As of 2014, there were 856,682 small businesses, employing 1,755,901 people, headquartered in the state of Michigan. More than 4,100 of these businesses were based in the city of Portage, MI. From retail establishments to construction companies, these businesses make a contribution to the community and help the local economy thrive. As a small-business owner, you can protect your investment with a suitable Portage commercial insurance policy. Consider this: In 2014 alone, businesses in Michigan collected $12,848,751 in business insurance claims.
Creating a strong portfolio of commercial insurance coverage for your Portage business can be complicated. Fortunately, when you discuss your company’s coverage needs with an independent agent in the Trusted Choice® network, this task can become much less complex. These agents can work with several top-rated insurance companies to help you compare Portage business insurance quotes for policies that are designed to cover the specific risks faced by your company.
A liability lawsuit filed against your company can be fiscally disastrous. Even if the courts rule in your favor, just the cost of your defense can be overwhelming. That is why it is so important that your Portage commercial insurance include the right liability coverage. Liability insurance covers legal defense, court costs and associated financial damages for covered lawsuits. An independent insurance agent can help you identify the types of liability coverage that are right for your Portage business. These may include the following:
A disaster, such as a tornado or an explosion, can force you to halt business operations for an extended time while repairs are made, significantly impacting your business revenues. Make sure that your Portage commercial insurance policy includes business interruption insurance so that your company can continue to collect income while it is unable to operate. That way, you can continue to pay key employee salaries and monthly expenses until you are able to reopen and resume normal business operations. This coverage is typically limited to 12 months.
Disasters, ranging from tornadoes to fires, can lead to substantial financial losses for your Portage business, and part of the reason is due to property damage. Fortunately, property insurance covers loss or damage to your business-owned assets such as tools, machinery, merchandise, computer systems, office furniture and décor. Businesses in different industries have diverse coverage needs and may benefit from other supplemental property coverage options, such as bailee insurance. That is why it is advantageous to work with an experienced Trusted Choice Agent when you are building your Portage business insurance package.
Workers' compensation insurance, also known as workman’s comp, covers the treatment of work-related illnesses and injuries as well as any related expenses and paid time off. This insurance helps your business avoid potential liability lawsuits associated with workplace injuries.
In Michigan, you are required to carry this insurance in these cases:
Your Trusted Choice Agent can help you find a workman’s comp policy, well-suited to your particular business and industry, to add to your Portage commercial insurance package.
The Affordable Care Act (ACA) mandates that all companies with at least 50 full-time employees must provide them with subsidized health insurance coverage. Including benefits like health and life insurance as part of your employee benefits package can help you attract and retain a talented workforce, so it is a good idea even if your company has fewer than 50 employees and is not obligated to offer health coverage. If you are interested in learning more, your Trusted Choice Agent can help you review affordably priced options.
Cyber crime insurance has become increasingly needed as data and identity theft is on the rise – particularly in the state of Michigan. If your business electronically collects and stores sensitive personal or financial information about customers, employees or other individuals, it is at risk. In the wrong hands, this data can lead to excessive financial losses for those affected as well as for their banks and credit card companies, all of whom can sue your business for damages. For this reason, it may be a very good idea for you to add this relatively new type of liability insurance to your Portage business insurance package. Talk to your Trusted Choice Agent to learn more.
Every business has specific and varying exposures according to its industry, location and size and the services it provides. When you work with an independent insurance agent in the Trusted Choice network, you will have access to a wealth of information about your various coverage options, and you will be provided with an easy way to compare Portage business insurance quotes for policies that meet your business’s coverage needs. This will enable you to find appropriate coverage at an affordable price.
You shouldn’t have to shop for business insurance on your own. There are several Trusted Choice Agents with offices in Michigan, and many are located in and near Portage. Find an agent near you to learn more, and discover how easy it is to compare prices for Portage commercial insurance.