Three Types of Business Insurance In Michigan You Can’t Afford To Skip
As a small, medium or large business owner you know that one of the most essential components of turning a profit is to keep your overhead and cost of doing business as low as possible. While there are some great options to consider, skipping or skimping on insurance is never a good idea. Business insurance in Michigan is only a small cost when compared to the possible cost if you don’t have the coverage.
There are many different options to consider when you are choosing business insurance in Michigan. Depending on your business and the types of products or services you provide different insurance options may be more essential than others. However, there are three types of coverage that any business should have, at the right coverage level, to protect their business in the event of an accident or issue.
General Liability Insurance
Regardless of the type of business, service or product you are selling you need to have liability insurance. This protects your assets and business against any injuries to people or any property damage that occurs due to anything that you are providing or selling. It also protects you if someone, a customer or an employee, is hurt on your property.
Liability insurance is essential as injuries and damage lawsuits can include some of the largest settlement. These lawsuits can ask for both compensatory and punitive damages especially if they are charging misconduct or negligence.
This type of business insurance in Michigan is basically like a homeowner insurance policy for your business. It can cover all the tangible assets of your business including office equipment, inventory, the actual building that the business is in or tools and necessary equipment. It covers your cost of replacement in the event of fire, theft or vandalism or other types of specified coverage.
Professional Liability Insurance
This is different from general liability insurance and is an often overlooked type of business insurance in Michigan. It provides protection for you, as the business owner, in the event that there were any damages caused or professional services were improperly provided. In essence it protects you if you, or your staff, make a mistake or forget something during providing service that ends up costing your customer or causing damage.
In addition you should have health coverage and disability insurance in the event that you cannot work or run the business. Talk to a professional insurance agent about your options for business insurance in Michigan to make sure you are fully protected.