Safety Consultant Insurance Michigan Policy Information
Safety Consultant Insurance Michigan. Safety consultants play important roles in improving the health, safety, and (indirectly) financial wellbeing of numerous different industries.
They may work in specific industries, such as aviation, the maritime sector, or engineering, to identify shortcomings or additional needs to render projects safer.
Safety consultants inspect and evaluate clients' property and operations, developing recommendations to prevent and manage the risk of injury to people and loss to property. Many safety consultants are engineers who use higher mathematics, economics, biological and physical sciences in developing recommendations.
Expertise may also be needed in federal standards governed by OSHA (for employees' safety) or other agencies such as NFPA (for fire safety). Safety consultants may work for insurance companies or offer their services independently.
Consultants may be generalists or may specialize in a particular area, such as fire prevention and control. They may conduct safety training, develop safety policies and manuals for their clients, investigate workplace incidents, or offer ongoing services.
Regulation of safety consultants' certification and educational requirements vary by state.
Due to the fact that safety consults are rarely hired full-time, as permanent employees of a business, many safety consults will opt to run their own business. Such safety consulting companies can certainly thrive, as there will always be a need for the expertise safety consultants can offer.
Despite the fact that safety consultants will be highly aware of the potential threats their own ventures may encounter, however, they still have to contend with the threat that unexpected circumstances could suddenly endanger their financial future.
What sort of safety consultant insurance Michigan might be needed? Read on...
Safety consultant insurance Michigan protects consulting firms from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do Michigan Safety Consultants Need Insurance?
While you will do everything in your power to run a smooth - and safe - operation, you will still face many of the same risks other businesses are subject to, alongside some industry-specific ones.
MI safety consultants will need to invest in excellent insurance coverage not only to meet legal obligations, but also to make sure that their business has the chance to recover from serious perils.
If you own or rent a commercial property, that property may be impacted by an act of nature, like an earthquake or wildfire, at virtually any time. In the process, you can expect repair costs of such a magnitude that you are unlikely to be able to cover them on your own.
Theft, vandalism, and accidents - including those that start fires - represent further examples of the very real threats small business owners with commercial properties face.
Safety consultants additionally face liability risks. Even if you perform your job to the highest possible standards, for instance, a client may always allege that you missed something that later caused a malfunction or accident.
If you are sued, the related costs can easily become overwhelming. If you have employees, one of them being injured in the workplace could lead to similarly exorbitant costs.
Safety consultants may help others ensure that their projects and workplaces comply with up-to-date health and safety standards, but they also need protection in case something happens to their own business.
Investing in the correct safety consultant insurance Michigan is the only way to meet that need.
What Type Of Insurance Do MI Safety Consultants Need?
Safety consultants can be sure that they will need to carry several types of insurance, but the exact nature of the coverage they require will depend on their unique circumstances.
The jurisdiction where your consultancy business is based, the nature and value of your physical assets, and whether you work as a sole practitioner or have hired employees, are merely some examples of the many factors that determine the types of coverage you need.
Consulting an experienced commercial insurance broker is essential, as they will be able to help you craft an insurance plan tailored to your unique situation. Examples of the kinds of safety consultant insurance Michigan most likely required, meanwhile, include:
- Commercial Property: This form of coverage will defend you from financial losses if your commercial property were to be affected by perils such as acts of nature, vandalism, or theft. It covers not only your premises, but also smaller assets within, such as computers and HVAC systems.
- General Lability: This broad type of safety consultant insurance Michigan coverage helps to cover your legal costs in case a third party sues you and accuses you of causing personal injury or property damage. Two examples would be a client slipping on a wet floor in your office, or a tree on your property damaging a vehicle that belongs to someone else.
- Professional Liability: Also called errors and omissions insurance, this specialized form of coverage protects you if a customer alleges that you were negligent in performing your services. Remember that you can be sued even if the claim later proves to be baseless - this type of insurance is essential to anyone who provides a service.
- Commercial Auto: As a MI safety consultant, you will rely heavily on commercial vehicles. These need to be protected by commercial auto coverage in case of accident or damage.
These essential kinds of safety consultant insurance Michigan are merely examples of the types of policies needed to include in a comprehensive insurance plan. To find out more, consult a commercial insurance agent.
MI Safety Consultant's Risks & Exposures
Premises liability exposure is very limited at the firm's office due to lack of access to the general public. Off-site exposures are extensive as consultants will tour clients' premises and job sites, including access to sensitive areas. Those employees may contact the client's customers as part of their analysis. There must be training, procedures, and policies regarding appropriate off-site conduct and methods of ensuring confidentiality.
Complaints about consultants should be dealt with quickly. Personal injury liability exposures include allegations of assault, discrimination, and invasion of privacy.
Professional liability exposures are often limited since the consultant is only advising as to safety, not implementing programs. The exposure increases if guarantees or warranties are made, such as a reduction in thefts or accidents, if the consultants actually put a plan into place for the client, or provides ongoing supervision.
Independent safety consultants may have legal responsibilities to both sides in a dispute and are sometimes party to sensitive negotiations. Hazards increase if the firm fails to conduct thorough background checks to verify employees' education and employment history.
Other exposures include allegations of breach of a client's confidentiality or a conflict of interest.
Workers compensation exposure varies according to the services provided. If most of the work is done in the office and on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through 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. Consultants may be exposed to a variety of chemicals and conditions. Injuries could result from trips and falls, being struck by falling objects in construction and manufacturing operations, 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.
Back strains, hernias, and related injury can occur when lifting, obtaining samples, or attempting to view processes. Since consultants may work alone, injuries may go unnoticed, which can lead to delayed response and delayed first aid.
Employees should have appropriate safety gear when traveling to a job site. Consultants may be injured in vehicle or aviation accidents.
Property exposure is generally limited to 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.
All paper should be stored in fireproof cabinets. Fire suppression systems must not damage the papers. There may be specialized measuring and analysis equipment or custom software. Computers and other electronic equipment may be targets for theft.
Inland marine exposures are from accounts receivable if the firm offers credit, computers, special floater, and valuable papers and records for contracts and clients' information. 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.
Inspectors often carry their computers with them on-site to record their observations and findings. They may have ladders, flashlights, and specialized testing and analysis devices for work at clients' premises. A morale hazard may be indicated if the inspector does not keep valuable papers and disks in fireproof file cabinets to protect them from smoke, water, and fire.
Power failure and power surges are potentially severe hazards to data stored electronically. Duplicates should be kept off-site to allow for easy restoration.
Crime exposure arises from employee dishonesty, including theft of clients' property, and various types of fraud since many businesses are dependent on certification or approval by safety consultants. The exposure can be quite serious as consultants 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.
There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements.
Business auto exposures are moderate as consultants travel to clients' premises. Consultants may use rental cars when sites to be inspected are not local. If company vehicles are supplied for use, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and records kept in a central location.
Safety Consultant Insurance Michigan - The Bottom Line
To protect your consulting business, employees and clients, having the right safety consultant insurance Michigan coverage is essential. To see what types of policy options are available to you, how much coverage you should have and associated premiums - speak to a reputable commercial insurance broker.
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.
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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.