Michigan Business Insurance

Why Get Business Insurance in Michigan
The state of Michigan is famous for its automobile industry. Ford and General Motors remain on the list of top ten Fortune 500 companies in the country despite the recent economic downturn. These big companies, along with other smart business owners, rely on Michigan business insurance to protect their assets against loss and damages due to an accident, lawsuit, or weather-related catastrophe. You don’t have to be a giant automobile manufacturer to protect your valuable business and its assets with comprehensive liability insurance. Business insurance is affordable and can be tailored to protect all types of companies, both large and small.

Worker’s Compensation in Michigan
Michigan’s system of worker’s compensation is compulsory and very competitive. Employers are mandated by the state to provide worker’s compensation insurance to their employees. It may be procured either through self-insurance or a private insurance carrier. Waivers may be allowed. However, the state of Michigan’s “open competition” system gives permission to competitive market forces to set the worker’s compensation insurance rates. For this reason, businesses in Michigan can look for the best coverage and lowest prices offered by more than 220 insurance providers.

It is not compulsory for employers with less than three employees to comply with this act. Any domestic worker who is employed in a private home and works less than thirty-five hours per week for a period of thirteen weeks or longer during the preceding fifty-two weeks is also exempt. But agricultural employers who hired at least three or more regular employees, working for at least thirty-five hours per week for the duration of thirteen consecutive weeks during the preceding fifty-two week period are required to provide coverage for worker’s compensation. Under the provision of this law, workers are entitled to medical, disability and death benefits calculated on a percentage of their wages.

Coverage for Michigan Business Insurance
Business liability insurance offers a great deal of protection to the entire business community throughout Michigan. As a business owner, you are the best person to know what makes your company different from the others and to be aware of the risks that come with its day-to-day operations. Be sure to customize your business insurance coverage according to what your company needs and avoid any coverage gaps.

Big automobile manufacturers in particular have a lot of assets to protect. These include the conveyors, corporate offices, massive production buildings, other equipment, and much more. In this situation, a basic policy which covers all of the assets against extreme weather, fires, and other things that usually destroy a business, is ideal. Another good package is a combination of automobile insurance with a general liability and/or a property policy. This combination is very useful for business establishments such as Domino’s Pizza and Little Caesars, both of which were founded in Michigan. It is important for businesses such as these to add this additional coverage because the operation of their business involves making deliveries around the state with a majority of drivers younger than age of 25. This age group is considered to be high-risk which explains the higher Michigan business insurance rates for delivery drivers in big companies. However, comparing the costs of an annual premium for your business insurance is still lower than the cost of a single accident. There is no doubt that insuring vehicles used for company-related operations is very important and can save you money in the long run.