Located in the heart of central Michigan, Traverse was voted as the "Most Beautiful Place to Live in America" by Good Morning America. It has also been featured by Bon Appetit magazine as being among America's "Top 5 Foodie Towns." With year-round festivals and a steady influx of tourists, small businesses thrive in Traverse and across the state of Michigan. 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.
With such a high risk facing small businesses, you just can't afford to skimp on Traverse, MI business insurance. Trusted Choice® Independent Insurance Agents can help your small business find the right amount of coverage to protect you against liability, property damage and even cyber crimes.
Liability is a major risk factor for small businesses, and even one lawsuit can lead to devastating financial hardship. For example, if a customer tripped and hurt themselves on your property, you might be responsible for paying for their 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 company is prepared for liability threats and their accompanying medical costs with the right kind of coverage.
- Product Liability: If a defective product accidentally slips past your quality control department and it causes an injury or damages a customer's property, you could be in serious trouble. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. Make sure you're prepared to handle this kind of financial burden by having product liability insurance.
- E&O/Professional Liability: Professional liability coverage protects your business against claims of negligence or libel. If your well-intended advice causes real or perceived harm to a customer, you could be sued. Professional liability gives you the financial resources to get through a lawsuit without exhausting your business nest egg.
Business Interruption Insurance for Traverse 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 protects your company from lost profits due to unexpected events. For instance, if a pipe bursts in the building next to your commercial space, the water damage could easily spread through the walls and require extensive repairs. If the building manager takes months to get the mess cleaned up, you'll be faced with some serious hardship from lost income. Business interruption insurance pays you for the income you lost during the time you were unable to operate. This is a lifesaving policy for small businesses, and you just can't afford to take extended time off after a disaster.
Property Insurance for Traverse Businesses
- Number of national disasters in 2014: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in 2014: $9.7 billion
Michigan's volatile winter weather can be a big problem for small businesses. With an average of 104 inches of snowfall each year, Michigan weather could threaten your business with burst pipes; a roof collapse; or fallen trees or power lines. Property insurance gives you the resources you need to pay for repairs anytime a problem arises. This is a must-have coverage for any business, but it's especially important for smaller operations without the budget to afford unexpected repairs out of pocket.
Workers' Compensation for Traverse Businesses
Every small business needs to invest in workers' compensation coverage to prevent lawsuits and offer employees medical care in case of a work-related accident or injury. Imagine that your employee picked up something incredibly heavy and suffered a back injury. Would you be able to cover the medical bills out of pocket? If you have workers' compensation coverage in place, you'll have peace of mind that you are covered if an employee gets hurt on the job.
Employee Coverages for Traverse 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
Choosing the best health care and life insurance plans for your employees can be a major challenge in Traverse. With health care cost on the rise, affordable coverages are becoming increasingly difficult for small-business owners to find. Trusted Choice Independent Insurance Agents are experts at finding the more cost-effective employee coverages. They can offer you multiple quotes so you can compare premiums and find a rate that will be reasonable for you and your staff.
Cyber Crime Insurance for Traverse Businesses
- 10,338 Identity theft complaints in Michigan in 2014
- Ranked 6th highest for identity theft complaints in the U.S.
Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. When you stop and think about how much of your day-to-day operations rely on technology, it's clear that hackers could do a lot of damage in a hurry. Adding cyber crime coverage to your commercial insurance plan is a smart way to protect your Traverse business from this growing problem.
Trusted Choice Independent Insurance Agents specialize in connecting Traverse small businesses with the most reliable commercial insurance options. Whether you're searching for basic liability coverage or a more comprehensive plan to protect against property damage, business interruption and cyber crime, our friendly Independent Insurance Agents can guide you toward the best policies and help you find a business insurance plan that gives you peace of mind. Contact a Trusted Choice agent today to learn more about the best solutions for Traverse commercial insurance.