There are over 834,000 businesses operating in Michigan, with around 525 in Grayling. Hospitality and healthcare-related businesses are common in Grayling, but the city is home to a diverse group of companies. No matter their size, Grayling business owners need business insurance to protect their assets and employees.
Business insurance is not a single insurance policy; rather, it is a comprehensive set of policies and customized endorsements tailored to the unique risks of every business. Grayling business owners need to understand the unique risks they face, and then work with an independent insurance agent to find the right policies and coverage to protect their assets.
Liability Insurance for Small Businesses in Grayling, MI
If your business were sued for injuring someone because of an error, negligence, or a faulty product, how would you pay for attorney fees, court costs, and any judgments levied against you? Many small businesses would be forced to declare bankruptcy in the face of these kinds of claims. But with liability insurance, you can have the coverage you need to defend yourself, pay the injured party, and continue to focus on your business.
A commercial general liability policy offers broad protection from lawsuits. It covers your legal costs, medical expenses and other damages for the injured party, and other expenses related to a liability claim against your business. A CGL policy has two major coverage components:
- Premises liability insurance: Covers third-party damage, injuries, or illnesses that occur due to an accident on your business property.
- Product liability insurance: Covers third-party damage, injuries, or illnesses caused by a defect in a product your company produces, sells or promotes.
It’s important to understand that CGL policies typically exclude coverage for certain types of lawsuits and claims. Many businesses need additional liability policies or endorsements that specifically cover other exposures they might have. Ask your agent if you need commercial auto liability coverage, professional liability insurance, or any other types of tailored liability coverage.
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Cyber Liability Insurance for Grayling Businesses
Almost every business has at least some cyber risk that needs to be addressed. There are numerous potential liability exposures that can occur while using, storing, or transferring data electronically for business purposes. Some examples include:
- Failure to protect personal or corporate information that is stored on computer systems, networks, smartphones, laptops, and even in paper files.
- Personal injury claims stemming from your website, blog or social media accounts.
- Business interruption and loss of income for a client or partner because of a hacker, security breach, or power outage that affects your computer system, network, or website.
Any business that handles electronic data is susceptible to cyber threats. Data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more.
- 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
If you have a breach of your sensitive data, cyber liability coverage protects your business assets. It will help you pay for a variety of related expenses, including defense costs, settlements and judgments, and even public relations costs. Be sure to ask an independent agent about how cyber liability insurance can help you protect your Grayling business.
Property Insurance for Small Businesses in Grayling
Every Grayling business is at risk for some type of property damage. Severe weather such as tornadoes, high winds, hail, lightning, and heavy snow can wipe out your business when you least expect it. What’s more, fires, break-ins, or vandalism can cause serious damage and put your ability to operate in jeopardy.
- Number of federally declared disasters in Michigan since 1953: 37
- Most common reasons for declared disasters in Michigan: Floods and Severe Storms
Commercial property insurance ensures Grayling businesses that they can repair, rebuild, or even relocate if disaster strikes. Property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs. Just like commercial liability insurance, commercial property insurance doesn’t cover everything in every situation. Business owners often need additional coverage for specialized equipment and machines, or for materials, inventory, or tools that are in transit or in use at job sites.
Ask your insurance agent about equipment breakdown coverage or inland marine coverage to supplement your commercial property insurance policy. And be sure you discuss how to properly value your business property so you have the right amount of coverage to rebuild after a disaster.
Business Interruption Insurance for Grayling Businesses
Events like severe storms, blizzards, or fires can force you to close your business while you make repairs or rebuild your building, warehouse, factory, or other commercial property. The lost income and ongoing expenses during the rebuilding process can be impossible to overcome without the right insurance coverage.
Business interruption insurance can be your financial lifeline during this critical period. It protects your earnings if your business is temporarily unable to operate because of physical damage after a covered event. It helps you pay for ongoing expenses like rent and employee salaries, and it also reimburses you for lost income and even relocation fees. Business interruption insurance is typically part of a commercial property policy or a business owners policy (BOP). A local independent insurance agent can help you assess your risks and help you get the coverage you need for your Grayling business.
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Workers’ Compensation Insurance for Grayling, Michigan Businesses
Worker injuries and illnesses are costly for everyone. Employees who are injured on the job often have medical bills to pay and may even have to take time off of work while they heal. Keeping your employees safe from work-related injuries and illnesses is important for their long-term health and satisfaction, as well as your company’s financial viability.
Workers’ compensation insurance provides insurance coverage for work-related injuries and illnesses. It ensures that the injured worker gets medical care and income protection while unable to work. The Michigan Workers' Disability Compensation Act covers nearly all employers in the state. 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. 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 law affects you and to help you find an appropriate Michigan workers’ compensation policy.
Employee Benefits for Small Businesses in Grayling, Michigan
Employee benefits are an important component of your comprehensive business insurance plan. A good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees. What’s more, employee benefits are linked to a decrease in absenteeism and improved employee morale.
- 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
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
Shopping for business insurance can be overwhelming, even if you own a small business with a simple business model. That’s why working with an independent insurance agent is the best way to make sure you get all of your questions answered and find the best policy for your needs and budget. Local independent agents can get quotes from multiple insurance companies, so you’ll be able to compare coverage and rates and make the best choice.
Contact a local agent today to get started.