As of 2014, there were 856,682 small businesses, employing 1,755,901 people, based in the state of Michigan. More than 1,100 of these businesses were headquartered in the city of St. Joseph, MI. From home improvement services contractors to medical services providers to real-estate brokers, small businesses in this city provide an invaluable service to the community and help to boost the local economy. Be sure to protect the investment you have made in your commercial enterprise with a solid St. Joseph business insurance policy. Consider this: In 2014 alone, businesses in Michigan collected $12,848,751 in business insurance claims.
Searching for commercial insurance that can suitably cover your St. Joseph-based business against all of its risks 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 the workings of your business, identify its various exposures and make applicable coverage recommendations. They can then work with several competing insurance companies to gather for you a selection of customized St. Joseph 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 can lead to large financial losses for your business. Even if the courts rule in your favor, the cost of legal defense alone could amount to tens of thousands of dollars. Fortunately, you can protect your business interests by including the right kinds of liability insurance with your St. Joseph commercial insurance policy. Nearly all policies include general liability insurance, which can cover legal defense, court costs and associated financial damages for common covered events. An independent insurance agent can help you identify the types of liability coverage that are appropriate for your St. Joseph business, which may include these:
- Premises liability insurance: One of the main components of your commercial general liability insurance, this covers your business if an accident on your commercial premises leads to third-party injuries, illnesses or property damage.
- Product liability insurance: Another component of your commercial general liability insurance, this covers your business if a product it produces, promotes or sells causes damage, illness or injuries to others.
- Professional liability insurance/Errors and omissions insurance: Professionals in all fields can benefit from this standalone insurance policy. The most commonly known type is medical malpractice insurance, but there are professional liability policies to protect all kinds of professionals, from real estate agents to board members.
Business Interruption Insurance for St. Joseph Small Businesses
- 2014 Gross domestic product (GDP) for U.S.: 2.2%
- 2014 Gross state product (GSP) for Michigan: 2.0%
- The 2014 GSP 0.2% was lower than the GDP
A major disaster that causes substantial damage, forcing you to halt business operations for an extended time while repairs are made, can significantly affect your business revenue. That is why it is so important to ensure that your St. Joseph commercial insurance policy include business interruption insurance. With this coverage, your company can continue to collect income throughout the forced closure and continue to pay its monthly expenses and employee salaries. This coverage lasts until you can resume normal business operations but is typically limited to 12 months.
Property Insurance for Small Business in St. Joseph, 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
Commercial property insurance covers loss or damage to your business-owned assets, such as merchandise, inventory, computers, machinery, tools and office furniture. Businesses in different industries have different coverage needs, so it can be advantageous to work with an experienced Trusted Choice Agent when you are building your St. Joseph business insurance coverage.
Be aware that your business insurance probably does not cover damage caused by floods, so you should be sure to talk to your Trusted Choice Agent about supplementing your St. Joseph business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
Workers' Compensation for St. Joseph Businesses
As is the case with most states, Michigan has workers' compensation requirements for employers. In this state, all public businesses and most private business that have employees are required to carry workman’s comp insurance. There are certain exemptions in place for some smaller privately owned businesses and for independent contractors with no employees. If in doubt, let your Trusted Choice Agent help you review the requirements for your particular company.
Workman’s comp provides coverage for medical costs related to injuries or illnesses sustained by employees while on the job. It can also provide death benefits to surviving family members in the ill-fated event that work injuries or illnesses prove fatal. Workman’s comp 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. Joseph
- 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 of 2010 includes an employer mandate, which states that all companies with at least 50 full-time employees must provide them with subsidized health insurance coverage. Even if it is not required of your company, providing your employees with a benefits package that includes health and life insurance can help you attract and retain great workers. If you are interested in looking into these insurance 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 that has become increasingly necessary in this digital age. As more and more businesses electronically collect and store personal and financial data about their employees and customers, the risk of data theft has become more prevalent. This risk is particularly high in Michigan. You can protect your company from lawsuits related to a data breach by including cyber crime insurance in your St. Joseph business insurance package. Talk to your Trusted Choice Agent to learn more about this essential coverage.
Find the Right St. Joseph Commercial Insurance for Your Business
All businesses have specific risks and exposures relative to their industry, size, location and services. 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 be given an easy way to compare customized St. Joseph business insurance quotes. This enables you to purchase appropriate coverage at an affordable price.
Building a St. Joseph commercial insurance package on your own can result in your having 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. Joseph. Find an agent near you to learn more.