Michigan Inspection Bureau Insurance Policy Information
Michigan Inspection Bureau Insurance. Inspection bureaus evaluate and assess compliance with standards, rules, or regulations relating to a specific type of industry and provide reports of their findings to their clients. Many industries need periodic independent reviews to assure compliance with known standards, rules, or regulations.
The inspection bureau may identify ways for them to improve compliance with standards, rules, or regulations. For example, an inspection may reveal workplace safety issues that need to be brought into compliance with OSHA regulations.
Inspections for insurance purposes, inspections of product safety controls, and inspections of the accuracy of machine calibrations may also be offered.
Regulation of inspectors, certification and educational requirements vary by state.
Inspection bureaus play a role in numerous different fields of industry and commerce, from construction to electricity providers, where they act as independent contractors. These businesses perform vital services and can be extremely successful.
MI inspection bureaus also, on the other hand, face a range of risks that could threaten their financial future, unless they have taken adequate steps to protect themselves.
How can investing in the right types of Michigan inspection bureau insurance help - and what kinds of coverage might be needed? For more information, keep reading.
Michigan inspection bureau insurance protects your compliance assessment and evaluation business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do MI Inspection Bureaus Need Insurance?
Like companies in any other branch of commerce, inspection bureaus can be confronted with numerous perils that could negatively impact their financial outlook virtually overnight. Inspection bureaus have to consider both universal risks and hazards unique to their industry when they decide what types of insurance they may need.
Your office premises may, for instance, be struck by an act of nature, such as an earthquake, a wildfire, or a serious storm. Both your building and its contents could suffer extensive damage in the process, to the point where you may have to temporarily close your business. Theft, vandalism, and accidents are three further examples of perils that could cause serious property damage.
In addition, a client may allege that you missed something during an inspection. Especially if this alleged professional negligence is associated with serious harm, that could lead to time-consuming and financially-devastating litigation, whether or not your company did anything wrong. An employee may be injured during an inspection, or a client visiting your office could slip on a wet floor.
The list of perils that could cost you more than you can comfortably deal with on your own is almost endless. Thankfully, investing in a comprehensive Michigan inspection bureau insurance plan gives businesses in this industry the peace of mind that will allow them to focus on what they do best.
What Type Of Insurance Do Michigan Inspection Bureaus Need?
When it comes to insurance, there is no "one-size-fits-all" answer - the types of coverage inspection bureaus should carry depend on factors like the location where the business operates, the field of commerce it serves, the value of its equipment, and even its number of employees.
Because acquiring the right Michigan inspection bureau insurance can be complex, consulting a skilled commercial insurance broker who is deeply familiar with your line of work is essential. With that in mind, some of the types of MI inspection bureaus must have on their radar include:
- Commercial Property - Despite all the measures you take to protect your commercial property from harm, perils like acts of nature, theft, and vandalism remain a threat. This form of insurance covers repair and replacement costs relating to your building as well as its contents.
- Commercial General Liability - To defend yourself against bodily injury or property damage claims filed by third parties, this form of Michigan inspection bureau insurance is essential. It helps you cover attorney fees, settlement costs, and other related legal expenses.
- Errors And Omissions - Inspection bureaus also need "E&O insurance", alternatively called professional liability insurance, to manage the costs associated with cases that you failed to carry your professional duties out as agreed. Once again, these policies will cover a significant portion of your legal fees in case of professional liability claims.
- Workers Compensation - Should an employee suffer an occupational injury or illness, this form of insurance shoulders the cost of their medical bills, while also taking care of the income they lose while they are unable to work. Simultaneously, carrying workers' comp reduces the risk that employees will sue you.
- Commercial Auto - Inspection bureaus will certainly rely on multiple professional vehicles to drive to client locations. If such a vehicle is involved in an accident or is stolen, commercial auto insurance shoulders the related costs.
To ensure that you are covered against all major threats, it remains important to talk to a trusted commercial insurance broker. That is because you may need additional forms of Michigan inspection bureau insurance coverage, depending on your individual risk profile.
MI Inspection Bureau's Risks & Exposures
Premises liability exposure may be limited at the firm's office due to lack of public access. If clients visit the premises, they must be confined to designated areas so they cannot view or overhear conversations regarding other clients' proprietary information.
To prevent slips, trips, or falls, all areas accessible to clients must be free of obstacles with floor coverings in good condition. The number of exits must be sufficient and well marked, with backup lighting in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. There should be a disaster plan for unexpected emergencies.
Off-site exposures are extensive as inspectors visit customers' premises and job sites, including access to sensitive areas. They may be involved with customers of the client to understand all aspects of the operations. There must be training, procedures, and policies regarding appropriate off-site conduct and methods of ensuring confidentiality.
Complaints about inspectors should be dealt with quickly. Personal injury liability exposures include allegations of assault, discrimination, and invasion of privacy.
Professional liability exposure is significant from rendering evaluations, opinions, findings, and results as ineffective advice or incorrect testing practices can result in substantial damage to property or injury to people. Customers can suffer financial loss if they must pay fines or cease operations due to a government order because of inspection-related issues.
The hazards increase if the firm fails to conduct thorough background checks to verify employees' training, background, and education, or if error checking procedures are ignored or are inadequate. Documentation must be clear, and testing procedures followed.
Other exposures include allegations of breach of a client's confidentiality or a conflict of interest.
Environmental impairment exposure may be a concern if samples are taken due to the potential for air, ground, or water contamination from the use of chemicals during the testing process. There must be a documented method of disposal for all items tested as well as disposal of solvents or acids used in testing protocols. Any disposal must adhere to all federal and state regulatory requirements.
Workers compensation exposure can be very high from office operations and off-site visits to customers' premises. Work done in the office is done on computers. Potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be reduced with ergonomically designed workstations. Travel may be extensive.
Off-site exposures may include working at construction sites, at heights, on rough terrain, or in isolated areas. Inspectors may be exposed to a variety of chemicals and conditions. Back strains, hernias, and related injury can occur when lifting, obtaining samples or attempting to view processes.
Inspectors may be injured by trips and falls, falling objects, respiratory ailments from inhaling pollutants, dusts, or other allergens, foreign objects in the eye, hearing impairment from noise, assaults, attacks by unrestrained animals, or in vehicle or aviation accidents.
Since inspectors often work alone, injuries may go unnoticed, which can lead to delayed response and delayed first aid. Employees should have appropriate safety gear when working in laboratories or when visiting a job site.
Property exposure is primarily that of an office. Ignition sources include wiring, heating and air conditioning systems, wear, and overheating of equipment. There may be storage of client information in paper form, although these are now often digital instead of paper format. Storage of paper should be in fireproof cabinets.
Fire suppression systems must not damage the papers. If there is a testing laboratory on premises, such as facilities for the taking of samples to assure noise, air, water, or soil acceptability, chemicals must be separated from combustibles and stored in fireproof cabinets. Computers and other electronic equipment may be targets for theft.
Inland marine exposures consist of accounts receivable if the firm offers credit, computers, special floater, and valuable papers and records for contracts, research projects, and clients' information. Inspectors may carry audiovisual equipment, laptop or portable computers, ladders, flashlights, measuring equipment, and scientific instruments with them to job sites.
Computer systems must be backed up regularly and have adequate security features to prevent unauthorized access due to the potential for industrial espionage or by hackers. There may be a bailees exposure if the inspection bureau takes physical custody of customers' goods.
Crime exposure comes from employee dishonesty, including theft of clients' property, and various types of fraud since many businesses are dependent on certification or approval by inspectors. The exposure can be quite serious as inspectors have access to clients' personal and proprietary information.
Potential for theft, particularly industrial espionage, is great. Background checks should be conducted on all employees. Monitoring procedures and securing of all records should be enforced to prevent unauthorized access to client information.
here must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements.
Business auto exposures are moderate as inspectors travel to job sites or high if workers pick up and deliver samples and results. Inspectors may rent vehicles when sites to be inspected are not local.
If vehicles are supplied to employees, there should be written guidelines regarding the personal and permitted use of the vehicle by employees or their family members.
All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location. If samples of hazardous materials are transported, special handling procedures may be required.
Michigan Inspection Bureau Insurance - The Bottom Line
To discover the exact types of Michigan inspection bureau insurance policies you'll need, how much coverage you should have and the premiums, speak with a reputable broker that is experienced in commercial insurance.
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
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
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 Inspection Bureau 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 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.