There are more than 834,000 businesses operating in Michigan, with over 9,400 in the city of Lansing. This city's economy is diverse, with companies in the hospitality and auto industries playing a prominent role. Lansing business owners face a variety of risks, from severe weather, fires, and other kinds of property damage to the financial devastation that a single lawsuit can bring. A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster, and it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent is the best place to turn to understand the unique risks you face as a Lansing business owner. Independent agents can help you review policy options from multiple insurance companies so you can make an informed and affordable choice.
Liability Insurance for Small Businesses in Lansing, Michigan
Many small businesses would have a hard time recovering if they were faced with a lawsuit. That’s why you need liability insurance. Commercial general liability (CGL) insurance offers protection from many types of negligence claims, from simple trips and falls on your premises to major product liability cases. It covers your legal costs, medical expenses and other damages for the injured party, and any settlements or judgments that you are required to pay.
Be aware that CGL policies do not protect you from every type of lawsuit. You are likely to need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection. An independent insurance agent can help you assess your need for additional liability coverage, such as:
- Employment practices liability insurance: Covers your business against accusations of illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers your business if an accident results in your company polluting the land, water, or air.
- Liquor liability insurance: Covers businesses that sell or furnish alcohol in the event that an intoxicated person causes injury or property damage to others.
- Professional liability insurance: Covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damage.
Talk to an independent agent to learn more about liability risks and how to protect your business from lawsuits.
Cyber Liability Insurance for Lansing Businesses
Any business that handles electronic data—especially personally identifiable information about its customers—is particularly susceptible to cyber threats.
- 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 a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you're likely to have to contend with many unexpected expenses, from notifying your customers of the breach and providing credit monitoring services to extensive public relations costs. And you can probably expect to be sued for additional damages.
Cyber liability is a relatively new insurance product that is becoming increasingly important for all kinds of businesses. While policy specifics are evolving and vary among insurance companies, it typically pays for your legal defense, financial damages to injured parties, and even PR and other related expenses. Talk to a local agent about whether you may need cyber liability insurance.
Property Insurance for Small Businesses in Lansing, MI
Commercial property insurance 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 so on. Lansing is no stranger to severe weather and other threats to your commercial property.
- Number of federally declared disasters in Michigan since 1953: 37
- Most common reasons for declared disasters in Michigan: Floods and Severe Storms
While commercial property insurance covers most of your business property, you might still require some special policies or endorsements. Ask an independent agent about your need for inland marine coverage, equipment breakdown coverage, or special flood, windstorm, or earthquake coverage.
Business Interruption Insurance for Lansing Businesses
Business interruption insurance can mean the difference between recovering after a disaster and closing your doors for good after sustaining serious damage to your commercial property. It pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to physical damage. It helps you pay employee salaries and reimburses you for lost income, enabling you to make repairs and reopen with confidence. 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 Lansing, MI Businesses
Your company is responsible for covering the costs of work-related injuries or illnesses, regardless of who is at fault. Excessive workplace injuries can be costly for everyone involved. That’s why you need to ensure a safe workplace and purchase workers’ compensation insurance. It is designed to cover medical treatment, lost wages, and other miscellaneous expenses for injured employees. Most Michigan employers are required to purchase insurance coverage that compensates workers who are injured on the job. 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, must purchase Michigan workers’ compensation insurance.
Agricultural employers, domestic workers, partnerships and sole proprietorships, independent contractors, and numerous other types of employers are granted special exclusions or provisions in the Michigan workers’ compensation statutes. For this reason, it’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. A local agent can work closely with you to understand how the laws affect you and to help you find an appropriate Michigan workers’ compensation policy.
Employee Benefits for Small Businesses in Michigan
Employee benefits are an important component of your comprehensive business insurance plan—and one of the most complex and expensive.
- 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
Employee benefits play a major role in employee satisfaction, retention, and loyalty. As you design your employee benefits plan, remember that many of the most successful employee benefits packages revolve around choice, flexibility, and customization in order to appeal to a diverse and multi-generational workforce. There are many different health insurance 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?
There is a wide variety of insurance products and options available to Lansing business owners. The best way to be sure you are getting appropriate coverage for all of the risks you face is to work with a helpful and knowledgeable independent insurance agent.
Get started by contacting an agent in or near Lansing today.
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