Located 20 miles northeast of Ann Arbor, you'll find the growing upscale suburb of Farmington Hills, MI. This busy city is the 36th highest income place in the United States, and it's a perfect place to chase your business dreams. Like much of Michigan, Farmington Hills offers some great incentives to help small businesses succeed. In 2014, there were 856,682 small businesses in Michigan, providing jobs to 1,755,901 people. However, 2014 also brought some serious risks for business owners, with $12,848,751 paid out for losses.
If you're a small-business owner, you can minimize your risks by investing in a comprehensive Farmington Hills business insurance policy. Trusted Choice® Independent Insurance Agents offer one-on-one assistance to small-business owners who are looking for the best commercial insurance solutions to protect against common threats like liability, property damage and cyber crime.
Running a small business requires a serious investment, and a single liability lawsuit can have devastating consequences. If someone slips and falls on your property or your products cause harm to someone's property, you are liable for damages. According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. Make sure you're prepared with general liability coverage for your small business.
- Product Liability: According to a national study, 71 percent of product liability awards by the court amounted to $1 million or more. Even if you pay close attention to quality control, a single defective product could lead to a major lawsuit. Product liability insurance shelters your company from the financial toll in this situation and pays for legal defense and any court-ordered payouts.
- E&O/Professional Liability: For businesses that offer services rather than products, professional liability insurance is the best choice. This type of policy protects against "errors and omissions," or claims of negligence, that lead to a customer's harm. Trusted Choice Independent Insurance Agents can help you determine how much E&O insurance you need to protect your Farmington Hills small business.
Business Interruption Insurance for Farmington Hills Businesses
- Gross domestic product in 2014: 2.2%
- Michigan gross state product in 2014: 2.0%
- The 2014 GSP was 0.2% lower than the 2014 GDP
If a major fire swept through the Farmington Hills business district and damaged your commercial property, you would have to close down while you waited for repairs. Each day that you aren't operating is another major dent in profits, but business interruption insurance can help. In this situation, business interruption insurance would step in and pay you for the profits you lost due to the extenuating circumstances, allowing you to pick up the pieces and press forward toward your business goals.
Property Insurance for Farmington Hills Businesses
- Number of natural disasters in 2014: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in 2014: $9.7 billion
While Farmington Hills has been consistently called one of America's safest cities, there is still a major risk for weather-related disasters. If your business space is damaged by lightning, fire or flooding, property insurance steps in to pay for the cost of repairs.
Workers' Compensation for Farmington Hills Businesses
Workers' compensation is a necessary safeguard for all small-business owners with employees. This kind of coverage acts like a safety net to cover a business's financial assets if an employee is injured on the job. If you don't have workers' compensation coverage, you could be faced with paying medical bills out of pocket or even face a serious lawsuit.
Employee Coverages for Farmington Hills Businesses
- Total 2013 spending on premiums in Michigan: $1,134,005
- Ranked 39th for highest premiums in the U.S.
- Annual cost of health care for small businesses in 2013: $5,321/person or $15,242/family
The rising cost of health care in Michigan poses a major challenge for small-business owners shopping for employee coverages. Trusted Choice Independent Insurance Agents can help you find affordable health care and life insurance for your staff by comparing premiums and benefits to find a plan that is right for your company's budget.
Cyber Crime Insurance for Farmington Hills Businesses
- 10,338 Identity theft complaints in Michigan in 2014
- Ranked 6th highest for identity theft complaints in the U.S.
Today's businesses rely heavily on computers for processing payments, bookkeeping and even tracking inventory. It only takes one computer hacker to cause a major data breach, resulting in your company's bank account being emptied before you even realize there's a problem. Only 22 percent of small businesses have a response plan in place for cyber attacks and data breaches. Investing in cyber crime insurance is a smart way to protect your Farmington Hills small business against identity theft and cyber threats.
Trusted Choice Independent Insurance Agents can help you navigate the maze of options for Farmington Hills commercial insurance. If you're shopping for employee coverages, workers' compensation or liability insurance, our experienced agents can help you build a custom business insurance policy to keep you covered against the biggest threats. Contact a Trusted Choice agent today to learn more about the best solutions for Farmington Hills commercial insurance.