General Liability
Most small businesses need this coverage. It guards against things like bodily injury, property damage, completed operations and advertising injury that arise from your business. Sometimes people refer to this coverage as "business insurance".
Workers' Compensation
This protects you and your employees. It helps pay for expenses such as medical costs and lost wages related to employees who become injured or ill on the job.
Commercial Auto
You need this coverage if you use your vehicles for business. This can include traveling between job sites, making deliveries or transporting tools and equipment. It provides liability and physical damage protection for your business vehicles/trailers.
Professional Liability
Liability protection for businesses who offer professional services or advice. It protects against claims of professional negligence. It’s also known as Errors and Omissions insurance (E&O).
Business Owners Policy (BOP)
This coverage packages business liability and property coverage into one policy. It’s a common choice for small businesses with commercial buildings or personal property.
Cyber Insurance
Protects against electronic threats, such as data breaches and cyber-attacks. Businesses that store or process sensitive data like credit card information should consider this coverage.
Business insurance cost
On average, business owners spend $500 to $1,000 per year, per employee on professional liability insurance, according to estimates from The Hartford, an insurance provider.
Your cost is based on various factors, including the industry you’re in and the specific types of jobs you do. For example, one landscaping company might only mow lawns, while another offers additional services, such as tree trimming. They’re both landscapers, but their risk exposure is different and will be reflected in their rates.
Michigan business insurance requirements
Business insurance isn’t required by Michigan state law except for workers’ compensation. Private employers are required to have coverage if they have one or more employees who work more than 35 hours per week, or if they regularly employ three or more employees at one time.
While Michigan doesn’t require other business coverages, such as general liability and professional liability, many employers and prospective clients do. Their contracts often specify the types and amounts of coverage you need before you can begin working with them.
Customized Protection
MIAFS offers customized coverage that matches your business’s level of exposure to certain risks. A customized policy includes the coverages you need, with limits that match your specific requirements. Customized coverage is flexible, so if your situation changes – or you simply change your mind - you can update your policy any time.
Be wary of “one-size fits all” policies. They can have gaps in coverage that leave you exposed. For example: You might assume general liability covers any type of business liability; it doesn’t.
We focus on customizing your policy upfront to avoid these types of problems and so you can feel confident you’re getting the right insurance the first time.
