Wayne Business Insurance

From large firms like Ford’s Michigan Assembly Plant to small, family-run businesses, every company in Wayne can benefit from the protections of a solid business insurance plan.

Shopping for coverage is easy when you work with a local independent insurance agent. These agents can help you build an affordable business insurance policy package that has been customized to meet your company’s specific coverage needs. Talk to an insurance agent in Wayne to learn more.

How Much Does Business Insurance Cost in Wayne, Michigan?

Every business is different, so insurance rates can vary significantly from one company to the next. A small business run out of your home might only cost a couple of hundred dollars a year to insure, whereas a large corporation with several employees can spend tens of thousands of dollars.

Factors that can influence your costs include the following.

The best way to find out how much business insurance will cost for your company is to meet with an independent insurance agent. These agents can help you identify your company’s various exposures, they can recommend the right insurance products to cover against them, and can obtain a variety of customized quotes for each policy on your behalf.

Set up an obligation-free consultation with an independent insurance agent near you to get started.

Why Do Businesses in Wayne Need Liability Insurance?

Liability lawsuits have the potential to bankrupt your business. That is why having the right liability insurance is so important. It can cover the various expenses related to these lawsuits including court costs, legal defense fees, and financial damages.

It is important that your business has the right kinds of liability insurance to cover against each of its potential liability exposures. There are several liability products available to business including, but not limited to the following.

• Premises liability insurance: This covers third-party injuries, injuries, and damage that occurs due to accidents on your business property that can be blamed on your company’s negligence.
• Product liability insurance: This covers third-party injuries, illnesses, and damage that is caused by defects or design flaws in products your company produces, sells, or promotes.
• Employment practices liability insurance: This covers your business if a current, former, or prospective employee accuses your company of engaging in illegal employment practices such as harassment, discrimination, retaliation, or wrongful termination.
• Cyber liability insurance: This covers damage and provides restitution to affected individuals if cybercriminals break into your company’s computer system and steal sensitive information like your customers’ financial and personal data.
• Liquor liability insurance: This covers businesses that serve alcoholic beverages. It is important because if an intoxicated patron goes on to cause injuries or property damage to another while under the influence, Michigan’s dram shop laws allow the injured party to sue your business if the drinks were served to a visibly intoxicated adult or to someone under the age of 21.
• Commercial vehicle liability insurance: This covers the increased liability risks businesses face if an employee is responsible for a collision while driving a company-owned vehicle.
• Professional liability insurance: This covers individuals in professional positions if an error in judgment or other professional mistake results in injuries, financial losses, or other damage to clients.

An independent insurance agent in Wayne can do a complete risk assessment of your business to ensure that it is properly covered against all of its liability exposures.

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How Does Property Insurance Protect Wayne Businesses?

Commercial property insurance is designed to cover loss or damage to your company-owned property like merchandise, inventory, office furniture, tools, supplies, computers, and outdoor signs. This coverage is a standard part of every business insurance policy.

Businesses in Wayne are most at risk for loss or damage caused by structure fires, theft, and severe weather events like tornadoes, windstorms, electrical storms, heavy snows, and freezing temperatures. Fortunately, each of these hazards is covered by commercial property insurance.

In addition to your standard property coverage, you may want to consider purchasing supplemental policies such as the following.

• Flood insurance: Commercial property insurance excludes coverage against floods, so this insurance is very important. Businesses located in FEMA designated flood plains are most at risk, but when heavy rains fall, flash flooding can occur just about anywhere. A local independent agent can help you get up to $500,000 in structural coverage and $500,000 in contents coverage with an affordable policy through the National Flood Insurance Program (NFIP).
• Inland marine insurance: This covers your portable business property whenever it is in transit or is being stored away from your place of business, such as in a warehouse or at a job site.
• Boiler & machinery insurance: This covers repair costs and business losses related to the mechanical failure of your essential business machinery and equipment.
• Bailees insurance: This covers your customers’ personal property whenever it is in your company’s custody, care, or control, such as if your business is performing alteration, maintenance, or repair services on it.

Talk to your local insurance agent to learn more about your various business property coverage options.

Is Business Interruption Insurance a Good Idea in Wayne, MI?

The risk of tornado activity in Wayne County is 47% greater than the national average. The most destructive tornado to strike in the area was an F4 twister that touched down less than 15 miles from the Wayne city-center during the Palm Sunday tornado outbreak of 1965. This single tornado caused more than $50 million in damages to area homes and businesses.

Disasters in Michigan

• Number of federally declared disasters in MI since 1953: 42
• Most common reasons for declared disasters: Floods, severe storms, and tornadoes
• Average number of tornadoes in MI per year: 16

When it comes to major disasters like tornadoes and accidental structure fires, property damage isn’t the only problem that can lead to financial losses. If your business must remain closed for several weeks while structural repairs are made, the loss of income during that time can be overwhelming for many small businesses.

Business interruption insurance was designed to mitigate this problem. It can provide your company with a continuation of income during the times it must remain closed for an extended period due to damage caused by a covered event.

This optional coverage provides the funds needed for your business to keep paying regular expenses such as bills, loan payments, rent, and employee salaries until you can resume normal operations.

Business interruption insurance is not a good fit for every company. A local independent insurance agent can help you determine whether a policy is appropriate for your Wayne business.

Do Businesses in Wayne Need Workers’ Compensation Insurance?

In 2018, nearly 105,000 workers in Michigan were either injured on the job or came down with an occupational illness due to toxins in the workplace. In this state, the industries with the highest rates of worker injuries are nursing and residential care facilities, motor vehicle body manufacturing, and foundries.

These work-related injuries can be very expensive to treat. That is why the state of Michigan requires all employers to cover their full- and part-time workers with workers’ compensation insurance.

If your employees are injured on the job, workers’ compensation insurance can shield your business from liability lawsuits by covering any necessary hospital stays, medical treatments, follow-up care, prescriptions, and other related costs.

This insurance can also provide injured workers with paid time off while they recuperate. Depending on the nature of the injury, workers can qualify for total or partial disability pay. If a work injury proves fatal, this insurance can also provide financial compensation to the employee’s spouse and dependents.

Rates for workers’ compensation coverage are based primarily on the number of employees you have and the types of jobs they do. The more dangerous the job, the more coverage will cost. Therefore, an emergency room nurse at Beaumont Hospital would cost more to insure than a data analyst at a bank.

Let a local independent agent match you up with an insurance company that specializes in covering businesses like yours and that offers this mandatory coverage at a competitive price.

What about Employee Benefits for Businesses in Wayne?

As a business owner in Wayne, you may be thinking about offering your workers a benefits package that includes perks such as paid time off, an employer-matched 401(k) plan, life insurance, and health insurance.

Human resource professionals have repeatedly demonstrated that businesses that offer attractive benefits packages find it easier to recruit and retain highly qualified employees.

There are many different insurance products available to choose from when you are building an employee benefits package. For instance, with health insurance, you can choose between HMOs, PPOs, and managed care plans as well as between plans that offer various copays, deductibles, and coverage. You may therefore find it beneficial to have guidance and advice from a local insurance professional.

Talk to an independent agent near you for help finding the best and most affordable life and health insurance policies to include in your company’s employee benefits package.

Why Work with an Independent Insurance Agent in Wayne, MI?

Every business has specific insurance coverage needs, and these can vary greatly from one company to the next. This is especially true for companies that operate in different industries. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy.

A local independent agent can help you navigate through your various coverage options as you build your business insurance policy package. These agents are committed to finding you the policies your company needs at the most competitive prices. Find an insurance agent near you to get more information.