From sole proprietorships to accounting firms, local employers and employees are the backbone of the economy in Wyandotte, so it's crucial to make sure that they are protected. There are 540 work-related accidents per hour across the country, which is an accident every seven seconds. If a catastrophe strikes, business insurance will help cover these companies.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all potential risks. Contact an agent today to start comparing Wyandotte commercial insurance quotes.
Why Do Businesses in Wyandotte, Michigan, Need Liability Insurance?
Owning a business is inherently risky. In fact, just last year, liability lawsuits resulted in an average of $1.5 million per case. That is why liability insurance is a must-have for your commercial insurance coverage. This will help cover the cost of legal defense fees and financial damages.
Commercial general liability (CGL) will help cover the most common liabilities faced by your business. Your business insurance policy will include general liability insurance. You are covered against things such as:
- Product liability: You are covered if the distributed product causes harm to people or property, even when it doesn’t happen inside the store.
- Advertising injuries: If someone sues you over slander, libel, or copyright infringement, the 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:
- Commercial vehicle liability insurance: This provides protection for cars, trucks, and vans that are used for business operations.
- Environment practices liability insurance: If your business could potentially lead to an accident resulting in pollution to land, air, or water, this will cover the cleanup costs.
- Employment practices liability insurance: This will cover your business against lawsuits related to accusations of illegal employment practices.
- Cyber liability insurance: This will protect your business against cybercriminals who may break into your company’s computer system and steal sensitive customer data or install skimmers on your credit card readers.
How Does Property Insurance Protect Wyandotte, MI, Businesses?
Your Wyandotte commercial property insurance will protect your business’s assets from theft, vandalism, fire, and burst pipes. This policy is an essential part of every business insurance coverage.
There are additional policy options to make sure that you are covered such as:
- Builders risk insurance: This covers losses, such as from a windstorm, while your building is under construction.
- Crime insurance: This protects you against theft, robbery, and burglary of cash, stock, securities, and fixtures, whether from 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 Wyandotte, MI?
Unfortunately, a natural disaster like the recent severe storms and flooding could shut down your business for weeks while you wait for repairs to finish. With business interruption insurance, your disaster-related loss of income will be covered.
This optional insurance coverage allows your business to have income to continue to pay monthly bills, employee salaries, and other expenses until you are able to resume normal business.
Do Businesses in Wyandotte, MI, Need Workers' Compensation Insurance?
Any private employer in Wyandotte 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 who must provide workers’ comp coverage if they have three or more employees
- Domestic employees who work more than 35 hours per week
If an employee is injured or endures an occupational illness, workers’ compensation insurance will cover the cost of medical treatments, prescriptions, lost wages, and other related expenses.
The exception to the law includes farm workers, independent contractors, and partners who are shareholders of small corporations.
Wyandotte 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 worker’s compensation claims. If you have a credible safety record, you may be rewarded with lower premiums than others in your particular field/industry.
What about Employee Benefits for Businesses in Wyandotte, MI?
You may want to provide your workers with an employee benefits package that consist of subsidized health insurance and life insurance options as a business owner in Wyandotte, which may include:
- Medical: This includes group health and medical plans and may operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): This will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: These plans are from short-term to long-term to statutory, as well as paid family leave.
- Life insurance: This is group-term life insurance that is employer paid, employee paid, or contributory.
Offering a benefit 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 endears employees and reduces the turnover rate while improving employees' job performance.
Why Work with an Independent Insurance Agent in Wyandotte, MI?
There are many variables when it comes to business insurance, so let an independent insurance agent help guide you to make sure that you get the best business insurance 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 Wyandotte to get started.
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