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Insurance cover for small businesses in Michigan
Hired and Non-Owned Auto Insurance protects your small business that hires vehicles or allows employees to borrow company vehicles for business purposes. You're covered for claims of personal injury and property damage if any of your vehicles is involved in an accident.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Frequently Asked Questions
How much Commercial Liability Insurance is required in Michigan?
Commercial Liability Insurance coverage isn't mandatory in Michigan, but is a wise way to protect your business. When purchasing liability coverage, bear in mind that any liability judgement amounts in excess of your coverage limit have to be paid by your business.
My employees use trucks for delivering goods and services, what insurance is required Michigan?
If your Michigan business is uses vehicles in the course of business, you'll need Commercial Auto Insurance. Minimum liability coverage amounts for bodily injury are $20,000 per person for bodily and $40,000 for all persons. Property damage liability coverage has to be at least $10,000.
What are the requirements to get an insurance quote in Michigan?
The type of documentation you'll need depends on the type of insurance you're buying for your Michigan business. Typically, you'll need your state business licenses, payroll and sales figures, vehicle information, and claims history.
I only have one employee, do I need a Workers Comp in Michigan?
By Michigan law, most employers regularly employing 1 or more employees with a minimum of 35 hours per week for 13 weeks or more are required to purchase Workers' Compensation coverage. Employers with 3 or more employees, including part-time, may also be required to provide coverage for workers.
Guide to commercial insurance by state
Insurance laws and requirements may vary state by state. Click on your state to discover the insurance you will need for your small business: