Utica Business Insurance

Your Complete Guide to Utica, MI Business Insurance

(Find the right business insurance policy for you)

There are 540 work-related accidents per hour across the country, which averages out to an accident every seven seconds somewhere in the nation. From local retail to accounting firms, these employers and employees are the lifeblood of the local economy in Utica. If a disaster strikes, business insurance will help shield these companies while keeping employers and employees protected from costly risks. 

A local independent insurance agent can help you create a unique commercial insurance plan tailored to your needs that will provide coverage against all your potential risks. Contact an agent today to start comparing Utica commercial insurance quotes.

Why Do Businesses in Utica, Michigan Need Liability Insurance?

As a business owner,  you know that owning a business is inherently risky. In fact, last year alone, liability lawsuits resulted in an average of $1.5 million per case. That is why liability insurance is a vital piece in your commercial insurance coverage. This will help cover the cost of legal defense fees and financial damages.

Your business insurance policy will include commercial general liability (CGL) insurance. It will help cover the most common liabilities faced by your business. You are covered for things such as:

  • Product liability: If the distributed product causes harm to people or property, even when it doesn’t happen inside the store, CGL will cover the resultant damages.
  • Advertising injuries: If someone sues you for slander, libel, or copyright infringement, CGL will help pay for legal expenses.
  • Third-party bodily injury: If a customer is hurt in an accident involving your business, CGL will help pay for medical expenses.
  • Third-party property damage: CGL will cover expenses to repair or replace customer property that is damaged by a business.

Additional liability coverages will help to ensure that your business is shielded against other liability risks such as:

How Does Property Insurance Protect Utica, MI Businesses?

Your Utica commercial property insurance will protect your business’s assets from risks like theft, vandalism, fire and burst pipes. This policy is an important part of every business insurance policy.

However, there are additional policy options to make sure that you are covered such as:

  • Builders risk insurance: This covers losses while your building is under construction, such as a windstorm.
  • Crime insurance: Protects you against theft, robbery and burglary of cash, stock, securities and fixtures, whether by employees or third parties.
  • Inland marine insurance: This will cover customers' property on your premises or in-transit property that gets damaged or lost.

Is Business Interruption Insurance Necessary in Utica, MI?

A natural disaster like a severe storm or a tornado could shut down your business for weeks while you wait for repairs to take place. With business interruption insurance, your disaster-related loss of income will be covered.

With this optional insurance coverage, your business will have the income to continue to pay monthly bills, employee salaries and other expenses until you are able to resume normal business operations.

Do Businesses in Utica, MI Need Workers Compensation Insurance?

Any private employer in Utica 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 includes:

  • Agricultural employers must provide workers’ comp coverage if they have three or more employees.
  • Domestic employees who work more than 35 hours per week.

Utica workers’ comp rates are 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. If you have a good safety record, you may be rewarded with lower premiums than others in your industry.

If an employee is injured or suffers an occupational illness, workers’ compensation insurance will cover the cost of medical treatment, prescriptions, lost wages and other related expenses.

Exceptions to the law include farm workers, independent contractors, and partners who are shareholders of small corporations.

What about Employee Benefits for Businesses in Utica, MI?

As a business owner in Utica, it can be very helpful to provide your workers with a comprehensive employee benefits package that consists of subsidized health insurance and life insurance options that may include:

  • Medical: Includes group health and medical plans. May operate as self-funded employee health insurance, fully insured, or level funding.
  • Retirement/401(k): Will cover retiree medical plans and broker-assisted 401(k) plans.
  • Disability: From short-term to long-term to statutory, as well as paid family leave.
  • Life insurance: Group term life insurance that is employer-paid, employee-paid, or contributory.

Offering your employees a benefits package may be expensive, but doing so can have huge financial savings for your company. Studies have shown that when businesses offer a benefits package, it helps them recruit and keep qualified employees, and reduces turnover rate while improving employee job performance.

Why work with an Independent Insurance Agent in Utica, MI?

It can be hard choosing the right business insurance, so let an independent insurance agent help guide you to make sure that you get the best-tailored coverage. A local independent agent can help you navigate through your options as you build your business insurance policy package. Contact an insurance agent in Utica to get started.

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