Muskegon is the largest populated city on the eastern shore of Lake Michigan. With 26 miles of sugar sand beaches and 60 miles of wilderness trails, this city is an outdoor paradise and a perfect place to live and work in. For small-business owners, Muskegon, MI is a coveted destination with great incentives that help startups thrive.
In 2014, there were 856,682 small businesses in Michigan, providing jobs to 1,755,901 people. However, 2014 also brought some serious risks for business owners, with $12,848,751 paid out for losses. If you own a small business, you can minimize your risks with comprehensive Muskegon business insurance. As a business owner in Muskegon, you can minimize your risk with business insurance. Trusted Choice® Independent Insurance Agents offer customized commercial insurance solutions for small businesses and can guide you toward the best coverage options for your business.
Muskegon small businesses just can't afford to skimp on liability insurance. 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 least prepared to handle this issue. If a customer falls on your property, you're liable to pay for medical care, so make sure you're covered with the best business liability insurance.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. Would your company have the financial resources available to foot this kind of bill? If not, you need product liability coverage to keep your business safe from this kind of serious financial damage.
- E&O/Professional Liability: Professional liability acts as a safety net against "errors and omissions." If you make a judgment error that causes harm to a customer, you are liable to pay for damages. Trusted Choice Independent Insurance Agents can help you find the right level of professional liability coverage to protect your Muskegon business against this kind of claim.
Business Interruption Insurance for Muskegon Businesses
- Gross domestic product in 2014: 2.2%
- Michigan gross state product in 2014: 2.0%
- The 2014 GSP was 0.2% lower than the 2014 GDP
Business interruption insurance can be a lifesaving policy if your small business faces a major disaster. For example, if winter snow melt off causes serious flooding and your property is damaged, you have to close down while you make repairs. In the meantime, your customers will have to go to the competition and you'll lose out on profits. Business interruption insurance protects your company from profit losses by paying you for lost income after an eligible interrupting event.
Property Insurance for Muskegon Businesses
- Number of natural disasters in 2014: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in 2014: $9.7 billion
Muskegon's unpredictable lake effect weather can cause major property damage. High wind, torrential rains and damaging lightning can all wreak havoc on commercial properties. If your property is damaged, having a comprehensive business insurance policy makes it possible to make repairs without tapping into your company's profits.
Workers' Compensation for Muskegon Businesses
Workers' compensation is a nonnegotiable coverage for most small businesses. If an employee slips and falls in your parking lot or gets injured on the job, workers' compensation steps in to cover medical bills and protect you from a lawsuit. Trusted Choice Independent Insurance Agents can guide you toward the most affordable workers' compensation policies to protect your Muskegon business.
Employee Coverages for Muskegon Businesses
- 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 costs of health care take a major toll on small businesses, and providing employees with health care and life insurance can be financially challenging. Trusted Choice Independent Insurance Agents specialize in helping Muskegon small businesses find affordable employee coverages by offering quotes on multiple policies. You can compare your coverage options and find a benefits plan that will be cost-effective and satisfactory for your staff.
Cyber Crime Insurance for Muskegon Businesses
- 10,338 Identity theft complaints in Michigan in 2014
- Ranked 6th highest for identity theft complaints in the U.S.
Muskegon small businesses rely heavily on technology for accepting payments, tracking inventory and even making online sales. But using computers also carries some serious risks. If a hacker targets your company, your business bank account could be wiped clean before you ever notice a problem. Only 22 percent of small businesses have a response plan in place to deal with cyber attacks. Don't be caught unprepared. Talk to a Trusted Choice Independent Insurance Agent about the best cyber crime coverage to protect your Muskegon business.
Trusted Choice Independent Insurance Agents are available 24/7 to assist you with your business insurance concerns. Whether you're shopping for liability coverage, commercial property insurance or employee coverages, our friendly agents will answer your questions and provide one-on-one assistance to meet your needs. Contact a Trusted Choice Agent to get a personalized quote on Muskegon business insurance today.