In 2014, there were 856,682 small businesses that employed 1,755,901 people headquartered in Michigan, and more than 1,100 of these businesses were based in Howell, MI. This city takes pride in its many small businesses, including locally owned specialty shops and independent dining venues. This makes the city an especially good place for entrepreneurs and small-business owners to set up shop. No matter how large or small your company, it is important that you protect your investment with a suitably built Howell commercial insurance package. In 2014 alone, businesses in Michigan collected $12,848,751 in business insurance claims, which highlights how important this coverage is.
Building a comprehensive insurance policy for your business can often be a confusing task; but you can simplify the process by discussing your coverage needs with an independent insurance agent in the Trusted Choice® network. These agents can work with several reputable insurance companies to help you find the best price for your coverage. Find a Trusted Choice Agent near you to compare Howell business insurance quotes for policies that have been customized to meet the specific needs of your company.
- According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
- That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
A lawsuit against your company can be unusually expensive. That is why it is so important that your Howell business insurance include general liability insurance as well as any other liability coverage types that are well suited to your business type and industry. These policies shield your business from significant losses by covering your legal defense fees, court costs, financial damages and other related costs. Your Trusted Choice Agent can further explain your many liability coverage options including such things as the following:
- Premises Liability Insurance: This is part of your policy’s general liability coverage. It covers the costs associated with illnesses, injuries or property damage that may be sustained by third parties because of an accident that occurs on your business premises.
- Product Liability Insurance: This is also part of your general liability coverage. It provides coverage if a product your company sells, produces or promotes causes illnesses, damage or injuries to others.
- Professional Liability Insurance/Errors and Omissions Insurance: This covers individuals in professional positions against lawsuits brought about because of perceived errors in judgement, failure to act in a timely manner or other professional mistakes. Medical malpractice insurance is a well-known example of this sort of coverage.
Your Trusted Choice Agent can recommend other types of liability coverage, such as pollution insurance, commercial auto liability insurance, employment practices liability coverage or any number of other coverage types that may be appropriate for your business.
Business Interruption Insurance for Howell Businesses
- 2014 gross domestic product (GDP) for U.S.: 2.2%
- 2014 gross state product (GSP) for Michigan: 2.0%
- The 2014 GSP was 0.2% lower than the GDP
If a covered disaster — such as an uncontrolled fire or a tornado — forces you to halt business operations for several weeks, or even months, while repairs are made, the lost income can significantly affect your business finances. Also, if you cannot afford to pay key employees during an extended closure, you could potentially lose them to the competition.
You can avoid this problem by making sure that your Howell commercial insurance includes business interruption insurance. That way, your company receives a continuation of income during the closure. This enables you to afford to pay monthly bills and employee salaries until you can resume normal business operations.
Property Insurance for Small Business in Howell
- Number of natural disasters in the U.S. in 2014: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Major disasters can cause extensive property damage to your commercial assets. Your policy’s property insurance covers your business-owned property, including such things as merchandise, inventory, outdoor signs, computers, furniture, tools and machinery. Businesses in different industries often have varying coverage needs, so it is to your benefit to work with a knowledgeable Trusted Choice Agent when you are building your Howell business insurance package. That way, you can get advice about specialized property coverage types, such as inland marine insurance and spoilage insurance, that may be good additions to your policy.
Also, be aware that coverage against flood damage is excluded by nearly all Howell commercial insurance policies. If your business is at risk, your Trusted Choice Agent can help you get supplemental flood insurance through the National Flood Insurance Program (NFIP).
Workers' Compensation Insurance for Howell Businesses
Michigan’s Disability Compensation Act pertains to nearly all employers in the state. It requires employers to provide some way of assuring that benefits will be paid to workers who are injured on the job. While your business has the option of meeting this requirement by setting itself up with a self-insured status or by joining a group fund, most employers find it most beneficial to simply purchase a workers' compensation insurance policy through a private insurer.
Workman’s comp protects your company from lawsuits related to injuries, deaths or illnesses suffered by workers while on the job. It does this by providing appropriate coverage for medical treatment, lost wages and other associated costs related to workplace injuries. Your Trusted Choice Agent can help you find a policy that is well-suited to your particular business industry.
Employee Coverages for Small Businesses in Howell
- Total 2013 spending on premiums in Michigan: $1,134,005
- Ranked 39th for highest premiums in the U.S.
- Annual cost of health care for small businesses in 2013: $5,321/person or $15,242/family
The Patient Protection and Affordable Care Act (ACA) contains a requirement that companies with at least 50 full-time employees must offer these employees subsidized health insurance coverage. Even if your Howell business has fewer than 50 employees, including benefits like health and life insurance can make your company attractive to talented employees, and it may even qualify your business for federal tax credits. If you are interested in learning more, your Trusted Choice Agent can help you review and compare some affordable options.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Michigan in 2014: 10,338
- Ranked #6 highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
More and more U.S. businesses are seeking to add cyber crime coverage to their business insurance packages as reports of data theft and electronic hacking continue to rise. This relatively new type of insurance covers your company against liability lawsuits and damages stemming from hackers accessing sensitive customer or employee data that your business has collected or stored electronically.
In the wrong hands, this data can result in identity theft, fraud and large losses by banks and credit card companies. Your company may be held liable for these costs and other expenses. If your business is at risk for cyber crime, be sure to ask your Trusted Choice Agent about adding this important coverage to your Howell commercial insurance package.
Find the Right Howell Commercial Insurance for Your Business
Every business has its own distinct coverage needs relative to its size, industry and inherent exposures and to the services it provides. That is why there is no such thing as a one-size-fits-all commercial insurance policy package. When you work with an independent insurance agent in the Trusted Choice network, you will have access to a professional who can explain your many coverage options and can make appropriate policy recommendations.
You will also have an easy way to compare customized Howell business insurance quotes for policies designed to meet your business’s specific coverage needs. That way, you can be sure that you are getting the most suitable insurance at a competitive price. Contact a Trusted Choice Agent near your business to learn more about your options when it comes to purchasing Howell commercial insurance.