Taylor, MI, is known as the "Gateway to Detroit." With it's small-town charm and big-city access, you'll have ample opportunities to thrive. The resident population is at 61,276, giving any business owner a good chance at success.
If you're one of the 873,722 small businesses in Michigan, you'll want the right protection. Fortunately, an independent insurance agent will help with coverage that won't dent the bottom line. Connect with a local adviser for quotes.
How to Attract and Retain Employees in Taylor, MI
If you're looking to attract and retain employees, there are things you can do. With Michigan having 1,900,000 people employed by small businesses, you'll need to sweeten the pot. Employee benefits coverage is just the thing to keep a team satisfied.
Some packages are easy on the bottom line and will offer value to your staff. Things like life insurance and gym memberships can be used in addition to salary. Take a look at some plan options that work for your business.
Your Property Insurance in Taylor, MI
There are a lot of business policies on the market that won't have enough coverage. Commercial property insurance often only insures up to 80% of the building's value. You'll want to go over the following items with a licensed agent to get the right insurance for your property:
- Protective devices in place
- Year built and structural make-up
- Total square footage
- Operations that occupy the property
- Market value and replacement cost
- Prior property claims
Common property risks in Taylor, MI:
- Flooding and water damage
- Severe storms and lightning
- Heavy snow
- Burglary and other property crimes
Why you need flood insurance:
Flood damage is not covered under your regular business insurance. If you want coverage for a loss, you'll need a separate flood policy. Get a quote on your property before it's too late.
Different Liability Policies in Taylor, MI
Michigan had $11,644,625,000 in commercial claims paid by insurance in 2019 alone. Some of those losses were related to liability. To have adequate protection, take a look at the following options:
Cyber liability insurance
If you're without cyber liability insurance, you could be at risk. This policy will pay for damages arising out of a cyberattack. When data is stolen and your customers sue, you'll be responsible for the entire expense.
Business interruption insurance
This policy will keep your business in operation when a catastrophe closes your doors. Coverage usually lasts 1 to 2 years, depending on the carrier. It can be easily added to your general liability policy for a premium.
General liability insurance
This is one of the most used policies your business owns. General liability insurance will protect your company from a lawsuit due to property damage, bodily injury, or slander. To have the right coverage, review your limits.
Is Worker's Compensation Insurance Required in Taylor, MI?
Worker's compensation will help pay for medical expenses and lost wages if an employee is injured or becomes ill on the job. In order to avoid financial ruin, worker's compensation is necessary. A loss could turn into years of disability insurance and even a death benefit to surviving family members.
In Taylor, MI, all employers are required to carry worker's compensation insurance if they have one or more employees. There are legal limits that are mandated to be appropriately insured. If you want to avoid penalties or worse, review your coverage.
Why You Need a Taylor, MI Independent Agent
When you're searching for business protection, an independent insurance agent can help. They have access to multiple markets, giving you the best options on coverage and premiums. Since they work on your behalf at no cost, you'll have more time to run your operation.
If you're tired of doing everything yourself, get a little advice from a professional. An independent agent can be found on TrustedChoice in minutes. Connect with a local expert today to begin your search for a comprehensive business insurance policy.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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