General Liability Insurance MI Policy Information

General Liability Insurance MI. Why does your company need to have it? Sometimes, business owners look at their business model and assume that they don't have to worry about the kinds of claims and liability. They think they can afford to take a pass on general liability insurance MI. They tell themselves they can save the money up front and worry about individual claims as they arise.Skipping commercial liability insurance is a big mistake. It can negatively impact your company in a variety of ways.

There are many reasons that you need to get a general liability insurance MI policy for your company. It's important to understand that the coverage you get from a Michigan general liability policy can protect you in ways that you might not understand. It can even help you grow your business. While your corporate structure might limit your liability in certain situations, it cannot completely shield you from losses - and it might not be enough to save your company in the event that something unexpected happens.

Why do businesses need general liability insurance MI? The main reason is to protect the company from lawsuits from liability resulting from property damage or bodily injury.

Here are some of the reasons that you need to have a comprehensive general liability policy for your company:

Acquiring New Business and Contracts - Depending on the type of business you are in, you may need to demonstrate that you have a general liability insurance MI policy before signing a contract or even submitting a bid or quote. In the construction industry, for example, general contractors need to submit proof of insurance. The same may be true if you are submitting quotes to municipalities and other government entities.
Protecting Against Lawsuits - One of the most common uses of general liability insurance MI is to pay for lawsuits. Like it or not, every business is at risk of being sued for something. Even a business with a seemingly low risk of injury can end up having a problem. All that needs to happen is for a potential client to visit your office or warehouse and sustain a fall or other injury. In such cases, they may be inclined to blame you for their injury even if it doesn't appear to be your fault. The problem with such lawsuits is that it can take a lot of time and money to get to the point where you can prove that the injury was not your fault - and, of course, there is always a chance that the case will go against you. Juries are notoriously difficult to predict and you have no way of knowing what will happen if you are sued. A general liability policy will cover various aspects of your expenses related to such suits, including your legal expenses. It can also help reimburse you for lost wages if you end up having to spend time in court, and cover any eventual settlement or damages awarded by a judge or jury.
Coverage Extends to Your Employees - The larger a company is, the more likely it is that one of its employees will end up making a mistake that results in an injury to a customer, client, or an innocent bystander. If you have employees making deliveries, waiting on customers, or doing any activity that brings them into contact with other people, you have to be concerned about your liability in the event that someone gets hurt, either physically or in some other way. General liability insurance MI will cover all of the people who work for you, including your directors, officers, employees, and even unpaid volunteers and interns. As long as they are operating in an official capacity, representing your Michigan company when the accident occurs, then you will be protected.
It Can Help Save Your Company - The biggest single reason you need to have commercial general liability insurance is that it can help to save your company. You might be operating on a razor-thin profit margin and think that you can save money by skimping on insurance. However, it is important to keep in mind that you could end up paying far more if you don't have insurance.

No matter how carefully you run your business, there are going to be times when you just can't predict what will happen, or how it will happen. Even the most careful and responsible employee can have a bad day. Even the best maintained facility can run into a problem that results in a defective product or a tripping hazard on the factory floor.

When those things happen, you need to have protection. The costs associated with a serious accident or injury can quickly spiral out of control. An injury that might not appear to be bad on the surface might end up costing you significantly more than you anticipate, especially when you add things like lost labor or pain and suffering. If you are found liable for a major accident, the possibility exists that a jury could award the plaintiff punitive damages totaling many times what the actual cost of the accident was.

The bottom line is that you could end up losing your business if you're not careful. Commercial general liability insurance can help protect your assets, ensuring that you can keep your business up and running even if you do end up in the midst of a lawsuit. It means that you will have the money to keep going even if you end up losing in court.

When you look at it that way, it's easy to see why it is worth it to spend a bit of money up front to get the commercial general liability insurance you need. Even if it cuts into your profits and requires you to operate on a shoestring budget for a while, you'll have the peace of mind that comes with knowing you are protected - and that your company and its employees are, too.

Picking the Right Coverage

How much general liability insurance MI do you need? Choosing the right policy limits, deductibles, and coverages can be tricky. You want to make sure you're protected but you also want to be careful not to overspend. You should understand what you need so you can negotiate the right policy to protect your business.

Coverage Considerations

There are many different things to take into consideration when shopping for commercial general liability insurance. Let's look at them each in turn.

Deductible

The first thing you want to think about is your policy deductible. A deductible is the amount of money you will have to pay up front in the event that you have a general liability claim resulting from an injury or lawsuit.

As a general rule, the higher the deductible on your policy is, the lower your premium will be. It might be tempting to opt for a very high deductible to save money; however, it is important to be realistic about what you can afford. Remember, if you do end up getting sued or having to pay for medical expenses, your deductible will have to be paid immediately. That means that if you don't have the cash on hand, you could end up having a real problem.

The best thing to do is to choose a deductible that is in a range that allows you to save some money on your premium without putting you in an impossible situation in the event that you have to pay it.

Coverage Limits

The next thing you need to consider is the policy limit. Many small business advisers recommend getting a minimum one million dollar policy so that you will have sufficient coverage to protect you in the event of a catastrophic injury or accidental death.

You will need to take several things into consideration when considering your liability limit:

How large is your company? Do you have many employees? Remember, the more employees you have, the more open you are to lawsuits and accidents.
What industry are you in? Some industries have a higher risk of liability than others. A company that provides basic office services will likely require less insurance than a construction company. You need to think about what you are doing and how it affects your risk.
How probable is it that you will end up with a catastrophic claim - the kind that could cost you your business? It can be difficult to predict, but think about the kinds of things you are doing and how they might result in claims.

A small construction company might want to carry several million dollars of general liability insurance MI, and might want to purchase an umbrella policy too. An umbrella policy covers you in the event that you max out your general liability insurance. For example, imagine you had a $2 million general liability policy and you ended up with a $3 million claim or settlement. The policy would pay the first $2 million. If you didn't have an umbrella policy, you would be liable for the remaining $1 million - but if you had an umbrella policy, it would pick up where your Michigan commercial general liability policy left off.

It's a good idea to envision a worst-case scenario and then tack a little more coverage on top of it to determine your ideal policy limit. An experienced insurance agent will be able to help you do this.

Premiums

In addition to looking at your deductible and policy limits, you also need to make sure that you can afford to pay your premiums. Depending on the insurance carrier you choose, you may need to pay your premiums monthly, or they maybe be paid partially in advance. Whatever your agreement is, you need to build your premiums into your budget so you can be sure to keep your policy up to date.

Before you commit to a policy, make sure you understand how and when payments are due. You need to buy coverage, but you also need to make sure you can afford to keep it up. Don't buy so much that you can't afford to make your payments. That's the equivalent of having no insurance at all - and that's not a risk you can afford to take.

Policy Provisions and Other Coverage Options

The final thing you need to consider is what your policy's provisions are. Insurance contracts tend to be long and fairly dry, but you need to make sure to read yours thoroughly. It's important to understand what coverage you have, and to ask questions about coverage you may need to get to supplement your commercial general liability coverage MI.

Let's look at an example. I mentioned earlier that many general liability policies cover accidents that happen in non-owned cars, such as when an employee rents a car in your company's name or drives their own car to do company business. However, if you plan on buying company cars, you also need to insure them - and injuries caused by someone driving them may not be covered by your general liability policy.

The same goes for certain other errors. If you do plan on serving liquor at company functions, you should make sure that your policy includes liquor liability coverage related to such service. You also need to check to see when the coverage is valid. As I mentioned earlier, if you charge for liquor then you may not be covered. Make sure you understand the provisions and how they work.

It's always a good idea to ask for a specimen contract up front. That way you can read through it, highlight sections that confuse you or require illumination, and go back to your agent or underwriter and clarify them. At the same time that you buy your general liability insurance MI, you may want to inquire about related insurance, such as umbrella insurance or professional liability insurance. Companies sometimes offer discounts if you buy more than one type of insurance from them, so inquiring may be a good way to save a bit of money.

Buying insurance isn't a simple thing. You need to make sure that you have a full understanding of your policy and what it covers before you sign on the dotted line.

General Liability Cost

Find the best CGL insurance Michigan policy for your business' unique needs by working with a seasoned agent. Consult with an agent to determine which coverage types you need and any riders or policy addendums that you must purchase to fully protect your business' financial future.

MI Small Business Insurance By Industry And/Or Type

Select the Michigan general industry or small business insurance type link below to find more detailed information on coverage, costs, exclusions and more:

Advertising, Marketing and Media
Agribusiness
Arts and Recreation
Auto Sales, Service And Repair
Aviation
Bonds
Children And Pets
Commercial Property
Construction Contractors
Contractors And Home Improvement
Education, Colleges, Universities And Schools
Financial Institutions
Food And Drink
Health And Beauty
Information Technology And Internet
Lodging Places
Local, State And Federal Government
Manufacturing
Marine, Boat And Watercraft
Medical And Dental
Miscellaneous
Non-Profit
Professional Services
Real Estate
Retail
Small Business Commercial Auto
Small Business Insurance
Sports And Fitness
Warehouse And Storage
Wholesale And Distribution
Michigan Specific Commercial Insurance Articles

Advertising, Marketing and Media

Learn about Michigan media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.

Agribusiness

Learn about MI agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.

Arts and Recreation

Read up on Michigan arts and recreation commercial insurance.

Auto Sales, Service and Repair

Read about Michigan auto sales, service & repair insurance, which provides protection for damages done to customers vehicle's and other property as well as injuries resulting from the work done.

Aviation

Learn about MI aircraft and aviation liability insurance - a specialized form insurance that provides coverage for hull losses as well as liability for passenger injuries, environmental damage and third-party damage caused by aircraft accidents.

Bonds

Learn about surety and fidelity bonds which are types of insurance that are used to protect against damage or loss in commercial transactions.

Children and Pets

Discover what Michigan commercial insurance policies cover for children and pet related businesses.

Commercial Property

Read up on Michigan commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.

Construction Contractors

Learn about Michigan construction contractors insurance, including how much the premium costs and what is covered - and how commercial insurance can help protect your MI construction business from lawsuits.

Contractors and Home Improvement

Learn about Michigan contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your MI business from lawsuits.

Education, Colleges, Universities & Schools

Learn about Michigan commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.

Financial Institutions

Discover the types of commercial insurance that banks, finance companies and other Michigan financial institutions need to protect their asset management, deposit, lending, investment and other operations.

Food and Drink

Learn about Michigan restaurants, bars, liquor stores commercial insurance coverages. See how food service insurance help protect against accidents, oversights and lawsuits resulting from business operations.

Health and Beauty

Learn about Michigan health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.

Information Technology and Internet

Learn about Michigan IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.

Lodging Places

Find out what types of business insurance that Michigan hotels, motels and other lodging places should have to protect their varied operations.

Local, State And Federal Government

Discover what types of commercial insurance government entities in Michigan need.

Manufacturing

Learn all about Michigan manufacturing insurance. Manufacturers face many unique risks such as product liability and/or product recall exposures due to the nature of their business operations.

Marine, Boat And Watercraft

Discover what types of commercial insurance government entities in Michigan need.

Medical and Dental

Discover Michigan business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.

Miscellaneous

Find informative articles on miscellaneous MI businesses including the types of commercial insurance they need, costs and other considerations.

Non-Profit

Find useful articles on business insurance for Michigan non-profit 501(c)(3) organizations, charities and associations.

Professional Services

Get informed about Michigan professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.

Real Estate

Learn about Michigan real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.

Retail

Read valuable Michigan retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.

Small Business Commercial Auto

Learn about Michigan commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.

Small Business

Protect your company and employees with MI commercial insurance. Read informative articles on Michigan small business insurance coverages - and how they can help shield your company from legal liabilities.

Sports and Fitness

Learn about Michigan sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.

Warehouse and Storage

Learn about Michigan warehouse and storage insurance - which protects storage and warehouse facilities and protects their inventory from property damage from fire and weather, vandalism and theft and liability coverage as well.

Wholesale and Distribution

Read informative articles on Michigan wholesale distribution insurance. Distributors and wholesalers face specific risks including fire, flood and weather damage that can destroy products in the distribution center - and every part of the supply chain including late supplier shipments to unpaid invoices - can effect the entire operation.

Michigan Specific Commercial Insurance Articles

Read informative articles on MI commercial insurance including costs and coverages.

Michigan Economic Data And Business Insurance Requirements

Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.

Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.

Economic Trends for Businesses In Michigan

After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.

In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.

While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:

Energy, due largely to research and development in clean energy
Food and agriculture
Water
Transportation and mobility
Healthcare industry
Information and technology

In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:

Data breach insurance
Business income insurance
Commercial Umbrella insurance

Request a free General Liability Insurance Cost Michigan quote in Adrian, Allen Park, Allendale, Ann Arbor, Auburn Hills, Battle Creek, Bay City, Berkley, Beverly Hills, Big Rapids, Birmingham, Burton, Cadillac, Clawson, Coldwater, Cutlerville, Dearborn, Dearborn Heights, Detroit, East Grand Rapids, East Lansing, Eastpointe, Escanaba, Farmington, Farmington Hills, Fenton, Ferndale, Flint, Forest Hills, Fraser, Garden City, Grand Haven, Grand Rapids, Grandville, Grosse Pointe Park, Grosse Pointe Woods, Hamtramck, Harper Woods, Haslett, Hazel Park, Highland Park, Holland, Holt, Inkster, Ionia, Jackson, Jenison, Kalamazoo, Kentwood, Lansing, Lincoln Park, Livonia, Madison Heights, Marquette, Melvindale, Midland, Monroe, Mount Clemens, Mount Pleasant, Muskegon, Muskegon Heights, New Baltimore, Niles, Northview, Norton Shores, Novi, Oak Park, Okemos, Owosso, Pontiac, Port Huron, Portage, Riverview, Rochester, Rochester Hills, Romulus, Roseville, Royal Oak, Saginaw, Sault Ste. Marie, South Lyon, Southfield, Southgate, St. Clair Shores, Sterling Heights, Sturgis, Taylor, Traverse City, Trenton, Troy, Walker, Warren, Waverly, Wayne, Westland, Wixom, Woodhaven, Wyandotte, Wyoming, Ypsilanti and all other MI cities & Michigan counties near me in The Great Lakes State.

Also find MI local small businesses by General Liability Class Code and learn about Michigan small business insurance requirements for general liability, business property, commercial auto & workers compensation including MI business insurance costs. Call us (313) 344-7177.

General Liability Insurance MI