Home to the H.J. Heinz pickle factory, Holland, MI is a largely industrial city. From its many manufacturing plants to the various shops and offices that line Michigan Avenue, this city’s businesses play a crucial role in the health of the local economy. Business insurance shields these companies from large financial losses when disasters strike.
Putting together a comprehensive business insurance policy package on your own can be difficult, but independent agents make it easy. These agents can recommend the best and most affordable policies to cover against each of your company’s potential risks. Contact an insurance agent near you to learn more.
Why Do Businesses in Holland Need Liability Insurance?
Even if the courts ultimately rule in your favor, a liability lawsuit against your business can be very expensive. Business liability insurance is designed to protect your company by covering the associated court costs, legal fees, and financial damages if it is sued for a covered event.
You will need to be sure that your business insurance policy package includes the right products to cover against each of your company’s potential liability exposures. Some of the many commercial liability products available for your consideration include:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage caused by accidents on your business property for which your company can be deemed responsible.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by defects or design flaws in products your business produces, sells or promotes.
- Liquor liability insurance: This covers damage and injuries caused by a person who became intoxicated while at your establishment. This coverage is important for businesses that serve alcoholic beverages because Michigan’s dram shop laws allow the injured party to sue the business that provided the drinks if they were served to a minor or to a visibly intoxicated adult.
- Cyber liability insurance: This covers your company’s financial responsibilities and restitution costs if cybercriminals install skimmers on your credit card readers or hack into your computer system and steal data such as your customers’ financial and personal details.
- Employment practices liability insurance: This covers against accusations of perceived illegal employment practices such as wrongful termination, discrimination, harassment, and retaliation by current, former, or prospective employees.
Talk to an independent insurance agent in Holland to learn more about these and other commercial liability policies that may be a good fit for your business. Your agent can help you be certain that your company is properly covered against all of its potential liability risks.
What Insurance Products Cover Your Business Property?
Businesses in Holland are most likely to experience loss or damage to business-owned property due to hazards such as fires, theft, electrical storms, windstorms, hail, freezing temperatures, ice accumulation, and blizzards.
Fortunately, all of these risks are covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover your company’s assets, like merchandise, inventory, office furniture, computers, supplies, tools, display cases, and outdoor signs.
You may need to add specialized property insurance policies to your business insurance policy package for your business property to be fully covered against all potential risks. Your insurance agent may recommend supplementing your commercial property insurance with products like:
- Commercial flood insurance: This covers against flood damage and flood-related erosion, neither of which are covered by commercial property insurance. Businesses in Holland that are located near Lake Macatawa or in any FEMA-designated flood zones are most at risk, but when heavy rains fall, flash flooding can occur just about anywhere in this city. Businesses can purchase up to $500,000 in structural coverage and $500,000 in contents coverage when they purchase a policy through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This covers your company’s portable property during the times it is being transported to or from another location or is being kept away from your place of business, such as at a job site.
- Bailee's insurance: This covers your customers’ valuable property whenever it is in your business’s care, custody, or control. This insurance is ideal for companies that perform repair, maintenance, or alteration services on expensive items.
- Boiler & machinery insurance: This covers the cost of repairing or replacing your company’s essential machinery if it breaks down or malfunctions. This insurance can also cover any revenue losses associated with the breakdown.
A local independent insurance agent can help you be sure that all of your business assets are suitably covered and that your coverage limits are high enough to cover the cost to rebuild, repair, or replace lost or damaged property, when necessary.
Is Business Interruption Insurance a Good Idea in Holland, MI?
The good news is that major disasters are relatively rare in Holland, MI. The risk of tornado activity is 10% lower than the national average, and severe storms rarely bring widespread destruction. One risk businesses in this city do face, however, is that of structure fires.
An out-of-control fire at your place of business can do more than just damage your business property. If the destruction it causes is particularly severe, your company could also be forced to remain closed for several weeks while repairs are made. Would your business be able to financially withstand a forced long-term closure like that?
Disasters in Michigan
- Number of federally declared disasters in MI since 1953: 42
- Most common reasons for declared disasters: Floods, severe storms, and tornadoes
- Average number of tornadoes in MI per year: 16
If your company must close for an extended period due to damage caused by a covered event, business interruption insurance can help by providing a continuation of income until you are able to resume normal operations.
This insurance can provide the funds needed for your company to continue paying regular monthly expenses such as rent, utility bills, loan installments, and employee salaries during the times it is temporarily unable to generate revenue.
Talk to a local independent insurance agent to learn more about business interruption insurance. Your agent can help you determine whether this coverage is a good fit for your business in Holland.
Do Businesses in Holland Need Worker's Compensation Insurance?
If your employees are injured on the job, or if they develop an occupational illness due to exposure to toxins in the workplace, your business is responsible for covering any necessary medical treatment and time off work. Worker's compensation insurance is designed to provide this coverage.
With very few exceptions, all employers in Holland are required by Michigan state law to cover their full-time and part-time employees with worker's compensation insurance.
Rates for this insurance are based primarily on the types of jobs your employees do and the likelihood that they will be seriously injured while doing them. It would cost a lot more to insure a worker at an office furniture production plant than to cover a receptionist at a dentist’s office.
When you are shopping for this mandatory coverage, a local independent agent can help you compare policies and rates from a few competing providers. That way, you can be sure that you are getting a good policy at a competitive price.
What about Insurance Products for Employee Benefits Packages?
When it comes to employment, you can give your company a competitive edge by offering an attractive employee benefits package that includes perks like paid vacation time, an employer-matched 401(k) plan, and healthcare coverage.
When you are looking for the right insurance products to include in your employee benefits package, you will find that there are several different life insurance and health insurance policies available for you to choose from. This can make it difficult to determine which to buy.
A local independent insurance agent can go over the pros and cons of each of your various options, such as PPOs, HMOs, and managed care plans, so you can make an informed decision about which products are the best choices for your Holland business.
Why Work with an Independent Insurance Agent in Holland, MI?
A local independent agent can help you identify each of your company’s various exposures and can recommend the right kinds of policies to cover against each of them. These agents can save you time and money by doing the comparison shopping for you. That way, you can be sure you are getting great coverage at a competitive price.
Set up a one-on-one consultation with an independent insurance agent in Holland to learn more. You will soon discover how easy it can be to obtain and compare a variety of customized business insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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