Every small and large business requires some type of insurance policy. Though it may be basic, all business owners should have a policy that protects the company from a wide diversity of things. From protecting the company from different kinds of liability claims to making sure the company can recoup their losses in the event that there is a fire, the business owner should have the right type of insurance coverage so that the overall business can survive. As a general rule of thumb, most insurance professionals and savvy business owners will also recommend being over insured versus under insured since no one knows what problems and concerns can arise. Also, when a business owner and their employees have the right types of insurance coverage, everyone can have peace of mind.

Choosing Michigan business liability insurance Policies

When a business owner is choosing what types of insurance coverage to obtain for their companies, they may not want to look at cost saving options only. Instead, they should read all of the small print and review each of the details so that they do not get caught with an insurance policy that does not cover even the basic items. While the higher premium insurance coverage, may be tight on the pocket, most business owners are often very grateful in the long run, especially when the insurance company pays for damages in special events.

3 Types of Business Insurance Policies

With this being said, before a business owner makes an investment into a Michigan business liability insurance policy, there are three types that should be considered for small businesses. These three insurance policies include general liability insurance, property insurance, and life insurance. All of which are designed to cover most, if not all, events and possibilities. Listed below is a brief description of one of the top 3 that must be considered at the start-up of any new business.

General Liability Insurance

All businesses are required to obtain a general liability Insurance coverage since it is designed to protect the business’ assets. For instance, if someone is injured on the company’s property, Michigan small business insurance will pay for the cost of the claim. In fact, Michigan small business insurance will pay for the associated legal fees as well any compensation that should be paid out.