Over the next ten years, it is predicted that employment in Chesterfield will grow by 38%. Chesterfield is home to a growing economy with everything from large industrial manufacturing companies to locally owned businesses. These businesses create the local economy, and that is why it's a wise strategy to shield your investment. If you are an employer in Chesterfield, you should invest in a business insurance policy to protect your company.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all your potential risks. Contact an agent today to start comparing Chesterfield commercial insurance quotes.
Why Do Businesses in Chesterfield, Michigan Need Liability Insurance?
If a customer is injured inside your business, the average lawsuit can add up to $20,000. Purchasing liability insurance ensures that you don’t have to pay out of pocket for costly damage and legal claims against the business. This will help cover the most common liabilities faced by your business, such as:
- Medical expenses if someone gets injured at your business
- Court costs, judgements and settlements for covered claims
- Administrative costs to take care of covered claims
- Advertising injury claims against your business
- Costs for damage claims against your company
You may want to consider additional liability coverage that will help to ensure that your business is protected against other risks such as:
- Commercial vehicle liability insurance: This provides protection for cars, trucks and vans that are used for business operations.
- Environmental practices liability insurance: If your business could potentially lead to an accident resulting in pollution to the land, air, or water, this will cover the clean-up costs.
- Employment practices liability insurance: This will cover your business against lawsuits related to accusations of illegal employment practices.
- Cyber liability insurance: This will protect your business against cybercriminals that may break into your company’s computer system and steal sensitive customer data or install skimmers on your credit card readers.
How Does Property Insurance Protect Chesterfield, MI businesses?
Your Chesterfield commercial property insurance will shield your business’s assets from things like theft, vandalism, fire and burst pipes. This policy is an important part of every business insurance coverage.
Additional policy options will guarantee that you are covered for things such as:
- Builders risk insurance: This covers losses while your building is under construction, such as a windstorm.
- Crime insurance: Protects you against theft, robbery and burglary of cash, stock, securities and fixtures, whether by employees or third parties.
- Inland marine insurance: This will cover customers' property on your premises or in-transit property that gets damaged or lost.
Is Business Interruption Insurance Necessary in Chesterfield, MI?
Severe flooding is quite common throughout the state of Michigan. In 2013, memorable flooding along the Grand Rapids River caused significant damage to the city and suburbs surrounding the Detroit metro area, including Chesterfield. Heavy rains often cause flash flooding across the state, so it is crucial to make sure that your business is protected.
Sadly, this could shut down your business for weeks while you wait for repairs to finish. With business interruption insurance, your disaster-related loss of income will be covered.
This optional insurance coverage allows your business to have income to continue to pay monthly bills, employee salaries and other expenses until you are able to resume normal business operations.
Do Businesses in Chesterfield, MI Need Workers' Compensation Insurance?
An employer in Chesterfield who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, is subject to Michigan’s workers’ compensation law. This includes:
- Agricultural employers must provide workers’ comp coverage if they have three or more employees who work 35 hours or more per week
- Domestic employees who work more than 35 hours per week
Named partners and officers who are shareholders of small, closely held corporations may exempt themselves from Michigan workers’ compensation coverage. The Workers' Disability Compensation Act covers the employees of sole proprietorships, but self-employed sole proprietors are not required to be covered.
If an employee is injured or suffers an occupational illness, workers’ compensation insurance will cover the cost of medical treatment, prescriptions, lost wages, and other related expenses.
Employers in high-hazard industries pay more for workers’ compensation insurance than employers in low-hazard industries. If you have a good safety record, you may be rewarded with lower premiums than others in your industry. Your premium is based on how many employees you have, your total payroll, the types of jobs performed at your business and your history of accidents and workers’ compensation claims.
What about Employee Benefits for Businesses in Chesterfield, MI?
As a business owner in Chesterfield, you may want to provide your workers with an employee benefits package that consists of subsidized health insurance and life insurance options that may include:
- Medical: Includes group health and medical plans. May operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): Will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: From short-term to long-term to statutory, as well as paid family leave.
- Life insurance: Group term life insurance that is employer-paid, employee-paid, or contributory.
A benefit package for your employees may be expensive, but it can have large fiscal rewards for your company. Research has shown that when businesses offer a benefits package, it helps them recruit and keep qualified employees, and lowers turnover rates while improving employee job performance.
Why Work with an Independent Insurance Agent in Chesterfield, MI?
There are many different factors you will need to consider about your coverage needs before you start comparison shopping. An independent agent in Chesterfield can help you save time and money by doing the sorting for you. Because they have relationships with a variety of different insurance providers, independent insurance agents can quickly obtain quotes for several business insurance policies that meet your coverage needs. Contact an independent agent today.
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