New Baltimore, MI is a beautiful historic city in one of Michigan’s coastal resort communities. Located on the northern shore of Lake St. Clair, this town has beautiful public parks and a variety of downtown shops and restaurants. Local businesses thrive in this tight knit community. In 2014, there were 856,682 small businesses in Michigan, providing employment to 1,755,901 people. Of course, owning a business also carries serious risks. In 2014, loss payouts to Michigan businesses totaled $12,848,751. As a new business owner in this area, make sure you minimize your risk by investing in New Baltimore business insurance.
If you are a New Baltimore business owner in search of affordable commercial insurance, Trusted Choice® Independent Insurance Agents can help. Our agents will do the heavy lifting for you and show you several policies that will protect your business from common threats. If you’re shopping for a business insurance plan in New Baltimore, our experienced agents can help.
Liability risk is something you must take into account when you own a small business. According to the 2015 Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Liability lawsuits are common and can financially bankrupt a company. Make sure you invest in general liability insurance so your business is protected.
- Product Liability: According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. It only takes one product-related injury to land your business in the middle of a million-dollar lawsuit. By investing in product liability insurance, you can avoid this costly, legal nightmare.
- Errors and Omissions/Professional Liability: Professional liability insurance is the better choice for businesses, such as consultants or contractors, that offer a service. This type of policy protects you from allegations of errors and omissions. If your company is sued, E&O liability insurance helps offset the cost of legal fees or a court-ordered settlement.
Business Interruption Insurance for New Baltimore Businesses
- Gross domestic product in 2014: 2.2%
- Michigan gross state product in 2014: 1.0%
- The 2014 GSP increase was 1.2% less than the 2014 GDP increase
New Baltimore's severe winter weather and occasional tornadoes can pose a huge threat to businesses. It would be devastating to find that a massive snowfall caused your business's roof to collapse, causing enormous financial loss. Suddenly, you’re paralyzed professionally with no place to conduct business until your roof is repaired and the damage is cleaned up. Business interruption insurance offers protection for small businesses by compensating for profit losses after an interrupting event.
Property Insurance for New Baltimore 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
Natural disasters can cause devastating damage to small businesses. During the winter months, New Baltimore sees heavy snowfall in addition to major ice storms. These weather-related threats can wreak havoc on your business property, so make sure you’re prepared with a comprehensive commercial property insurance policy in advance.
Workers' Compensation for New Baltimore Businesses
If an employee is injured while working, it can lead to lawsuits and severe financial loss. Workers' compensation is now required across most of the nation, but even if it isn’t required, it is the responsible thing to do for yourself and your employees. If one of your employees suffers a work-related illness or injury, your workers' comp policy steps in to pay for the medical bills and the employee’s lost wages.
Employee Coverages for New Baltimore 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
Finding affordable health and life insurance is one of the most frustrating challenges for new business owners. With premiums rising all over the nation, it seems impossible to find affordable insurance to offer employees. Trusted Choice agents can provide you with quotes on multiple policies and point you toward the most budget-friendly employee coverage options on the market. With help from an experienced agent, you can select a plan that offers maximum benefits for your employees.
Cyber Crime Insurance for New Baltimore Businesses
- 10,338 identity theft complaints in Michigan in 2014
- Ranked 6th highest for identity theft complaints in the U.S.
Michigan ranks among the top states for identity theft in the nation. Small businesses aren’t immune to this threat and actually might be viewed as a prime target by nefarious hackers. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. Make sure your business is prepared by adding cyber crime coverage to your commercial insurance policy in New Baltimore.
Trusted Choice Independent Insurance Agents can help you navigate the world of business insurance and minimize your confusion and stress. Our experienced agents will help you build a commercial business plan that protects you from all the common threats and fits into your budget. If you’re worried that your business might be at risk for liability lawsuits or you need to find affordable employee coverages, let our agents go to work on your behalf. Contact an agent today to get your free rate quote on New Baltimore commercial insurance.