In 2014, there were 856,682 small businesses, employing 1,755,901 people, headquartered in Michigan. More than 5,800 of these businesses were based right here in Westland, MI. This city is very hospitable for new businesses, and the economic development team works hard to attract, retain and expand businesses in the area. To facilitate the growth and influx of new business, the city has streamlined and simplified the permit process wherever possible. They also have a Fast-Track to Business team and participate in the Michigan Business One Stop program to bundle state processes together in a one-stop shop. There are many reasons to set up shop in this city, and if you do, it is important that you protect your investment with a suitable Westland commercial insurance policy.
Businesses in Michigan collected $12,848,751 in business insurance claims in 2014 alone. Building a wide-ranging Westland business insurance package that can adequately provide your business with all the coverage it needs can be complicated. You may therefore benefit from working with a professional who is familiar with the ins and outs of commercial insurance. Independent agents in the Trusted Choice® network can help you identify your business’s exposures and can provide appropriate coverage recommendations to mitigate these risks. Find an agent near you to learn more and to start comparing Westland business insurance quotes from a selection of reputable insurance companies.
General liability coverage is a fundamental part of every business insurance policy. It provides your company with compensation for legal defense fees, court costs and financial damages associated with covered lawsuits. Your Trusted Choice Agent can also help you identify any other types of liability coverage, such as commercial vehicle insurance or pollution liability insurance, that may be appropriate to include in your Westland commercial insurance package. Your agent may discuss such aspect of liability coverage as the following:
- Premises Liability Insurance: This is included in your general liability coverage. It covers third-party illnesses, injuries or property damage that result from an accident on your business premises and can be attributed to negligence on the part of your company. According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. Premises liability insurance covers many of the unexpected medical costs associated with third-party injuries for which your business is legally responsible.
- Product Liability Insurance: This is also included in your general liability coverage. It covers your business against lawsuits stemming from injuries, illnesses or property damage caused by a product your company produces, sells or promotes. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this insurance coverage can prove quite valuable to your Westland business.
- Professional Liability Insurance: Also referred to as errors and omissions insurance, this insurance covers the professionals who work for you if they are sued for perceived negligence, failure to act, errors in judgement or a number of other professional mistakes. Medical malpractice insurance is a well-known example of professional liability insurance. Considering that 53 percent of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see why this this coverage is crucial for individuals at risk for this type of lawsuit.
Business Interruption Insurance for Westland Businesses
- 2014 gross domestic product (GDP) for U.S.: 2.2%
- 2014 gross state product (GSP) for Michigan: 2.0%
- The 2014 GSP was 0.2% lower than the GDP
Businesses in Westland contribute to Michigan’s GSP. However, if a covered disaster, such as a fire or a tornado, forces you to shut down your commercial operations for an extended time while repairs are made, your business will be unable to generate revenue during that time period. As a result, it can suffer financially — particularly if the damage is extensive and repairs take several months to complete.
Fortunately, you can safeguard your company’s finances from this sort of loss by making sure that your Westland commercial insurance portfolio includes business interruption insurance. This insurance delivers a continuation of income during the time that your business is not operational because of a covered event. With these resources, you can afford to pay key employee salaries and keep up with monthly expenses, such as business loans, until you can resume normal business operations. In most cases, business interruption insurance coverage is limited to one year.
Property Insurance for Small Business in Westland, MI
- Number of natural disasters in the U.S. in 2014: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Natural disasters, like severe thunderstorms and tornadoes and man-made disasters, like accidental explosions and structure fires, can each lead to significant damage your commercially-owned property. This is why including sufficient amounts of property coverage in your Westland commercial insurance policy is so important.
Commercial property insurance enables you to cover most of your business assets, including such things as inventory, tools and machinery, computers systems, office furniture, and décor. Because of the diverse coverage needs of businesses in varying industries, it is beneficial to work with a Trusted Choice Agent who can recommend appropriate property coverage and additional policy offerings, such as inland marine insurance and boiler and machinery insurance, when they are appropriate for your particular business.
Workers' Compensation for Westland Businesses
If your employees are injured on the job, or if they are afflicted with illnesses related to the work they do for your company, your business is liable for covering any associated costs, including lost wages and medical treatment. Workman’s comp insurance covers these expenses and can even pay death benefits to an employee’s family members in the unfortunate event that a workplace injury proves fatal. In addition to protecting your employees, this coverage shields your business against potential liability lawsuits related to these workplace grievances.
In Michigan, you are required to carry this insurance if you are a public employer. Private employers have more specific laws governing their requirement to carry workers' compensation insurance, but most are required to carry it. Your Trusted Choice Agent can help you find an affordable policy that is suitable to meet the specific needs of your particular business industry.
Employee Coverages for Small Businesses in Westland
- Total 2013 spending on premiums in Michigan: $1,134,005
- Ranked 39th for highest premiums in the U.S.
- Annual cost of health care for small businesses in 2013: $5,321/person or $15,242/family
If your Westland business has at least 50 full-time employees, you are required by the “employer mandate” portion of the Patient Protection and Affordable Care Act to provide these employees with subsidized health insurance coverage. Even if you own a smaller company that is not required to offer health care coverage, you may want to consider doing do. A solid employee benefits package that includes life and health insurance coverage can help you attract and retain a talented workforce; and, in some cases, it can qualify your small business for a federal tax credit. It may therefore be worth the cost. If you would like to learn more, your Trusted Choice Agent can help you collect and review some affordable coverage options.
Cyber Crime Insurance for Westland Small Businesses
- Number of identity theft complaints in Michigan in 2014: 10,338
- Ranked #6 highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Cyber crime insurance is a somewhat new type of liability insurance. More and more of our nation’s businesses are adding it to their coverage portfolios. Because electronic data theft is on the rise — particularly in Michigan — this insurance can often prove vital. It provides coverage against lawsuits and damages that may result if criminals hack into your business’s computer system and steal sensitive information, such as your employees’ or customers’ personal and financial data. If your company is at risk, be sure to talk to your Trusted Choice Agent about how adding cyber crime insurance to your Westland business insurance portfolio can benefit to your company.
Find the Right Westland Commercial Insurance for Your Business
Different types of commercial insurance are designed to cater to the coverage needs of businesses in different industries. This is why selecting a suitable Westland commercial insurance coverage can sometimes be tricky. Agents in the Trusted Choice network can help you identify the specific exposures faced by your business and can recommend the appropriate coverage options to mitigate those risks.
Your local agent can also contact several different insurance companies on your behalf in order to help you find the most affordable coverage. There are many Trusted Choice Agents with offices in Michigan, including in and near Westland. Find an agent near you to discover how easy it can be to compare customized Westland commercial insurance quotes.