Small businesses in Michigan most often buy these types of insurance.
Business liability insurance is important for all Michigan businesses. This policy covers common risks, including customer injuries. Most commercial leases require this coverage.
Workers’ compensation is required for all Michigan businesses with at least one full-time employee or three part-time employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Michigan. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
A BOP bundles commercial property insurance and commercial general liability coverage. It's a way for small, low-risk Michigan businesses to save money on insurance.
This policy, also called errors and omissions insurance (E&O), protects Michigan businesses that provide professional services or advice. It covers lawsuits related to work performance.
E&O, sometimes called professional liability insurance, is common with professional services in Michigan. It can cover the cost of lawsuits related to your work performance.
This policy covers financial losses from data breaches and cyberattacks. It's recommended for Michigan businesses that handle credit card numbers and other sensitive information.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws can affect which business insurance coverage you need. These policies are required everywhere in Michigan, from Detroit to Grand Rapids.
Michigan state law requires private employers with one or more full-time employees, or three or more employees of any status, to carry workers’ compensation insurance. All public employers must carry this coverage.
Workers' comp insurance covers medical bills for work-related injuries and illnesses. It also provides disability benefits for injured Michigan workers.
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
Michigan's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Real estate agents and brokers and other professionals who offer advice or services are sometimes required by state law to carry errors and omissions insurance (E&O) in order to get licensed in their state.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.