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 small business insurance Michigan plan for your company.
Types of Business Insurance Plans in Michigan
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 is a business insurance bundle that integrates some of the most important types of insurance coverage into one policy. It typically packages general liability and property insurance, but you can add other optional coverage to lower the risk to your small or medium-sized business.
With a BOP, you can protect your business in case of claims regarding bodily injury in the workplace or damage to someone else’s property. You can also cover the loss or damage to your commercial property due to theft, fire, natural disaster, or other unforeseen circumstances.
Workers Compensation business 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 during the course of employment.
It would cover their medical expenses due to a work-related injury, as well as lost wages during their recovery. If you don’t have workers compensation insurance in Michigan, you could be fined or incarcerated, and an injured employee could file a lawsuit against your company.
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 – protects your contractual business against liabilities, such as property damage or bodily injury to a third party;
- Personal Injury – covers lost wages and medical expenses due to a car accident, regardless of which party is at fault (mandatory by Michigan’s no-fault law);
- Business Interruption – covers your lost income if you need to shutter your business temporarily;
- Excess Liability/Commercial Umbrella – excess liability increases the amount of an underlying policy’s coverage, while commercial umbrella allows you to add additional policies to an underlying one;
- Employment Practices Liability Insurance – protects against employees’ claims of allegedly violated legal rights;
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.
Suppose you or your employees get in an accident while driving a commercial vehicle. In that case, this Michigan policy will cover vehicle damage, property damage, medical expenses, and towing expenses. The same goes for damage from natural disasters or vandalism.
A few other commercial vehicle insurance plans 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
These types of coverage protect your business against claims of alleged wrongful acts, such as breach of duty, retaliatory treatment, wrongful discharge, pollution incidents, careless mistakes that led to a customer’s or client’s loss of income, and more. Marine liability insurance is just like general liability insurance, except it’s designed for those working in marine-based industries.
Miscellaneous Commercial Insurance
There’s a wide variety of industries and risks within those industries that require a specialized insurance plan. Standard insurance policies and general liability insurance have various limitations and exclusions, so you may need additional policies to safeguard all your commercial assets.
A few of our miscellaneous commercial insurance plans are:
- Ocean Marine/Hull & Cargo – protect employees, passengers, goods, and equipment during marine transport;
- Boiler & Machinery – covers repairs or replacements of damaged equipment;
- Crime/Employee Dishonesty – covers losses due to employee theft;
- Libel & Slander – provides coverage for expenses in case of a lawsuit regarding alleged libel or slander;
- Special Event – covers expenses in case you or your employees caused property damage or bodily injury at a one-day special event, such as a wedding;
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 – provides financial assistance to an employee who is unable to work due to a short-term or long-term disability;
- Funding of Buy-Sell Agreements – agreements between business co-owners that specify how one’s business shares will be reassigned in case they die unexpectedly or leave the company;
- Key Man Coverage – a type of life insurance policy on a key executive in a company;
- Group Benefits – life, health, and/or other types of insurance for a group of employees within an organization;
- Small Business Insurance in Michigan – various business liability insurance types covering property damage, bodily injury, personal injury, product liability, legal defense and judgments, advertising injury, and more;
Melton McFadden can help you find many other Michigan small business insurance policies for protecting your commercial assets.
Contact Melton McFadden today if you think that your Michigan business could benefit from any of these plans. You can also ask our experts about health insurance that is effective immediately.