As a business owner, you’re most likely aware of the variety of insurances you must have to run an efficient and safe company. Many different types of insurance for businesses exist, including business property insurance, liability, commercial auto, workers compensation, group health, life, disability income, “key man” insurance and others. With Melton McFadden, you’ll be able to find the right business insurance plan for your company.
Types of Michigan Business Insurance
Melton McFadden is here to guide you through the process of choosing which insurance plans are necessary for your company. Below are some of the more common types of business insurance coverage available, however this is not a complete list. As always, we recommend you contact us to thoroughly review the needs of your business.
A BOP generally packages general liability, property insurance, and other optional coverage for lower risk small to medium-sized businesses.
Worker Compensation Insurance is required by all states for employers to carry, and there’s no exception in Michigan. This plan protects and handles payments should your employees suffer an injury occur during the course of employment.
Business property insurance covers buildings that you own and/or business property and inventory against physical loss or damage. Liability insurance is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another’s property, reputation, or health. Some other insurance plans that are similar are:
- Contractual Liability
- Personal Injury
- Business Interruption
- Excess Liability / Commercial Umbrella
Commercial auto liability coverage provides protection for any business-owned or leased commercial vehicle. Policies usually include collision/damage coverage and coverage for property and personal damage to others. A few other commercial vehicle insurance planes we recommend for businesses are:
- Commercial Automobile
- Fleet Commercial Automobile
- Garage Automobile
- Non-Owned Automobile
There are certain types of claims that are not covered by General Liability Insurance such as professional negligence or failure to perform professional duties. These claims require Specialty Liability Insurance plans such as:
- Professional Liability
- Errors & Omissions Liability
- Directors and Officers Liability
- Pollution Liability
- Marine Liability
Miscellaneous Commercial Insurance
There’s a wide variety of industries and risks within those industries that require a specialized insurance plan. A few of our miscellaneous commercial insurance plans are:
- Ocean Marine / Hull & Cargo
- Boiler & Machinery
- Libel & Slander
- Special Event
Business Life Insurance, Disability & Benefits
Businesses need to provide their employees with proper life insurance, disability, and benefits in order to keep a healthy workplace. A few of the insurance plans Melton McFadden provides for these services are:
- Disability Insurance
- Funding of Buy-Sell Agreements
- Key Man Coverage
- Group Benefits
Contact Melton McFadden today if you think that your Michigan business could benefit from any of these plans.