What Michigan small businesses need, what personal policies don’t cover, and how to protect your company.
Ask Samantha a questionCall (734) 525-9450Usually not. Homeowners policies offer limited coverage for business property and generally exclude business liability, and personal auto policies can exclude vehicles used mainly for work. Read more in our small business guide.
A BOP bundles commercial property, general liability and business income coverage into one policy, usually at a lower cost than buying them separately. It’s designed for small and mid-sized businesses like retail shops, offices, contractors and service providers.
Generally yes if you have three or more employees at one time, or at least one employee who works 35 or more hours a week for 13 weeks or longer. Workers’ comp covers medical bills and lost wages for work-related injuries and protects you from many related lawsuits.
If your business owns vehicles, or you use a vehicle mainly for work such as hauling tools or equipment, making deliveries or transporting clients, you likely need commercial auto coverage. See commercial auto insurance.
A certificate of insurance (COI) is a one-page summary proving you carry coverage. Clients, landlords and general contractors often require one before work begins. We issue COIs for our commercial clients, usually the same day.
Depending on your income and team size, a Marketplace plan or a small-group plan may fit best, and the tax treatment differs. See self-employed health insurance and small business health plans.
Talk to a local, independent agent. Consultations are always free.
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