Michigan Executive Career Life Coaching Insurance Policy Information
Michigan Executive Career Life Coaching Insurance. As a life, career or executive coach, you understand the power of peace of mind. Business insurance is essential to protecting your livelihood so you can focus on helping others improve their life and careers.
With Michigan executive career life coaching insurance coverage, you can rest easy knowing you're protected from a grievance or a lawsuit related to your professional services..
Michigan executive career life coaching insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Differentiating Between Career, Executive & Life Coaches
Knowing the differences between these types of coaching can help in selecting the right policy:
- In life coaching the emphasis is more strongly directed toward the well-being of the individual.
- A career coach is someone who helps people develop certain skills that are vital for their career including setting goals and career planning.
- Executive coaching caters for business executives to help them meet organizational objectives. These have a responsibility to the shareholders, the people working under them and to the organization itself. Executive coaching is more focused on specific measurable outcomes that impact the business as a whole.
Types Of Executive Career Life Coaching Insurance Policies
Following are some of the most common Michigan executive career life coaching insurance policies:
Professional Liability Insurance - This is a form of liability insurance, also know as errors and omissions (E and O), helps protect MI life, career and executive coaches when providing professional coaching advice and services. The insurance covers the cost of defending a negligence claim made against you and any damages awarded in such a civil lawsuit.
The coverage is provided for alleged failure to provide services either by error or omission resulting in a client suffering a financial loss. For instance, if a client came to a realization in a session with you that he didn't like his job, told his boss and was fired, your professional liability policy would cover you if he came back and sued you for losing his job. Some organizations may require you to have this Michigan executive career life coaching insurance coverage before you can coach their executives.
Professional Liability Insurance fills these likely gaps that are leaving your career exposed:
- It covers suits filed after you have terminated your employment.
- Its limits are high enough to protect you and all your co-workers.
- This coverage includes lost wage reimbursement or licensing board hearing reimbursement.
- This coverage extends outside of the workplace, such as when you engage in volunteer, moonlighting or self-employed activities.
Commercial Property Insurance - What would your coaching practice be without your owned or leased building and your personal property? For most businesses, not much. Whether it's your office, your office equipment or your inventory, your practice has property that needs to be protected. It would be a serious hardship to start over if something like a fire or a major theft happened to your office. That's why having business property insurance you can count on is so important.
Cyber Liability Insurance - This protects your practice from the costs associated with a cyber-attack. A cyber-attack is when hackers break into your network to steal information or money from your practice. Hackers may be looking for personal information like SSNs that will allow them to steal the identities of employees, customers, and other people your practice has in its records.
Loss Of Reputation Insurance - This MI executive career life coaching insurance applies when you innocently suffer a loss to your practice and good name after a lawsuit, complaint or other action by any third party. You may require the services of public relations professionals to help repair the damage caused by such situations. This cover will pay for their services.
Umbrella insurance - As a life, career or executive coach, sometimes you need umbrella liability insurance to extend the limits of your general and other liability policies. One of the perks of adding an umbrella policy to your underlying policies is that you only have to pay a single premium for the extra business protection - even if you use it to extend the limits of more than one Michigan executive career life coaching insurance policy.
Information Privacy Insurance - People today are very conscious of their privacy. Most are aware of the protection they receive under various laws. This coverage reimburses you for costs to notify clients of a breach of confidential personal information in compliance with privacy protection laws. It also covers fines and penalties that you become legally obligated to pay as a result of a covered proceeding.
Claims Made vs. Occurrence Coverage - When you purchase your Michigan executive career life coaching insurance policy, you need to decide between two types of coverage. One is called a claims-made policy and the other is known as an occurrence policy:
- A claims-made policy only covers claims if the claims-made policy is active
- An occurrence policy covers events that happened when the original policy was in force, even if the occurrence policy is no longer active.
Occurrence policies are move favorable because this policy will respond to claims that come in - even after the policy has been canceled - as long as the incident occurred during the period in which coverage was in force.
MI Executive Career Life Coaching Insurance
As a coach, a vital component of your success is protecting your most valuable professional assets: your reputation and your financial security. A single claim, justified or not, can take significant time away from your practice and cost thousands of dollars in court and legal fees. Whether you work in an agency or in private practice being adequately insured will give you the financial security you need to protect yourself against a claim.
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
- 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
Additional Resources For Professional Services Insurance
Get informed about small business 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.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Michigan Executive Career Life Coaching insurance 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 cities in MI - The Great Lakes State.
Also 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.