Michigan Library Insurance Policy Information
Michigan Library Insurance. Libraries house a wealth of literature and other written materials, including magazines and scientific journals. In addition, they very often offer computer and internet access to members of the public, including courses that can be accessed most easily through libraries.
Libraries may further host public events ranging from language classes to reading clubs for young children.
Libraries are designed for the collection of various types of media, from written material and publications to records, electronic games, cassette tapes, compact discs (both audio and video), and other videotapes. The library may loan its materials to visitors, or be maintained for reference only, with visitors required to use its materials on premises.
Librarians are usually available to assist visitors with their research needs. Libraries may be private, institutional, or publicly funded. They often have extensive computer networks used by visitors for internet research. Many public libraries provide meeting space for reading groups or community organizations.
Some libraries have extensive collections of rare or valuable artwork, statuary, manuscripts, or related valuable literary or musical items.
By playing an important role in promoting literacy and knowledge, libraries provide services essential to the public good. Because libraries also face a multitude of risks that could threaten both their financial future and the body of knowledge they are the guardians of, however, it is crucial for library directors and officers to consider how to protect their assets.
Carrying the right types of insurance is a key part of this. To discover what types of Michigan library insurance policies needed, keep reading.
Michigan library insurance protects libraries from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do MI Libraries Need Insurance?
Libraries need insurance because they are vulnerable to a wide range of perils. Some of these perils will be shared by virtually every public or commercial organization, as well as by private residences.
Others are more specific to MI libraries themselves. Some perils result in minor costs that can easily be covered by a library's own budget, while others are of such magnitude that they could force a library to close permanently.
A variety of acts of nature - like earthquakes, wildfires, serious floods, and hurricanes - pose a risk to the library building itself, as well as the books and other assets therein.
Accidents such as fires and burst pipes have the potential to do similar damage to easily-compromised paper products, and criminal acts like theft and vandalism are always a threat, too.
Many libraries are bustling hubs of activity. With members of the public around all day, there is a high risk that someone will suffer some kind of injury, whether because a bookshelf that later turns out to not have been adequately secured falls on someone or because they slip in an icy parking lot.
In these cases, a library can be held legally and financially responsible for the resulting expenses, and the injured party may file a lawsuit.
While these are not the only hazards libraries can face, they do explain why it is important to carry Michigan library insurance.
What Type Of Insurance Do Michigan Libraries Need?
Libraries will need to carry several types of insurance to protect themselves from the financial consequences of a range of risks.
The exact policies a library may want to invest vary - your needs are influences by factors like the location of the library, the types of books it houses, its number of employees, and the age of the building, as well as the materials from which it was constructed.
For optimal coverage, it is advised to consult an insurance broker. Some of the essential types of Michigan library insurance needed, however, are:
- Commercial Property - Should a library be struck by an act of nature, an accident, an act of vandalism, or other unforeseen circumstances, this kind of insurance covers the financial cost of replacing or repairing damaged or lost physical assets. This includes the building as well as books, furniture, and computers.
- General Liability - Should a third party file a lawsuit after being injured or having their property damaged on the library's premises or as a result of its activities, this type of Michigan library insurance covers the resulting legal costs and settlement fees.
- Cyber - Generally speaking, libraries now store their patrons' personal data, such as their home addresses and details of the books they checked out, digitally. Should this sensitive personal information be stolen and perhaps even made public, cyber insurance would be crucial.
- Workers Compensation - This type of insurance protects both employers and employees. In the event an employee sustains a work-related injury, it covers their medical expenses and also any lost wages if the worker is unable to resume their job for a time.
While these types of insurance are important for MI libraries, remember that every library is unique. Some libraries may house valuable antique books that require antiques and collectibles insurance, for instance, while every organization that uses vehicles over the course of their professional activities also needs auto insurance.
Your insurance broker will be able to advise you on the kinds of Michigan library insurance that best meet your individual needs.
MI Libraries' Risks & Exposures
Premises liability exposure is high due to public access to the facility. Public and life safety code compliance is very important. Bookshelves must be stabilized to prevent collapse. Good housekeeping is critical to preventing trips, slips, and falls. Stairways, railings, and floor coverings should be in good condition.
Adequate lighting, marked exits and egress are mandatory. Steps must have handrails, be well-lit, marked, and in good maintenance and repair. Parking areas should be maintained free of snow and ice.
Background checks should be conducted on all individuals, including volunteers, who work with children.
In larger cities, libraries may attract unwanted visitors during operating hours, particularly when there is inclement weather. Security at the facility, as well as in the building, corridors, and any owned parking area needs to be carefully checked and reviewed to prevent harassment or assault of other visitors.
Libraries pose an attractive nuisance hazard. There should be adequate security after hours to deter trespassers. Personal injury losses may occur due to alleged wrongful removal, invasion of privacy, or discrimination.
Workers compensation exposure is moderate. Back sprains, strains, and hernias can result from lifting. Exposure to dust and other allergens can lead to respiratory problems. Repetitive stress injuries such as carpal tunnel syndrome can occur from working with computers.
Workstations should be ergonomically designed. Security personnel should be trained to deal with unruly patrons. If there is a bookmobile, there should be regular contact with the main office.
Property exposure is moderate. Ignition sources are limited to electrical wiring, heating, and air conditioning systems. Computer networks are extensive. Electrical wiring should be up to code and adequate for the library's use. Books and electronic media can be heavily damaged by fire, smoke, or water.
There should be fire prevention and detection devices. Sprinklers should be chemical-based instead of water-based to limit the potential for damage.
If lunchrooms, restaurants, or cafeterias are located on the premises, all cooking exposures must be adequately protected and controlled. Book restoration facilities should be included in contingency plans to clean up smoke, fire, and water damage after a loss.
In older buildings, valuation will be a concern, as there may be unique architectural features that are expensive to replace after a loss. If bookmobiles are used, there will be an off-premises exposure to loss due to collision and overturn.
Libraries may be targets for vandalism and theft. There should be adequate security after hours to deter trespassers.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted for employees who handle money or have access to rare books. Employees who are in charge of ordering must not be the same ones who handle disbursements and billings. Inventories should be conducted at least annually.
Inland marine exposure includes computers, fine arts, and valuable papers and records for clients' and media information. Visitors may inadvertently or intentionally download viruses onto computers. Library inventory and visitor lending records are generally computerized. These records should be duplicated and kept offsite.
Fine arts can include statuary, paintings, artifacts, valuable historical documents, rare or historical books, and manuscripts which may be irreplaceable. Items should be appraised by qualified, independent experts.
Adequate controls must be present to prevent, detect and deter fire, vandalism, and theft. Items used or taken off the premises can be damaged in transit or stolen. If the library assumes responsibility for items of others, such as those used for an exhibition, bailees customers coverage should be considered.
Business auto exposure is normally limited to hired and non-owned unless a bookmobile or other mobile lending vehicle is used. Drivers must be trained in the proper handling of these larger vehicles and have appropriate licenses and acceptable MVR.
Vehicles must be maintained on a regular basis with all service documented. Backup warning systems should be considered because most bookmobiles operate in areas where children or adults with limited mobility are present.
Michigan Library Insurance - The Bottom Line
To find out more about the specific types of Michigan library insurance policies you'll need and how much coverage you should carry, consult 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 Non-Profit Insurance
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
- Animal Shelter & Pet Rescue
- Classic & Collector Car Clubs
- Fraternal Organization
- Goodwill Insustries
- Labor Union
- Parent Teacher Organization
- Public Administration
- Red Cross Chapters
- Salvation Army
- Social Work Services
- Veterans Groups
- Volunteers of America
- Youth Groups
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Computers, Valuable Papers and Records, General Liability, Directors and Officers Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Fine Arts, Musical Instruments, Commercial Articles Floater, Computers, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Michigan Library 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.