Your business in Michigan will be required to provide workers compensation insurance for all employees who work 25 or more hours per week. This is needed to protect employees if they get ill or injured at the workplace. This insurance coverage can also be helpful to you in the event that an employee sues your business. If your business operates vehicles, then you will be required to have commercial auto insurance. Your personal auto insurance policy won’t provide coverage, but a commercial auto insurance policy is going to help cover property damage, medical expenses, and other damages related to an accident. While other commercial insurance may not be required, you should work with an agent at Jeff Kaplan Agency to figure out which insurance is right for your business.
Liability insurance is going to be one of the most important insurance policies a business owner can have. This insurance protects your business against claims from others that your business caused property damage, reputation harm, bodily injury, or advertising injury. A business owner’s policy may also be a good choice for a small business since it will give you coverage for liability claims, as well as some coverage for your work equipment under the property insurance component. If your business relies on technology, then you may want to consider data breach insurance. This insurance will help cover the cost of things like liability lawsuits, identity protection solutions, and public relations, and legal fees related to data breaches. Business income insurance covers the cost of business income, payroll, and monthly bills if you aren’t able to operate your business due to fire, wind, theft, or damages from a covered incident. This insurance helps support you while you get your business back up and running. Commercial property insurance will protect your physical location, as well as property such as inventory, furniture, and equipment.
Contact Jeff Kaplan Agency to get a quote on commercial insurance.