As one of the largest suburban communities located in the Metro Detroit area, Madison Heights is home to everything from large industrial companies to small, locally owned businesses. These companies are the backbone of the local economy, which is why it's a smart strategy to protect your investment. If you own a company in the Madison Heights area, purchase a business insurance policy in case disaster strikes.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all your potential risks. Contact an agent today to start comparing Madison Heights commercial insurance quotes.
Why Do Businesses in Madison Heights, Michigan Need Liability Insurance?
If a customer slips and falls in your business, the average costs can be up to $20,000. Having liability insurance ensures that you don’t have to pay out of pocket for costly damage and legal claims against your business. This will help cover the most common liabilities faced by your business. You are covered for events like:
- Medical expenses if someone gets injured at your business
- Court costs, judgements and settlements for covered claims
- Administrative costs to take care of covered claims
- Advertising injury claims against your business
- Costs for damage claims against your company
Some 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 the land, air, or water, this will cover the clean-up 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 that 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 Madison Heights, MI Businesses?
Your Madison Heights commercial property insurance will protect your business’s assets from theft, vandalism, fire and burst pipes. This policy is a vital 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 while your building is under construction, such as a windstorm.
- Crime insurance: protects you against theft, robbery and burglary of cash, stock, securities and fixtures, whether by 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 Madison Heights, MI?
Flooding is not uncommon in Michigan. The historic flooding along the Grand Rapids River in 2013 caused great damage to the city and suburbs surrounding the Metro Detroit area. Heavy rains will often cause flash flooding across the state.
Unfortunately, this could 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 income to continue to pay monthly bills, employee salaries and other expenses until you are able to resume normal business operations.
Do Businesses in Madison Heights, MI Need Workers' Compensation Insurance?
Any private employer in Madison Heights 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 must provide workers’ comp coverage if they have three or more employees
- Domestic employees who work more than 35 hours per week
Exceptions to the law include farm workers, independent contractors, and partners who are shareholders of small corporations.
If an employee is injured or suffers an occupational illness, workers’ compensation insurance will cover the cost of medical treatment, prescriptions, lost wages and other related expenses.
Madison Heights 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 workers' compensation claims. If you have a good safety record, you may be rewarded with lower premiums than others in your industry.
What about Employee Benefits for Businesses in Madison Heights, MI?
As a business owner in Madison Heights, you may want to provide your workers an employee benefits package that consist sof subsidized health insurance and life insurance options that may include:
- Medical: Includes group health and medical plans. May operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): Will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: From short-term to long-term to statutory, as well as paid family leave.
- Life insurance: Group term life insurance that is employer-paid, employee-paid or contributory.
Offering your employees a benefit package may be expensive, but doing so can have huge financial savings for your company. Studies have shown that when businesses offer a benefits package, it helps them recruit and keep qualified employees, and reduces turnover rates while improving employee job performance.
Why Work with an Independent Insurance Agent in Madison Heights, MI?
There are many different factors you will need to consider about your coverage needs before you start comparison shopping. An independent agent can help you save time and money by doing the sorting for you. Because they have relationships with a variety of different insurance providers, these agents can quickly obtain several business insurance policies that meet your coverage needs. Contact an independent agent today.
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