There are over 834,000 businesses operating in Michigan, with around 1,200 in the city of Escanaba. The health care, hospitality, education, and paper manufacturing industries play important roles in the city’s economy. Unfortunately, property damage and lawsuits can devastate any business, no matter the size or the type of industry.
Whether you have to rebuild after a fire or severe storm or have to defend yourself from a lawsuit, a comprehensive business insurance program is the best way to protect your assets. An independent insurance agent can help you understand the unique risks faced by Escanaba business owners. Independent agents can help you review policy options from multiple insurance companies so you can make an informed and affordable choice.
Liability Insurance for Small Businesses in Escanaba, MI
Commercial general liability (CGL) insurance is the business insurance policy you turn to if you are sued for some type of negligence. Whether a customer trips and falls on your premises or you are sued for selling a faulty product, it covers your attorney fees and court costs, medical expenses and other damages for the injured parties, and any settlements or judgments that you are required to pay. You might need additional liability coverage as well because while CGL policies offer broad protection, they don’t cover everything. Ask your independent agent if you have any gaps in your coverage. They may suggest coverage such as:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Professional liability insurance: Covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damage.
Cyber Liability Insurance for Escanaba Businesses
You don’t need to be a high-tech company to be susceptible to a damaging data breach. Cyber liability is a range of potential liability exposures that can occur as a result of using, storing, or transferring data electronically for business purposes.
· Number of identity theft complaints in Michigan per year: 10,338
· Ranked 6th highest for identity theft complaints in the US
· Only 22% of businesses have a cyber/data breach response plan
According to estimates, 60% of small businesses that experience a cyberattack or some type of data breach close their doors within six months. But cyber liability insurance may help you recover and stay in business. It typically pays for legal defense, financial damages to injured parties, and even public relations and other related expenses if you are faced with some type of data breach or cyber incident. A local independent agent can help you assess your risks and decide if this type of coverage is right for your business.
Property Insurance for Small Businesses in Escanaba, Michigan
Escanaba experiences a variety of severe and damaging weather, from severe storms and floods to heavy snow and freezing temperatures. That’s why you need commercial property insurance. It covers your physical assets (buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more) when physical damage occurs due to severe weather and other events like fires, break-ins, and vandalism.
- Number of federally declared disasters in Michigan since 1953: 37
- Most common reasons for declared disasters in Michigan: Floods and Severe Storms
While commercial property insurance covers most of your business property, you might need some additional special policies or endorsements. Talk to your independent insurance agent to make sure you have all of the coverage you need.
Business Interruption Insurance for Escanaba Businesses
If heavy snow caused your roof to collapse and major damage to your office building or factory, how would you continue to pay for ongoing expenses while you were forced to close and make repairs or completely rebuild? Would you be forced to close your doors for good? Business interruption insurance pays for these kinds of expenses and provides income protection while you have to temporarily close after a covered event. It is usually included in a commercial property policy or business owners policy. An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Escanaba, MI Businesses
Workers’ compensation insurance offers employers an affordable way to protect their business and employees from the costs of work-related injuries. It pays for medical bills and lost wages for injured workers and protects employers from lawsuits for even more extensive damages. The best way to reduce the number of workers’ compensation claims and keep your workers’ compensation costs down is to provide a safe workplace that is free from accidents and injuries. And when accidents do happen, workers’ compensation insurance is there to help everyone involved recover.
The Michigan Workers' Disability Compensation Act covers nearly all employers in the state, including both public and private employers. Any private employer who has three or more employees at any one time, or who employs one or more workers for 35 or more hours per week for 13 or more weeks, is subject to Michigan’s workers’ compensation laws. Michigan’s workers’ compensation laws also include numerous exclusions and special provisions for different types of employers, such as agricultural employers, domestic workers, partnerships and sole proprietorships, independent contractors, and more.
In order to avoid fines and other penalties for non-compliance, it’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. A local agent can work closely with you to understand how the laws affect you and to help you find an appropriate Michigan workers’ compensation policy.
Employee Benefits for Small Businesses in Escanaba, MI
Employee benefits are an important component of any comprehensive business insurance plan. Unfortunately, most employee benefits are highly complex and can also be one of your largest business expenses. That’s why getting it right is so important.
- Average amount spent per year on healthcare coverage by Michigan businesses: $1,134,005
- Ranked 13th for highest health insurance premium spending in the US
- Average annual cost of health care in Michigan: $5,321/person or $15,242/family
From health insurance and life insurance to vacation time and wellness programs, employee benefits play a major role in employee satisfaction, retention, and loyalty. An independent insurance agent can help answer your questions and find the options that are best for your workforce and your budget.
Why Work with an Independent Agent?
There are a wide variety of insurance products and options available to Escanaba business owners. The best way to be sure you are getting appropriate coverage for all of the risks you face is to work with a helpful and knowledgeable independent insurance agent.
Get started on exploring your options by contacting a local agent today.
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