Business Insurance

diversebusinessgroup-420x315Commercial Auto

As a business owner, you need the same kind of insurance coverage for the car or truck you use in your business as you do for a car used for personal travel – liability, collision and comprehensive, medical payments (known as personal injury protection in Michigan) and coverage for uninsured  and underinsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.

Whether you need to buy a business auto insurance policy will depend on the use of the vehicle and how it is titled. We will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.

While the major coverage are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask us to explain all the differences and options.

General Liability

If you have a personal umbrella liability policy, there’s generally an exclusion for business-related liability. Ask us for a business umbrella policy that generally will include a personal umbrella policy. Make sure you have sufficient auto liability and general liability and workers’ compensation limits to satisfy the umbrella basic coverage requirement.

Unfortunately for every business owner, the chance of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.

General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or away from your premises arising from your operations or products.

Broad Range of General Liability Protection

  • Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
  • Property Damage coverage for the physical damage to property of others or the loss of use of that property
  • Products-Completed Operations provides liability protection (damages and legal expenses up to your policy limit) if an injury ever resulted from something your company made or service your company provided
  • Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
  • Contractual Liability extends to any liability you may assume by entering into a variety of contracts
  • Other coverage includes:  Borrowed Equipment; Host Liquor Liability; Non-Owned Vehicles including watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific professional business types

Workers’ Compensation

Workers’ compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards for lost income and medical expenses. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.

Workers’ Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers’ Compensation Insurance. Workers’ Compensation Insurance is not health insurance. Workers’ Compensation is designed specifically for injuries sustained on the job.

In Michigan, if you have employees, you are required to carry Workers’ Compensation coverage.

Do I need workers’ compensation insurance?

Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.

To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers compensation insurance. Workers’ compensation insurance covers workers injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses

Workers’ compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents

If you are a sole proprietor you are not eligible for coverage for yourself. However, if you are a corporation, partnership or PC or LLC, then you are eligible for coverage unless you elect to be excluded. To be included or excluded you will need to sign the necessary form that will become part of your policy

If you need Certificates of Insurance for either Workers’ Compensation or Liability, please give us a call and we can send out the form to the party requesting your coverage information.