Michigan General Liability Insurance Policy Information

Michigan General Liability Insurance. MI general liability insurance protects your business against property damage, advertising injury claims, personal injury claims, and bodily injury claims. Such claims could jeopardize the success and reputation of your business.

As a business owner or small contractor, you require a form of general liability protection, to shield you from such unexpected situations. A single accident might lead into a lawsuit that is beyond your financial abilities. When that happens, you will be staring at losing your source of livelihood. That is where general liability insurance comes in.

Michigan general liability insurance pays for cost of third-party lawsuits over slip-and-fall injuries, property damage and more. Get a fast and affordable quote in MI.

What Does General Liability Insurance Cover?

Businesses are inherently risky. The good news is that some of the risks can be protected. General business liability insurance helps to safeguard your business against various known and unknown risks. Some of the areas in your business that are covered by Michigan general liability insurance include:

Property damage and bodily injury: The property damage and bodily injury helps to protect your business against various business claims as well as claims alleging financial loss as a result of bodily injury or property damage, occurring out of your products or business operations. Slip an fall is covered here.

Advertising errors: This protects your MI business from certain claims where others claim that your business has infringed on certain copyrights when advertising your goods, services or products.

Reputational harm: The reputational harm protects your business against claims of malicious prosecution, false arrest, slander, libel, wrongful eviction and violation of privacy rights, just to name a few.

Damage to rented premises: This helps to protect your company from certain claims that might occur during your business operations. This may be occasioned by lightning, fire or explosion.

Medical payments: Michigan general liability insurance will protect your business against medical claims brought forward, when someone gets injured in your business premises and requires medical treatment.

Some clients might also need you to agree to a certain level of general liability before you can provide goods or services to them. With MI general liability insurance, such issues are adequately handled.

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MI General Liability Insurance Cost

The cost of your Michigan general liability insurance coverage is determined by various factors. They include the business type, location of your business, the total number of employees in your business, as well as the risk level your business is exposed to. For example a roofer working on a roof faces much higher risks than an accountant sitting in an office behind a desk.

In our litigious society, more and more businesses are being sued due to issues like libel, slander, property damage, and bodily injury, just to name a few. Apart from that, businesses can be sued even when they have not done anything wrong. That is why your business requires general liability insurance protection.

MI General Liability Insurance By Industry

Small Business

Protect your company and employees with MI commercial insurance. Read informative articles on Michigan small business insurance coverages - and how they can help shield your company from legal liabilities.

Construction Contractors

Learn about Michigan construction contractors insurance, including how much the premium costs and what is covered - and how commercial insurance can help protect your MI construction business from lawsuits.

Contractors and Home Improvement

Learn about Michigan contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your MI business from lawsuits.

Commercial Property

Read up on Michigan commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.

Professional Services

Get informed about Michigan professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.

Advertising, Marketing and Media

Learn about Michigan media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.

Real Estate

Learn about Michigan real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.

Retail

Read valuable Michigan retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.

Auto Service and Repair

Read about Michigan auto service & repair insurance, which provides protection for damages done to customers vehicle's and other property as well as injuries resulting from the work done.

Health and Beauty

Learn about Michigan health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.

Information Technology and Internet

Learn about Michigan IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.

Food and Drink

Learn about Michigan restaurants, bars, liquor stores commercial insurance coverages. See how food service insurance help protect against accidents, oversights and lawsuits resulting from business operations.

Medical and Dental

Discover Michigan business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.

Manufacturing and Wholesale

Read informative articles on Michigan manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.

Education, Colleges, Universities & Schools

Learn about Michigan commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.

Sports and Fitness

Learn about Michigan sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.

Children and Pets

Discover what Michigan commercial insurance policies cover for children and pet related businesses.

Miscellaneous

Find informative articles on miscellaneous MI businesses including the types of commercial insurance they need, costs and other considerations.

Non-Profit

Find useful articles on business insurance for Michigan non-profit 501(c)(3) organizations, charities and associations.

Arts and Recreation

Read up on Michigan arts and recreation commercial insurance.

Agribusiness

Learn about MI agribusiness insurance - a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.

Commercial Auto

Learn about Michigan commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.

Michigan General Liability Insurance Information

MI Commercial Insurance Articles

Read informative articles on Michigan commercial insurance including costs and coverages.

Michigan Economic Data And Business Insurance Requirements

Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.

Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.

Economic Trends for Businesses In Michigan

After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.

In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.

While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:

Energy, due largely to research and development in clean energy

Food and agriculture

Water

Transportation and mobility

Healthcare industry

Information and technology

In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:

Data breach insurance

Business income insurance

Commercial Umbrella insurance

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