There are 540 work-related accidents per hour across the country. On average, that is an accident about every seven seconds. From bars and restaurants to local retail, these employers and employees are the backbone of the economy in Oxford, MI. It is crucial to make sure that they are protected. If a disaster strikes, business insurance will help shield these companies.
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 in Oxford, MI to start comparing commercial insurance quotes.
Why Do Businesses in Oxford, Michigan Need Liability Insurance?
Your business insurance policy will include commercial general liability (CGL) insurance. It will help cover the most common liabilities faced by your business. You'll be covered against the following:
- Product liability: If the distributed product causes harm to people or property, even when it doesn’t happen inside the store, CGL will cover resultant damages.
- Advertising injuries: If someone sues you for slander, libel, or copyright infringement, CGL will help pay for legal expenses.
- Third-party bodily injury: If a customer is hurt in an accident involving your business, CGL will help pay for medical expenses.
- Third-party property damage: CGL will cover expenses to repair or replace customer property that is damaged by a business.
Owning a business is, and always has been, incredibly risky. Just last year, liability lawsuits resulted in an average of $1.5 million per case. That's why liability insurance is a vital piece in your commercial insurance coverage. This will help cover the cost of legal defense fees and financial damages. 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 of 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 Oxford, MI Businesses?
Your Oxford commercial property insurance will protect your business’s assets from theft, vandalism, fire and burst pipes. This policy is an important part of every business insurance policy.
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 Oxford, MI?
Unfortunately, a natural disaster like flooding or a tornado could shut down your business for weeks, possibly months, while you wait for repairs. With business interruption insurance, your disaster-related loss of income will be covered.
This optional insurance coverage allows your business to have the reliable source of income to continue to pay monthly bills, employee salaries and other expenses until you are able to resume business as usual.
Do Businesses in Oxford, MI Need Workers' Compensation Insurance?
If you are a private employer in Oxford who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, you are 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.
Oxford 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 Oxford, MI?
As a business owner in Oxford, you might want to consider providing your workers with an employee benefits package that consists of 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 benefits package may be expensive, but it comes with its own set of benefits. 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 Oxford, MI?
There are many variables when it comes to business insurance, so let an independent insurance agent help guide you to make sure that you get the best business insurance coverage tailored to your needs. A local independent agent can help you navigate through your options as you build your business insurance policy package. Contact an insurance agent in Oxford to get started.
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