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Lansing, MI 48910

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What commercial insurance is required in Michigan

Commercial insurance can mean the difference between a business that survives and one that is forced to close. Many businesses don’t make it. The average is 50% surviving five years. That makes doing everything you can to protect your business important. Most commercial insurance is voluntary but the state does require some types. At  Great Lakes State Agency in Lansing, MI as independent insurance agents, we can provide some of the finest carriers in the business to make protecting your business and being in compliance easier. 

What commercial insurance is required in Michigan

In the state of Michigan, there is only one requirement for commercial insurance, workers compensation. All employers who have one employee who works 35 hours or more a week or three or more employees who work at one time, no matter how many hours they work, must have coverage. Workers compensation protects businesses as well as employees from injuries that may be incurred during the performance of their duties.

Even though other commercial insurance isn’t mandated, it is really important for the financial health of your business. 

Property insurance can make the difference between surviving a covered hazard and not making it. You can’t survive if you can’t replace all the things you need to do business. If you have a store, you need inventory, display racks, cash registers, and more. If you are a plumber, you need tools and your materials. Every business has different needs but the basics are the same, you need what makes your business able to operate. It can also fix the building your business is located in if you happen to own it. 

Liability coverage addresses another big risk that businesses face. Suing a business is all too common and, unless you have a pile of cash lying around, it could be devastating to your ability to operate. 

Contact Great Lakes State Agency in Lansing, MI for your commercial insurance needs and with all your insurance questions and requirements.

What Is Business Interruption Insurance and Should You Get It?

If you own a business, you’ll want to know what would happen if you have to close. You might be eligible to use business interruption insurance. You can speak to a reputable Great Lakes State Agency agent if you’re in the Lansing, MI area if you’d like more information. 

What Is Business Interruption Insurance? 

Business interruption insurance is a type of policy that covers those bills you incur after your business has closed for repairs or after there’s been a disaster that keeps you from staying open. This may be added to a standard business insurance policy so that you have greater protection in general. You can use it for such things as paying your employees, temporary relocation expenses, maintaining your loan payments, and covering your rent if you’ve been temporarily displaced. 

What Can Happen If You Don’t Get Business Interruption Insurance? 

If you don’t have business interruption insurance, you might run some risks and have a difficult time overall with your company. For one, you could have extreme difficulty keeping your business running while you are paying out-of-pocket for repairs and other expenses. Another issue you could run into is that you might have to stay closed for much longer than you would if you had this coverage. If there is a fire, vandalism, or fires among other things, you could experience a great deal of frustration and even have a nearly complete loss of your business property. 

Stay Protected with Business Interruption Insurance 

It’s well worthwhile to consider business interruption insurance for your company. In the event that a disaster strikes, you’ll have peace of mind knowing you’re protected. Contact us at Great Lakes State Agency of Lansing, MI and you won’t regret it. 

Reasons To Get Commercial Insurance

Commercial insurance is the type of insurance that protects businesses and business owners. It protects companies in the case of disasters, accidents, crimes, or liability. If you are a responsible business owner, commercial insurance is a wise investment. Great Lakes State Agency serving Lansing, MI and other surrounding towns prepared a list of reasons why commercial insurance is important: 

Reasons To Have Commercial Insurance

  • Protects you from getting sued. As a business owner, you can get sued for different things. It can be an accident, errors on reports, or property damage. If you have commercial insurance, there is nothing to worry about because it will cover your legal defense and damages that result from your business operations. 
  • Protects your employees. Most of the states require businesses to carry workers’ compensation insurance, and Michigan is not an exception. If you have three or more employees, workers’ compensation is a must. It provides employees who suffered work-related illnesses and injuries with such benefits as missed wages because of injuries or illness, medical help, and funeral benefits. 
  • It builds your credibility. Having commercial insurance shows your contractors, partners, and customers that you are a serious business owner who manages risks seriously. 
  • Contracts may require this type of insurance. Many landlords do not want to deal with companies that do not have business insurance. The absence of commercial insurance may also not allow you, as a business owner, to get a loan from a bank if you want to purchase a commercial building. 

Great Lakes State Agency – We Will Help You Find the Right Insurance For Your Business

If you are a business owner operating a business in Lansing, MI or any other town in Michigan, and you are looking for a perfect commercial insurance policy, Great Lakes State Agency is ready to assist. We will help you find a policy based on your needs, requirements, and personal preferences. All you need to do is to visit our website or give us a call – we will answer your questions. 

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