In Michigan, business owners choose from a variety of policies to protect their company. The type of business determines what policies are best suited for the company and offers the greatest level of protection. A Business Insurance Agent in Monroe MI explains the benefits and costs of all policies available to the business owners.
How Does General and Global Liability Insurance Work?
General and global liability coverage provide protection against financial losses. The policy provides funds to cover medical payments for accident victims. It provides assistance to prevent losses after a lawsuit is settled. Common liabilities include slip and fall accidents, product liabilities, and breach of contract.
Commercial Property Insurance
Commercial property insurance pays for structural repairs and the reconstruction for a total loss. Funds are provided to cover additional financial losses such as the loss of equipment, inventory, and cash inside the property. The business owner receives payments after a claim is filed and an estimate for expenses is obtained. Liability coverage is available through some property insurance policies. Coverage is provided for events such as natural disasters, fires, and vandalism.
What is a Business Owner’s Policy?
The policy provides several policies in one including property, liability, and vehicle coverage. The policies provide assistance if a crime is committed at the business location such as arson or burglary. The policies are ideal for small business owners and provide a more affordable option.
Worker’s Compensation Policies
Worker’s compensation policies offer coverage for accident treatments and lost wages. The workers must qualify for coverage according to how their injuries occurred. The employees must comply with all safety policies and submit to a drug and alcohol test after the accident. The policies offer between sixty to eighty percent of the worker’s wages if they qualify for wage replacement.
In Michigan, business owners purchase the best policies to prevent financial losses and the loss of their company. Insurance providers also offer group-rate health insurance and commercial auto policies. The agent explains any umbrella policies that offer additional savings. Business owners who want to learn more contact a Business Insurance Agent in Monroe MI or visit Insurance Center Of Monroe for more information.