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Lansing, MI 48910

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Commercial Vehicle Insurance Is An Important Part of Your Business’s Financial Protection

If your business utilizes vehicles for delivery or other purposes, you may be at risk for expensive losses from damage to a person or property. Commercial vehicle insurance is designed to cover these risks, so you can keep your company on steady financial footing.  At Great Lakes State Agency in Lansing, MI, we provide commercial vehicle policies to help protect Michigan businesses against expensive losses.

Business Vehicle Accidents Are Common

The Occupational Safety and Health Administration notes that vehicle accidents are among the leading causes of injuries on the job. In addition, millions of dollars in damage result from vehicles engaged in work-related tasks occur each year. Without commercial vehicle coverage, businesses would be liable to cover the costs of damage to persons and property caused by their vehicles.

What You Should Know About Commercial Vehicle Insurance

Commercial vehicle coverage protects your business against expensive costs for medical care and liability settlements if an employee driving one of your vehicles injures someone. It provides protection from lawsuits that could devastate your company financially. It also covers damage to property that might result from a vehicle accident.

Commercial vehicle policies also include uninsured motorist coverage and comprehensive coverage against theft, flooding, fire, and other perils.

Choose Great Lakes State Agency for Commercial Vehicle Insurance

Our agents can help you find the coverage that’s right for your unique business needs. We offer a variety of policies for homes, businesses, autos, motorcycles, boats, and RVs. Contact Great Lakes State Agency in Lansing, MI for a no-obligation quote on commercial vehicle insurance that can help your business maintain financial stability. 

How much commercial insurance do I need?

As a business owner in Lansing, MI, it’s essential to have general liability insurance as it safeguards you from claims arising from bodily injury or property damage on your premises. Great Lakes State Agency is here to assist you in determining the necessary coverage amount and additional coverage opportunities, called endorsements, to enhance your business protection.

80/20 Rule for Commercial Insurance

The 80/20 rule is a salient reference for business insurance coverage. This means you need the right coverage for 80% of the risks you’re exposed to, but you don’t necessarily need full coverage for every risk. For instance, if you run a restaurant, you likely need coverage for slips, trips, and falls, but you may not need coverage for equipment breakdowns. This rule can determine your business’s right general liability coverage.

Understanding your coverage needs requires identifying the risk associated with your business. Consider the size of your business, the number of employees, and the overall amount of foot traffic to determine the level of risk. This risk evaluation lets you determine which coverage to include in your insurance package.

Endorsements for Added Protection

You can add endorsements to your general policy to protect specific risks relevant to your business, such as fire damage, liquor liability, employment practices, cyber-attacks, or identity theft.

Great Lakes State Agency can help you define the right amount of coverage for your commercial needs in the Lansing, MI area. By analyzing your business, they can suggest the right types of coverage and any endorsements that could benefit you. Customizing your insurance coverage ensures that you’re fully protected, giving you peace of mind knowing that your business is secure.

The various types of commercial insurance

Commercial insurance is essential for any business, regardless of size or industry. It provides financial protection in the event that a company experiences a loss or incurs liabilities due to unforeseen circumstances. There are many different types of commercial insurance available from Great Lakes State Agency, and it’s important to understand which type best suits your Lansing, MI area business needs. 

The various types of commercial insurance

The most common type of commercial insurance is property insurance, which covers physical assets such as buildings and equipment from loss or damage due to fire, theft, vandalism, etc. Businesses can also purchase liability insurance, which provides protection against claims of bodily injury or property damage resulting from the company’s operations.

Additionally, there are several types of product liability coverage available to protect businesses from liability claims due to defective products they produce or sell.

Finally, some businesses may require specialized types of commercial insurance depending on their operations or industry. For example, restaurants and bars may need liquor liability coverage while construction firms might benefit from builders’ risk coverage.

Some other specialized policies include cyber liability coverage for companies dealing with customer data online, employment practices liability for employers facing allegations of wrongful termination or discrimination, and environmental impairment liability for businesses active in hazardous industries like oil & gas production.

Contact Us Today

Choosing the right type of commercial insurance can be complex but taking the time to research all available options will ensure your business is adequately protected in case of an unforeseen event. With so many different policies on offer, it can be difficult to know where to start – but speaking with one of our qualified independent agents at Great Lakes State Agency will help you find the ideal policy for your needs without breaking the bank! We serve the Lansing, MI area.

Frequently Asked Questions About Commercial Insurance

Great Lakes State Agency serves Lansing, MI with insurance services for all your business, vehicle, and home needs. Here are the most common questions we get about commercial insurance.

FAQs About Commercial Insurance

Is commercial insurance a legal requirement?

Worker’s compensation and commercial vehicle insurance are the two legal business insurance requirements in Michigan. You must have worker’s comp insurance if you have even a single employee and you need commercial vehicle insurance if your company has any vehicles for company use or used by employees. 

How much coverage does my company need?

There is no broad answer to this because every single business is different and has variables that may not be considered. Start with the legal basics and then build up your specific needs to keep your company protected. 

At what stage in my business planning should I purchase commercial insurance?

Legally, once you hire an employee or purchase a vehicle for company use. Logically it is wise to purchase a policy to protect your business assets as soon as you invest in them, even before your company is officially up and operating. 

My current business is expanding, should I upgrade my insurance?

Yes, but it is not as simple as just adding the new location to your current policy. You want to take the unique considerations in your new location into consideration for maximum protection and coverage. For example, one location may have flood risk and another location may have a higher crime rate. These variables can be written into umbrella or additional commercial policies. 

Get The Right Coverage For Your Business

If you live in the Lansing, MI area contact us at Great Lakes State Agency for all of your insurance needs. 

Do I Need Commercial Insurance If I Am Self-Employed?

According to research, over 30% of Americans are self-employed. If you’re part of this group, you may be wondering if you need commercial insurance. There are a few factors to consider when determining whether or not you need commercial insurance. Great Lakes State Agency in Lansing, MI is here to help you navigate this important insurance coverage.

Why need commercial insurance if you’re self-employed?

1. The Type of Business You Run

You likely won’t need commercial insurance if you’re a freelancer or consultant. However, if you have employees or run a brick-and-mortar business in Lansing MI, you’ll need to carry commercial insurance.

2. The Services You Offer

If you offer services that could potentially cause bodily injury or property damage, you’ll need commercial insurance. This is because your business will be held liable if someone is injured or their property is damaged while you’re working.

3. The Clients You Work With

If you work with clients who require you to have commercial insurance, you’ll need to carry a policy. These clients may include government agencies or large corporations. In this case, you need to consult with a professional agency like Great Lakes State Agency to determine the best coverage for your business.

4. The Equipment You Use

If you use expensive equipment or tools in your business, you’ll need to insure them with commercial insurance. This coverage will protect your equipment if it’s damaged or stolen.

5. The Location of Your Business

You’ll need commercial insurance if your business is located in a high-risk area. This is because your business will be more likely to experience a loss due to theft, vandalism, or natural disasters.

6. The Value of Your Business

If your business is worth a lot of money, you’ll need commercial insurance to protect your assets. This coverage will help you cover the costs of rebuilding your business if it’s destroyed by a covered event.

Give Us A Call

It’s important to consider all of the factors we’ve listed above before making a decision. If you have any questions, the Great Lakes State Agency in Lansing, MI is here to help. We’re a leading provider of commercial insurance, and we’re always happy to help our clients find the coverage they need. Give us a call today to get started.

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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