Michigan General Liability Insurance – MI
Michigan General liability insurance is crucial coverage to have for all businesses big or small.
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This form of insurance covers your business against different claims stemming from injury to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they require general liability insurance.
This type of coverage can help protect your business against claims relevant to malpractice or bodily harm.
General liability insurance in Michigan can be had in several types of coverage, and the one you must have will depend on the kind of business you run.
For example, if you run a construction business, then you will require a higher level of general liability insurance coverage.
5 Big Reasons Why You Require General Liability Insurance in Michigan
One of the most common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that running any kind of business is already risky.
General liability insurance in Michigan not only covers your business against claims originating from injury and property damage, but also from any claims as a tenant if you are renting a space.
Further, it provides coverage for not only your business, but also your staff against claims resulting from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 excellent reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Michigan
If you are a handyperson, you already know about the compensation you can miss if you fall ill.
As a handyman, you are not covered by government workers’ compensation advantages, therefore you should check out MI handyman insurance.
Research reveals that injuries to independent workers in Michigan were on the rise by a whopping 12 percent.
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When you buy Michigan general liability insurance, you are covered financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance policy you opt for, you may also be eligible for compensation for the time you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to invest in general liability insurance in Michigan.
If your company runs services that can cause harm to others including customers, then investing in general liability insurance should not be an option.
One excellent example of this is MI dog walker insurance, which shields your pet sitting business if the pet causes injury to others.
Another example is when you are fixing your client’s drywall, and they fall over your tools, then you will be liable for their injury.
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If you buy general liability insurance in Michigan, your policy will pay for the fees of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Michigan is to shield your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly break an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance policy.
Michigan General liability insurance can help shield your business against any lawsuits stemming from claims that you did not deliver services as promised.
Things such as negligence can be included under a general liability insurance policy.
General liability insurance can also mostly include professional liability insurance, so speak to your insurance provider to check if they offer this form of insurance.
While general liability insurance protects your business against several different sorts of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling products under your own company, then it is wise to have general liability insurance in Michigan, and here is why!
If a customer claims bodily hurt due to the use of your company’s products, then general liability insurance will protect you against these sorts of claims.
And if you sell your products on the web, then it is a smart idea to check out MI ecommerce insurance to better protect your interests.
Take, for example, your organization is selling facial creams, and a person has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, there are certain things that may not be covered under your insurance terms.
The first thing that may not be covered is against lawsuits not related to your services. Employee accidents may also not be covered under your general liability insurance policy.
As a business, you may be hauling several expensive tools in your car or even at your customer’s property.
If these tools do get stolen, you will have to get specialized general liability insurance.
In the case of theft of your personal property, your auto insurance policy will not protect these items against theft.
Another area where general liability insurance may not offer coverage is if you make glitches in your services.
When buying general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not cover costs that exceed your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a broad term for many types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL business liability insurance, this (type of insurance covers your company against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your business against reputational harm or mistakes in your advertising.
Certain examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes claims against your entity that stem from errors in the services you give.
For example, if you are a financial specialist that provides a client with wrong figures, and they sue you, professional liability insurance will cover the legal expenses.
If you offer professional services to people, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your organization has a lot of workers, opting for employee liability insurance is a wise idea.
This form of insurance covers your staff against any injury they may incur at the worksite.
Additionally, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The cost for general liability insurance changes across insurance providers. It depends on several different factors including the sort of business you are handling.
For example, if you are running a construction business, then the price for your premiums will be above that other forms of businesses, hence you should have MI roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk companies can expect to pay higher premiums such as contracting categories.
You can save funds if you pay for your insurance contract in full annually.
Additionally, you can also save cash on your general liability insurance policy if you group all your policies under one insurance provider.
You should also minimize your company claims on your general liability insurance contract.
How to Look For General Liability Insurance Companies in Michigan?
When searching for the best general liability insurance agent in your area, it is important to check the agency’s reputation.
You should then determine your coverage limit, where the higher the insurance coverage, the higher the cost of premiums.
But it is very important that you opt for the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance agent to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.