In 2014, there were 856,682 small businesses, which employed 1,755,901 people, headquartered in Michigan. Nearly 2,700 of these businesses were based in Port Huron, MI. The city’s location as an international port, as well as its close proximity to Detroit, makes it an ideal location for many businesses in the manufacturing, trade and warehousing industries. Furthermore, as a popular tourist location, there are a number of opportunities for those in the retail, dining and entertainment sectors. Of course, businesses in all industries play a role in this thriving community, so whatever your business type or size, it is important that you protect it with a suitable Port Huron commercial insurance policy.
In 2014 alone, businesses in Michigan collected $12,848,751 in business insurance claims. To protect your business, you want to build an all-encompassing insurance package that covers it against all its potential hazards. However, getting the right coverage can often be tricky. Fortunately, an independent insurance agent in the Trusted Choice® network can help by identifying your company’s exposures and suggesting coverage options that can mitigate these risks. Find a Trusted Choice Agent near you to learn more, and you can soon start comparing customized Port Huron business insurance quotes from a variety of insurers.
- 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.
- That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Many small businesses are simply not equipped to deal with the financial losses associated with liability lawsuits. Even if the courts ultimately rule in your company’s favor, your legal defense fees alone can cost thousands of dollars. That is why it is so important that your Port Huron business insurance portfolio include general liability insurance as well as any other liability coverage options that are appropriate for your industry and business model. Liability insurance shields your business from significant losses by covering associated legal defense fees, court costs and financial damages. Your independent insurance agent can further explain the benefits of the following:
- Premises Liability Insurance: This covers the costs associated with property damage, injuries or illnesses suffered by third parties as a result of an accident that occurs on your business property. It is included as part of your policy’s general liability coverage.
- Product Liability Insurance: This provides coverage if a product your business produces, sells or promotes causes damage, injuries or illnesses to others and a liability lawsuit is lodged against your business. This is also included in your policy’s general liability coverage.
- Errors and Omissions Insurance: This is professional liability insurance that covers individuals in professional positions against lawsuits that may stem due to professional mistakes, such as errors in judgement or failure to act in a timely manner. Medical malpractice insurance is one example of professional liability coverage, but there are specific policies that cover a wide range of professions.
There are additional types of liability coverage that may be a good fit for your business. Some examples include pollution liability insurance, employment practices liability insurance and commercial vehicle liability insurance. Your Trusted Choice Agent can identify your company’s specific exposures and make appropriate coverage recommendations to mitigate these risks.
Business Interruption Insurance for Port Huron 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
Port Huron businesses contribute to Michigan’s gross state product. However, if a covered disaster, such as a massive structure fire, forces you to stop business operations for an extended time while repairs are made, your business will be unable to generate revenue during that period. This lost income can significantly affect your bottom line; and, if the closure goes on for several months, it may be damaging enough to bankrupt your business.
You can eliminate this risk by making sure that your Port Huron commercial insurance portfolio includes business interruption insurance. With this coverage, your company can continue to collect the income it needs to pay employee salaries, monthly bills and other important expenses during the necessitated closure. This coverage stays in effect until you are able to resume normal business operations, but most policies limit the coverage period to 12 months.
Property Insurance for Small Business in Port Huron
- 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
Major disasters can cause expensive property damage. Your policy’s property coverage protects your business-owned property. It includes coverage for assets, such as merchandise, computers, office furniture, tools and machinery. Companies in different industries often have different coverage needs, so there are optional, specialized property coverage types (such as inland marine insurance) that are appropriate for certain businesses. A knowledgeable Trusted Choice Agent can make suitable coverage recommendations when you are building your Port Huron business insurance package.
Also, bear in mind that flood damage is specifically excluded by nearly all Port Huron business insurance policies. Because of the significant risk of flooding in this city, it is a good idea to supplement your portfolio with commercial flood insurance through the National Flood Insurance Program (NFIP). Your Trusted Choice Agent can help you get this very important coverage.
Workers' Compensation for Port Huron Businesses
Workers' compensation insurance, colloquially referred to as workman’s comp, covers the treatment of work-related injuries and illnesses as well as any related expenses and paid time off. It can help your business avoid potential liability lawsuits associated with workplace injuries. In Michigan, businesses are required to carry this insurance if the business owner:
- is a public employer.
- is a private employer regularly employing three or more full-time workers at a time.
- is an agricultural employer employing three or more workers for 35 hours or more per week for 13 or more consecutive weeks.
- is a household employing one or more domestic servants for 35 hours or more a week for 13 weeks or longer during the preceding 52 weeks.
Your Trusted Choice Agent can review your requirements with you and can help you find coverage that is suitable to meet the demands of your particular industry.
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
The Affordable Care Act (ACA) was enacted into law in 2010. It requires U.S. companies with 50 or more full-time employees to provide these employees with subsidized health insurance coverage. Even if your business has fewer than 50 employees and is not required by law to offer this benefit, doing so can help you attract and retain strong employees, and it might even qualify your company for a federal tax credit. If you are interested in learning more, your Trusted Choice Agent can provide you with information about employee health and life insurance coverage and can help you find coverage at the right price.
Cyber Crime Insurance for Small Business
- 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 has become increasingly important as reports of electronic data hacking are on the rise — particularly in Michigan, where identity theft is particularly high. If you collect or store sensitive personal and financial information about your customers or employees, whether online or on your business’s computer system, this data may be accessed by hackers. If this happens, your company can be held to compensate the affected individuals, banks and credit card companies for substantial financial damages. By adding cyber liability insurance to your Port Huron commercial insurance portfolio, you are shielding your business from significant losses related to this type of crime.
Find the Right Port Huron Commercial Insurance for Your Business
Every business has very specific coverage needs relative to its location, industry and size and the services it provides. That is why there is no such thing as a one-size-fits-all business insurance policy package. When you work with an independent insurance agent in the Trusted Choice network, you can get information about your many coverage options. You will also be able to easily compare customized Port Huron business insurance quotes so you can choose the policy that offers the best value to your company.
There are several Trusted Choice Agents in the state of Michigan, and many have offices in and near Port Huron. Find an agent located conveniently close to you to get more information, and start building a strong portfolio of Port Huron business insurance for your company.