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:
- Premises liability insurance: This is included in your policy’s general liability coverage: It protect your business if a third-party interest suffers property damage, injuries or an illness as a result of an accident while on your commercial premises. 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. Premises liability insurance covers medical costs that accompany accidents at your place of business.
- Product liability insurance: This is also included in your policy’s general liability coverage. It protects your Portage-based business if it is sued because a product it produces, promotes or sells causes damage or injuries to others. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage can prove to be invaluable to the financial health of your company.
- Professional liability insurance/Errors and omissions insurance: Professionals in all industries can benefit from purchasing industry-specific professional insurance. The most commonly known type is medical malpractice insurance. A national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more. There are specific policies in place for professionals, ranging from wedding planners to architects.
Business Interruption Insurance for Portage Small 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
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.
Property Insurance for Small Business in Portage
- 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
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 for Portage Businesses
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:
- You are a public employer with at least one employee.
- You are a private employer that regularly employs three or more full-time workers at a time.
- You are an agricultural employer that employs three or more workers for at least 35 hours per week for 13 or more consecutive weeks.
- You are a household that employs one or more domestic servants for at least 35 hours per week for 13 weeks or longer during the preceding 52 weeks.
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.
Employee Coverages for Small Businesses in Portage
- 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) 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 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 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.
Find the Right Portage Commercial Insurance for Your Business
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.