Michigan Business Insurance Key to Security as Local Economy Improves
Becoming an entrepreneur in any economy can be a daunting task. However, with the recent developments in Michigan, such as the passing of a tax reform plan and the funding of student start-ups by the Michigan Business Challenge, the more enterprising residents are encouraged to throw in their lot and open their own business. The recent spike in new businesses, in fact, jibes with the current confidence in the rising local economy.
Recently, Walsh College in Troy, Michigan initiated a survey about the new assurance consumers have over their local economy, and the results were encouraging. Crain’s Detroit Business reported the results in its March 14 article:
Confidence in household finances was relatively high, with 62 percent of respondents expecting their household condition will be “excellent” or “good” 12 months from now, with only 8 percent concerned that personal finances will be “not so good” or “terrible.”
The latest survey included a special module on Detroit’s economic recovery. Seventy percent said they either live, work or visit the city, where they said they dined out, participated in cultural and artistic activities, and attended sporting events
When asked to rate the level of Detroit’s recovery over the next five years, 42 percent said it would be “OK,” with 30 percent expecting the recovery to be “good.”
With a positive economic outlook, many people are investing their own money or raising funds to start their own business. Given the element of risk in running one’s own business venture, many business owners pay extra for a custom business insurance in Michigan designed to protect the company. Some of the insurance packages you may consider as a business owner are risk management, workers compensation, surety bonds, and commercial auto insurance.
Business insurance is completely different from personal insurance. Michigan business insurance services, such as those offered by established companies like Allied Insurance Managers Inc. can design insurance programs your business might need, and help you with related tasks including reviewing legal documents of leases, work contracts, and partnership agreements.
Before signing up for a business insurance plan, consider also your need for innovative risk management services, such as worker safety programs, disaster plans, fleet safety, loss prevention, and claims management, to deal with potential risks and loss, assuring you as a business owner that your company will stay afloat, and not end up bankrupt at the first sign of reversal.
(Source: Confidence in Michigan economy soars in Walsh College survey, March 14, 2014)