Michigan General Liability Insurance
Michigan general liability insurance is an important item for any Michigan company to have. Liability insurance can provide coverage against suits resulting from damage to a customer's belongings, or personal injury to a customer, while at your business or while you are doing work at their home or office. Accidents happen no matter how hard we work to ensure they do not. Because of this, it is important to have general protection.
Consider what would happen if a customer was injured while walking through your store in MI. If their injuries were significant, you could be looking at a medical liability of thousands of dollars. If they decided to sue you, you could now be looking at hundreds of thousands of dollars. No business wants to have to defend themselves against a suit like that. Luckily, Michigan general liability insurance can provide you coverage for just such an occasion. If this happens while you have coverage, the insurer will pay for the medical costs and litigation.
Understanding Liability Insurance
There are many different types of general liability insurance policies. A business owner policy or BOP for instance, is a policy that combines your property insurance and your general liability into one package. Many business owners think that because they have a BOP, they are covered in case of an accident. If you have a BOP, you might want to look carefully at the exclusions in the policy to determine if you are in fact covered for any eventuality, and are covered at the limits you need.
Many BOPs do not cover for every peril. They will not generally cover you for professional errors for instance, or for specific types of work that you might do. A general contractor, for instance, may not be covered for doing certain types of construction work under a BOP. Be sure you review your BOP policy with an insurance advisor to determine if the policy is comprehensive enough for your needs.
Commercial liability insurance will cover you for a wide range of risks. These policies can be adapted to fit the type of work you do. If you own a charter boat that takes anglers out on Lake Michigan, for instance, you might want to consider a protection and indemnity clause for watercraft. This type of coverage is for anyone who owns or leases a boat for business uses. The policy would not only cover you in the even one of your customers was injured while on a fishing trip, but would also cover items such as collisions.
Other types of Michigan general liability insurance include public and product policies. Michigan is one of the largest manufacturing states in the United States. Because of this, these two types of insurances are very popular in the Wolverine State. Public policies protect you against damages that are made to the general public. An example of this would be pollution coverage. Pollution coverage covers several items specific to pollution. The most common items covered include remediation or cleanup of a polluted site, regulatory charges, and suits associated with pollution.
Product policies cover any manufacturer or supplier of a product. This would include vehicles, agricultural equipment, chemicals, medical devices, and more. Michigan general liability insurance for product coverage would cover defects in the products, and any suits relating to damage or injury resulting in that damage.
The above examples are just a few types of Michigan general liability insurance that is available. There are many more that can be made to fit any business. If you are concerned that your general policy will not cover everything you need, you might want to consider an umbrella policy. Umbrella policies pick up where the Michigan general liability insurance stops giving you a more comprehensive plan for any eventuality. Talk to an advisor today to determine what the correct coverage for your Michigan business should include.
Costs of Commercial Insurance
The premium or cost of Michigan general liability insurance is based on a number of things. The type of business you have, the number of employees, and the perceived risk. There may be other items particular to your business as well. Businesses with higher risks will have higher premiums than businesses with lower risks. Fortunately, the cost of Michigan general liability insurance is not dollar for dollar for the coverage amounts you need. You can get a million dollar policy for a very reasonable monthly premium.
Michigan general liability insurance is an important investment for any Michigan business. You can find excellent rates by comparing quotes online from reputable insurers in Michigan. Whether you are a restaurant owner or a vehicle distributer, you will sleep much easier knowing that your MI business is covered in the event of an accident.