Sterling Heights has been repeatedly recognized as the "Best Community to Raise a Family in Michigan." This city is also home to more than 3,500 businesses. With low taxes and a low crime rate and easy access to the amenities of downtown Detroit, Sterling Heights, MI is an ideal place to chase your entrepreneurial dreams. In 2014, there were 856,682 small businesses in Michigan, providing jobs to 1,755,901 people. However, 2014 also brought some serious risks for business owners, with $12,848,751 paid out for losses.
Running a small business requires a serious investment, but Trusted Choice® Independent Insurance Agents can help you protect your assets with comprehensive Sterling Heights business insurance. A commercial insurance policy will safeguard your business against liability threats, property damage and even cyber crime.
Liability is one of the most concerning threats a small business will face. Even one lawsuit can have devastating financial consequences. For example, if someone is hurt on your business property, you could be held responsible for the medical costs. 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 least prepared to handle this issue. Make sure your small business is protected with comprehensive liability coverage.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. If your small business designs, manufactures or sells any type of product, you could be at risk for product liability lawsuits. Commercial insurance offers protection and provides the resources to pay for legal defense if this should ever become an issue for your company.
- E&O/Professional Liability: Professional liability insurance covers claims of errors or omissions. For a small business that offers services to the general public, this coverage option is a must-have safeguard. Trusted Choice Independent Insurance Agents can walk you through which type of liability coverage is best for your company's unique situation and help you choose a policy that best shelters your small business if you do wind up in a lawsuit.
Business Interruption Insurance for Sterling Heights Businesses
- Gross domestic product in 2014: 2.2%
- Michigan gross state product in 2014: 2.0%
- The 2014 GSP was 0.2% lower than the 2014 GDP
Business interruption insurance is a lifesaving policy for small businesses that are working with limited resources. If your commercial property gets hit by lightning and catches fire, business interruption insurance pays you back for profits you lost while you were making repairs. Trusted Choice Independent Insurance Agents can walk you through the details of what constitutes an interrupting event so you can choose a policy that best protects your small business.
Property Insurance for Sterling Heights Businesses
- Number of natural disasters in 2014: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in 2014: $9.7 billion
Sterling Heights averages 34 inches of snowfall each year. This can lead to downed trees and power lines that do extensive damage to commercial properties across the city. Make sure your small business is prepared for these threats by adding property coverage to your business insurance plan.
Workers' Compensation for Sterling Heights Businesses
If one of your employees gets injured on the job, it won't take long for medical bills to start stacking up. Workers' compensation covers the cost of those medical bills and protects your company from lawsuits in the case of job-related illness or injury. Trusted Choice Independent Insurance Agents can guide you toward the best workers' comp plans for your business size and budget.
Employee Coverages for Sterling Heights Businesses
- 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
Michigan's health care premiums trend well below the national average, but the cost can still be a major burden for small-business owners. Finding the most affordable coverage options requires some homework, but Trusted Choice Independent Insurance Agents can offer quotes on multiple policies so you can compare premiums and benefits and find a plan that is right for your staff.
Cyber Crime Insurance for Sterling Heights Businesses
- 10,338 Identity theft complaints in Michigan in 2014
- Ranked 6th highest for identify theft complaints in the U.S.
In today's technology-driven world, computers play an intricate role for small businesses. From bookkeeping to processing payments, your company probably relies heavily on technology to keep operations running smoothly. So what would happen if a hacker stole your financial information? Only 22 percent of small businesses have a response plan in place for cyber attacks and data breaches. Make sure your Sterling Heights business is prepared with cyber crime coverage as part of your business insurance.
Selecting the right business insurance for your Sterling Heights company starts with a call to the friendly Trusted Choice Independent Insurance Agents. Our experienced agents can guide you toward custom business insurance solutions that protect against liability, business interruptions and even cyber threats. Contact a Trusted Choice agent today to learn more about the best solutions for Sterling Heights commercial insurance.