Located just outside of the Metro Detroit area, Eastpointe is home to a variety of large industrial companies to small, locally owned businesses. These businesses create the local economy, which is why it is a smart strategy to protect your investment. If you own a company in the Eastpointe area, buy a business insurance policy in case tragedy strikes.
A local independent insurance agent can help you facilitate a commercial insurance plan that will provide coverage against all potential risks. Contact an agent today to start comparing Eastpointe commercial insurance quotes.
Why Do Businesses in Eastpointe, Michigan, Need Liability Insurance?
If a customer slips and falls in your business, the average pay out can be up to $20,000. Owning liability insurance makes sure that you don’t have to pay out of pocket for costly damages and legal claims against the business. This will help cover the most common liability faced by your business like:
- Medical expenses if someone gets injured at your business
- Court costs, judgments, 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.
- Environment practices liability insurance: If your business could potentially lead to an accident resulting in pollution to land, air, or water, this will cover the cleanup 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 who 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 Eastpointe, MI, Businesses?
Your Eastpointe commercial property insurance will protect 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, such as from a windstorm, while your building is under construction.
- Crime insurance: This protects you against theft, robbery, and burglary of cash, stock, securities, and fixtures, whether from 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 Eastpointe, MI?
Severe flooding is quite common in the state of Michigan. The historic flooding along the Grand Rapids River in 2013 caused huge damage to the city and suburbs surrounding Metro Detroit area including Eastpointe. Heavy rains often will cause flash flooding across the state.
Unfortunately, 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.
The 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.
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Do Businesses in Eastpointe, MI, Need Workers' Compensation Insurance?
An employer in Eastpointe who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, must comply with Michigan’s workers’ compensation law. This may include:
- Agricultural employers who must provide workers’ comp coverage if they have three or more employees
- Domestic employees who work more than 35 hours per week
The exception to the law includes farm workers, independent contractors, and partners who are shareholders of small corporations.
If an employee is injured or endures an occupational illness, workers’ compensation insurance will cover the cost of medical treatments, prescriptions, lost wages, and other related expenses.
Eastpointe workers’ comp rates are 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. If you have a good safety record, you may be rewarded with lower premiums than others in your industry.
What about Employee Benefits for Businesses in Eastpointe, MI?
As a business owner in Eastpointe, 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: This includes group health and medical plans and may operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): This will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: This is from short-term to long-term to statutory, as well as paid family leave.
- Life insurance: This is group-term life insurance that is employer paid, employee paid, or contributory.
A benefit package for your employees may be expensive, but doing so can have large fiscal rewards for your company. Research has shown that when businesses offer a benefits package, it captivates employees, and lowers the turnover rate while improving employees' job performance.
Why Work with an Independent Insurance Agent in Eastpointe, MI?
There are many different factors you will need to consider about your coverage needs before you start comparison shopping. An independent agent in Eastpointe can help you save time and money by doing the sorting for you. Because they have relationships with a variety of different insurance providers, member agents can quickly obtain several business insurance policies that meet your coverage needs. Contact an independent agent today.
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