Business Insurance in Michigan: Small Business Insurance Must-Haves


Businesses with employees, no matter how small the enterprise, may be required by law to have certain types of insurance including unemployment insurance, workers compensation insurance, and even disability insurance. The type of small business you run will dictate the type and number of insurance policies you need.

A few types of policies are common for many businesses, but before you buy into one, make sure to consult with a Michigan business insurance agent about your specific situation. Aside from the coverages mentioned earlier, here are other insurance types needed for your small business:

Commercial property Insurance

Commercial property insurance functions just like traditional homeowner’s insurance, covering the building structure and contents. This includes office equipment, computers, tools, or inventory. If a fire or natural disaster wrecks your company’s office, commercial property insurance typically covers the damages.

General liability insurance

This type of insurance protects a small business against legal claims relating to the company’s operations. For instance, if a customer is injured on your business premises, general liability insurance may cover the cost. Even libel or slander can be covered by general liability insurance.

Commercial auto insurance

With commercial auto insurance, you can protect company vehicles that ferry employees, products, or equipment. If your enterprise doesn’t own vehicles you can apply for non-owned auto liability for employees who drive their own cars to protect your company should your employee hold inadequate auto insurance coverage.

Product liability insurance

For business that manufacture, distribute, or rent products, product liability can be a major risk factor. As such, product liability insurance is necessary to protect the company against claims for malfunctioning or defective products. If you sell products to the public, it’s a good idea to get product liability insurance to avoid unpleasant lawsuits that could potentially bankrupt you or close your business.

As a small business owner or manager, you want to have peace of mind that your insurance coverage will protect what you’ve worked hard to build. To know the specific types of coverage that apply to your situation, talk to a qualified local MI business insurance agent from trustworthy firms like Allied Insurance Managers, Inc.


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Allied Insurance Managers's Bio

Headquartered in Rochester Hills, Mich., Allied Insurance Managers is one of the largest, privately-owned, independent insurance agencies in Michigan.