Troy is home to 6,000 businesses that employ more than 129,000 people. From manufacturing companies down to the locally owned small businesses, these are the backbone to the local and state economy. It is a smart option to protect your investment. If you are an employer in Troy, you can purchase a business insurance policy to make sure your covered.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all occurring risks. Get in touch with an agent today to start comparing Troy commercial insurance quotes.
Why Do Businesses in Troy, Michigan, Need Liability Insurance?
If a customer has an accident and slips and falls inside your business, the lawsuit could add up to over $20,000. Purchasing liability insurance guarantees that you don’t have to pay out of pocket for costly damage and legal claims against the business. This will help cover the most common liabilities faced by your business like:
- Medical expenses if someone gets injured at your business
- Court costs, judgments, and settlements for covered claims
- Administrative costs to take care of covered claims
- Advertising injury claims against your business
- Costs for damage claims against your company
You may want to consider additional liability coverage that will help to ensure that your business is protected against other risks such as:
- Commercial vehicle liability insurance: This provides protection for cars, trucks, and vans that are used for business operations.
- Environment practices liability insurance: If your business could potentially lead to an accident resulting in pollution to land, air, or water, this will cover the cleanup costs.
- Employment practices liability insurance: This will cover your business against lawsuits related to accusations of illegal employment practices.
- Cyber liability insurance: This will protect your business against cybercriminals who may break into your company’s computer system and steal sensitive customer data or install skimmers on your credit card readers.
How Does Property Insurance Protect Troy, MI, Businesses?
Your Troy commercial property insurance will keep your commercial assets protected from things like theft, vandalism, fire, and burst pipes. This policy is an important part of every business insurance coverage.
Additional policy options will guarantee that you are covered in things like:
- Builders risk insurance: This covers losses, such as from a windstorm, while your building is under construction.
- Windows glass breakage repair: If glass breaks, you will be covered with temporary boards until the replacement.
- Inland marine insurance: This will cover customer’s property on your premises or in-transit property that gets damaged or lost.
Is Business Interruption Insurance Necessary in Troy, MI?
Flooding is a very common disaster in the state of Michigan. The large flooding along the Grand Rapids River in 2013 caused huge damage to the city and suburbs surrounding the Metro Detroit area including Troy. Heavy rains often will cause flash flooding across the state so it is crucial to ensure that your business is covered.
Unfortunately, a natural disaster like flooding can shut down your business for weeks while you wait for repairs to finish. With business interruption insurance, your disaster-related loss of income will be covered.
This optional insurance coverage allows your business to have income to continue to pay monthly bills, employee salaries, and other expenses until you are able to resume normal business.
Do Businesses in Troy, MI, Need Workers' Compensation Insurance?
An employer in Troy who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, is subject to Michigan’s workers’ compensation law. This may include:
- Agricultural employers who must provide workers’ comp coverage if they have three or more employees who work 35 hours or more per week
- Domestic employees who work more than 35 hours per week
Named partners and officers who are shareholders of small, closely held corporations may exempt themselves from Michigan workers’ compensation coverage. The worker’s disability compensation act covers the employees of sole proprietorship, but the self-employed sole proprietor is not required to be covered.
If an employee is injured or endures an occupational illness, workers’ compensation insurance will cover the cost of medical treatments, prescriptions, lost wages, and other related expenses.
Employers in high-hazard industries pay more for workers’ compensation insurance than employers in low-hazard industries. If you have a good safety record, you may be rewarded with lower premiums than others in your industry. Your premium is based on how many employees you have, your total payroll, the types of jobs performed at your business, and your history of accidents, and workers’ compensation claims.
What about Employee Benefits for Businesses in Troy, MI?
As a business owner in Troy, you may want to provide your workers with a comprehensive employee benefits package that consist of subsidized health insurance and life insurance options that may include:
- Medical: This includes group health and medical plans and may operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): This will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: This plan is from short-term to long-term to statutory, as well as paid family leave.
- Life insurance: This is group-term life insurance that is employer paid, employee paid, or contributory.
- Paid time off: Employer pools sicks days, vacation days, and personal days so employees can use them when they desire.
A benefit package for your employees may be expensive, but doing so can have large fiscal rewards for your company. Research has shown that when businesses offer a benefits package, it captivates employees, and lowers the turnover rate while improving employees' job performance.
Why Work with an Independent Insurance Agent in Troy, MI?
There are many different factors you will need to consider about your coverage needs before you start comparison shopping. An independent agent in Troy can help you save time and money by doing the sorting for you. Because they have relationships with a variety of different insurance providers, member agents can quickly obtain several business insurance policies that meet your coverage needs. Contact an independent agent today.
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