The Importance of Securing Dependable Business Insurance in Michigan

Establishing a business doesn’t only begin with acquiring enough capital and strengthening your management skills. One vital component of building an enterprise from the ground up is securing a comprehensive business insurance in Michigan – a surefire way to keep your assets safe should anything untoward happen. This short excerpt from an article posted at BizFilings.com emphasizes the importance of protecting your business with an excellent insurance plan:

“Life is full of surprises: some good, some bad. A tornado may drop a bag of money on your driveway, although it’s more likely to drop a tree limb on your roof! Such unpleasant events are risks we often choose to insure ourselves against. By paying an insurance premium, you can avoid most of the economic impact (known as a “loss” in the insurance industry) of such unfortunate events.

 

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The impact of an uninsured loss on a business and the owner can be devastating. […]”

Different types of business insurance are abound to cover a wide array of specific situations. Here are some that you ought to consider:

Liability. Also known as Commercial General Business Liability, this mainly protects a company’s assets in case someone gets hurt in your business premises. It also covers legal defense costs should you and your company be sued by another party. Other covered areas also include protection from liability as a tenant in case damage is done to a property you rent, or claims of false or misleading advertising.

Workers’ Compensation. Most states essentially require employers to purchase this, primarily to handle numerous statutory obligations to workers who get injured while working or fall ill under your employ. It also provides benefits to the dependents of employees who pass away due to a work-related accident.

Commercial Auto. If you own a fleet of vehicles needed in your company’s line of work, you must insure them, too. You’d want to reduce the costs in the event one of your vehicles gets damaged, breaks down, or encounters other road mishaps.

Surety Bonds. Surety bonds are agreements under three parties – the surety, obligee, and the principal. In layman’s terms, one group (surety) assures a client (obligee) of top-notch performance on a job order, which is expected from the contractor (principal). This type of insurance is common in the construction industry.

There’s a lot more types of insurances out there, covering a wide array of specific situations that can befall any company today. Know more about them by consulting with firms like Allied Insurance Managers, Inc. that provide dependable business insurance in MI and nearby locales. Secure your business’ future today.

(Source: Adequate Insurance is Key to the Success of Your Business, BizFilings.com, May 24, 2012)