Michigan residents pay the highest auto insurance rates in the country. That makes it especially important that you seek out the best possible rates. Independent insurance agents can help you find the lowest rates on the coverage you need. The average cost for car insurance nationwide is $1,311. In Michigan, residents pay an average of $2,476 per year. You'll get the best rates if you compare quotes from multiple companies before you choose a policy.
Michigan's roads can be dangerous, especially during the icy winters. Accidents can happen in the blink of an eye, but here are some ways your car insurance will help...
Like most states, Michigan requires all drivers to have a certain amount of insurance in case of accidents. These limits are designed to make sure drivers are prepared to pay for their own damages and medical bills if they are in an accident on Michigan's busy roads.
Michigan is a no-fault insurance state, so each driver's insurance must cover their own damages following a collision, regardless of fault.
Despite laws that require insurance in Michigan, sometimes people drive without any coverage. With no backup plan in place, they are unable to pay for the damage if they cause an accident.
With more than one-fifth of drivers uninsured, you're always at risk when driving in Michigan. Uninsured motorist coverage can give you peace of mind. This policy option will cover vehicle repairs and medical expenses if you are hit by a driver who doesn't have insurance.
The average American homeowner pays $1,173 per year for home insurance, but in Michigan, the average annual premium is $908. Even though insurance is less expensive for homes in Michigan, you still have room for big savings when you compare rates with a Trusted Choice independent insurance agent.
Your home insurance gives you a backup plan in case a catastrophe strikes in your neighborhood. Whether it's a fire, heavy winds or a burglary, you're covered if you have a suitable Michigan homeowners insurance policy.
Insurance carriers calculate the cost of a home insurance policy by asking "how likely is it that something bad will happen?" The more likely it is that something bad will happen, the more expensive the home insurance policy will be, and vice versa. We call these potential disasters "risk." Let’s take a look at how risky Michigan is compared to the rest of the US.
Even though the crime rate in Michigan is lower than the national average, homeowners still have to be aware of the risk and should take precautions to secure their property.
With its northern climate and close proximity to Lake Huron and Lake Michigan, residents of this state are no stranger to freezing temperatures, heavy snowfalls, and severe storms, all of which can lead to expensive property damage.
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Michigan, the overall average home value is significantly lower than the national average. This helps to explain why costs in this state are relatively low when compared to other states.
Yes! There are currently 899 Trusted Choice agents in Michigan who are ready to help. Did you know that independent insurance agents can give you multiple policy options to choose from? That way, you'll receive completely customized coverage that addresses all of your unique insurance needs.
In 2017 small businesses in Michigan made $252,969,305. Accidents happen. And without insurance, business claims have to be paid out of your pocket, meaning they have to be paid out of your business’s revenue. It's important to be properly insured so you can stay financially stable and keep revenues growing if something unexpected occurs.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
Michigan business insurance will pay for covered claims so your business doesn’t have to. It gives you peace of mind knowing your bottom line is safe and that you don't have to pay for medical bills or legal costs out of pocket.
Here’s what a standard business insurance policy should do:
Sometimes, these coverages are not enough to properly protect a business against risk. Your business most likely faces unique risks and may need additional coverages.
To make sure you're properly insured, we can match you with the right independent insurance agent who specializes in your field.
While a commercial insurance policy is not required of business owners, certain aspects of it may be. For example, in this state, businesses must carry workers' compensation insurance, and there are no exemptions.
To learn more about coverage that you may be required to carry, you can talk with a local independent insurance agent. They'll find you something customized and ideal for your business situation.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want.
Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in Michigan since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Accidents can happen at any workplace, from manufacturing plants to construction sites, and even at offices and stores. Some injuries are common and predictable, and others are unexpected.
But no matter how or where a workplace injury occurs, employers are obligated to help employees get the medical care they need to return to work as soon as possible. Most Michigan employers are required to purchase coverage that compensates workers who are injured on the job.
Michigan workers’ compensation insurance pays for medical care and lost wages for the injured worker, and protects employers from being sued for further damages.
Any private employer who has three or more employees at any one time, or who employs one or more workers for 35 or more hours per week for 13 or more weeks, is subject to Michigan’s workers’ compensation law.
Domestic employees who work more than 35 hours per week for 13 weeks or longer during the preceding 52 weeks are entitled to workers’ compensation benefits in Michigan.
Named partners and officers who are shareholders of small, closely-held corporations may exempt themselves from Michigan workers’ compensation coverage. Self-employed sole proprietors do not have to cover themselves, but they do need to provide coverage for their employees.
Independent contractors may be covered by Michigan workmans’ comp under certain circumstances. They are considered to be employees and qualify for coverage if they do not maintain a separate business, do not render services to the public, and do not employ other workers.
Most businesses in Michigan purchase workmans’ comp insurance from a private insurance company that is authorized to operate in the state. Some employers obtain permission to self-insure, or belong to a trade organization that self-insures as a group.
Workers’ compensation premiums are based on a variety of factors. The most important factor is the risk for at-work injury or illness for workers in your industry. Michigan workmans’ comp premiums are also based on how many employees an employer has, the employer’s annual payroll, and the employer’s history of accidents and workers’ compensation claims.
If you have a good safety record, you may be rewarded with lower premiums than others in your industry.
Classification Code: The Compensation Advisory Organization of Michigan (CAOM) assigns a risk classification code (class code) to every occupation. Each class code represents industries and occupations with similar exposures to workplace injuries.
Base Rate: Class codes are used to classify workers’ compensation base rates, which coincide with the loss experience of the employers within each code. Each class code is assigned a base rate that is determined by how hazardous the occupation is for workers.
The base rate is used as part of a formula that determines an employer’s annual workers’ compensation premium.
Classification Code 5190: Electrical Wiring
Base Rate: $2.75
Premium Calculation: BASE RATE X (PAYROLL/100)
Example: (Based on $100,000 annual payroll)
$100,000/100 = $1,000 X $2.75 = $2,750
ESTIMATED ANNUAL WORKERS’ COMPENSATION PREMIUM FOR MICHIGAN ELECTRICIAN
After you establish a workers’ compensation claims history, experience rating makes a significant difference in what you pay over time. An experience modification factor, or experience mod, is an additional factor that may be applied to your workers’ compensation premium calculation. It either increases or decreases your workers’ compensation premium for a given year.
Your mod is a numerical representation of your actual losses compared with expected losses for your industry (plumbers are compared to plumbers, restaurant workers to restaurant workers, etc.)
AVERAGE MOD: 1.0 = Does not impact premium
DEBIT MOD: GREATER THAN 1.0 = Premium goes up
CREDIT MOD: LESS THAN 1.0 = Premium goes down
BASE RATE X (PAYROLL/100) X MOD = PREMIUM
Purchasing workers’ compensation is complicated for most employers, with many complex variables. If you would like to purchase workers’ compensation insurance for your Michigan business, contact an independent agent who is licensed to sell workers’ compensation insurance in the state.
A local agent can help you find the best coverage for your industry, and can help you assess and implement safety and risk management programs that help to keep your workers’ compensation costs under control.