With over 2,200 businesses in Roseville, this city is home to a booming economy. From large industrial companies down to the locally owned Ma and Pa shops, these businesses are the heart and soul of the local and state economy. It is always a good idea to protect your investment. If you are an employer in Roseville, purchase a business insurance policy to make sure you are covered.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all occurring risks. Get in touch with an agent today to start comparing Roseville commercial insurance quotes.
Why Do Businesses in Roseville, Michigan, Need Liability Insurance?
If a customer accidentally slips and falls or gets injured otherwise inside your business, the average lawsuit can add up to $20,000. Investing in liability insurance guarantees that you don’t have to pay out of pocket for costly damages and legal claims against the business. This will help cover the most common liabilities faced by your business like:
- Medical expenses if someone gets injured at your business
- Court costs, judgments, and settlements for covered claims
- Administrative costs to take care of covered claims
- Advertising injury claims against your business
- Costs for damage claims against your company
You may want to consider additional liability coverage that will help to ensure that your business is protected against other 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 to land, air, or water, this will cover the cleanup 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 who 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 Roseville, MI, Businesses?
Your Roseville commercial property insurance will protect your business’s assets from things like theft, vandalism, fire, and burst pipes. This policy is an essential part of every business insurance coverage.
Additional policy options will guarantee that you are covered in things such as:
- Builders risk insurance: This covers losses, such as from a windstorm, while your building is under construction.
- Crime insurance: This protects you against theft, robbery, and burglary of cash, stock, securities, and fixtures, whether from 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 Roseville, MI?
Severe flooding is a common disaster in the state of Michigan. The historic flooding along the Grand Rapids River in 2013 caused a huge damage to the city and suburbs surrounding Metro Detroit area including Roseville. Heavy rains often will cause flash flooding across the state so it is important to make sure that your business is protected.
A natural disaster can shut down your business for potentially weeks to months while you wait for repairs to finish. With business interruption insurance, your disaster-related loss of income will be covered.
This optional insurance coverage allows your business to have income to continue to pay monthly bills, employee salaries, and other expenses until you are able to resume business as usual.
Do Businesses in Roseville, MI, need Workers' Compensation Insurance?
An employer in Roseville who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, is subject to Michigan’s workers’ compensation law. This may include:
- Agricultural employers who must provide workers’ comp coverage if they have three or more employees who work 35 hours or more per week
- Domestic employees who work more than 35 hours per week
Named partners and officers who are shareholders of small, closely-held corporations may exempt themselves from Michigan workers’ compensation coverage. The worker’s disability compensation act covers the employees of sole proprietorship, but the self-employed sole proprietor is not required to be covered.
If an employee gets hurt or endures an occupational illness, workers’ compensation insurance will cover cost of medical treatments, prescriptions, lost wages, and other related expenses that can be costly.
Employers in high-hazard industries pay more for workers’ compensation insurance than employers in low-hazard industries. If you have a highly credible safety record, you may be rewarded with lower premiums than others in your industry. Your premium is 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.
What about Employee Benefits for Businesses in Roseville, MI?
As a business owner in Roseville, you may want to provide your workers with an employee benefits package that consist of subsidized health insurance and life insurance options that may include:
- Medical: This includes group health and medical plans and may operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): This will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: These plans are from short-term to long-term to statutory, as well as paid family leave.
- Life insurance: This is group-term life insurance that is employer paid, employee paid, or contributory.
A benefit package for your employees may be expensive, but doing so can have large fiscal rewards for your company. Research has shown that when businesses offer a benefits package, it captivates employees, and lowers the turnover rate while improving employees' job performance.
Why Work with an Independent Insurance Agent in Roseville, MI?
There are many different factors you will need to consider about your coverage needs before you start comparison shopping. An independent agent in Roseville can help you save time and money by doing the sorting for you. Because they have relationships with a variety of different insurance providers, member agents can quickly obtain several business insurance policies that meet your coverage needs. Contact an independent agent today.
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