subject: Different Types Of Business Insurance Michigan Has To Offer [print this page] Different Types Of Business Insurance Michigan Has To Offer
If you own a business in the state of Michigan, you may be interested in some of the different forms of insurance available to you. There are many options to consider that will protect your business in one way or another, and it is your job to determine which coverage would be ideal to have. Understanding the kinds of business insurance Michigan provides will give you the best idea of how to protect yourself and your company. Here is a look at some of the coverage options you could look into.
Liability Insurance
Liability insurance is put in place to protect your business in the event of a lawsuit. If a case is filed against you for malpractice or negligence, you can use your insurance to cover the cost of your lawyer fees and any damages you must pay for as a result of the case. This is especially beneficial for people in the medical industry because of how often malpractice cases are filed. There are certain qualifications you will need to meet to get this type of insurance, but it could greatly protect you in the long run.
Property Insurance
Property insurance provides protection for the building you have your business in and the property it sets on. It will also cover most or all of the possessions inside, just like a homeowner's policy would. Property policies are among the most popular forms of business insurance Michigan has to offer as most people view it as a way to protect their business as a whole. It can be combined with casualty insurance to protect loss and damage to the business.
Commercial Auto Insurance
Your work vehicles will not be covered under the same auto insurance policy your personal vehicles will be. Thus, it is important that you get the right kind of protection for those automobiles. This is usually required by law so look into the different kinds of coverage you have to carry for your commercial vehicles and purchase it accordingly.
Health Insurance
If you want to have a competitive edge that will allow you to higher quality employees, you need to provide health insurance. This will be a hefty cost to incur, but it could yield great rewards if it leads to a better staff. You can go into a group plan to have the employees pay part of the cost of their insurance, and that will save you a little money.
Life and Disability Insurance
Life and disability insurance is put in place to protect the investments of the business in the event of a death or injury. If you have a business partner, you should get this form of business and put your partner as the beneficiary. He or she could do the same for you so if something ever happens; you have a plan for how the business is run.
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