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Your small Michigan business needs tailor-made insurance coverage to protect the operation you have worked hard to build.
Take a look at our guide to small business insurance for everything you need to know about the best small business insurance in Michigan.
Best insurance options for small businesses in Michigan
It is important to look for suppliers specialized in small businesses. You may also be looking for an insurance provider with experience in your industry. Get started with our best choices for the best Michigan small business insurance.
Best general insurance for small businesses: The Hartford
Hartford has been dedicated to providing small business insurance for over 30 years. It offers customizable coverage to ensure the best protection for your small business.
Hartford offers a business owner policy (BOP) to group 3 essential covers into one policy. Its BOP coverage includes general liability insurance, corporate property insurance and corporate income insurance.
If you need additional types of coverage, request a quote from The Hartford for risk-based advice that your business faces.
The best for the food industry: nationally
Nationwide offers specific coverage for the agri-food industry and its naagents specializing in commercial agri-food or commercial farm and ranch service.
At national level it establishes specific policies for traditional farms and farms and expands operations with commercial exposure and small farms. You can also customize your policy with optional sponsorships and coverages, including protection for your vehicles, home, property and livestock.
Commercial agribusiness agents offer comprehensive customizable insurance coverage for the commercial agri-food industries, fuel, beverages and food industries. Some risk management services are offered at no additional cost.
Find a certified farm or agribusiness agent on the Nationwide website.
Ideal for freelancers: Suracy
Suracy offers tailored covered solutions to support the needs of each individual small business.
Suracy is at the service of companies of all sizes, as well as unions, associations and other organizations.
It also provides coverage options for self-employed workers, including real estate, beauty, home maintenance and other professional services.
Suracy has the priority of working with operators with experience in your sector who can offer coverage that reflects the exposure, budget and vision of your business.
Ideal for small businesses Partnership: State Farm
State Farm can offer coverage regardless of the life phase or industry of your business. A local State Farm agent can guide you through the options and advice for your business.
State Farm offers comprehensive coverage options, including an umbrella of commercial liability, individual health, errors and omissions, and worker compensation.
It also offers support for the transfer of ownership of your small business. State Farm insurance products that can simplify the process.
Ideal for worldwide coverage: Hiscox
Hiscox offers many types of corporate insurance coverage, flexible payment options and customized insurance coverage. You will also have global coverage with Hiscox. Regardless of where in the world your work is performed, you will have coverage as long as the complaint is lodged in the United States, a territory of the United States or Canada.
Hiscox also makes it easy to get a quick and free quote. Start online or speak to an authorized Hiscox agent over the phone.
Cost of Insurance for Small Businesses in Michigan
In 2019, the national average cost for a new 12-month corporate insurance policy through the Advantage Progressive corporate program was $ 46 per month for a professional liability insurance policy. The workers' wages were $ 85 a month.
The cost of the corporate insurance policy will depend on a number of factors, including:
The sector in which your company operates can increase or decrease the risk that your company is faced with a complaint. If you work in a hazardous sector or use heavy machinery, your business probably has a higher risk of workers' compensation or other injury compensation claims than a traditional office. If you own a commercial property, you will want insurance to cover the property. The location and condition of the building will affect your reward. The size of your payroll is important for worker insurance. Benefits are paid to your employees based on their salary. The higher your salary, the greater the coverage you may need. Claim history can tell insurance providers if your business appears to be operating safely. If your company has faced multiple complaints in the past, insurance providers can determine that your business is at greater risk of having to face multiple claims in the future. This could increase the cost of the insurance premium.
There are a few ways to reduce policy costs:
You can monitor and assess the risks your company faces. For example, you can increase workplace safety training to reduce the risk of accidents at work. Your reward may be influenced by the deductible and the coverage you choose. If you increase your deductible (the amount your company has to pay out of your own pocket for a covered claim), it could reduce the cost of your premium. If policy coverage limits are reduced, the cost of the premium may also decrease. Some insurance companies offer policies that group 2 or more coverages into a single policy. Bundled coverage can help you save overall on the cost of your policies.
What does small business insurance cover?
Each type of business insurance offers its own unique coverage area. Here are some of the most common types of business insurance that your small business may need.
General liability insurance
General liability insurance can benefit from any type of business. It protects against financial losses resulting from accidents due to personal injury to non-employees and related medical expenses. It can also help protect your business from financial losses from property damage claims. Financial losses due to slander or slander are also covered.
Commercial property insurance
This coverage protects your corporate property and physical assets from loss and damage to corporate property due to a wide range of events. These events may include fires, smoke, wind and hail storms, civil disobedience and vandalism.
If you run your business outside of your personal residence, this is a good insurance option to look into. Provides coverage that can be added as a driver to the homeowner's insurance policy. Home-based business insurance policies offer protection for a small amount of business equipment. It also offers liability coverage for third party injuries.
Professional liability insurance
Professional liability insurance is designed for companies that provide services. You can use this coverage if a complaint is made for negligence, errors or negligence against the company.
Product liability insurance
This cover protects your business from financial losses due to a defective product causing injury or physical damage. Even companies that sell wholesale, distribute or sell products can use the protections of this cover.
Comp. Workers offers protection if an employee suffers from an illness or accident at work. Employees can receive coverage for medical treatment and wages lost due to illness or injury at work. It can also help cover legal costs if the injured employee or his family is suing your company.
What insurance does your company need?
It can be difficult to understand what your business needs with so many options out there. Request a quote from multiple insurance providers and compare the coverage and recommended costs. The agent and supplier can help you determine which insurance coverage your small business needs.
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