Every seven seconds, a work-related accident happens across the country. That's so often, it averages out to 540 accidents an hour. From sole proprietorships to industrial manufacturers, these employers and employees are the foundation of the local economy in Hartland, and it is a necessity to make sure that they are covered. If a catastrophe strikes, business insurance will help protect these companies.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all potential risks. Start comparing Hartland commercial insurance quotes by contacting an agent today.
Why Do Businesses in Hartland, Michigan, Need Liability Insurance?
Your business insurance policy will include general liability insurance. Commercial general liability insurance (CGL) will help cover the most common liabilities faced by your business. You are covered for things such as:
- Product liability: You are covered if the distributed product causes harm to people or property, even when it doesn’t happen inside the store.
- Advertising injuries: If someone sues over slander, libel, or copyright infringement, the CGL will help pay for legal expenses.
- Third-party bodily injury: If a customer is hurt in an accident involving your business, CGL will help pay for medical expenses.
- Third-party property damage: CGL will cover expenses to repair or replace customer property that is damaged by a business.
Owning a business tends to be incredibly risky. Last year liability lawsuits resulted in an average of $1.5 million per case. That is why liability insurance is a crucial piece in your commercial insurance coverage. This will help cover cost of legal defense fees and financial damages.
Additional liability coverage will help to ensure that your business is shielded against other liability risks such as:
- Commercial vehicle liability insurance: This provides protection for cars, trucks, and vans that are used for business operations.
- Environment practices liability insurance: If your business could potentially lead to an accident resulting in pollution to land, air, or water, this will cover the cleanup costs.
- Employment practices liability insurance: This will cover your business against lawsuits related to accusations of illegal employment practices.
- Cyber liability insurance: This will protect your business against cybercriminals who may break into your company’s computer system and steal sensitive customer data or install skimmers on your credit card readers.
How Does Property Insurance Protect Hartland, MI Businesses?
Your Hartland commercial property insurance will protect your business’s assets from theft, vandalism, fire and burst pipes. This policy is an important part of every business insurance coverage.
However, there are additional policy options to make sure that you are covered such as:
- Builders risk insurance: This covers losses, such as from a windstorm, while your building is under construction.
- Crime insurance: This protects you against theft, robbery, and burglary of cash, stock, securities, and fixtures, whether from employees or third parties.
- Inland marine insurance: This will cover customers' property on your premises or in-transit property that gets damaged or lost.
Is Business Interruption Insurance Necessary in Hartland, MI?
A natural disaster could potentially shut down your business for weeks while you wait for repairs to finish. With business interruption insurance, your disaster-related loss of income will be covered.
This optional insurance coverage allows your business to have a reliable source of income to continue to pay monthly bills, employee salaries and other expenses until you are able to resume business as usual.
Do Businesses in Hartland, MI, Need Workers' Compensation Insurance?
Hartland workers’ comp rates are based on how many employees you have, your total payroll, the types of jobs performed at your business, and your history of accidents and worker’s compensation claims. If you have a good safety record, you may be rewarded with lower premiums than others in your industry.
Any private employer in Hartland who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, is subject to Michigan’s workers’ compensation law. This includes:
- Agricultural employers who must provide workers’ comp coverage if they have three or more employees
- Domestic employees who work more than 35 hours per week
The exception to the law includes farm workers, independent contractors, and partners who are shareholders of small corporations.
If an employee is injured or endures an occupational illness, workers’ compensation insurance will cover cost of medical treatments, prescriptions, lost wages, and other related expenses.
What about Employee Benefits for Businesses in Hartland, MI?
As a business owner in Hartland, you may want to provide your workers with an employee benefits package that consists of subsidized health insurance and life insurance options that may include:
- Medical: This includes group health and medical plans and may operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): This will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: These plans are from short-term to long-term to statutory, as well as paid family leave.
- Life insurance: This is group-term life insurance that is employer paid, employee paid, or contributory.
Offering your employees a benefit package may be expensive, but it can save you time and improve the overall efficiency of your work environment. Studies have shown that when businesses offer a benefits package, it endears employees and reduces the turnover rate while improving employees' job performance.
Why Work with an Independent Insurance Agent in Hartland, MI?
There are many different types of variables when it comes to business insurance, so let an independent insurance agent help guide you to make sure that you get the best business insurance coverage. A local independent agent can help you navigate through your options as you build your business insurance policy package. Contact an insurance agent in Hartland to get started.
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