If anyone knows the importance of small business revitalization, it's the Detroit metro area. Clinton Township, MI plays a pivotal role in enhancing the commercial scene for the region and features the Clinton River waterfront, a thriving downtown and opportunities for entrepreneurs to shine. An impressive 856,682 small businesses in Michigan employed 1,755,901 persons in 2014. However, a small business can come with some costs. The state saw 12,848,751 paid out in losses that same year — meaning each local company needs protection against the unexpected.
Finding the right insurance for your small business can be overwhelming. That's where a Trusted Choice® Independent Insurance Agent can help. Our agents will talk to you about your coverage options, compare quotes and find you comprehensive, affordable coverage for your Clinton Township small business.
Your small business needs liability insurance as a foundation of coverage. Whether a customer is injured while on your property or while using your product, such basic protection ensures your company can keep its feet on the ground and avoid a huge financial payout.
- General Liability: According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. It's the most basic level of protection for when a customer slips or when your employee damages a client's computer. And it can save a lot of hassle and headache in the long run.
- Product Liability: A national study found that 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. That's a big chunk of change your small business can't afford to lose. Protect yourself against malfunctions with product liability insurance before you sell, distribute or manufacture your product.
- Professional Liability: Are you in the consulting, real estate or legal business? If so, consider protecting yourself against lawsuits with professional liability insurance. Such comprehensive coverage covers defense costs, personal injury like libel, copyright infringement and more if you regularly give out advice.
Business Interruption Insurance for Small Business
Michigan's economy is booming. The gross state product increase in 2014 was 2.0 percent — only 0.2 percent less than the 2014 gross domestic product increase. And to make sure your small business stays out of debt, talk to a Trusted Choice agent about business interruption insurance. If you need to shut down your doors due to a natural disaster, ongoing renovation or a family emergency, this coverage reimburses you for the revenue you would have been making. It's something you'll be thankful to have when the situation arises.
Property Insurance for Small Business
In 2014, 119 natural disasters hit the U.S. As a result, only 61 percent of losses were covered, while $9.7 billion of damage was not covered. Severe storms, flooding and tornadoes are all frequent scenarios in Michigan, which is why you need the right Clinton Township business insurance to help with property repairs. Mother Nature can be unforgiving, and you don't want to be in a financial bind because of an inadequate commercial insurance policy.
Employee Coverages for Small Business
Your employees are the bread and butter of your small business's operation. You should treat them as such when it comes to medical coverages. Michigan's annual cost of health care comes in at $5,321 for a single person plan and $15,242 for a family plan and ranks as the 39th highest in premiums spent at $1,134,005. On the other side of the coin, the national cost of workers' compensation coverage is $1.27 for every $100 in wages, and the average cost per employee is $612. The options for health insurance, life insurance and workers' comp can be confusing, so discuss employee coverages with a local Trusted Choice Agent to keep both your employees and your business protected.
Cyber Crime Insurance for Small Business
Michigan saw 10,338 identity theft complaints in 2014 — ranking as the sixth highest in the country. And considering that only 22 percent of small businesses have a cyber/data breach response plan, you may want to take note. Cyber threats are growing daily, and a small business is a typical target since it's unlikely to have the infrastructure in place to protect valuable information. Look at your cyber crime insurance options to ensure you're covered if an unforeseen technological break-in occurs.
Don't take any risks when it comes to protecting your small business. Your local Trusted Choice Independent Insurance Agent will discuss your insurance needs and find you the most comprehensive Clinton Township policy out there. Our agents are able to compare quotes from multiple carriers because they aren't tied down to one company, which means we will get you a completely customized business insurance plan.