Business Insurance in Michigan (MI)

Small Business Insurance in Michigan

With over 908,000 small businesses, many companies call Michigan home.¹These businesses employ 1.9 million people in the Great Lake State, Great Lake State employs 1.9 million people.²

At The Hartford, we know running a small business is hard work and that business owners face unique risks every day. That’s why seguro de negocio is important. We’ve been helping to protect Michigan small businesses for over 80 years. Learn about the common types of coverage you may need and how The Hartford can protect your Michigan small business.

How Much Does Business Insurance in Michigan Cost Per Month?

The Hartford's small business customers in Michigan pay an average of $946 a year, or about $79 a month, for a Business Owner's Policy (BOP).³ For workers' compensation insurance, Michigan customers pay an average of $740 a year, or about $62 a month.⁴

Remember, not all small businesses in Michigan are the same. Each business faces unique risks and has specific insurance coverage needs. Because of this, business insurance costs in Michigan vary. An insurance company also uses different factors to determine cost, which can include:

Claims history
How long you’ve been operating
Policy details, like coverage limits and deductibles

The best way to find out how much business insurance will cost you in Michigan is to obtener una cotización.

Types of Small Business Insurance Offered in Michigan

Business Owner's Policy (BOP)

A BOP combines three types of coverage into a single, convenient policy:

General liability insurance
Business income insurance
Commercial property insurance

Many Michigan small business owners start with a BOP for their insurance needs. It helps protect your business from liability and property damage claims.

We also make it easy for you to customize your policy so you can add more coverage to increase your protection.

General Liability Insurance in Michigan

General liability insurance is one of the most important insurance policies that Michigan business owners can have. It helps protect your business from claims that it caused bodily injury or property damage to someone else. Also known as business liability insurance, Michigan business owners face these kinds of claims during normal operation.

Michigan doesn't require business owners to carry general liability insurance. However, it's still a good idea to have because you'd have to pay out of pocket for claims without it. Be aware that your clients or customers may require your business to have this coverage.

General liability coverage can help if your:

Employee accidentally puts a hole in a client’s house in Grand Rapids.
Customer slips and falls in your Detroit business and sues you to cover their medical bills.
Rented business equipment gets damaged from a fire in Lansing.

Seguro para ingresos comerciales

Business income insurance helps replace your lost income if you can't operate your Michigan small business because of covered property damage. You can use this coverage to help pay operational expenses, such as:

Nómina de Sueldos
Rent
Servicios

We include this coverage in our BOP, so you'll have peace of mind even if you can't operate while your business property gets fixed or replaced after a covered loss.

Seguro de propiedades comerciales

Commercial property insurance helps protect the owned or rented building, tools, equipment and inventory that you use to operate your small business in Michigan. It can help repair or replace your property if it gets damaged or destroyed by wind, fire or theft. Commercial property coverage is included in a BOP.

Workers' Compensation Insurance in Michigan

Michigan workers' compensation insurance gives your employees benefits if they have a work-related injury or illness. This coverage can help:

Pay for their medical bills
Cover ongoing care costs, like surgery or physical therapy
Replace their lost wages if they’re incapable of working

Commercial Auto Insurance in Michigan

If your Michigan business owns vehicles that you or your employees use for work reasons, you'll need el seguro comercial para automóviles. This coverage can help protect your business on the road. It can help cover claims of bodily injury or property damage resulting from a car accident.

Commercial auto coverage can help protect your business if your:
Employee accidentally swerves off the road in Howell and crashes into a light post, causing damage to public property.
Delivery person crashes a commercial vehicle in Traverse City and damages another person’s car.
Maintenance person loses control of their company car and hits a telephone pole.

Hired and Non-Owned Auto Insurance

If your business rents vehicles or if your employees use their own cars for work purposes, consider a hired and non-owned insurance policy. It's like commercial auto insurance and can help protect your business on the road. A personal car insurance policy won't cover claims from an accident if you or your employees were driving for business.

Michigan Professional Liability Insurance

Every business owner tries to operate perfectly, but mistakes can happen. If they do, a customer can sue your business if it results in a financial loss. Professional liability insurance can help pay for your Michigan small business’ legal costs if it gets sued for making a mistake in the professional services given. It helps cover claims of:

Misrepresentation
Errors
Omissions

Professional liability insurance is also known as errors and omissions insurance or E&O insurance.

Michigan Minimum Business Insurance Requirements

The state of Michigan requires employers to provide workers’ compensation insurance for all employees who work 35 hours or more per week.⁵

Michigan also has minimum required liability limits for car insurance. So, if you have commercial auto coverage or hired and non-owned auto insurance, your policy should have at least:⁶

Bodily injury liability: $50,000/$100,000
Property damage liability: $10,000

Get a Quote for Business Insurance in Michigan

The Hartford isn't like other insurance companies. We're backed by more than 200 years of experience and understand the unique risks business owners face in Michigan. Our specialists can work with you to help you choose the right type of business insurance to protect your company. Reciba una cotización today and see how The Hartford can help protect your business.

Additional Michigan Business Insurance Links

Última actualización: 16 de julio de 2024

^1,2U.S. Small Business Administration, "2023 Small Business Profile: Michigan."

^3,4 Premium amounts presented are based on monthly premium paid by The Hartford's Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.

⁵ Michigan Department of Labor & Economic Opportunity, “Employer Insurance Requirements.”

⁶ State of Michigan, "Michigan's New Auto Insurance Law."

Divulgaciones adicionales a continuación.