted Choice Agent can explain more about workman’s comp insurance and can help you find a selection of policies that are well-suited to your particular business model.
If your Big Rapids business has at least 50 full-time employees, the “employer mandate” portion of the Patient Protection and Affordable Care Act of 2010 requires that you provide them with subsidized health insurance coverage. If you are interested in learning more about your options when it comes to providing your employees with benefits such as life and health insurance, your Trusted Choice Agent can help you review a selection of affordable coverage options.
Cyber crime insurance is a relatively new type of liability insurance that you may want to consider including in your Big Rapids business insurance package. Because electronic data theft is on the rise, this coverage is becoming increasingly necessary for companies that electronically collect and store sensitive information.
If criminals hack into your computer system and steal this information, your company can be sued by the individuals affected as well as their banks and credit card companies. Cyber crime insurance covers your business against resultant lawsuits if this occurs. Be sure to talk to your Trusted Choice Agent to learn more about how adding cyber crime coverage to your Big Rapids commercial insurance portfolio can prove invaluable.
Allow an experienced agent in the Trusted Choice network to help you identify the various exposures faced by your business. That way, you can work together to find suitable policy solutions to mitigate those risks. Because these independent agents are free to work with several different insurance companies, they can help you find the most affordable options when you are building your Big Rapids business insurance package.
There are many Trusted Choice Agents with offices in the state of Michigan, including in and near the city of Big Rapids. Find an agent near you to get more information, and discover how easy it can be to compare customized Big Rapids commercial insurance quotes.