Mount Clemens Business Insurance

The Complete Mount Clemens, MI Business Insurance Guide

In 2014, there were 856,682 small businesses, employing 1,755,901 people, headquartered in Michigan. More than 1,600 of these businesses were based right here in Mount Clemens, MI. With its central business and retail sectors, this city is a great location for entrepreneurs, small-business owners and independent contractors alike. Whether you own a business that employs several people or you own a sole proprietorship with no employees, it is important that you protect the investment you have made in your business with a suitable Mount Clemens commercial insurance policy.

Consider this: Businesses in Michigan collected $12,848,751 in business insurance claims in 2014 alone. Protecting your business with the right insurance can be complicated, so you may benefit from working with an independent insurance agent in the Trusted Choice® network. These knowledgeable agents can help you identify your company’s exposures and can recommend suitable coverage options to mitigate these risks. Your local Trusted Choice Agent can also provide you with a selection of customized Mount Clemens business insurance quotes that you can review and compare. Find an agent near you to learn more.

  • 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, so this coverage may be crucial.
  • That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

Liability insurance shields your Mount Clemens-based business from the exorbitant financial losses that may result if it is sued. This insurance covers court costs, legal defense fees and associated financial damages, but you need to have the appropriate types of coverage in order to receive compensation. All business policies include commercial general liability insurance (CGL). The main components of this coverage are as follows:

  • Premises liability insurance: This covers third-party injuries, property damage or illnesses that may occur on your business premises due to an accident.
  • Product liability insurance: This covers your business against lawsuits brought about because of injuries, illnesses or property damage caused by products your company produces, sells or promotes.

Your Trusted Choice insurance agent can also recommend other liability insurance types that may be appropriate for your business. Some examples include these:

  • Professional liability insurance: Also referred to as errors and omissions insurance (E&O), this covers those in professional fields against charges such as negligence, professional mistakes and failure to complete a job competently. There are specific policies to cover all kinds of professionals, from doctors to wedding planners.
  • Commercial vehicle liability insurance: If your business owns a vehicle or fleet of vehicles, you need this coverage to protect it in the event that one of your employees is responsible for a collision while driving one of those vehicles.

Business Interruption Insurance for Mount Clemens 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

Businesses in Mount Clemens contribute to Michigan’s gross state product. But how would your business handle it if you were forced to halt operations for an extended period of time? This could happen if the building in which it is housed burns down or if a tornado destroys the machinery you rely on for production. In such a case, you likely need to remain closed while repairs are made, and if the closure lasts for weeks or months, your business can face significant financial losses.

The good news is that you can protect your business by making sure that your Mount Clemens commercial insurance portfolio includes business interruption insurance. This insurance delivers a continuation of income during the time that your business must remain closed due to a covered event. These funds make it possible to pay key-employee salaries and pay monthly expenses, such as commercial loan payments, until you can resume your normal business operations. Business interruption insurance coverage is typically limited to 12 months of coverage.

Property Insurance for Small Business in Mount Clemens

  • 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

Your commercial property insurance covers most of your business assets if they are lost or damaged by a covered event, like a structure fire, tornado or property crime. This coverage includes such things as your business inventory, computers, tools and machinery, and office furniture. Because businesses in different industries frequently have diverse coverage needs, it is beneficial to work with a Trusted Choice Agent who can recommend additional property coverage offerings, such as inland marine insurance and spoilage insurance, when appropriate.

Workers' Compensation for Mount Clemens Businesses

Workers' compensation insurance, also commonly referred to as workman’s comp, covers the treatment of work-related injuries and illnesses as well as any related expenses, such as paid time off. It can benefit your business by helping it avoid potential liability lawsuits associated with workplace injuries. In Michigan, you are required to carry this insurance in the following cases:

  • You are a public employer who has at least one employee.
  • You are a private employer who regularly employs three or more full-time workers at a time.
  • You are an agricultural employer who employs three or more workers for at least 35 hours per week for at least 13 consecutive weeks.
  • You are a household that employs at least one domestic servant for at least 35 hours per week for 13 weeks or longer during a one-year period.

Talk to your Trusted Choice Agent to learn more about workman’s comp insurance and to find policies that are well-suited to your particular business model.

Employee Coverages for Small Business in Michigan

  • 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

If your Mount Clemens business has at least 50 full time employees, the “employer mandate” portion of the Patient Protection and Affordable Care Act of 2010 requires that you provide them with subsidized health insurance coverage. If you would like to learn more about your options when it comes to providing your employees with benefits such as life and health insurance, your Trusted Choice Agent can help you review affordable coverage options.

Cyber Crime Insurance for Mount Clemens Small Businesses

  • 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

Cyber crime insurance is a relatively new type of liability insurance that you can include in your business insurance package. Because electronic data theft is on the rise – particularly in Michigan – this coverage is becoming increasingly necessary.

Cyber-crime insurance covers your business against lawsuits and damages that may stem from the criminal act of hackers breaking into your computer system and stealing sensitive information, such as personal and financial data, you may keep about your employees or customers. If your business is at risk, be sure to talk to your Trusted Choice Agent about how adding cyber crime insurance to your Mount Clemens business insurance portfolio can protect it.

Find the Right Mount Clemens Commercial Insurance for Your Business

Allow an experienced agent in the Trusted Choice network to help you identify the exposures faced by your business. That way, you can work together to find suitable policies to mitigate those risks. Because these independent agents are free to work with several different insurance companies, they can help you find the most affordable options when you are building your Mount Clemens business insurance package.

There are many Trusted Choice Agents with offices in Michigan, including in and near the city of Mount Clemens. Find an agent near you to get more information, and discover how easy it can be to compare Mount Clemens commercial insurance quotes.

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