Choosing a business insurance plan can be a complex process. Here at Mason-McBride, we understand the unique needs of Michigan businesses and offer a variety of options to consider.
We can help you assess your property, liability, and casualty risks to design a suitable insurance package
Commercial Package Policy vs. Business Owners Policy
Think of a Commercial Package Policy as a stereo system where you buy each component individually. So you would buy the receiver, speakers, remote, and every other part and accessory separately from each other.
Business Owner's Policies, also known as BOPs, are insurance policies that contain three integral commercial coverages: general liability, property, and business interruption insurance.
Your BOP might be a great strategy for establishing insurance coverage, but larger firms with more complex risk requirements might not be able to acquire one.
You might want to consider a Commercial Package Policy, also known as a CPP, if your company has grown significantly and has taken on increasingly complex and risky liabilities as a result. A CPP gives businesses more alternatives and flexibility in designing their insurance plans.
Michigan Business Insurance Coverages:
Here's an overview of some common business insurance options:
General Liability Insurance:
General liability insurance can help protect your business against claims for bodily injury, property damage, advertising injury, errors, or omissions. In addition, without this coverage, you may be responsible for paying out of pocket for legal costs, such as attorney fees and settlement amounts.
Professional Liability Insurance:
Also known as Errors and Omissions (E&O), professional liability insurance can help protect your business from consequential loss resulting from negligence claims associated with your professional service. Professional liability claims involve allegations whereby the customer alleges they lost revenue or incurred expenses because of the negligent rendering of professional services.
Workers Compensation Insurance:
Worker compensation insurance can provide benefits to help employees recover from work-related injuries or illnesses. It can also benefit your employees' families if they lose their lives in a workplace accident. Different factors, such as job risk, claims history, and payroll size, can affect your workers' compensation cost.
Commercial Umbrella Insurance:
Commercial umbrella insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.
Business Property Insurance:
Business property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, it doesn't cover mass-destruction events like floods and earthquakes.
Cyber Liability Insurance:
Cyber liability insurance can help your business respond to a data breach if personally identifiable information gets lost or stolen. In addition, many policies will include extortion coverage, business income protection, and systems failure, all caused by a breach.
How Often Should You Review Business Coverage?
We recommend reviewing your business insurance annually during renewal. However, significant business changes or events may warrant a more frequent review. At Mason-McBride, we're here to help you ensure your coverage remains relevant and adapts to your evolving needs.
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