As of 2014, there were 856,682 small businesses, employing 1,755,901 people, headquartered in the state of Michigan. Nearly 4,500 of these businesses were based in the small City of Birmingham, MI. This is a great place to set up and build a business, particularly for those who operate in the retail sector. People come from all over the Detroit metropolitan area to shop in Birmingham’s downtown area. Businesses in other industries can thrive as well. The city works hard to help prospective business owners get established in this tight-knit community. Whether you own a business with several employees or you operate alone as an independent contractor, you will want to protect your investment with a suitable Birmingham commercial insurance policy.
Businesses in Michigan collected $12,848,751 in business insurance claims in 2014. Creating a strong portfolio of commercial insurance coverage that can adequately protect your Birmingham business can be a complicated endeavor. Fortunately, when you discuss your company’s coverage needs with an independent agent in the Trusted Choice® network, the job becomes much less complex. These agents can work with several top-rated insurance companies to help you compare customized Birmingham business insurance quotes so you can choose the policies that offer the best value to your company.
A liability lawsuit filed against your company can have fiscally disastrous consequences. Even if the courts rule in your favor, the cost of your legal defense alone can be overwhelming. That is why it is so important that your Birmingham commercial insurance policy include the right kinds of liability coverage.
Liability insurance covers legal defense, court costs and associated financial damages for covered lawsuits. Your policy will include general liability coverage, and you will need to add other liability coverage types that are relevant to your business. Your Trusted Choice Agent can recommend appropriate coverage types.
Some types of liability insurance your agent may discuss with you include the following:
If a disaster, such as a tornado or an explosion, forces you to halt business operations for an extended time while repairs are made, the stoppage can significantly impact your business revenues. Make sure that your Birmingham commercial insurance policy includes business interruption insurance so that your company can continue to collect income while it is unable to operate. That way, you can continue to pay key employee salaries and monthly expenses until you are able to reopen and resume normal business operations. This coverage is typically limited to 12 months.
Disasters, ranging from tornadoes to fires, can lead to substantial financial losses for your Birmingham business, and part of the reason is due to property damage. Fortunately, your policy’s property insurance covers loss or damage to your business-owned assets, such as your inventory, merchandise, tools, machinery, computer systems and office furniture. Businesses in different industries have varying coverage needs and may benefit from other supplemental property coverage options, such as inland marine insurance, which protect your property while it is in transit. That is why it is advantageous to work with an experienced Trusted Choice Agent when you are building your Birmingham business insurance package.
Workers' compensation insurance (often referred to as “workman’s comp”) covers the treatment of work-related illnesses and injuries as well as other associated expenses, such as paid time off. This insurance helps your business avoid potential liability lawsuits associated with workplace injuries.
In Michigan, you, as a business owner, are required to carry this insurance if:
Your Trusted Choice Agent can help you find a workman’s comp policy that is well-suited to meet the needs of your particular business and that you can include in your Birmingham commercial insurance package.
The Affordable Care Act (ACA) of 2010 mandates that all U.S. companies with at least 50 full-time employees must provide these workers with subsidized health insurance coverage. Including benefits like health and life insurance as part of your employee benefits package can help you attract and retain a talented workforce, so it may be a good investment even if your company has fewer than 50 employees and is exempt from the requirement. If you are interested in learning more, your Trusted Choice Agent can present you with a selection of affordable options from which to choose.
Cyber crime insurance has become increasingly necessary as data hacking and identity theft is on the rise — particularly in the state of Michigan. If your business electronically collects or stores sensitive personal and financial information about customers, employees or other individuals, it is at risk.
In the wrong hands, this data can lead to excessive financial losses for those affected as well as for their banks and credit card companies, all of whom can sue your company for financial damages. Therefore, if you collect this type of data, it may be a very good idea for you to add this relatively new type of liability insurance to your Birmingham business insurance package. Talk to your Trusted Choice Agent to learn more.
Businesses have specific and varying exposures according to their industry, location and size and the services they provide. When you work with an independent insurance agent in the Trusted Choice network, you will have access to a wealth of information about your many coverage options. You will also be provided with an easy way to compare customized Birmingham business insurance quotes for policies that meet your business’s coverage needs. This will enable you to find appropriate coverage at the most affordable price.
You do not need to shop for business insurance on your own. There are several Trusted Choice Agents with offices in Michigan, and many are located in and near the city of Birmingham. Find an agent near you to learn more, and discover how easy it is to compare prices for Birmingham commercial insurance policies.