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Business insurance protects your business from liability and losses that may arise. It can cover everything from property damage to injuries sustained on your premises. You need a way to protect yourself if something unexpected happens on the job. As an example, consider what would happen if your building catches fire or someone gets injured during one of your events. Without the right coverage in place, you are liable for any damages or fines incurred as a result of these events. That’s why it’s important to have the right type of coverage in place before they happen! We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
The state of Michigan requires at least some form of insurance coverage for most companies. Every employer must carry workers’ compensation insurance that covers all employees, regardless of their position or pay rate. In Michigan, workers’ compensation isn’t required for all companies or employees — only for employers with three or more employees. However, most employers choose to buy workers’ comp coverage even if it is not legally required since it provides financial protection to the injured employee as well as the employer in case of a lawsuit over an injury sustained on the job.
Below are some common types of business insurance:
This policy covers third-party claims, including bodily injury and property damage. If someone sues your company for negligence, general liability will cover the costs of the legal defense.
There are a few different factors that can exclude coverage, such as:
Owning vehicles for your business requires commercial auto insurance, which might be more comprehensive than personal car insurance policies. This is especially true if you allow employees to drive their own cars for work purposes, as non-owned auto coverage can help protect your company in case of an accident. Some of the common exclusions of Commercial Auto Insurance are:
Employers must have workers comp to cover any workplace injuries or illnesses that employees might experience on the job. The coverage applies no matter who was at fault — even if the injury was due to employee recklessness — and it usually includes medical benefits as well as a portion of lost wages while they recover. Workers comp is legally required in most states (with some exceptions), but even in states where it isn’t required, you may still have a responsibility to care for your employees’ health and safety. There are certain things that are excluded from the workers’ compensation business insurance policy. Some of these exclusions include:
This type of policy is for certain industries that provide advice or a professional service, such as accounting firms and law firms. It protects you from claims that you failed to perform your professional duties. Professional liability insurance policy does not cover any of the following:
If a covered disaster damages your small business and causes it to suspend operations, this policy reimburses you for the income lost during the downtime. Here are some common exclusions you should be aware of.
The main factors that affect how much your insurance costs are:
Some businesses carry more risk than others, so they face higher premiums. For example, a professional services business typically has lower risks and is, therefore, less expensive to insure than a manufacturer or wholesaler.
Your state and neighborhood may affect your premiums. Businesses in high-crime areas may need extra protection against theft and vandalism, for example — and the cost of that coverage will be reflected in their premiums.
The size of your building, its age, and its condition can all affect your rates. For example, older buildings may have old wiring or pipes that could damage other units in the building if they fail — which would increase the cost of your insurance.
The number and type of people you employ will affect how much you pay for insurance. If you have many employees who perform high-risk jobs (like manufacturing), you’ll likely pay more for workers’ compensation insurance than employers with fewer employees or those who work in less risky jobs (such as accounting).
So, how can you make sure you’re getting the right coverage at the best price? Here are six tips to help you find the right business insurance policy: