Shelby Business Insurance
(Find the right business insurance policy for you.)
There are 540 job-related accidents per hour across the nation, that is an accident every seven seconds. From manufacturing to retail trade, these employers and employees are the backbone of the local economy in Shelby and it is important to make sure that they are protected. If tragedy strikes, business insurance will help shield these companies.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all potential risks. Contact an agent today to start comparing Shelby commercial insurance quotes.
Why Do Businesses in Shelby, Michigan Need Liability Insurance?
Owning a business is inherently risky. Last year, liability lawsuits resulted in an average of $1.5 million per case. That's why liability insurance is an important piece in your commercial insurance coverage. This will help cover the cost of legal defense fees and financial damages.
Your business insurance policy will include commercial general liability (CGL) insurance. CGL will help cover the most common liability risks faced by your business. You are covered for things such as:
- Product liability: If the distributed product causes harm to people or property, even when it doesn’t happen inside the store, the CGL will cover any resultant damages.
- Advertising injuries: If someone sues over slander, libel, or copyright infringement, the CGL will help pay for legal expenses.
- Third-party bodily injury: If a customer is hurt in an accident involving your business, CGL will help pay for medical expenses.
- Third-party property damage: CGL will cover expenses to repair or replace customer property that is damaged by a business.
You may want additional liability coverage to ensure that your business is protected against other liability 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 clean-up 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 Shelby, MI businesses?
Your Shelby commercial property insurance will protect your business’s assets from theft, vandalism, fire and burst pipes. This policy is an essential part of every business insurance policy.
However, there are additional policy options to make sure that you are covered, such as:
- Builders risk insurance: This covers losses while your building is under construction, such as a windstorm.
- Crime insurance: Protects you against theft, robbery and burglary of cash, stock, securities and fixtures, whether by 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 Shelby, MI?
Unfortunately, a natural disaster like a severe storm or flooding could shut down your business for weeks 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 normal business operations.
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Do Businesses in Shelby, MI Need Workers' Compensation Insurance?
Any private employer in Shelby 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 laws. This includes:
- Agricultural employers must provide workman's comp coverage if they have three or more employees.
- Domestic employees who work more than 35 hours per week.
Exceptions to the law include farm workers, independent contractors, and partners who are shareholders of small corporations.
If an employee is injured or suffers an occupational illness, workers’ compensation insurance will the cover cost of medical treatment, prescriptions, lost wages and other related expenses.
Shelby workers' comp rates are 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. If you have a good safety record, you may be rewarded with lower premiums than others in your industry.
What about Employee Benefits for Businesses in Shelby, MI?
As a business owner in Shelby, you may want to provide your workers with an employee benefits package that includes subsidized health insurance and life insurance options that may include:
- Medical: Includes group health and medical plans. May operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401K: Will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: From short-term to long-term to statutory, as well as paid family leave.
- Life insurance: Group term life insurance that is employer-paid, employee-paid, or contributory.
Offering your employees a benefit package may be expensive, but doing so can have huge financial savings for your company. Studies have shown that when businesses offer a benefits package, it helps them get and keep qualified employees, and reduces turnover rates while improving employee’s job performance.
Why Work with an Independent Insurance Agent in Shelby, MI?
There are many variables when it comes to business insurance, so let an independent insurance agent help guide you to make sure that you get the best business insurance coverage. A local independent agent can help you navigate through your options as you build your business insurance policy package. Contact an insurance agent in Shelby to get started.
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