With over 2,000 businesses in Wyoming, this city is home to a thriving economy. From large industrial companies to locally owned sole proprietorships, these companies are the backbone of the local and state economy. Therefore, it is always a smart choice to protect your investment. If you are an employer in Wyoming, purchase a business insurance policy to make sure your business is covered.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all your risks. Get in touch with an agent today to start comparing Wyoming commercial insurance quotes.
Why Do Businesses in Wyoming, Michigan Need Liability Insurance?
If a customer is injured inside your business, the average lawsuit can add up to $20,000. Investing in liability insurance guarantees that you don’t have to pay out-of-pocket for costly damage and legal claims against the business. This will help cover the most common liabilities faced by your business, like:
- Medical expenses if someone gets injured at your business
- Court costs, judgements and settlements for covered claims
- Administrative costs to take care of covered claims
- Advertising injury claims against your business
- Costs for damage claims against your company
You may want to consider additional liability coverage that will help to ensure that your business is protected against other risks such as:
- Commercial vehicle liability insurance: This provides protection for cars, trucks and vans that are used for business operations.
- Environmental practices liability insurance: If your business could potentially lead to an accident resulting in pollution of the land, air, or water, this will cover the clean-up 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 that 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 Wyoming, MI Businesses?
Your Wyoming commercial property insurance will protect your business’s assets from things like theft, vandalism, fire and burst pipes. This policy is an important part of every business insurance coverage.
Additional policy options will guarantee that you are covered for things such as:
- Builders risk insurance: This covers losses while your building is under construction, such as a windstorm.
- Crime insurance: Protects you against theft, robbery and burglary of cash, stock, securities and fixtures, whether by 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 Wyoming, MI?
On average, firefighters respond to 12,000 wildfires in Michigan each year. 47% of wildfires in Michigan are the result of burning yard debris. These fires can result in millions of dollars of destruction because of the huge loss of property, so it is important to make sure that your business is covered.
Unfortunately, a disaster like a wildfire can 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 operations.
Do Businesses in Wyoming, MI Need Workers' Compensation Insurance?
If you are an employer in Wyoming who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, you are subject to Michigan’s workers’ compensation law. This may include:
- Agricultural employers must provide workers’ comp coverage if they have three or more employees who work 35 hours or more per week
- Domestic employees who work more than 35 hours per week
Named partners and officers who are shareholders of small, closely held corporations may exempt themselves from Michigan workers’ compensation coverage. The Workers' Disability Compensation Act covers the employees of sole proprietorships, but self-employed sole proprietors are not required to be covered.
If an employee is injured or suffers an occupational illness, workers’ compensation insurance will cover the cost of medical treatment, prescriptions, lost wages and other related expenses.
Employers in high-hazard industries pay more for workers’ compensation insurance than employers in low-hazard industries. If you have a good safety record, you may be rewarded with lower premiums than others in your industry. Your premium is based on how many employees you have, your total payroll, the types of jobs performed at your business, and your history of accidents and workers’ compensation claims.
What about Employee Benefits for Businesses in Wyoming, MI?
As a business owner in Wyoming, you may want to provide your workers with an employee benefits package that consists of subsidized health insurance and life insurance options that may include:
- Medical: Includes group health and medical plans. May operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): Will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: From short-term to long-term to statutory, as well as paid family leave.
- Life insurance: Group term life insurance that is employer-paid, employee-paid, or contributory.
- Paid time off: Employer pools sick days, vacation days, and personal days so employees can use them when they wish.
A benefits package for your employees may be expensive, but doing so can have large fiscal rewards for your company. Research has shown that when businesses offer a benefits package, it helps them recruit and keep qualified employees, and lowers turnover rates while improving employee job performance.
Why Work with an Independent Insurance Agent in Wyoming, MI?
There are many different factors you will need to consider about your coverage needs before you start comparison shopping. An independent agent in Wyoming can help you save time and money by doing the sorting for you. Because they have relationships with a variety of different insurance providers, these agents can quickly obtain quotes for several business insurance policies that meet your coverage needs. Contact an independent agent today.
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