There are over 834,000 businesses operating in Michigan. In Sault Ste. Marie, over 1,200 businesses participate in a variety of industries, including health care, hospitality, and arts and recreation.
Sault Ste. Marie business owners need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them.
A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Sault Ste. Marie, MI
Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, if someone accuses you of negligence, the costs to defend yourself and pay the injured party can be devastating.
What’s more, even if claims against you are unfounded, you always have to defend yourself if you are sued, and mounting any defense will be costly.
That’s why all businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers court costs, attorney fees, and even settlements or judgments that you must pay to the injured party.
CGL policies typically include premises liability insurance, which covers incidents on your business property. and product liability coverage, which pays for third-party damage, illnesses, or injuries caused by defective products that you produce, sell, or promote.
Not every kind of liability risk is covered by a CGL policy. There are additional types of commercial liability policies available for many of these scenarios.
Talk to your independent insurance agent about why you might need the following types of liability protection:
- Commercial auto liability: This is necessary if your business owns and operates any vehicles. It covers your vehicle fleet and drivers if an employee causes an accident while driving an employer-owned vehicle.
- Environmental liability, or pollution liability coverage: Protects companies from the costs associated with damage caused by improperly disposing of hazardous waste or causing environmental harm.
- Employment practices liability insurance: Covers your business against accusations of harassment, discrimination, wrongful termination, or other illegal business practices.
- Professional liability insurance: Covers lawsuits arising from rendering negligent professional services or failing to perform professional duties. It is often recommended for people in professional positions, such as lawyers, accountants, architects, and IT professionals, but it is becoming more common for a variety of business types.
An independent agent can help you determine which commercial liability products are right for your Sault Ste. Marie business.
Cyber Liability Insurance for Sault Ste. Marie, MI Businesses
Would your standard business liability insurance protect you if your electronic data were stolen, your website were shut down by a power failure or by being hacked, or if someone filed slander or libel allegations against your business based on a social media post?
- Number of identity theft complaints in Michigan per year: 10,338
- Ranked 6th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Almost every business has at least some cyber risk exposure that needs to be addressed. Any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to mitigate them.
Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies.
Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Sault Ste. Marie, MI
Structure fires, severe storms, snowstorms, and freezing temperatures can cause extensive damage to your Sault Ste. Marie commercial property.
- Number of federally declared disasters in Michigan since 1953: 37
- Most common reasons for declared disasters in Michigan: Floods and Severe Storms
Commercial property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs. Your business property policy covers fires, severe weather, theft, vandalism, and more.
An independent insurance agent can help you determine if you need more than just a basic commercial property policy. Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets.
Be sure to talk to your agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit.
Business Interruption Insurance for Sault Ste. Marie, MI Businesses
Unexpected events, from minor to catastrophic, can easily damage your building, your suppliers’ buildings, local utilities, and more. A severe storm, fire, or blizzard can leave you unable to operate for a some time while you repair or rebuild your commercial property.
Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of a covered event. If you are forced to close your doors for a a while in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Sault Ste. Marie, MI Businesses
Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. It allows you to protect your employees from the costs of these injuries, and it protects you from lawsuits related to workplace accidents.
The Michigan Workers' Disability Compensation Act covers nearly all employers in the state. Any private employer who has three or more employees at any one time, or who employs one or more workers for 35 or more hours per week for 13 or more weeks, is subject to the Michigan workers’ compensation laws.
Michigan’s workers’ compensation laws also include numerous exclusions and special provisions for different types of employers, such as agricultural employers, domestic workers, partnerships and sole proprietorships, independent contractors, and more.
It’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. Failing to comply with the workers’ compensation laws can lead to fines and penalties for employers.
A local agent can work closely with you to help you understand how the laws affect you and to help you find an appropriate Michigan workers’ compensation policy.
Employee Benefits for Small Businesses in Sault Ste. Marie, MI
An employee benefits plan that includes benefits such as health insurance, life insurance, vacation and sick time helps companies attract and retain top employees. While employee benefits are often complex and expensive, they are a necessary part of keeping your workforce healthy and satisfied.
- Average amount spent per year on healthcare coverage by Michigan businesses: $1,134,005
- Ranked 13th for highest health insurance spending in the US
- Average annual cost of health care in Michigan: $5,321/person or $15,242/family
There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with.
A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Sault Ste. Marie business. You probably have a lot of questions, and a local independent insurance agent can help.
An independent agent can work with insurance companies that specialize in the type of work that you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.