Commercial Insurance

The Small Business Association reports that there are 856,352 small businesses in Michigan. This represents 98.2% of all businesses in Michigan. Small businesses in Michigan provide just over half (51.7%) of all the private sector jobs. Thanks to small businesses, 1.8 million people in Michigan have jobs.

Small business owners work hard to build up their success. Each business operates in a different environment. This creates a need for insurance coverage that depends on the type of business. The Magee Insurance Group helps businesses in Michigan obtain the commercial insurance needed to operate with peace of mind and have the biggest risks covered by the appropriate amount of insurance.

Mandatory Insurance Requirements for Businesses in Michigan

The state of Michigan imposes legal requirements for insurance that business owners are required to have. This includes Motor Vehicle Insurance and Workers Compensation.

Workers Compensation

Businesses in Michigan that employ three people or more must have workers compensation insurance.

Businesses that use an automobile, van, or truck for business activities should have a commercial vehicle policy. Most business owners maintain more than the minimum legal requirements and insure their commercial vehicles for loss due to damage or theft.

Commercial Liability Insurance

With the exception of Workers Compensation and vehicle insurance, Michigan does not require that business have Commercial Liability Insurance. Nevertheless, most businesses carry $500,000 to $1 million in Commercial Liability Insurance.

Besides commercial general liability insurance, other types of commercial insurance to consider include:

  • Professional Liability
  • Product Liability
  • Errors & Omissions
  • Employment Practices Liability Insurance
  • Employee Disability Insurance
  • Commercial Property Insurance
  • Business Owner‘s Policy

Consult with an agent at The Magee Insurance Group in Ludington, Michigan to learn more about the types of commercial insurance that are appropriate for your business and ask about the commercial packages, which combine important types of commercial insurance coverage for businesses and offer a discount on the premiums.

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