What to Know about Business Insurance

in Michigan

Facts about Business Insurance in Michigan

Although business owners in Michigan are not obligated to have a business insurance policy, some parts of it, such as workers’ compensation insurance and commercial vehicle liability insurance, may be required by law if you have employees or business-owned vehicles. Business insurance is designed to protect the investment you have made in your company by covering against potential disasters like blizzards, tornadoes, fires,  accidents, property crimes, and even liability lawsuits. 

More Michigan business insurance facts

  • MI businesses collect about $3.2 billion in claims every year.
  • In 1953, an F5 tornado in MI caused $175 million in damage.
  • The blizzard of 1978 shut down many Michigan businesses.
  • In 2015, a 193-vehicle pileup on I-94 damaged trucks and cargo.

Average Cost of Business Insurance in Michigan

Business insurance policies are customized to meet the specific needs of the companies they cover, so the cost for this insurance can vary significantly from one Michigan business to the next. Factors that can influence your rates include your company’s size, assets, liability risks, and the number of people you employ. An experienced insurance professional can help to ensure that you are purchasing only the coverage your business actually needs while not leaving your company vulnerable to unintentional coverage gaps.

Average Cost for the Top Business Insurance Claims

top business insurance claims in the u.s.

Why Choose an Independent Insurance Agent?

  • Independent insurance agents live and work in your community
  • These agents can shop around to help you find the best policies
  • Your agent can provide one-stop shopping for all your insurance needs

Find an independent agent in Michigan

We’ve had business insurance since 2012. Then we changed offices and we had to update the location. We needed the cover in insurance, so we searched online for insurance companies or independent agents. I have used TrustedChoice before and it was excellent, so we went with them. Navigating through their website was easy. TrustedChoice is an excellent insurance company to work with.

five start review Darren of Traverse City, MI Consumer Affairs

What Does a Business Insurance Policy Cover?

There are several different coverage types and policy options that you can choose from when you are building a business insurance plan. That is why many business owners choose to work with an insurance professional who can help them obtain comprehensive, customized coverage. Most business insurance policies include the following:

  1. Liability insurance: Covers your legal defense, court costs, and damages if your business is on the wrong end of a liability lawsuit.  Your lakeside resort is sued after a guest is seriously injured on a water slide.
  2. Property insurance: Covers the cost to replace or repair lost or damaged property.  A tornado touches down near your business and your outdoor sign, awning, and windows are damaged.
  3. Business interruption insurance: Provides a continuation of income if a covered event forces a long-term closure. A major fire in your retail establishment forces your business to remain closed for several weeks.
  4. Workers’ compensation insurance: Covers the cost of medical treatment, lost wages, and other expenses when an employee is injured on the job. A worker at your automobile manufacturing plant is severely injured in an accident.
  5. Commercial auto insurance: This coverage is mandatory if you have business-owned vehicles. An unexpected blizzard causes the driver of your company’s delivery van to get in an accident.

Floods, landslides, and mudslides are not covered by business insurance. If your company is at risk for these hazards, be sure to talk to your insurance agent about flood insurance and difference in conditions (DIC) insurance.

Top Insurance Companies That Support Independent Agents in Michigan

There are currently 899 independent insurance agents in Michigan who can help you find the best business insurance policies to cover your company. Your agent can save you time and money by working with several different insurance providers to find appropriate coverage at the most competitive rates. Talk to an agent near you to start comparing customized business insurance quotes.

Why go Independent

Why Go Independent when looking for Business Insurance

  • Expertise in Your Business
  • Multiple Quotes From One Agent
  • Get More Value for Your Money