Royal Oak Business Insurance

In 2019, 546 businesses in Michigan declared bankruptcy. Many of these bankruptcies could have been avoided if the companies had been protected by business insurance. Independent insurance agents in Royal Oak are available to help you ensure that your company is covered by the right commercial insurance coverage.

Building a comprehensive business insurance policy package can be a challenging task, but you do not need to do it alone. Local independent insurance agents can help you find the best and most affordable policies to cover against each of the potential risks your company faces. Find an insurance agent near you to learn more.

How Much Does Business Insurance Cost in Royal Oak, MI?

Business insurance coverage and costs can vary significantly from one business to the next. A small sole proprietor may only spend a few hundred dollars a year for coverage while a large corporation can spend tens of thousands of dollars.

Because every company is unique and each has specific risks and exposures, the only way to find out how much a comprehensive business insurance policy package will cost you is to start requesting customized quotes from insurance companies.

This is where an independent insurance agent can really help. These local agents can sit down with you and do a complete risk analysis for your company. They can provide you with quotes for policies designed to cover against each of the potential risks your company may face. That way, you can determine whether the coverage is worth the costs.

Set up an obligation-free consultation with an independent insurance agent in Royal Oak to learn more.

Why Is Liability Insurance Important for Businesses in Royal Oak?

Liability lawsuits against businesses often result in damages exceeding $1 million. That is why business liability insurance is an essential part of every commercial insurance policy package. It is designed to cover expenses related to liability lawsuits including court costs, legal fees, and damages.

It is important that you have the right kinds of insurance policies to cover against each of your company’s liability exposures. An independent insurance agent can go over various liability products that are available to you. Some of the policies your agent may recommend include:

• Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage caused by accidents that occur on your business property for which your company can be held responsible.
• Product liability insurance: This is designed to cover third-party injuries, illnesses, and property damage caused by design flaws, defects, or other problems with the products your company produces, sells or promotes.
• Employment practices liability insurance: This is designed to cover against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
• Cyber liability insurance: This is designed to cover your companies financial obligations and liabilities if cybercriminals break into your computer network and steal sensitive customer data.
• Liquor liability insurance: This is designed to cover businesses that serve alcoholic beverages if they are sued after an intoxicated patron causes injuries or property damage to someone else. In Michigan, the injured party can sue the establishment that provided the alcohol if it was served to a minor or to a visibly intoxicated adult.

You can learn more about these and many other commercial liability products that are available to you by consulting a local independent insurance agent.

Does Royal Oak Business Insurance Cover All Your Business Assets?

Commercial property insurance is designed to cover the cost to repair or replace your business property if it is damaged or destroyed due to a covered event. This insurance covers a wide range of assets, including office furniture, supplies, computers, inventory, merchandise, tools, and outdoor signs.

In Royal Oak, businesses are most likely to experience property loss or damage caused by theft, accidental fires, and severe weather events like tornadoes, hurricanes, electrical storms, windstorms, heavy snows, and freezing temperatures. Fortunately, all of these hazards are covered by commercial property insurance.

Some businesses may benefit from supplementing their property coverage with specialized policies such as:

Commercial flood insurance

This is important because even though storms and hurricanes are covered by commercial property insurance, the floods that often accompany them are not. That is why adding flood insurance to your business coverage is often a good idea.

A local independent agent can help you purchase up to $500,000 in structural coverage and $500,000 in contents coverage through the National Flood Insurance Program (NFIP).

Inland marine insurance

What if you are transporting expensive machinery to a job site, and it is destroyed in a vehicular accident? Or what if the tools you leave behind overnight at a job site are stolen?

Inland marine insurance is designed to cover your company’s portable property whenever it is in transit or is being kept at a place that is outside of your business, such as in a warehouse or at a job site.

Bailee's insurance

Does your company perform repair, maintenance, or alteration services? What happens if a customer leaves behind an expensive item to be worked on and your business experiences a catastrophic event like a fire? Your customer could sue you for damages to their property. Fortunately, bailee's insurance is designed to cover your customer’s property whenever it is in your business’s custody, care, or control.

A local independent insurance agent can help you be sure that all your company’s assets are suitably covered by appropriate and competitively priced policies.

How Can Business Interruption Insurance Help Royal Oak Businesses?

The risk of tornado activity in Royal Oak is 31% greater than the national average. One of the worst to affect this area occurred in 1957 when an F4 twister touched down less than two miles from the Royal Oak city center.

Disasters in Michigan

• Number of federally declared disasters in MI since 1953: 42
• Most common reasons for declared disasters: Floods, severe storms, and tornadoes
• Average number of tornadoes in MI per year: 16

Disasters like tornadoes and structure fires can do more than just damage your business property. They also have the potential to force your company to remain closed for an extended time while repairs are made. Most small businesses cannot withstand the financial losses related to a long-term forced closure.

Business interruption insurance offers a solution to this problem.

This insurance can provide your company with a continuation of income during the times that damages caused by a covered event force a long-term closure. That way, your business will have the funds needed to pay regular monthly expenses and salaries until it can resume normal operations.

Business interruption insurance isn’t a good fit for every company. Talk to a local independent insurance agent for help deciding whether a policy makes sense for your Royal Oak business.

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Do Royal Oak Businesses Need Worker's Compensation Insurance?

If employees are injured on the job, your company can be on the hook for their medical costs and lost wages. Fortunately, worker's compensation insurance provides this coverage.

With very few exceptions, all employers in Michigan are required to carry worker's compensation insurance. This insurance is designed to cover the cost of medical treatment, hospital stays, follow-up care, disability pay, and other expenses related to workplace injuries and occupational illnesses.

Your cost for worker's compensation will be based primarily on how many people you employee and the types of jobs they do. The higher the risk that your workers will suffer serious injuries on the job, the more it will cost for you to cover them. Therefore, a nurse in the emergency room at William Beaumont Hospital would cost more to insure than an instructor at Oakland Community College.

Independent agents can shop around to find you get the best price for this mandatory coverage. Talk to a local agent to learn more.

What about Insurance Products for Employee Benefits Packages?

Are you thinking about putting together an employee benefits package for your workers? Doing so may be good for your company.

Human resource professionals have found that when businesses offer their employees benefits like health insurance, life insurance, paid vacation time, sick time, 401(k) plans, and other perks, they find it easier to attract and retain highly qualified workers.

When you are looking for the best insurance policies to include in your employee benefits package, you will find there are many different products to choose from.

For instance, health insurance policies can be HMOs, PPOs, or managed care plans. They also come with varying co-pay amounts, deductibles, and levels of coverage. This can make it hard to decide which to purchase. Fortunately, you can turn to a local independent agent for guidance.

Your agent can explain the pros and cons of your various options, so that you are able to make an informed decision. Your agent can also help compare quotes from a few providers, so you can be sure you are getting your policies at a good price.

Why Work with an Independent Insurance Agent in Royal Oak, MI?

Unless you work in the insurance industry, you aren’t likely to be familiar with the ins and outs of the various insurance products that are available to you. This can make it difficult and confusing to put together a comprehensive business insurance policy portfolio.

A local independent agent can simplify the process. Unlike shopping online, you will have access to a local professional who understands the risks you face as a business owner in Royal Oak and who can answer each of your insurance-related questions.

Independent agents can offer personalized guidance and advice and can help you find the best and most affordable policies to cover your business against each of its potential risks. Find an insurance agent near you to get started.