Business Insurance

Michigan Business Insurance

When you are running a business, it is common for accidents, lawsuits, and disasters to happen from time to time. Therefore, it is best to be prepared ahead of time by purchasing the necessary business insurance. By taking this step, you are protecting yourself from the accumulating costs and expenses that come from these unexpected events. If you choose not to protect yourself with the right business insurance, you could jeopardize your business.

The experienced team at Hartman Insurance Agency is here to assist you with the process of selecting the appropriate insurance for your business. Do not hesitate to contact our office today if you have any questions or want to go over your insurance options.

The Types of Business Insurance Available

While it is very important to purchase business insurance, knowing which risks you need to ensure are covered can be difficult. When considering the risks that could occur, you should determine which ones you may not be able to pay for out of your pocket if they happen. The following are a few different insurance options that are available for businesses, including product liability, professional liability, commercial property, business owner’s insurance, home-based business insurance, and general liability.

Product Liability Insurance

This type of insurance is best for businesses that make or sell products. It will protect the business from any financial loss experienced from defective products or items that caused injury to others.

Professional Liability Insurance

This type of insurance works well for companies offering customer services. It will protect the business from financial loss due to negligence, error, or malpractice.

Commercial Property Insurance

Businesses with significant physical assets or property benefit from this type of insurance. This is because it will protect their business from damage or losses due to events such as fires, hail, wind, smoke, or vandalism.

Business Owner’s Insurance Policy

If you are a small business owner, this insurance may benefit you. It is a special type of insurance that compiles several typical insurance coverages into one personalized bundle for your convenience. By choosing to do this, you may be able to save money and make the process of selecting insurance for your small business easier and more beneficial to you.  Not all business types qualify for a business owner’s policy, but Hartman Insurance will help guide you to the correct type of policy for your business.

Home-Based Business Insurance

Many small businesses are being operated out of homes. If this is the case, you can select a home-based business insurance policy to cover your equipment and third-party injuries. This type of insurance usually only covers a small amount of equipment, such as computers and devices or machines used to manufacture items.

General Liability Insurance

This coverage works for any business. It protects the company from financial loss resulting from property damage, injuries, medical costs, lawsuits, settlement bonds, and more.

Speak to an insurance agent to determine which insurance coverage would make the most sense for your business. Hartman Insurance Agency will compare prices and find the best deal possible for your needs.

The Importance of Business Insurance

Business insurance is important because it protects your business and personal assets from unexpected events. Therefore, you should ensure you purchase the correct type to cover your business.

You should also remember that it is a Michigan law that businesses provide their employees workers’ compensation coverage. If you have employees, you will need to look into this coverage.

The requirements can differ for each state, so it is important to know what your state requires. If you do not have time to do your research, do not worry; an insurance agent will explain the process and every type of insurance you legally require for your business.

Michigan Business Insurance FAQs

What is Business Insurance?

Business insurance provides different policy options to protect businesses from financial loss. For example, if you own a commercial business, you must look for an insurance policy that covers commercial businesses. If you own a small business operated in your home, you will need to look for a policy that covers small home-based businesses.

How Does Business Insurance Work?

Business insurance creates a contract between your business and the insurance company, and the contract explains that the insurance company will cover the financial losses resulting from unexpected events. When an event happens, you file a claim, the damage will be assessed, the claim will be processed, and compensation for the damage should be provided to you.

How Much Does Business Insurance Cost?

Determining how much your business insurance will cost is a complex process. Every business is different and has different needs when it comes to business insurance coverage. While the average cost is a couple hundred per month, this can depend on various factors, such as the size of the business, its location, how many employees, and more.

Is Business Insurance Tax Deductible?

Business insurance is typically tax deductible, but you must prove that your business insurance is solely for running your business.

Does Business Insurance Cover Floods or Embezzlement?

If you select a business insurance policy that covers crime or theft, your business will most likely be protected from employee embezzlement or fraud. You can choose from several policies that include employee dishonesty coverage.

The only way for your insurance to cover floods is to ensure that you have a separate flood insurance policy. Most commercial property insurance covers some water damage, but that typically does not include floods. Look over your policy to ensure that you know and understand everything covered.

Do You Need Business Insurance? Contact Hartman Insurance Agency to Learn About Your Options.

If you need business insurance and want to learn more about your options, Hartman Insurance Agency would be happy to help you. We will discuss any risks you need to be covered, help you select the appropriate policy, and go over the entire policy carefully. If this sounds like a good fit, call us at 734-429-5491 or visit our office in Saline, Michigan.

We look forward to hearing from you soon!

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