Warren, MI, is home to the General Motors Technical Center, putting it on the map. This mid-sized city has a lot to offer to any business owner. With 135,022 residents, this place is full of possibilities.
When you're one of the 873,722 small business owners in Michigan, you'll need a policy that counts. An independent insurance agent can find coverage at a low premium. Connect with a local expert to get started.
How to Protect Your Commercial Property in Warren, MI
There are a lot of business policies out there today. If you get the wrong one for your operation, you could be at risk. Most commercial property policies only insure 80% of your building's value, making you responsible for the rest. 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 Warren, MI
- Flooding and water damage
- Severe storms and lightning
- Heavy snow
- Burglary and other property crimes
Why you need flood insurance
If your property doesn't have a separate flood policy, you're without coverage. Flood damage is excluded from your business policies. So, if you want coverage, you'll need to obtain flood insurance through a FEMA-approved carrier.
Employee Benefits Coverages in Warren, MI
With 1,900,000 people in Michigan employed by small businesses, you'll need to add value where you can. In order to stay competitive, there are some things you can do. Employee benefits coverages are one of them.
When you offer things like life insurance, gym memberships, and more, you help staff know you care. In addition to their salary, you will contribute to other key coverages. Create a plan that won't impact your bottom line with a licensed professional.
Liability Coverages for Your Warren, MI Business
In 2019, Michigan had $11,644,625,000 in commercial claims paid. A lot of those instances were liability losses. To have adequate protection, take a look at the following options.
Business interruption insurance
Business interruption insurance pays for expenses when a catastrophe closes you down for repair or rebuilding. Coverage lasts anywhere from 12 to 24 months. It can be added to your general liability policy for a fee.
General liability insurance
General liability insurance is one of the most used policies your company will buy. It protects your assets when a lawsuit due to bodily injury, property damage, or slander occurs. If you're unsure what coverages you have, review them for accuracy.
This coverage pays for a more substantial liability claim. When your underlying limits have been exhausted, umbrella insurance will kick in. It offers coverage starting at $1,000,000 and goes up from there, depending on your assets and carrier.
Cyber liability insurance
Cyber liability is one of the most important policies your business will obtain. When your company gets hacked, and data is stolen, this policy pays the bill. Without coverage, your business might not survive a loss.
Does Your Business Need Worker's Compensation in Warren, MI?
In Warren, MI, you must carry worker's compensation if you have one or more employees. Except for some exempt owners, partners, and officers, every business needs to have this policy. If you're found without proper insurance, you could suffer penalties and back taxes.
Worker's compensation will help pay if an employee is injured or becomes ill on the job. When a loss occurs, coverage will pick up medical expenses, lost wages, disability insurance, and even death benefits. To avoid a financial hassle, get the right policy the first time.
Where to Find an Independent Agent in Warren, MI
Your company's insurance plan is essential if you want to stay in business. There are several policies to choose from, and coverage should be reviewed by a professional. An independent insurance agent can help.
They have access to multiple markets, giving you options on policy and premium. To avoid high costs and time wasted, let an agent do all the work. Go to TrustedChoice to connect with a local expert in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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