Your business is you and your family’s livelihood. Is it any wonder that protecting it is at the forefront of most business-owner's priorities? Each business is unique and provides products and services that benefit their communities and enhance the lives of their patrons.
Here at Envision Insurance (located in Sterling Heights, Michigan) we have a team of highly trained, licensed insurance professionals ready to help with determining what coverage is most appropriate for your business.
Listed below is a brief explanation of various types of Michigan commercial insurance coverages to help you gain a better understanding of what your Michigan commercial insurance policy may cover. This list is not comprehensive and determining what coverage is right for your business’ unique situation should be left to the experts, call us today with your questions on which coverage is most appropriate for you and ask us for a free quote!
Businessowners Policy Insurance (BOP):
A Businessowners Policy (BOP), combines various insurance coverages – such as commercial property insurance, general liability and business income – into one convenient policy.
A basic businessowners policy typically includes three or four key coverages:
Commercial property insurance protects your building, equipment and inventory.
General liability insurance covers any medical expenses and bodily injury/property damages you and your employees are legally responsible for. (See General Liability Insurance (GL) section below for more details).
Business income coverage helps you pay bills and employees if your business has to temporarily close.
Crime insurance coverage helps protect your business from fraud, theft and forgery.
Additional BOP coverage options include:
General Liability Insurance (GL)
General Liability Insurance (GL) is a standalone commercial insurance policy that covers your business in the event of liability suits.
General Liability is generally included in a BOP, however, if your business does not require the additional coverages included with a BOP you may elect to purchase a standalone GL policy to cover you specifically for protection in the event of liability suits.
Business liability insurance coverage, whether standalone or as part of a BOP, is something most businesses simply must have, so it’s essential that you understand what it does and doesn't cover.
Here are some general liability insurance coverage rules of thumb. To be sure about your specific business needs, be sure to consult with a qualified business insurance agent.
What’s typically protected
Lawsuits, investigations and settlements
Medical expenses, attorney fees and damages you are legally responsible for
What's typically not protected
Commercial (Business) Auto
What's covered by commercial auto insurance
Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles.
Commercial auto insurance isn’t just for industrial vehicles like semis or dump trucks. For example, businesses that use a car to run errands, carry tools or transport clients might also need a commercial auto policy.
Commercial auto insurance covers injuries that you or your employees may cause to other people and their property while driving.
A typical commercial auto policy may include:
Medical payments coverage
Uninsured and underinsured motorist coverage
Coverage for vehicles you rent or borrow
Coverage for employees who use their cars for business
Disclaimer: Please note, the information provided above is strictly for informational and educational purposes and should not be considered as legal and / or insurance counseling advice. If you have specific questions regarding a claim and / or lawsuit please seek proper legal counsel and representation. Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Discounts may not be applied to all policy coverages.