Michigan Process Server Insurance Policy Information
Michigan Process Server Insurance. In today's business and social climate, it's imperative that process servers have all the facts, but getting them is not always easy particularly in the face of legislation that has grown out of greater public focus on the issues of privacy, profiling and civil liberties. Conducting skip-traces and attorney services can be like walking a tightrope. One slip can have serious and lasting repercussions.
For such instances, having proper Michigan process server insurance coverage specifically designed for process serving companies, or individuals, is critical. This not only protects your business, but also provides indemnity from, the acts of employees, independent contractors and others.
Michigan process server insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
What Is The Role Of Process Servers?
Process servers are required for various tasks such as filing court papers and document retrieval. However, their principal task is delivering or "serving" legal documents to defendants or persons involved in the court case. Once they serve the legal documents, they have to deliver evidence that the documents were served.
Types Of Process Server Insurance
But before purchasing Michigan process server insurance, it's important to speak with a qualified insurance agent. Making a mistake in your selection of coverage could prove extremely costly. Provided here is a quick guide to insurance coverages available for process servers:
Professional Liability: Even though no state requires that process servers carry professional liability (errors and omissions) insurance, that doesn't mean they shouldn't carry it. In fact it's something that many have in order to run a process service business. The liability of not having Michigan process server insurance far outweighs the cost of having the policy.
Professional liability (E&O) protects your financial assets in case of alleged financial harm to a third party, resulting from an error or omission by the process server. Most commonly, this would occur from alleged negligence, wrongful service, missed filing deadlines, blown statute of limitations, etc.
For instance, the court documents you're to file with the Court has a mandated deadline of 4:30 pm. You arrive late at 4:35 pm due to a traffic problem. The client you are working for must now prepare documents to present to the court as well as appear in person before the court. Who pays the attorney's bill at $350.00 per hour? Your Michigan process server insurance covers the bill.
Professional liability insurance also provides the extra reassurance that the process server is legitimate. Having insurance coverage demonstrates that the individual is organized, responsible and able to rectify an unfortunate incident.
General Liability: You need general liability insurance to provide coverage for legal hassles resulting from injuries and accidents. This Michigan process server insurance policy protects against payments resulting from property damage, bodily injury, medical expenses, slander, libel, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
Commercial Property: Business property insurance provides coverage for the loss or damage of your company's property if caused by events like wind, fire, hail storms and vandalism. The definition of "property" is broad, and includes, buildings, computers and company papers.
Business Owner's Policy (BOP): A business owner policy packages all required coverage you would need for your company. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Typically, you will save money by choosing a BOP because the bundle of Michigan process server insurance often costs less than the total cost of all the individual coverage's.
Property insurance also provides operating funds when you're trying to get your business on track following a catastrophic loss. Some policies include coverage for your equipment if they break down, water damage, debris removal after fires and other destructive events, among other losses.
Workers Compensation: This Michigan process server insurance protects your company against injury and illness claims by employees. If you are a sole owner and employee, with no other staff, you don't need workers comp in most states. As soon as you employ one person, even if they are working for you on a voluntary basis, the law requires you to have MI workers comp in place. This will cover medical treatment, disability and death benefits in the event an employee is injured or dies when working for you.
Cyber Liability: If you store sensitive or non-public information about employees or clients on your computers, servers or in paper files you are responsible for protecting that information. If a breach occurs either electronically or from a paper file this Michigan process server insurance policy will provide protection against the loss.
MI Process Server Insurance
While commercial insurance is not all inclusive, MI process server insurance plans will cover most of your businesses risks.
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 Miscellaneous & Non-Profit Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Control of Well
- Electric Utilities
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Flight Schools
- Hot Air Balloon
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Printers & Publishers
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- Unmanned Aerial Vehicles (UAV) Drone
- Waste Disposal Landfill
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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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.