Three things Michigan business owners should know about commercial insurance

If you’re a Michigan business owner, there are certain things you need to be aware of when it comes to commercial insurance. At Phil Klein Insurance Group, we can provide you with the information you need on commercial insurance in West Bloomfield, MI.

The following are three things Michigan business owners should know about commercial insurance. 

There are numerous types of commercial insurance for Michigan business owners.

To ensure that you’re entirely meeting your commercial insurance needs, you need to know about the various types available. These include liability, commercial property, commercial auto, workers’ compensation insurance, and more. 

Being informed about the different options and aspects of commercial insurance coverage will help ensure that you have invested in the coverage types most relevant to your company’s needs. 

Business owners need to understand their legal responsibilities regarding commercial insurance coverage. 

Companies may need to meet specific legal insurance coverage requirements depending on the type of business they run and the makeup of their business. You may need to carry certain types of insurance if you have employees on staff or if you use company vehicles as part of your operations, for example. 

Be sure that you’re meeting any applicable legal requirements with the commercial insurance that your company carries. 

Commercial insurance can protect Michigan business owners financially. 

You should carry enough commercial insurance coverage to protect your company’s assets. If you face a lawsuit, your company’s assets can be at risk. Make sure your company carries enough commercial liability insurance to protect the full value of your company’s assets. 

Are you interested in learning more about your commercial insurance options in West Bloomfield, MI? Get in touch with us at Phil Klein Insurance Group to learn more. 

4 Times You Might Need Commercial Insurance

Every business owner needs to have some form of commercial insurance. This type of insurance protects you from any potential liability from running your business. There are a few different types of commercial insurance, and each one covers various risks. Here are four times you might need commercial insurance.

1. You’re an Employer

If you have employees or hired contractors for your own business, you need to protect yourself from any potential liability from those individuals. For example, if someone working for you got injured, they could sue you and claim that their injury resulted from employer negligence. Commercial insurance would protect you from that type of liability.

2. You Have a Retail Store

If you own a retail store, there’s a chance that someone could get injured while they’re on your property. For example, if a customer slips and falls, they could sue you and claim that the fall was due to your negligence. Commercial insurance would protect you from that type of liability.

3. You Provide Professional Services

If you provide professional services, such as consulting or financial advice, you need to be protected from any potential liability that could come from your work. For example, if you give financial advice to a client and lose money due to your advice, they could sue you. Commercial insurance would protect you from that type of liability.

4. You Have a Manufacturing Business

If you have a manufacturing business, there’s a chance that someone could get injured due to your product. For example, if you make a toy and a child gets injured while playing with it, their parents could sue you. Commercial insurance would protect you from that type of liability.

Are you looking to protect your business from potential liability? Whether you’re an employer, own a retail store, provide professional services, or have a manufacturing business, commercial insurance can help. At Phil Klein Insurance Group in West Bloomfield, MI, we offer a variety of commercial insurance policies to meet your needs and keep you protected. Contact us today to learn more about our products and get a free quote.

Should I Upgrade my Commercial Insurance Policy?

Most things in life aren’t static — and your commercial insurance isn’t an exception. As your assets grow, profits soar, and the workplace enlarges, you should review your commercial insurance to ensure your current needs are well-protected. If you are unsure whether you should review your commercial insurance, Phil Klein Insurance Group of West Bloomfield, MI is here to guide you so that you can get the best bang for your bucks.

Change in employees

If you have more than one employee in Michigan, you must purchase worker’s comp insurance to protect them against illnesses and work-related injuries. While you may have started with a few workers, your business has now grown, and the workforce is a few times bigger. Have you updated your worker’s comp insurance? Your employee insurance should match the size of your workforce. Always talk to your insurer whenever you downsize or increase your workforce.

New assets

As your business grows, you always invest in new assets to support the growth. It could be new IT infrastructure, new furniture, or even a new office. Whenever you acquire new assets, always update the changes in your commercial insurance. This move is crucial to ensure you receive maximum compensation when theft or damage occurs.

Service offering changes

Adding a new product or service to your business means exposing you to new risks. While taking risks is an ever-present reality for business owners, you need insurance to cover every move you make. Talk to your insurance agent whenever you add or remove a product or service from your offering.

Learn more about commercial insurance in West Bloomfield, MI

There are numerous other reasons to review your commercial insurance. The best way to ensure you are optimally covered is to frequently chat with your insurance agent. If you are in West Bloomfield, MI and its environs, you can always contact Phil Klein Insurance Group for all your commercial insurance needs.

Is Commercial Insurance Required in MI?

Owning a business is often the result of years of hard work which makes it incredibly important to protect that investment and dedication through a commercial insurance policy. Specific to Michigan, commercial businesses are required to carry two types of insurance. The first, workers’ compensation insurance, is required for any business that employs one or more full-time employees. Workers’ compensation insurance covers the medical bills for employees that suffer a workplace injury or illness. The second, commercial auto insurance, is required for any vehicle owned by the business with minimum liability coverages for property damage and bodily injury needed. Keep in mind that if you require employees to drive their personal vehicles for work purposes their auto insurance policy is unlikely to include business use as a standard component. Consequently, personal vehicles driven for work purposes need to be protected by hired and non-owned auto insurance.

In addition to the required workers’ compensation and commercial auto insurance policies, although it is not legally mandated, businesses in West Bloomfield, MI and the surrounding areas may want to consider additional coverage depending on the type of enterprise being run. For example, any business that stores confidential information such as credit card data, social security numbers, or other PII should strongly consider cyber liability insurance which helps businesses recover after cyber attacks. Other common types of commercial insurance include professional and general liability.

At Phil Klein Insurance Group in West Bloomfield, MI we understand that your business is your livelihood and that’s why our talented team of insurance professionals works tirelessly to ensure that your best interests are represented. When you call the Phil Klein Insurance Group for your commercial insurance needs, we’ll take the time to learn about you as a customer and a person so that we can customize an insurance policy that exceeds your expectations. 

3 Common Commercial Insurance Risks To Avoid

Phil Klein Insurance Group serves the West Bloomfield, MI community. We are an independent insurance agency. We strive to make sure that our client’s needs are met regardless of their situation. We offer our clients flexible policies that evolve over time as their needs change. We work with multiple carriers throughout the Midwest.

Commercial Insurance Risks To Avoid

Commercial insurance gives you a safety net as you handle the daily rights and responsibilities of operating your West Bloomfield, MI business. The policy covers all of your physical property and inventory if it is stolen or damaged. Liability coverage protects your business if one of your customers is injured while visiting your business or using your products. Worker’s compensation protects your business if one of your employees is injured in the workplace. While you analyze which policy is the right fit for your business, avoid these common commercial insurance risks.

Data Breaches

Online transactions happen regularly in today’s marketplace. While technological advancements are an asset, they also come with a lot of risks. You may have your customer’s information stored on your database. This includes sensitive numbers such as credit card numbers and addresses. Hackers attempt to steal this information. Cyber liability coverage can protect your business if you suffer a data breach.

Natural Disasters

Natural disasters such as tornadoes and snowstorms can cause significant damage to your business. Business interruption coverage protects you if your business has to shut down for a few weeks in the aftermath of a natural disaster.

Auto Accidents

If you use vehicles to help operate your business, you need commercial auto insurance. Commercial coverage is the only way to protect your business if you are involved in an auto accident while you are on the job.

Phil Klein Insurance Group Will Help You Protect Your Investment  

Visit our website to learn more information about commercial insurance.

Who Needs Commercial Insurance in West Bloomfield, MI?

If you are a resident of the city of West Bloomfield, MI, and want to know more about commercial insurance as it applies to you in this area, you should think about what an agency such as Phil Klein Insurance Group has to offer.

If you own a business in the state of Michigan, you are generally going to need to have commercial insurance. Specifically, you will need general liability insurance. This type of coverage will protect business owners from either indirect or direct damages. If your business is responsible for actions that end up causing damages to other parties or your own employees, general liability coverage will protect you here. It pays for both personal injuries and property damage. Personal injuries can involve visitors, customers, and even subcontractors.

Although the majority of business owners in Michigan are required to have some type of commercial insurance, they will have some options. They have a choice when it comes to policy limits and insurance deductibles within their commercial insurance coverage.

Many different types of business owners in Michigan will need to get commercial insurance. These include restaurants, contractors, retail stores, healthcare institutions, and many more. Some business owners may see this requirement as a burden, but the truth is that it can be very helpful in the right circumstances. You may not think that anything will happen if you are careful, but the truth is that you sometimes cannot control every event. You will be grateful that you have insurance when you end up needing it.

If you live in West Bloomfield, MI, and are in need of information about commercial insurance, you should feel free to contact the professionals at Phil Klein Insurance Group. They will be able to answer questions that you might have about commercial insurance and perhaps help you figure out what the right policy will be for your business.

Phil Klein Insurance Group Can Meet All Of Your West Bloomfield Insurance Needs.

Phil Klein Insurance Group serves the community with quality and easy to purchase insurance policies. If you own your own business of any size commercial insurance is important for your personal safety and the protection of any employees. If you living in or around the West Bloomfield, MI area and have any questions about commercial insurance call us today. 

Frequently Asked Questions About Commercial Insurance:

  • Is commercial insurance a legal requirement in Michigan? Yes workers comp insurance is required if you have one or more employees. And commercial vehicle insurance is required your business has even one vehicle for company use. 
  • How much coverage does my commercial vehicle need? You must insure your commercial vehicle with at least bodily injury. If you drive your personal vehicle for work tasks, even if it is not set aside as company assets you should increase the insurance coverage. This is even more applicable if you have an employee that rides in or drives your personal vehicle during work hours. 
  • Will the minimum requirements be enough to protect my business if needed? That depends on your unique business situation. For example, if you work mainly online with minimal driving then you may want to put more resources towards a cyber liability insurance policy. If you are at risk for litigation because you are in the public eye you may want to add an umbrella policy to protect yourself. You know the risks of running your business better than anyone. We will be happy to answer any specific coverage questions. 

If you own a business of any size in or around West Bloomfield, MI give us a call at Phil Klein Insurance Group. We can answer any questions you may have about commercial insurance and provide you with any of your insurance needs. 

Importance of Commercial Liability Coverage for Your Small Business

Small businesses need well-balanced commercial coverage to protect their interests. Commercial liability is an important part of that coverage. Commercial liability insurance protects your small business against accidental injuries that may occur on your business property. Here’s why liability coverage from Phil Klein Insurance Group is so important to your small business.

Protection against Liability Claims

If your company is open to receiving customers or clients, there’s always the risk of someone having an accident while visiting your business site. If you’re found responsible for the accident, your business may have to pay for medical costs. General liability insurance covers these expenses so they don’t come from your business assets.

Accidents can cause all manner of injuries ranging from cuts and lacerations to broken bones, back injuries, concussions, and more. General liability helps pay for doctor bills, hospital bills, medications, and therapy, if needed, to help an accident victim recover.

Protection against Lawsuit

In today’s business world, lawsuits are extremely common. If an accident in your small business leads to a lawsuit, it could cost you a substantial amount of money in legal fees alone, not to mention a settlement if you lost. General liability insurance protects your business against a lawsuit by covering your legal fees and settlement, if you lose, up to the limits of your policy.

Product & Professional Liability

If your company produces or sells products, product liability is a must. This coverage protects your assets if your product causes customers injury or harm. If you provide a professional service, professional liability insurance can protect you against claims of negligence in the services you provide.

To learn more about commercial liability coverage or to purchase liability coverage for your small business in West Bloomfield, MI, contact Phil Klein Insurance Group today.

When is commercial insurance needed in Michigan?

If you are in the West Bloomfield MI area and are looking for a new career path, starting your own business could be a great option. When you have a business here, you can benefit a lot from a good local economy and a growing population. If you do want to start a company here, you need to carefully consider all of your commercial insurance needs. There are several situations when you may need commercial insurance in this area. 

When Staff is Hired

One situation when you are going to need to have commercial insurance is when you have employees working for you. Those that have employees on their payroll are required by the state to have workers compensation insurance, which ensures someone is covered if they are hurt while working. Those that have employees and do not provide this insurance could face serious penalization. 

Lenders and Stakeholders

Many businesses need to get commercial insurance because of requirements set forth by their lenders and other stakeholders. Having commercial insurance can help to ensure a company remains solvent during some challenging times. Due to this, a lender will require that a business carry this insurance as it will help to protect their investment. Most lenders will also escrow for annual payments. 

Those that have a business in the West Bloomfield MI area need to take their commercial insurance needs seriously. When you are looking for this form of insurance, it would be beneficial to reach out to the Phil Klein Insurance Group. The insurance team at the Phil Klein Insurance Group knows very well how important it is for a business owner to get a commercial insurance policy. They can review your situation and risks and help you to get into an appropriate insurance policy. 

Why Commercial Insurance Is Necessary For Your Business

When a West Bloomfield, MI business is looking to become established, they will need to meet with Phil Klein Insurance Group to learn more about the necessity of commercial insurance. There are few investments that are more important when a new company is being started.

That’s why the top businesses in the region will always take the time to obtain commercial insurance. For starters, the establishment must ensure that they are protected from all of the usual losses that take place in these instances.

Whether the business experiences theft, employee injury or property damage, the commercial insurance policy offers the proper coverage. When a business has already obtained the correct insurance policy, they are able to receive the compensation that they need to move on from the losses that they sustain.

Without commercial insurance coverage, the company is taking a major risk. When theft, employee injury or property damage takes place, the company is placing themselves in serious jeopardy. In many instances, the business will no longer be operational. All it takes is one lawsuit to put a business out of commission for good.

When it comes to commercial insurance, there are three types for a client to consider: workers’ compensation, property insurance and liability coverage. All three forms of coverage are needed if the company is going to survive over the long haul. There are also additional forms of coverage that are more specialized in nature and an experienced agent will be glad to explain each of them to a West Bloomfield, MI client.

That’s what makes the assistance of skilled insurance agents so important. A client that is looking to learn more about the options that they have available to them from a commercial insurance standpoint will definitely want to take the time to visit the Phil Klein Insurance Group website as soon as possible.