Michigan has a great business climate, and Waterford, MI is in the perfect position to take advantage of it. While close to the great industrial producers of Detroit, like Ford and GM, it’s still out in the country enough to provide for a great living. The quality of workers is high, and the costs of operating are lower than you’d find inside the rings of the city. How dynamic is the economy? Michigan is home to 856,682 small businesses that employ 1.8 million people. To take advantage of this you need to have good business insurance, however, as shown by the total claims of $12.8 million paid out in recent years to businesses as a result of insurance claims.
The right Waterford commercial insurance for your business is not something you can simply breeze through or scrimp on. Your Independent Insurance Agent is there to help you navigate your options and find the best insurance for your needs at the best possible price. The most important insurance for your business is general liability. This covers you against any claims resulting from people, other than employees, who are on your property. It is what protects you against any lawsuits stemming from an injury that takes place on your property.
You need to have a solid policy because the liability from any claim based on an incident on your property is nearly unlimited. A recent Travelers Business Risk summary reported that 60 percent of all businesses reported their biggest concern was medical cost inflation and 30 said they felt unprepared for this risk. Medical costs related to injury are the main reason why incidents at your location can become very expensive.
Product liability coverage is similar to general liability but covers any claims related to your products away from your property. Professional liability is much the same but for those who provide a service. In recent years, the Insurance Information Institute found 71 percent of product liability awards and 53 percent of medical malpractice awards were for more than $1 million. This is much more than any small business can cover by itself and shows why solid liability coverage for both property and products is critical.
Business Interruption Insurance for Waterford Businesses
You never know when a catastrophic event may force your business to close for a period of time. The reasons include the following:
- Water pipe breaks
- Natural disaster
- Civil unrest
- Anything else you can’t plan for
When you can’t open the doors in the morning, business interruption insurance has you covered. It is based on the revenue you would have received if you had been able to open, estimated from your history. This is essential to maintaining your business through the worst times and seeing it to a better tomorrow.
Property Insurance for Waterford Businesses
After you are covered for the times when your business can’t operate, you have to have insurance to put it all back together again – as quickly as possible. Coverage for your property is essential to getting the doors open again after a disaster. There were 119 natural disasters across the U.S. in recent years, but only 61 percent of the resulting damage was covered by insurance. A stunning total of $9.7 billion in losses had to be covered by the business owners themselves. That is a bigger expense than many small businesses can handle on their own, and it may mean the difference between a business coming back after a disaster and not. This is why a good insurance policy that covers your property is critical in Waterford.
Workers' Compensation for Waterford Businesses
Typically known as “workman’s comp,” workers' compensation insurance is required by Michigan state law. It covers the expenses related to any employee injuries on the job, whether from one single incident or from repeated actions over an extended period of time. Nationally, this came to $1.27 for every $100 in wages, or an average of $612 per employee.
Workman’s comp insurance premiums are based on the number of claims you have had in the past. New businesses are assessed by the kind of work done and the categories of employees they hire. You can often save money based on the programs and equipment you provide your employees, so a solid relationship with an Independent Agent who understands workman’s comp is vital to finding an affordable policy that fits under the applicable laws and regulations for your business.
Employee Coverage for Waterford Businesses
Recently, Michigan businesses paid $1.1 billion for employee health care coverage. The average single person health plan cost employers $5,321, and the average family policy cost $15,242. Coverage for health care is only part of the insurance package that you may want to offer your employees. Insurance plans include the following:
- Health Plan Insurance: This is required by law for companies with 50 or more employees, but many smaller businesses are opting to provide this coverage as a service for their loyal workers.
- Life Insurance: In case something happens to your employee, you may want to cover the employee as well as protect the employee's family.
- Disability Insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
There are good reasons to consider a strong employee benefit package. It can help you retain valuable workers, which cuts down on training and improving service. Many Waterford businesses offer packages for their employees so that they stay loyal and are always at their peak performance on the job.
Cyber Crime Insurance for Waterford Businesses
Of all the protection that you may think of for your business, one that may not have made your list is protection from cyber crime. Yet there is a growing need for protection from the liabilities of cyber crime every year. There were 10,338 reported identity thefts recently in Michigan, the sixth-highest number in the nation. This is one area that you may not think of getting coverage for, and it’s a great example showing why an experienced professional who understands your business insurance needs is essential. The potential liability in cases of identity theft is limited only by your credit, and it can be devastating.
Contact your Independent Insurance Agent for all your Waterford business insurance needs. Your agent will get to know your business and put years of experience to work to find the insurance that will keep you in business. By obtaining multiple quotes, your agent can also help you compare options and find the best price. A close relationship with your agent is critical to providing insurance your business.