Michigan Poultry Dealer Insurance Policy Information
Michigan Poultry Dealer Insurance. Poultry dealers are businesses that engage in the purchase and resale of poultry, either as livestock or in the form of carcasses, and typically with the end goal of being prepared for human consumption.
Poultry dealers sell poultry to individuals or restaurants and other eating establishments. Products may be received directly from local poultry farms, docks, or other such sources. Some may be imported from overseas through brokers and large wholesalers.
Poultry may be sliced or ground to order, cut into various portion sizes, weighed, packaged, and labeled for purchase, or sold whole. The products may be fresh, canned, smoked, cured, frozen, or even live. Sanitary conditions and strict housekeeping standards are crucial.
Operations may be plagued by insects and rodents if standards are not set and maintained, and if disposal of food waste is not properly handled.
While chickens represent a large portion of the poultry trade, poultry dealers may also trade in other fowls such as geese, ducks, and turkeys. As poultry is a crucial source of lean protein for the general population, poultry dealers perform an important role in public health by ensuring that the poultry on the market is safe and sanitary.
There is no question that poultry dealers can run an extremely profitable business in a global market that is worth over $310 billion. However, despite their best efforts to run a smooth operation, poultry dealers do face significant risks - and unexpected circumstances can easily damage your financial forecast.
To safeguard the long-term fiscal health of your business, it is crucial for MI poultry dealers to invest in top-quality insurance. What types of Michigan poultry dealer insurance coverage are needed? This brief guide offers answers.
Michigan poultry dealer insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do MI Poultry Dealers Need Insurance?
Poultry dealers need insurance for numerous reasons. The fact that certain types of coverage are mandatory and not carrying them will cause your business to face fines is one, while the reality that lenders also require proof of insurance before working with you is another.
Perhaps the most important reason to invest in excellent insurance coverage is, however, that it could save your business from financial ruin if it were to encounter a major peril.
Unforeseen circumstances such as acts of nature (wildfires, hurricanes, and hailstorms, to name but a few), theft, and vandalism are beyond your control. While you can take steps to mitigate these risks, you can never completely eliminate them. Yet, they can inflict severe such severe damage that the associated costs prove to be beyond your means.
Employees, clients, or vendors may become injured on your business premises or as the result of your company's activities. Third parties may suffer property damage because of an error on the part of one of your employees.
In addition, if it emerges that poultry sold by your business had an infectious disease such as Salmonella, the legal costs associated with the resulting lawsuits could be exorbitant.
These scenarios do not begin to cover the things that can potentially go wrong over the course of running a poultry dealership. However, they do showcase how important it is to be properly insured.
When you have the right Michigan poultry dealer insurance coverage, after all, you will not have to cover all of the costs associated with perils you may be confronted with - and your insurer may even pick up the entire bill. In turn, you know that your business can continue to be successful.
What Type Of Insurance Do Michigan Poultry Dealers Need?
Your unique insurance needs depend on variables such as the location of your business and the laws you are subject to as a result, the size of your poultry dealership, and your number of employees.
A commercial insurance broker who specializes in the livestock trade can help you craft the insurance plan that will optimally protect your business. However, the most important types of Michigan poultry dealer insurance coverage include:
- Commercial Property - This type of insurance is designed to protect you from financial losses if your property - meaning your commercial building and its contents - is damaged or lost due to perils such as acts of nature, theft, vandalism, and accidents.
- General Liability - Should you face lawsuits relating to third party bodily injury or property damage that occurred on your premises or as a result of your company's actions, this kind of insurance helps to cover your legal costs.
- Product Liability - If any of the poultry you sell causes harm to third parties such as end consumers, you can be held partially liable even though you are not the end retailer. Product liability insurance shields you from related costs, and is a must.
- Livestock Insurance - This form of Michigan poultry dealer insurance coverage pays for costs that arise if poultry are lost to disease, accidents, acts of nature, and other perils.
- Workers' Compensation - For companies with employees, workers comp is essential. It pays the medical bills of any employee who sustains a work-related injury or illness, alongside any wages they may lose to related absences from work.
Your insurance needs are further likely to include commercial auto insurance, among other types of Michigan poultry dealer insurance coverage. To find out more, speak with a skilled commercial insurance broker.
MI Poultry Dealer's Risks & Exposures
Premises liability exposure is moderate due to public access to the premises. Trips, slips, and falls are major concerns. Housekeeping should be excellent and spills must be cleaned up promptly. Floor coverings must be in good condition, with no frayed or worn spots on carpet and no cracks or holes in flooring.
Steps and uneven floor surfaces should be prominently marked. There should be well marked sufficient exits with backup lighting systems 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 slip and falls. Outdoor security and lighting must be consistent with the area.
Products liability exposure is high due to the possibility of food poisoning, contamination, spoilage, foreign objects in the product, and allergic reactions. Monitoring the quality of poultry received, posting lists of ingredients, and maintaining proper storage temperature can reduce this exposure.
The workplace must meet all FDA specifications for sanitary working conditions and be arranged to prevent foreign substances from entering the processing area. There should be controls in place to prevent contamination from chemicals such as insecticides and pesticides used for pest control.
The stock should be regularly rotated so older poultry is sold first. Out of date poultry should be removed on a regular basis and discarded. If poultry is received from outside the United States, country of origin information is vital to track food-related issues. Product recall procedures must be in place for quick activation.
Workers compensation exposure is high due to the lifting of crates of poultry that can cause back injury, hernias, sprains, and strains. Floors may become slick, resulting in slips and falls. Diseases may be transmitted from handling poultry.
Repetitive stress injuries such as carpal tunnel syndrome plague butchers, as do cuts and injuries from saws, grinders, and other poultry processing equipment, foreign objects in the eye, and hearing impairment from noise.
Anhydrous ammonia refrigerants are poisonous when leaked into confined spaces such as coolers. Controls must be in place to maintain, check, and prevent such injury.
Employees should be provided with safety equipment including guards on machinery, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting.
Live chickens and other birds can peck or claw workers. In any retail business, hold-ups are possible, so employees should be trained to respond in a prescribed manner.
Property exposure is from electrical wiring, processing equipment, refrigeration units, and heating and air conditioning systems. All wiring should be current and up to code. All machinery should be grounded to prevent static buildup and discharge. Due to its combustibility, an ammonia detection system should be in place if ammonia is used as a refrigerant.
Spoilage exposure is very high if refrigeration equipment malfunctions or loses power. A small fire or a power outage of even moderate duration can render fresh and frozen poultry to be condemned as unfit for consumption or sale.
Alarms and warning devices must be in place to alert the operation when there is a loss of power. Backup power sources, such as a generator, should be available.
Theft is a concern as some types of poultry are high in value and easily fenced. Appropriate security measures should be in place, such as keeping more expensive poultry behind glass and inaccessible to customers, and having security mirrors prominently displayed throughout the store.
Premises alarms should report to a central station or police department after hours.
Equipment breakdown exposures are high as operations are dependent on processing and refrigeration equipment.
Crime exposures are from employee dishonesty and loss of money and securities. Background checks should be conducted on all employees. The inventory must be under the supervision of more than one individual so that there are checks and balances.
All orders, billing, and disbursements must be handled as separate duties. Regular audits must be conducted. Money should be regularly stripped from the cash drawer and irregular drops made to the bank during the day to prevent a substantial accumulation of cash on the premises.
Inland marine exposures include accounts receivables from billings to customers, computers to track inventory and sales, and valuable papers and records for quality control, regulatory, and suppliers' information.
Business auto exposure may be limited to hired or non-owned liability from employees using their vehicles to run errands. If delivery services are provided, only company vehicles should be used. Drivers must have appropriate licenses and acceptable MVRs. Vehicles should be properly maintained, and records retained.
Michigan Poultry Dealer Insurance - The Bottom Line
To find out more about the exact types of Michigan poultry dealer insurance policies you'll need and how much coverage you should carry along with the premiums, 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 Retail Insurance
Read valuable small business 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.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Michigan Poultry Dealer 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 Michigan insurance agents & brokers 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.