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.