Your Complete Guide to Hancock, MI Business Insurance

The business community in Hancock, Michigan is diverse, with health care, hospitality, and educational services playing a big role in the city’s economy. Regardless of their size or industry, all Hancock business owners need business insurance to protect their assets and employees. A comprehensive business insurance program can help you repair and rebuild damaged property after a fire or storm, and it can help you stay in business and pay for your defense if you are faced with a lawsuit. Because every business is different, every business owner needs an independent insurance agent who can help them understand the unique risks they face and find the right policies and coverage to shield them from financial harm when the worst happens.

Liability Insurance for Small Businesses in Hancock, MI

If you are sued for causing injury or harm to a third party, you could be sued for extensive damages above and beyond simply paying for the injured party’s medical expenses. Many liability lawsuits reach settlements of over $1 million. How would you pay for your legal defense? Could you afford to pay if a million-dollar judgment were levied against you? Your Hancock business needs liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits, covering your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you must pay. 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

Most CGL policies have very specific exclusions for certain types of lawsuits. Depending on the unique risks you face, you may need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your liability protection. Ask your agent if you might need employment practices liability insurance, professional liability insurance, or any other tailored business liability policies designed for your unique exposures.

Cyber Liability Insurance for Hancock Businesses

If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you’ll probably have to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your image. What’s more, you’re likely to be sued for additional damages.

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 insurance is becoming increasingly important for all kinds of businesses, large and small. While policy specifics are evolving and vary among insurance companies, cyber liability insurance typically pays for legal defense, financial damages to injured parties, and even PR and other expenses related to the incident. Be sure to ask an independent agent about how cyber liability insurance can help you protect your Hancock business.

Property Insurance for Small Businesses in Hancock, Michigan

Commercial property insurance is essential to protect any business from damage or destruction of physical assets. It covers your buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and other covered perils.

Number of federally declared disasters in Michigan since 1953: 37
Most common reasons for declared disasters in Michigan: Floods and Severe Storms

It doesn’t take a major disaster to damage your commercial property. Damage from hailstorms, snowstorms, and even small, contained fires can cost thousands of dollars to repair and can interrupt your ability to operate. Commercial property insurance is the coverage you need when these types of incidents happen. An independent insurance agent can help you assess and evaluate your property insurance needs. Purchasing appropriate coverage limits is important; if your limits are too low, you could be prevented from making a full recovery after a disaster.

Business Interruption Insurance for Hancock Businesses

If you experience some type of covered property damage, you could be unable to operate for some time while you make repairs or rebuild. How can you stay in business during this time, pay your employees, and recover your lost income? Business interruption insurance, or business income insurance, pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to a covered loss.

It helps you pay for things like employee salaries, and it reimburses you for lost income while you make repairs and stay in business. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.

Workers’ Compensation Insurance for Hancock, Michigan Businesses

Workers’ compensation insurance covers medical treatment, lost wages, and other miscellaneous expenses for injured employees. Without it, you would have to find a way to compensate employees for their injuries, and you would likely be sued for extensive 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 Michigan workers’ compensation laws.

These 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 Michigan

Most employers choose to offer an employee benefits plan because programs like group health insurance, group life insurance, vacation time, and sick time help attract and retain good employees. While employee benefits are often complex and expensive, they are a necessary part of keeping employees healthy and satisfied.

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. It’s important to get expert advice and to shop around for quality, affordable coverage.

Why Work with an Independent Agent?

Hancock business owners have a lot of options when it comes to business insurance. That’s why it’s best to work with an independent agent who can help you assess your risks, evaluate your coverage needs, and obtain competitive quotes from insurance companies that specialize in your line of work.

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