Business Insurance Agency in Plymouth, MI
Most people understand that home and auto insurance are vital to protecting valuable assets against catastrophic damages. However, few people understand how important it is to have the proper business insurance as well.
For those who own and operate their own business, they might have invested a significant portion of their livelihood into that business. Should anything happen to their business, they might have trouble recovering financially. When it comes to choosing the right business insurance, you need an effective plan to provide protection for your business’ property, livelihood, and to protect you in case you are sued. At Kennedy Nemier Insurance Services, Inc., we are here to help people protect what matters most. For those considering business insurance, we can help you find the right plan that provides the coverage to meet your various needs.
Protecting Your Business with General Liability and Worker's Comp
Owning a business is an incredibly rewarding pursuit. However, no matter what type of business you own, it’s important to protect your business from lawsuits with general liability and worker’s compensation insurance.
What's the Difference?
General liability insurance (the most common small business insurance policy) offers you protection against a variety of liabilities. These include liabilities such as someone slipping and falling on your property, you or your business damaging someone else's property, and other legal liabilities your business may incur. In addition, these policies pay for an attorney to defend you in the event of a covered claim. One thing that general liability insurance does not protect you against is employee injuries. For this, you will want to have worker’s compensation insurance.
Worker’s comp insurance covers expenses due to work-related employee injury or illness. This might include expenses for hospital bills, lost wages, and funeral costs. Most states require businesses to carry worker’s comp insurance and having a policy in place is a good idea, even if it is not required by your state.
40% of small businesses will file an insurance claim by 2025
About four in 10 small businesses are likely to file claims under their property or general liability insurance policies over the next decade, an analysis of claims data from The Hartford Financial…
Why do You Need Both?
Worker’s comp insurance and general liability insurance both cover a different range of expenses and liabilities your business may incur. By having both policies in place, you can provide your business with greater protection against any number of incidents.
Protect your Business with Life Insurance
Most people understand the importance of protecting their business with liability insurance, but often times overlook the need for insurance to protect the continuation of the business after the death of an owner/partner. There are different reasons why life insurance for a business makes sense, which include insurance for:
- Buy-Sell Agreements
- Life Insurance that your bank requires in order to get a loan
- Key Person Insurance
- Business Continuation
If you're someone looking for more information about any type of business insurance, including bonds, cyber liability, employment practices liability, professional liability, liquor liability, directors & officers liability, or a commercial umbrella policy, contact Kennedy Nemier Insurance Services to speak with a qualified agent about the best options available for protecting your business.