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Great Lakes State Agency

4800 S Cedar St
Lansing, MI 48910

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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. 

What You Need To Know About Home Insurance

Home insurance is an important way you can invest in your home and family. Although many people think of home insurance as just another expense each month, it is truly much more than that. Great Lakes State Agency is here to help folks in Lansing, MI and the surrounding areas, better understand their home insurance options and the importance of this type of coverage. 

Is Home Insurance Really An Investment?

Yes, each month when you pay your home insurance premium, you are investing into safety and security for your family. Should your home be damaged or lost, a home insurance policy is there to make sure you have the funds you need to make repairs or replace your home. This provides a deep sense of safety and security for you and your family. You will always have a place to call home. 

What Does Home Insurance Cover?

Home insurance will cover the cost of repairs or replacement of a home should it be damaged or lost. Home insurance will also cover the cost of any lost possessions inside the home. 

In addition to this, home insurance also provides liability coverage. This type of coverage can help pay for expenses resulting from an injury on your property or in your home. 

How Much Coverage Do I Need?

Each family is different and each home is different. This is why you should sit down with an insurance representative to determine exactly how much insurance coverage you need. 

Get Home Insurance Today

If you would like to learn more about home insurance, or any of our other services, please contact us at Great Lakes State Agency, serving Lansing, MI and the surrounding areas. We will be happy to answer your questions and help you today. 

Important safety tips for drivers

Great Lakes State Agency is here for the residents of Lansing, MI and the surrounding area. If you are looking for safe driving trips, you have come to the right place! In fact, we are here to meet all of your safety and insurance needs. Give our office a call today and learn how we can help you protect your vehicle.  

If you want to stay safe while driving, we have a few tips!

  • Drive the speed limit.
  • Adjust your speed during inclement weather.
  • Keep an emergency kit in your trunk.
  • Have a current roadside assistance plan.
  • Keep your vehicle well-maintained.
  • Do not drive distracted!

When you follow these tips, you are sure to enjoy safe driving! And, the best part of maintaining a safe driving record is the potential discounts that many insurance carriers award their safest drivers. Practicing safe driving may feel like it costs you some time, but in the long run, practicing safe driving habits could save you time and money.

Paying attention to the road and putting down devices when behind the wheel is a necessary part of being a responsible driver. Maintaining a good distance between your car and the one ahead of you is another tip that many people overlook. Safe driving not only helps you get where you want to go safely, but it also helps to keep the road safe for others. Find out more about safe driving today.

Stop by today!

Drivers in the greater Lansing, MI area can rely on Great Lakes State Agency for all of their insurance needs. We can help you protect your vehicle and yourself and direct you to any available discounts for safe drivers. Call our office, or stop by today!

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.

Should I Get Homeowner’s Insurance Through My Mortgage Lender?

You’re probably concerned that the mortgage lender may not pay your claim in a timely manner. Consider buying homeowner’s insurance from a reputable company that protects your investment. 

Some mortgage lenders offer homeowner’s insurance as an optional rider to their mortgage. For questions, Great Lakes State Agency is your insurance expert in Lansing, MI. 

Implications of Seeking Insurance through Mortgage Lender 

If you have homeowner’s insurance through your mortgage lender, then if you have a loss, you must go through your mortgage lender to get approval for the repairs. This means that they will probably require an independent inspection by an inspector they choose. 

They’ll want to see all of your receipts and when you try to pay someone with a check from your homeowner’s insurance policy it will be held up until the mortgage company verifies that the repair has been made properly. 

Some lenders may allow you to purchase homeowner’s insurance through your mortgage and others may not. With that said, most likely your ability to refinance your home will not be affected if you have homeowner’s insurance through a mortgage. 

Many people are surprised to find out that their mortgage lender may not be the best option for purchasing homeowners insurance. This is because many mortgage lenders require a minimum amount of coverage be carried on the mortgage holder’s insurance. 

Most likely, they’ll pay the smaller amount that’s not enough to cover your home in the event of a major disaster. Instead, you may want to consider purchasing insurance directly through your homeowners. This is because the homeowner’s policy will likely cover your home for much more than the mortgage lender’s minimum amount of coverage. 

Contact Us Today

Homeowner’s insurance is typically purchased through a broker, so it’s recommended that you purchase it from a knowledgeable agent and not your mortgage lender. 

Once you have been approved for a mortgage, the lender is obligated to provide you with coverage and will typically provide a standard policy that covers the majority of your home’s value. Visit Great Lakes State Agency to clarify issues in Lansing, MI.

How Can I Save Money On My Auto Insurance Premium?

It is important to shop around and compare quotes from different companies when shopping for car insurance. If you have a car worth more than what you owe, you may consider increasing your collision coverage or purchasing gap insurance. Suppose you have an older car and are paying more than 5% of its value in monthly car insurance payments. When financing, consider dropping collision and comprehensive. It is wise to shop for car insurance during November and December when rates are typically the highest. Our team of experts at Great Lakes State Agency in Lansing, MI can offer professional advice. 

Keeping Clean Record & Shopping Around 

Depending on your provider, keeping a clean driving record could save you up to 15 percent on your premium. You can also try increasing your deductible from the standard amount if you are risk-averse. Increasing such can save you up to 15 percent on your premium. Shop around and compare different providers. Different agents offer different rates based on your risk level with a clean record. 

Many insurers offer a rate guarantee, so check if the company you’re considering offers one and the terms. Some insurers offer a rate guarantee if the company’s rates go up during your policy period. Next, ensure you’re getting all the discounts you’re qualified for. You can get a senior discount if you’re over a certain age. Some insurers offer a discount if you maintain a certain credit score. 

Give Us A Call

Many insurers offer a discounted rate if you agree to install a device in your car that tracks your driving habits and determines your risk level. An effortless way to save on your auto insurance is by shopping around for a new policy every year. Many insurers offer substantial discounts if you sign up for a new policy. Additionally, shop around for the best rates. For professional help, contact Great Lakes State Agency in Lansing, MI.

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.

Creating and storing a home inventory

No one ever wants to think about the things that could cause you to need to file a claim with your insurance carrier. But bad things happen all over and Lansing, MI, is no exception. At Great Lakes State Agency, we are there for our customers from the time we help them get the right insurance at a price that works for them through any claims they need to file along the way. 

An inventory is just a list of all your possessions. If you are like most people, you have a lot more than you realized and nothing makes you realize that faster than doing a home inventory. Get a pad and pen and a camera and pick a room to start in. Get pictures from several different angles and then list what you see with as much information as you can provide. 

For electronics, serial numbers help, as do make and model. If you have sales slips or receipts, they should be attached to the list. Open the closets and drawers, go to the top of the house and the attic and the basement if you have one. Don’t forget the garage. If you have expensive items, be sure you have an appraisal to prove their value. The more detailed your descriptions the better. 

Once you have completed your listing, attach all the backup information and the photos and find a safe place to store it. At the very least, you need to have a fire and waterproof container to protect this very important information. Ideally, the inventory can be stored away from the home and it is always a good idea to have a copy on the cloud. 

Give us a call at Great Lakes State Agency in Lansing, MI when you are ready to discuss the home insurance that is best for you. 

Comprehensive vs Collision Auto Insurance Breakdown

 Great Lakes State Agency serves the Lansing, MI community. We offer our clients multiple types of coverage so that they are prepared for whatever life throws their way. We work closely with multiple carriers across the state to help find solutions. We have developed a reputation for embracing ethical practices and treating people with integrity.

Collision vs Comprehensive Auto Insurance Breakdown

Auto insurance protects you as you travel around Lansing, MI and the surrounding areas. You are covered if anything happens while you’re on the road. An accident can occur at any moment. Liability coverage protects you if you accidentally hurt someone or damage property. If someone is riding along with you, liability coverage will take care of their medical treatment. Along with liability coverage, you also have to decide your collision and comprehensive limits.

Collision Coverage

Collision coverage protects your vehicle if it suffers damage in a crash. You are covered if your vehicle crashes into a pole, or you make an impact with another driver. You are also covered if your vehicle flips over and hits a pothole. Collision coverage handles the necessary repairs to get you back on the road quickly.

Comprehensive Coverage

Comprehensive coverage protects your vehicle in unique situations, such as potential theft. Maybe a snowstorm moves through Lansing, MI and a large chunk of ice damages the hood of your vehicle. Comprehensive coverage protects you in these instances. You can also amend your policy to provide extra coverage such as emergency towing service.  If you reside in an urban part of the city, comprehensive insurance is recommended. Look over your policy carefully.

Great Lakes State Agency Will Help You Cover Your Assets

Visit our website to learn more information about auto insurance.

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. 

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