Plymouth is one of Michigan’s best cities for small businesses. Here, you’ll find businesses that range from locally-owned shops and restaurants to international corporations and major research facilities. Over the years, Plymouth, MI has developed some enticing tax incentives that are designed to help new businesses succeed. During previous years, there were 856,682 small businesses in Michigan, providing employment to 1,755,901 people. Of course, owning a business also carries serious risks. Recently, loss payouts to Michigan businesses totaled $12,848,751. You can minimize your risks as a business owner by investing in Plymouth business insurance.
Our Independent Insurance Agents work hard to help Plymouth businesses find affordable commercial insurance options that offer maximum protection against common threats like liability and cyber crime. If you’re shopping for a business insurance plan in Plymouth, our experienced agents can help. Liability is a risk that you can’t afford to ignore. According to a recent 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 the least prepared to handle this issue. As a business owner, you need to take the time to think through your liability risks and choose a reliable general liability insurance policy to protect your company.
- Product Liability: According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. Even one defective product can lead to a multimillion-dollar lawsuit, so the take time to do your research, and invest in a product liability insurance policy to protect your business from a legal nightmare.
- Errors & Omissions/Professional Liability: Whether you’re a contractor, a marketing consultant or a beautician, professional liability insurance is an important piece of the commercial insurance puzzle. This type of policy protects you from allegations of errors and omissions. If you get sued, your E&O liability policy helps shoulder the burden of legal fees and pays for any court-ordered settlement that you incur.
Business Interruption Insurance for Plymouth Businesses
- Recent Gross domestic product: 2.2%
- Recent Michigan gross state product: 1.0%
- The recent GSP was 1.2% lower than the recent GDP
Plymouth’s heavy winter snows pose a serious threat to property owners, but businesses also have to think about the potential consequences. Imagine for a moment that a serious blizzard comes through town and the heavy snow leads to a roof collapse on your business property. Suddenly, you’re paralyzed professionally with no place to conduct business until your roof is repaired and the damage is cleaned up. In the meantime, you have no money coming in to pay your bills or even support your family. Business interruption insurance offers protection for small businesses by compensating for profit losses after an interrupting event.
Property Insurance for Plymouth Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Natural disasters can be devastating for small businesses. In Plymouth, there is an average of two tornadoes each year, and the winter months often bring heavy snowfall and 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 Plymouth Businesses
Employee injuries can lead to ongoing legal issues, which is why workers' compensation is now required across most of the nation. If one of your employees suffers from a work-related illness or injury, your workers' comp policy steps in to pay for the medical bills and the employee’s lost wages while offering your company a valuable buffer of protection against lawsuits.
Employee Coverages for Plymouth Businesses
- Total recent spending on premiums in Michigan: $1,134,005
- Ranked 39th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,321/person or $15,242/family
Finding affordable health and life insurance is one of the most frustrating challenges for new business owners. Premiums seem to climb higher each year, and affordable coverage is difficult to find. Luckily, our Independent Insurance 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 without sacrificing your annual budget in the process.
Cyber Crime Insurance for Plymouth Businesses
- 10,338 identity theft complaints in Michigan in recent years
- Ranked 6th highest for identity theft complaints in the U.S.
Michigan is a hub for cyber crime, ranking among the top states in the nation for identity theft. Small businesses aren’t immune from this threat and actually might be viewed as a prime target by nefarious hackers. Only 22 percent 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 Plymouth.
If you’re feeling overwhelmed with all of the options available in the realm of business insurance, our Independent Insurance Agents can help. Our experienced agents will help you navigate these choices and build a customized business insurance plan that is designed to protect your business against Plymouth’s biggest risk factors. 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 Plymouth commercial insurance.