How Excess Liability Insurance Works

Posted on August 29, 2025August 13, 2025 by agentinsure

Some business situations come with additional risks. Even if your business operations don’t inherently produce excess risk, you may encounter customers who claim you acted inappropriately and caused them harm. You can protect your business in West Bloomfield, MI, with excess liability insurance, which provides an extra layer of protection against various risks. Phil Klein Insurance Group can help you find the right coverage to safeguard your business from excessive risks.

Umbrella Insurance Provides Excess Liability Coverage

Some businesses face more risks than others. For instance, if your company operates in the construction industry, you may encounter risks from injuries or destructive events involving clients and visitors to your construction sites. While standard commercial insurance policies offer liability protection, certain situations can exceed the limits of these policies. Umbrella insurance provides an added layer of protection beyond your basic coverage. An umbrella policy can be the difference between maintaining your company’s operations and losing it due to an expensive lawsuit.

When Does Umbrella Insurance Apply?

If someone sues your business because they are dissatisfied or believe you acted negligently, your primary business insurance policies will handle the initial claims. However, these protections may not be sufficient when lawsuits reach hundreds of thousands or even millions of dollars. Umbrella insurance kicks in once you’ve exhausted the liability limits of your standard commercial insurance policies. For example, if your commercial insurance policy has a liability limit of $500,000, an umbrella insurance policy will cover claims and court costs exceeding that amount. Umbrella insurance provides coverage regardless of whether you are found liable, often making the difference between keeping and losing your business.

Learn more about how umbrella insurance can protect your company. Schedule a consultation today with Phil Klein Insurance Group, serving West Bloomfield, MI.

Do You Need to Adjust Commercial Insurance Annually?

Posted on May 30, 2025May 19, 2025 by agentinsure

The business landscape is ever-evolving. There may be periods when your business thrives, leading to higher profits and opportunities for investment and growth. Conversely, there may be times when your business faces challenges, requiring you to be more strategic with your resources. Given these constant changes, it’s logical to ask: Should your insurance adapt too? More specifically, should you adjust your commercial insurance annually? Here’s why doing so can be beneficial, and how you can ensure you have the appropriate coverage with our assistance at Phil Klein Insurance Group in West Bloomfield, MI!

Is Annual Adjustment of Your Commercial Insurance Necessary?

Like every other aspect of your business, you should evaluate and adjust your commercial insurance annually. The reality is that things can change rapidly within a business, and you could easily find yourself either overpaying for coverage or underinsured because you’ve acquired new assets or hired new employees. For instance, you might be downsizing yet still paying to insure a larger building. Conversely, you might be underinsured if you’ve expanded operations and purchased a new location. Regardless of the changes that occur in your business over a year, reviewing and adjusting your commercial insurance annually provides the reassurance that you’re adequately covered and paying a fair amount for that coverage.

Secure Your Business With Phil Klein Insurance Group

Do you still need to shop for commercial insurance? If you’re looking to cross that task off your to-do list, start here with Phil Klein Insurance Group in West Bloomfield, MI! We make finding and comparing policies straightforward. Compare quotes with our assistance today!

Renting a Stand-Alone Commercial Property vs. a Subsidized Unit

Posted on February 28, 2025February 13, 2025 by agentinsure

As a business owner, you’ll encounter two different commercial property types when looking for a place to rent. You can choose between a stand-alone property or a unit within a shopping mall. Both options have their pros and cons.

Maintenance Requirements

If you own a stand-alone property, you are responsible for maintaining the parking lot, lawn, and building you rent. However, if you rent a unit within a shopping mall, you share a parking lot, parts of the building, and other areas, which is the landlord’s responsibility. This can ease the burden of your maintenance needs and be an excellent option for a new business.

Reputation Concerns

When you rent a unit in a shopping mall, you may have reputation concerns if a business in the mall has poor clientele or questionable business practices. Your reputation as a location and mall can either deter clients or attract them if a popular business is located in the same area. It’s a risk you take with units within a shopping mall, but it can sometimes be beneficial.

With a stand-alone business, you can create your own reputation and manage your space so that you don’t have unwanted guests lingering in the area and bringing in unwanted attention.

Rent/Leasing

The cost of a stand-alone commercial property is usually much more than a unit within a shopping mall. If you have an established business and can afford this type of rent, it’s the ideal way to go. For small and new businesses, cheaper rent with units within a shopping mall is probably the best place to start until you can build up your clientele.

If you need more information on commercial insurance in the surrounding areas of West Bloomfield, MI, contact our agents at Phil Klein Insurance Group. We can get a quote for your business on the policy you need today.

What Kinds of Businesses Need Commercial Insurance?

Posted on December 16, 2024December 13, 2024 by agentinsure

If you’re in the West Bloomfield, MI area and operating or planning to start a business, Phil Klein Insurance Group is here to help. We know you probably have many questions about commercial insurance, and we want to ensure you’re getting the right policy for your needs. Whether you already have one and need to make changes, or you’re planning to get one and don’t know where to start, our agents are here for you.

Finding the Right Policy for Your Business

There are many different types of businesses that don’t all need the same kinds of commercial policies. You might not need a commercial policy if you have a home-based business that doesn’t see clients or customers in person. For most companies, though, commercial coverage is the right choice. Our agents will help you find the best protection for your needs by ensuring you get a policy that fits your business and its goals.

It’s Important to Review and Update

Reviewing and updating your policy matters and working with an agent makes that much easier. You don’t have to guess whether your policy is the right one or whether you have a level of coverage that fits. We’ll ask the right questions and make valuable suggestions so you can keep your business on track.

Get in Touch With Us Today

Contact us at Phil Klein Insurance Group today if you’re in the West Bloomfield, MI area and looking for commercial insurance. Our agents are happy to help you find a new policy, update your current one, or review it to make sure you have what you need. We’ll answer your questions and ensure you’re getting the right support, so you can build and grow your business confidently.

Do I Need Commercial Vehicle Insurance If I Put A Company Sign on My Truck?

Posted on August 30, 2024August 20, 2024 by agentinsure

Insuring your work vehicles adequately is a sound business practice that considerably reduces risk. Unfortunately, some business owners erroneously believe that their own or their employees’ auto insurance provides coverage for work-related accidents. This misperception can expose them to significant risk. Therefore, it’s crucial to thoroughly understand when you need commercial vehicle coverage, such as when vehicles display company signage. If you own a business and want to understand your commercial insurance options better, our Phil Klein Insurance Group team is available to guide you. We are based in West Bloomfield, MI.

Distinguishing Between Business and Personal Vehicle Use

Michigan companies that use vehicles for business need to ensure they have the right insurance coverage. In addition to work trucks, a company’s vehicle must carry commercial vehicle insurance. Additionally, vehicles may also need coverage beyond a standard personal policy if any of the following apply:

Transporting work-related goods
Visiting a client or a job site
Carrying work tools or equipment
Transporting employees or clients
Displaying business signage, either temporarily or permanently

If you or an employee carries out any of these actions and causes an accident, liability may fall on both the driver and your business. We often recommend acquiring Hired and Non-Owned Auto Insurance (HNOA) to safeguard your business in such situations. This kind of policy covers personal, leased, and rented vehicles used for business purposes. It’s also essential to remember that many individual auto policies specifically exclude coverage for vehicles displaying business signage. In such cases, a commercial vehicle policy becomes a necessity.

Collaborating with the Phil Klein Insurance Group

The Phil Klein Insurance Group caters to the personal and business insurance needs of business owners in the West Bloomfield, MI, area. Call us today at (248) 682-7445 to design an insurance plan that best protects your business and personal assets.

Would it be smart for a business owner to get commercial insurance for their company?

Posted on May 27, 2024May 16, 2024 by agentinsure

Becoming a business owner continues to be a dream for many in the West Bloomfield, MI, area. When you are going to start a small organization in this region, you need to ensure you are diligent. One of the best ways you can do this is by getting the right coverage. There are many reasons why this coverage is a smart option for business owners here.

Protect Investment and Assets

A great reason to always have a commercial insurance plan for your business in Michigan is to ensure you are able to protect all business assets and your investment in the company. If you choose to start a business here, you will make a range of investments to get it off the ground. Commercial insurance will protect your business assets if you incur a loss.

Manage Liability Risks

The right commercial insurance plan can help you properly manage your liability risks. Many risks come with running a company; mitigating them is always important. When you get a full commercial insurance policy, it will include a provision for liability risk coverage. This will help ensure you have support if your business is found liable for an accident.

When starting a business in the West Bloomfield, MI, area, you need to have the right insurance. As there are a lot of commercial insurance options to consider, it would be a good idea to call our team with the Phil Klein Insurance Group. Our Phil Klein Insurance Group professionals know the value of such coverage and can offer the guidance you need to build a quality plan that will cover your business.

Protect Every Aspect of Your Business With Commercial Insurance

Posted on February 14, 2024February 12, 2024 by agentinsure

Why Comprehensive Commercial Insurance is Necessary for Your Business

Every business, regardless of its nature, has liability. Whether you’re offering a service, selling a product, or lending your expertise, you are accountable for its safety and effectiveness. With the range of potential risks that your business could encounter, various coverage types might be necessary to protect it. At Phil Klein Insurance Group in West Bloomfield, MI, we can help you determine which commercial insurance policies you need.

Types of Commercial Liability Coverage

If your business involves selling physical products, product liability insurance is vital. It covers any adverse effects that your product may have on a consumer. For professionals providing services centered on their expertise, coverage against potential errors is key. Lastly, if you own a physical store, property liability insurance would protect you in case of any accidents on your premises.

Other Forms of Important Coverage

Tech-integrated businesses or those heavily reliant on computers might require cyber insurance. This coverage can cushion the impact of expenses from a data breach. For businesses with employees, worker’s compensation insurance is required. Accidents at work or work-related illnesses are covered under this. Moreover, business-owned vehicles need to be shielded under commercial auto insurance as personal policies seldom cover business-related accidents.

Protecting Your Business With Comprehensive Commercial Insurance

Commercial success often comes with a myriad of potential risks. The best strategy is to ensure your business before these risks cause significant damage. Reach out to us at Phil Klein Insurance Group in West Bloomfield, MI to get your commercial insurance today. We can help you get started with a commercial insurance quote and answer your questions.

How Do Health and Disability Insurance Differ?

Posted on January 25, 2024January 25, 2024 by agentinsure

We often hear about and see commercials concerning health and disability insurance, yet many Americans are not familiar with their differences. People often receive both coverages through your work, but this article will help you better understand the two forms of insurance. If you are considering either policy, contact the Phil Klein Insurance Group team serving West Bloomfield, MI, and we will happily assist you.

Distinguishing Health and Disability Insurance

Although health and disability insurance relate to your health, the two are distinct. Health insurance pays the costs associated with maintaining your health, whether those costs result from injury, disease, or other causes. Health insurance pays the care providers, not the policyholder, other than to reimburse fees paid in advance.

Disability insurance provides you with a direct cash payment to replace some or all of your income when a health problem prevents you from working as you had in the past. Depending on how long the health issue affects your ability to work, the disability payments can be short or long-term. Likewise, total disabilities prevent you from working, while partial disabilities allow you to work, but you are unable to perform all the duties you had in the past.

When acquiring a disability policy, you should review the disability policy in detail so you understand what is covered and excluded and how the level of disability is determined.

Disability insurance often costs 1 to 3% of your income, depending on your situation and occupation.

Working with Phil Klein Insurance Group

If you live in or near West Bloomfield, MI, and want to protect yourself and your family against the effects of a disabling injury, contact the Phil Klein Insurance Group team. We’ll work with you to structure a plan to suit your needs.

Regulatory Changes and Compliance in Commercial Insurance

Posted on December 28, 2023December 28, 2023 by agentinsure

The commercial insurance sector operates within a dynamic regulatory environment, subject to constant changes and updates in the West Bloomfield, MI area. Staying on top of regulatory developments is imperative for insurers and businesses alike, ensuring compliance and mitigating risks associated with non-compliance.

Adapting to Industry Changes

Regulatory bodies continually refine standards to address emerging risks and challenges. Insurers must stay agile in adapting their practices to align with these evolving standards. Whether it involves changes in reporting requirements, risk assessment protocols, or consumer protection measures, compliance is important to keeping trust and credibility in the commercial insurance industry.

Navigating Cross-Border Operations

As businesses expand globally, compliance with regulations across different jurisdictions becomes complex. Commercial insurers operating internationally must navigate diverse regulatory frameworks, each with its own rules and expectations. A comprehensive understanding is crucial for seamless cross-border operations.

Addressing New Challenges

The rise of insurtech introduces innovative ways of conducting business, but it also raises concerns related to data privacy. Adhering to evolving data protection regulations is paramount, requiring insurers to implement robust cybersecurity measures and ensure the responsible use of data.

Prioritizing Ethical Conduct

Insurers must proactively adopt policies and procedures that prioritize ethical conduct, transparency, and appropriate treatment of customers. This not only aligns with regulatory expectations but also enhances the credibility of commercial insurance providers.

Balancing Act for Businesses

Meeting regulatory requirements comes with its own set of challenges and costs. Compliance efforts demand significant resources, both in terms of time and finances. Striking a balance between fulfilling regulatory obligations and maintaining operational efficiency is a perpetual challenge for commercial insurers.

How Phil Klein Insurance Group Can Help You

At Phil Klein Insurance Group, we can help answer questions concerning commercial insurance. We serve the West Bloomfield, MI, area. Contact us today.

What Is A Business Owner’s Policy (BOP)?

Posted on August 28, 2023August 28, 2023 by agentinsure

If you own a company, you need good insurance coverage to keep your business and personal assets safe. You may have heard of a Business Owner’s Policy or BOP. Here’s what’s included and how to get BOP insurance in West Bloomfield, MI.

Two Types Of Insurance, Combined

A Business Owner’s Policy combines two different types of insurance that most, if not all, business owners need – property and liability insurance. Instead of purchasing each kind of coverage and managing them separately, you’ll have one policy that covers the various types of claims you or someone else can make.

What’s Included

Property insurance. This covers damage against your owned or rented business property, like fire, theft, and vandalism.
General liability insurance. This protects you from claims made against your business from people who may have been injured on your property, disgruntled employees, etc. It also covers defamation and libel.
Business income insurance. This is also called business interruption insurance and helps cover income loss while your property is damaged and unusable.

What Else Can I Add?

You can also add other types of business insurance to your BOP policy, like:

Workers’ compensation insurance. Workers’ comp is generally required if you have employees and covers the cost of lost wages and medical care for employees who are hurt on the job.
Professional liability insurance. This covers lawsuits filed by anyone who claims your professional services or advice caused them to incur a loss.
Data breach insurance. This covers financial losses associated with hacking and data breaches, including IT service, new hardware and software, and compliance fines.
Auto insurance. If your business utilizes one or more company vehicles, you’ll need a comprehensive auto insurance policy to cover accidents.

Need good business insurance coverage in West Bloomfield, MI? Phil Klein Insurance Group serves your area. Call today at (248) 682-7445

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