There are nearly 385,000 businesses operating in Michigan, with around 8,700 in the city of Flint. This city's economy has struggled for decades, but the businesses that do call the city home continue to face typical perils that can threaten their ability to operate. Whatever type of business you own in Flint, property damage and lawsuits can devastate your finances.
Whether you have to rebuild after a storm or defend yourself from a serious lawsuit, you need business insurance to help you protect your assets. An independent insurance agent is the best place to go to understand the unique risks you face. 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 Flint, MI
If you were sued for some kind of negligence, would you have the funds on hand to pay for the injured party’s medical expenses or property damage? Would you be able to pay for an attorney and all of the costs related to mounting a defense? Commercial general liability (CGL) insurance offers protection from many types of negligence claims, from simple trips and falls on your premises to major product liability cases.
It covers your legal costs, medical expenses and other damages for the injured party, 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 Flint Businesses
Any business that has valuable or sensitive data that is stored electronically can become a victim of some type of cyber breach.
- 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
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. The consequences of a breach of your sensitive information can be devastating. That’s why cyber liability insurance is an essential part of your business insurance program. Cyber liability insurance typically pays for your 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 Flint business.
Property Insurance for Small Businesses in Flint, Michigan
Flint is no stranger to severe weather and other threats to your commercial property. 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 fires, severe weather, theft, or 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 still require some 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 Michigan Businesses
Business interruption insurance can mean the difference between recovering after a disaster and closing your doors for good after sustaining serious damage to your commercial property. It is typically part of your commercial property insurance or business owners policy, and pays for certain ongoing expenses (employee salaries, rent, relocation expenses) and lost income after a covered event. An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Flint, MI Businesses
Workers’ compensation insurance is more than just an expense for your business. It is an affordable way to protect your business and your employees from the costs of work-related injuries. The best way to reduce the number of workers’ compensation claims for your business is to provide a safe and healthy workplace. But when an accident happens, workers’ compensation insurance is invaluable.
Most Michigan employers are required to purchase insurance coverage that compensates workers who are injured on the job. Michigan workers’ compensation pays for medical care and lost wages for the injured worker and protects employers from being sued for further damages. In Michigan, 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 the 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. It’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. Failing to comply with workers’ compensation laws can lead to fines and penalties for employers. A local agent can work closely with you to help you understand how the laws affect you and to help you find an appropriate Michigan workers’ compensation policy.
Employee Benefits for Small Businesses in Flint
Employee benefits are an important component of your comprehensive business insurance plan—and one of the most complex and expensive.
- 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. As you design your employee benefits plan, remember that many of the most successful employee benefits packages revolve around choice, flexibility, and customization. An independent insurance agent in your area can help walk you through all of your options and choose the best ones for your workforce and your budget.
Why Work with an Independent Agent?
There are a wide variety of insurance products and options available to Flint 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 by contacting a local agent now.
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