As of 2014, there were 856,682 small businesses, employing 1,755,901 people, based in the state of Michigan. More than 5,100 of these businesses were headquartered in the city of St. Clair Shores, MI. Small businesses play a big role in the local economy. They also provide for and strengthen the community. Whether you operate a small diner, own a large retail establishment or work from home as an independent contractor, it is important that you protect the investment you have made in your commercial enterprise with a solid St. Clair Shores business insurance policy. Consider this: In 2014 alone, businesses in Michigan collected $12,848,751 in business insurance claims.
Searching for commercial insurance coverage that can suitably protect your St. Clair Shores business against all of its many exposures can be complicated. However, the process is easy when you recruit the aid of an independent insurance agent in the Trusted Choice® network. These agents will take the time to understand your business, identify its various risks and make applicable coverage recommendations. They can then work with several competing insurance companies to gather for you a selection of customized St. Clair Shores commercial insurance quotes.
- 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.
- According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
- That same national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Liability lawsuits filed against your company can result in large financial losses. Even if the courts rule in your favor, the cost of legal defense alone could amount to thousands of dollars. Fortunately, you can protect your business interests by including the right kinds of liability insurance in your St. Clair Shores commercial insurance policy package. You can expect your policy to include general liability insurance, which covers legal defense, court costs and associated financial damages for common covered events. Your independent insurance agent can help you identify any other types of liability coverage that are appropriate for your St. Clair Shores business. Some of the many types of liability coverage your agent may discuss with you include the following:
- Premises Liability Insurance: This is included in your policy’s general liability coverage. It covers your business if an accident on your commercial premises leads to third-party injuries, property damage or illness.
- Product Liability Insurance: This is also included in your policy’s general liability coverage. It covers your business if a product it produces, promotes or sells causes damage, illness or injuries to others.
- Errors and Omissions Insurance: Professionals in all fields run the risk of being sued for perceived professional errors, such as failure to act in a timely manner. Errors and omissions insurance is type of professional liability policy that covers the individuals at risk. One common policy is medical malpractice insurance, but there are errors and omissions policies designed to cover a number of specific jobs.
Business Interruption Insurance for St. Clair Shores 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
If a significant disaster, like a fire or a tornado, causes substantial damage that forces you to stop business operations for an extended time so that repairs can be made, the stoppage can significantly affect your business revenues. That is why it is so important that your St. Clair Shores commercial insurance policy include business interruption insurance. If you have this coverage, your company continues to collect income throughout the forced closure. That way, you continue to pay your monthly expenses and employee salaries without suffering a financial setback. This coverage stays in effect until you can resume normal business operations but is usually limited to 12 months.
Property Insurance for Small Business in St. Clair Shores, MI
- 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
If your business-owned property is lost or damaged by a covered event, commercial property insurance compensates you for your losses. This insurance covers assets such as merchandise, inventory, computers, tools, machinery, office furniture and décor. Businesses in different industries typically have different coverage needs, so it can be beneficial to work with an experienced Trusted Choice Agent when you are building your St. Clair Shores business insurance coverage. Your agent may recommend additional property coverage types such as inland marine insurance, which covers your property while in transit, or spoilage insurance, which covers you for loss or damage if an extended power outage causes perishable business property to spoil.
Workers' Compensation for St. Clair Shores Businesses
In the state of Michigan, all public businesses and most private business that have employees are required to carry workers' compensation insurance (colloquially known as workman’s comp). There are certain exemptions in place for some small, privately owned businesses and for independent contractors with no employees. If you are not certain whether you are required by law to have this insurance, your Trusted Choice Agent can advise you.
Workman’s comp provides coverage for medical costs related to injuries or illnesses sustained by your workers while on the job. It also provides death benefits to an employee’s family in the ill-fated event that a work-related injury proves fatal. This insurance also provides coverage for lost wages while employees take time off to recover. Your Trusted Choice Agent can help you find an affordable policy that is appropriate for your business industry.
Employee Coverages for Small Businesses in St. Clair Shores
- 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 employer mandate portion of 2010’s Affordable Care Act (ACA) states that all companies with at least 50 full-time workers must provide these employees with subsidized health insurance coverage. Even if it is not required of your company, offering your employees a benefits package that includes health and life insurance can help you attract and retain a talented workforce. If you are interested in learning more about these employee coverage plans, your Trusted Choice Agents can help you review and compare a variety of affordable 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 is a new type of liability coverage. It has become increasingly important in this digital age. More and more businesses are electronically collecting and storing personal and financial data about their employees and customers, and the risk of data theft has become more prevalent. This risk is particularly high in Michigan. Fortunately, you can protect your company from lawsuits related to data breaches by including cyber crime insurance as part of your St. Clair Shores business insurance package. If your business is at risk, talk to your Trusted Choice Agent to learn more about this essential coverage.
Find the Right St. Clair Shores Commercial Insurance for Your Business
Every business has its own specific risks and exposures relative to its industry, size and location and to the services it provides. When you work with an independent insurance agent in the Trusted Choice network, you will have access to a professional who can provide you with information about your many coverage options. You will also have the opportunity to easily compare customized St. Clair Shores business insurance quotes. This can enable you to purchase appropriate coverage at an affordable price.
Building a St. Clair Shores commercial insurance package on your own can result in your having unintentional coverage gaps or paying too much for substandard coverage, so let an independent insurance agent help. There are several Trusted Choice Agents with offices in Michigan, and many are located in and near St. Clair Shores. Find an agent near you to learn more.