Michigan Small Business Insurance Needs
Small Businesses play a significant role in Michigan’s economic landscape. In 2016, there were 856,352 small businesses, which made up 98.2% of total Michigan businesses and employed over 1.8 million people.1 Also, small businesses created 43,866 net new jobs in 2016. The Hartford has been providing business insurance in Michigan for over 80 years. You can help protect your business and its employees by choosing small business insurance with The Hartford. Read on to learn more about the types of business coverage we offer Michigan businesses.
Types of Small Business Insurance Offered in Michigan
Liability Insurance Michigan
Liability Insurance is one of the most important insurance policies Michigan business owners can have. Liability Insurance helps protect your business from claims by others that your business for example, caused them bodily injury, property damage, reputation harm, advertising injury or more. The Hartford includes Liability Insurance and business property insurance in our Business Owner’s Policy (BOP) insurance. A BOP is convenient for business owners because it provides coverage for some common types of claims and often saves them money by combining popular business coverages in one overarching policy. A BOP can also be customized to meet the specific needs of a business by adding additional coverages to it from a broad range of optional coverages available through The Hartford. Consider a Business Insurance Policy with The Hartford to help protect your business for example, from claims such as the following:
- A customer received an injury at your workplace that required surgery and is now suing you to cover their medical expenses.
- Your business is accused of reputation harm after you compare your services to another person’s services in an advertisement.
- A customer claims your business caused damage to their property.
Commercial Auto Insurance in Michigan
If your business uses vehicles to conduct business, whether they are owned, rented, or are your employees’ cars, you probably need Commercial Auto Insurance. Commercial Auto Insurance helps protect your business if you or your employees are in a motor vehicle accident while driving on behalf of your company. This policy can help cover medical expenses, property damage, towing expenses, rental reimbursement, and physical damage loss. Accidents happen when you least expect them, call The Hartford today so for example, you can be prepared in the event of the following:
- Your employee accidentally swerves off the road into a light post causing damage to public property, and you have to replace it.
- You are driving to deliver products and accidentally hit another vehicle and total it.
- Your employee crashes into another car due to slick driving conditions and causes injury to the other driver.
Michigan Data Breach Insurance
Consider acquiring Data Breach Insurance. With technology influencing so many aspects of business operations nowadays, it is critical to make sure your business is prepared and equipped to handle a hack or breach in your data security. Data Breach Insurance helps cover the costs for things like public relations, legal fees, liability lawsuits, and identity protection solutions related to a data breach or cyber liability issue. The Hartford also helps provide business owners with access to information and professionals who can help your business implement best practices and protocols to help prevent data security breaches. Consider Data Breach Insurance with The Hartford if your business:
- Keeps sensitive customer information like credit card information, bank account numbers, social security numbers, or medical records saved on an internal network.
- Uses software to store pertinent business information or intellectual property.
- Has a network where private information and data about your clients, vendors, or workers are stored by employees.
Michigan Business Income Insurance
If your business relies on equipment, a physical location, or some other property to generate income, consider Business Income Insurance. A Business Income Insurance policy covers the cost of payroll, business income, rent and other monthly bills if your business is inoperable due to damage from theft, fire, wind or other covered incident. Insurance from The Hartford can help support your business until it is back up and running. Business Income Insurance with The Hartford is already included in a Business Owners’ Policy, allowing you to save money and conveniently protect your business from a multitude of claims in one single policy. Consider Business Income Insurance if:
- Your business relies on an office, computers, or other company property to operate.
- Your business depends on a physical locations and tools or equipment to be able to serve customers and make money.
- Your business relies on a brick and mortar store to sell products and create revenue.
Michigan Minimum Business Insurance Requirements
The state of Michigan requires employers to provide Workers’ Compensation Insurance for all employees who work 35 hours or more per week.2 This requirement is to protect employees if they get injured or ill from the workplace. Workers’ Compensation Insurance with The Hartford helps provide coverage for injured or ill employees by helping ensure they have access to medical care and by helping cover the cost of their medical treatment, prescriptions, rehabilitation, and lost wages. Workers’ Compensation Insurance also helps protect the business owner in the event an employee or their family sues your business. The Hartford has provided Workers’ Compensation Insurance for hundreds of Michigan businesses and can help ensure that you and your business are prepared in the case of a workplace illness or accident.
Additional Michigan Business Insurance Links
- Commercial Auto Insurance
- Business Income Insurance
- Commercial Flood Insurance
- Commercial Property Insurance
- Commercial Umbrella Insurance
- Data Breach Insurance
- General Liability Insurance
- Surety & Fidelity Bonds
- Home-Based Business Insurance
- Employment Practices Liability
Get a quote on Small Business Insurance for your business today.