As a business owner, every transaction you complete can result in either a profit, or a risk.
Protecting your Michigan business from the impact of potential customer lawsuits should be the first order of business. And while only a precisely crafted business liability insurance policy can shield your business from this expense and stress, it’s usually the last thing business owners handle.
What does business liability cover?
Liability insurance is designed to cover the costs of legal fees, including court costs and the resulting settlement or judgment, if any is made.
Liability insurance is appropriate for any business that could face potential lawsuits. There are four distinct types that you may need, depending on your business, and your tolerance for risk of financial loss:
- Personal Liability
- Business Liability
- Professional Liability
- Public Liability
There are other risk that may be covered, including:
- Bodily injury should a client trip and fall over your briefcase, or lose footing on a slippery floor, for example, and you’re found legally liable for their injury.
- Property damage and data loss should you accidentally spill coffee on a client’s server that causes data loss, or a tree falls on their car in your parking lot.
- Personal injury should an employee talk to a fellow employee of the shop about one of your clients in a false and unflattering way. The client learns of this discussion and sues for slander.
What Business Liability Insurance doesn’t protect
Liability insurance is not designed to protect you from everything, to help keep costs down. For example, general liability does not cover you against claims of negligence, even if it isn’t you or your business’ fault. This is because not every business needs that variety of protection, so to make it part of the policy would over-insure lots of businesses, and make the coverage needlessly expensive.
You should consider general liability insurance coverage, also called commercial general liability insurance, if either you or your employees:
- Interact with clients face to face. If you make sales calls or visit clients at their place of business, their home, or they visit your location
- Have access to equipment that’s not yours. Business liability is ideal for IT professionals, electricians, other repair or technical servicers.
- Represent your client’s business to other companies.
- Use third-party locations for any business related activities. Business liability can cover architects, designers, wedding planners, etc.
- If you are required to maintain general liability insurance as part of a contract.
Worried about the cost?
Mt. Pleasant Agency – Central Insurance protects a variety of local and statewide businesses. We have everything you need right here, including:
- Monthly payment options to help spread out your payments so you can better manage your cash flow
- Past work covering unforeseen claims arising from work completed before you were even insured, to a pre-agreed date
- Claims responsiveness when time is of the essence, especially in the event of an insurance claim
- Tailored coverage for the specific risks of your field and industry
- Knowledgeable agents who provide exceptional, passionate service
- Coverage for contracts satisfying most standard contract insurance requirements
The Mt. Pleasant Agency – Central Insurance Difference
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for …
While most insurance products are similar in price and function, insurance providers can vary when it comes to structuring a policy.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect people we know and care about in Michigan, and that means we try to find ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Call 989-772-2977 today and let Mt. Pleasant Agency – Central Insurance help you forge the strongest shield possible to help you protect the things you care about most.