Unfortunately, even the most conscientious business owners could be hit with a lawsuit of some kind, whether it is a workers compensation claim from an employee or an errors & omissions claim from a client. The most important tool you can have to protect your business is Michigan Business Insurance. Of course, with this comes many issues to consider: what type you need, the appropriate amount of coverage, and the deductible and the premium. We’ve compiled some various types of business insurance below and will discuss why your company needs coverage in these areas.
Property Insurance: This will cover losses from physical damage to your property or loss of use. This is especially important if your commercial building is in a risky area, prone to vandalism or natural disasters of any kind. Remember, even if you have this coverage, it’s still wise to keep copies of important documents, policies, business records and computer backup disks at a separate location to avoid data loss.
Workers Compensation Insurance: This type of insurance is required by law for most businesses. It provides benefits for employees who are injured or benefits for the employee’s family if there is a fatality due to a job-related incident. The legal requirements do vary from state to state, but there’s generally a penalty for operating without such insurance.
Health Insurance: This is another type of business insurance coverage that is often required by law depending on your number of employees. Even if it’s not required though, it’s still important to have. Without health insurance, you may have employees who avoid seeking medical care and then end up getting sick or injured, leading to absenteeism or loss of productivity.
Depending on your circumstances and finances, you might also want to consider other types of insurance, such as Errors & Omissions Insurance, Employment Practices Liability (EPL), and more. At Capital Insurance Group, we understand the risks and exposures your business faces every day. Our approach is why so many of our clients remain with us year after year. Please contact us today at (888) 296-0418 for more information.