Auto Insurance in Michigan and other Coverage Firms Should Consider
Every business owner should do everything it can to ensure that its enterprise is physically, legally, and financially sound enough to keep up with the competition in the market. One important way to achieve this is by getting the right kind of insurance coverage for the right amount. Michigan auto insurance for your company cars, for instance, is one way to protect your investments related to your business. Below are some of the essential types of insurance that your company should consider for its financial security and stability:
This should include both your real and personal property – in the case of your business, the land, buildings, and essentially any asset it has ownership over. Real property refers to real estate, while personal property refers to everything else that doesn’t fall under the former, so it could be things like office equipment and technology, and even intellectual property. Another important intangible property that you can insure is your business’ sources of income.
When an employee gets injured in the conduct of his daily work, the most sensational issue is always about the worker’s compensation benefits. Save yourself from financial burden as well as a possible court case by making sure that you have sufficient worker’s compensation coverage for your employees, depending on the hazard level of their job descriptions.
Professional Liability Insurance
According to Forbes, the professional liability insurance is another must-have for businesses:
“This type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few.”
Of course, never neglect the benefits of reliable car insurance in Michigan – especially if your business entails delivery, hauling, and shipping to transport your products for which the company will require different vehicles. The great thing about auto insurance is the compensation package it provides—depending on your coverage–when there is damage to property in case of a collision, or compensation in case of hospitalization due to bodily injury or harm suffered.
Responsible business owners make it a point to check out insurance companies like Allied Insurance Managers, Inc. for help in working out a policy that will best benefit both parties. Other insurance types invaluable to businesses also include business owner’s policy and product liability.
(Source: 13 Types of Insurance a Small Business Owner Should Have, Forbes)