Is General Liability Insurance Enough for My Business, or Do I Need Additional Coverage?
While general liability insurance is an important form of coverage, it typically isn’t enough to adequately protect a business. Having appropriate insurance coverage is critical for protecting your investment and bolstering your peace of mind. Your insurance needs will be specific to your business, which makes consulting with our experienced Michigan business insurance specialists at Hartman Insurance Agency, Inc., an excellent plan.
Your Specific Business Insurance Needs
Owning a business in Michigan comes with considerable risk and can be extremely rewarding. Protecting yourself in the process is paramount, and effecting comprehensive coverage for your enterprise will depend on factors like the following:
- The industry
- The property your business is located on
- The assets involved
- The contracts involved
- Business-specific risk factors
A solid coverage plan is a building block for running a successful business, and trusted business insurance agents are standing by to help.
General Liability Insurance
General liability insurance helps protect your business from claims that relate to bodily injury, property damage, and some non-physical harms related to marketing activities. This type of insurance is a primary coverage point for businesses throughout Michigan. While not required by law, general liability insurance is often required by business contracts. Most businesses that work with vendors, clients, customers, or landlords should have general liability insurance.
Commercial Property Insurance
Commercial property insurance protects businesses that own significant physical assets, and while it’s generally optional, it’s often required by lenders and leases. This coverage extends to protection from damaging events like fires, smoke, vandalism, hail, and high winds. Companies that own buildings, inventory, equipment, tools, furniture, or computers should have commercial property coverage.
Business Owner’s Policy
A business owner’s policy (BOP) can be a practical option for small businesses that are just getting established or want to streamline their protection. These policies combine basic coverage needs and include both general liability and commercial property coverage. Not all businesses qualify for a BOP.
Professional Liability Insurance
Professional liability coverage, which is also called errors and omissions coverage, is generally specific to the industry or contract. This insurance is designed to help protect service-based businesses from claims arising from professional error, such as in relation to deadlines, advice, or the date of expected delivery. This brand of coverage is most relevant for consultants, designers, real estate professionals, tech providers, bookkeepers, and other businesses that provide advice-based services.
Product Liability Insurance
Product liability insurance can be an important form of coverage for businesses that make or sell products. It covers the losses associated with defective products or products that lead to injury.
Our Experienced Michigan Business Insurance Agents Can Help You Protect Your Business
These are some of the basic forms of coverage for business owners, and your business insurance requirements may be more exacting or comprehensive. Whatever your needs, our skilled business insurance agents at Hartman Insurance Agency, Inc., can help you implement effective coverage and bolster your sense of security. Learn more by contacting us online or giving us a call at 734-245-2678 today.