Required Commercial Insurance in Michigan

Every state has laws about small businesses and what kind of insurance coverage they have to have. These are not the only insurance policies that businesses should have, however, they are just the ones that are mandated by Michigan law. If you want to know more about commercial insurance in the state, give us a call at The Ryan Insurance Agency in Clarkston, MI.

Workers’ Compensation

Workers’ compensation insurance is a type of commercial insurance that many businesses in the state are required to have. If a business has at least one full-time employee, it must carry this insurance for that employee. This coverage pays for the medical bills that result from an employee becoming injured at work or developing an illness from their work. This protects you as the business owner by paying those medical bills, which can be extremely expensive. It also protects you from lawsuits after an injury happens or illness develops. 

Commercial Auto Coverage

Any vehicle that is owned by a business in Michigan must have a commercial auto insurance policy on it. The state has requirements for the types of coverage that must be included as well as the minimum amount of coverage for each of those categories. It has an amount requires for bodily injury for one person injured in an accident, another amount required for bodily injury liability for everyone who is injured in an accident and another amount required for property damage liability for each accident. While there are minimum amounts required, it’s often a good idea to add to that coverage to make sure you can pay for injuries and property damage that result in an accident that was your fault. 

Get Your Commercial Insurance Policies

If you need commercial insurance to keep your business protected, give us a call at The Ryan Insurance Agency in Clarkston, MI.

What is included with my commercial insurance policy?

Those that have a dream of owning their own business should consider starting one in Clarkston, MI. This area of Michigan provides great support to individuals looking to grow and expand a small business. When you do own a business, you need to protect it as well as you can. One of the best ways to do this is by getting commercial insurance as it includes several forms of insurance coverage.

Insurance Provides Protection for Liability

One way that you will be protected by commercial insurance is by getting coverage for liability risk. When you are a business owner, you will consistently be taking on liability risk. If you are ever sued for liability and have to pay for damages, the impact could be significant. Fortunately, with commercial insurance, you can receive protection to give you support if you are sued for liability.

Insurance Covers Investment and Assets

A small business owner is also going to invest a lot in their business. Part of this investment will include buying assets that are necessary to build and grow their company. To ensure that these assets are covered, you will want to get commercial insurance. If you do get a commercial insurance policy, the protection will ensure that your assets are covered if there is a fire, theft, or other situation that results in a loss for you.

Ultimately, having a commercial insurance policy in the Clarkston, MI area can keep you and your company solvent. Due to its importance, you should speak with the team at The Ryan Insurance Agency to discuss your needs. If you do call The Ryan Insurance Agency, you will get more guidance to protect your company properly.

What Kind of Commercial Coverage Does Your Small Business Need?

Running a small business can be a challenge, especially during the holiday season. With commercial insurance, you can protect your small business not only during the holidays but all throughout the year. Here’s what a commercial insurance policy from The Ryan Insurance Agency in Clarkson, MI has to offer your budding enterprise:

Liability Protection

Accidents happen all the time and your business needs to be prepared to handle the fallout of accidental injuries or property damage on your business site. The holiday season only increases your risk of liability claims due to an increased flow of shoppers on your commercial property. Liability coverage protects you against accidental injuries by covering customers’ medical costs. It also covers legal expenses if your business is sued for damages.

Property Coverage

Like accidents, disasters can happen at any time, even during the holidays. A severe winter storm could cause extensive damage to your building or inventory. Property coverage protects your building, business equipment, and products against fire, storm damage, and other natural disasters. Without this protection, you run the risk of paying for repairs or replacement of goods out of your business assets.

At Ryan Insurance Agency, you can get general liability and property insurance protection in one policy via our Small business Owner’s (BOP) policy.

Worker’s Comp

If your business has employees, you need worker’s comp to compensate employees who are injured on the job. Worker’s comp insurance is mandatory in Michigan by law. It protects both your employees and your business by taking care of your workers’ needs.

By assessing the risks your business faces in your local area, you can customize your coverage to obtain the specific protection your business needs.

To learn more about commercial coverage for small businesses in the Clarkson, MI area, contact The Ryan Insurance Agency today.