Serving Clients Throughout Michigan
Owning a business comes with many rewards, but it also comes with many responsibilities. You have a responsibility to ensure the safety of your workers, your property, and your customers. Should injuries or accidents occur, the costs associated with legal fees, medical bills, and repair or replacement expenses can be significant. Fortunately, the insurance advisors at Doyle & Ogden can help you protect your business with a number of business insurance coverage options.
Importance of Business Insurance Coverage
Michigan businesses need insurance for a number of different reasons; the most important reason being that certain forms of business insurance are required by law in the state of Michigan. The state of Michigan requires that all businesses provide workers’ compensation insurance for any employees that work 35 hours or more per week.
Other forms of insurance are not required by law, but are essential to keep operations running smoothly. Without liability insurance, a business would be defenseless against lawsuits and would have to pay legal fees and settlement costs out of pocket. Similarly, lack of property insurance can burn your cash up fast when you have to repair or replace property due to a fire, theft, or vandalism.
The monthly cost of insurance premiums can be minor compared to the expenses you’ll incur when an accident occurs. Without insurance, your business may not survive the financial burden of an accident or a string of accidents. You’ve worked far too hard to have to close the doors of your business over a financial emergency that could otherwise be prevented.
Factors That Affect Your Business Insurance Rate
Like any type of insurance, there are a number of factors that influence the cost of your premiums. Your location, the number of employees, the industry your business operates in, the size of your business, the amount of your deductible, and the type of insurance all affect your premiums. Actuaries will take these factors and more into account when setting premiums for business policies.
Lines Of Commercial Insurance Offered
The advisors at Doyle & Ogden offer all lines of commercial insurance to fit the needs of any business in the Greater Grand Rapids area and throughout Michigan. The most common insurance offerings needed by businesses can be found below.
At a minimum, most businesses need general liability insurance. General liability insurance will protect business owners from bodily injury and personal injury related accidents (among other things) that can arise from normal business operation. General liability insurance policies usually include coverage for bodily injury, personal and advertising injury, and medical payments.
Property insurance will protect your company property in the event it is damaged or stolen. Coverage normally extends to damage or disappearance due to fire, wind, hail, smoke, theft, vandalism, and a number of other undesirable events. If your business has a significant amount of physical property or assets on the books, it would be in your best interest to consider property insurance.
Commercial Auto Insurance
Commercial auto insurance isn’t just for industrial vehicles like semi-trucks and dump trucks. If you business uses company vehicles to transport tools and equipment, make deliveries, or travel between job sites, you’ll likely need commercial auto insurance. By law, commercial drivers are required to carry liability insurance and personal injury protection in Michigan. Commercial auto insurance typically includes liability, physical damage, medical payments, uninsured motorist, hired auto, and non-owned coverage.
Workers’ Compensation insurance policies (often referred to as workers’ comp) provide coverage for medical expenses and a portion of lost wages in the event that one of your workers becomes injured or disabled while on the job. Coverage will typically also include employee rehabilitation and death benefits. Policies with Doyle & Ogden include opportunities for dividends and self insurance within Michigan.
Group and Worksite Employee & Employer Benefits
Group and employee or employer benefits such as health and life insurance can be difficult to offer while trying to grow the company’s bottom line. When you work with the right insurance agency, you can offer your group multiple benefit options to meet their needs without breaking the bank.
Most liability and property insurance policies exclude coverage for injuries or damage that results from pollution. Environmental insurance bridges that gap by covering injury, property damage, cleanup expenses, and defense costs that arise from the release or escape of pollutants.
Technology Errors & Omissions
Technology errors and omissions insurance is designed to cover technology service or product providers. Web/app developers, data storage companies, and IT service providers could all benefit from having technology insurance. Technology errors and omissions insurance protects professionals against claims that arise from an inability to execute or failure to perform their professional services. Claims are often made due to software or hardware failure, as well as, losses resulting from a hack or data breach.
Directors & Officers
Directors and officers insurance protects the personal assets of corporate directors/officers and their spouses should they ever be sued by employees, competitors, vendors, investors, customers, or other parties for wrongful acts in company management. Directors and officers insurance usually protects the company as well and is designed to cover legal fees, settlements, and other costs.
Employers Liability (EPLI)
Employers Liability insurance (also known as EPLI in the trade) protects against claims made by employees on the basis of wrongful termination, harassment, discrimination, and other employee related issues. While larger businesses often have larger EPLI policies, it’s the small or new businesses that benefit most from greater coverage. Small or new businesses usually lack a legal department and often don’t have detailed documentation for employee policies and procedures, which can leave these businesses more vulnerable.
Inland & Ocean Marine
Inland marine protects your business property while it’s being transported anywhere over land away from your premises. Ocean marine insurance protects your business property while it’s being transported over water. This form of insurance covers the vessel and equipment used for transportation, as well as, the cargo being transported.
Cyber liability insurance is one of the fastest growing lines of coverage for businesses. With companies managing more data than ever before, there is increased pressure and responsibility to keep data protected. A cyber liability policy will protect your business against costs associated with a data breach pertaining to company, customer, employee, or vendor data that is lost, stolen, or compromised.
Industries We Specialize In
While Doyle & Ogden provides insurance to businesses in a wealth of different industries, there are several industries we specialize in. These are industry specific coverages that are underwritten through “A+” carriers. Industries of specialty include but are not limited to:
- Law Firms
- Physician Groups
- Food Manufacturers and Distributors
- Beer and Wine Distributors
- Tool & Die – Machine Shops
- Hotel & Motels
- Fast Food Chains and Family Restaurants
- Franchised Truck Dealerships
- Long Haul Trucking
- Salvage Yards
- Cleaning Industry
- Interior Design/Architectural firms
Why Choose Doyle & Ogden As Your Business Insurance Provider?
As a family owned business located in Grand Rapids, MI since 1958 Doyle & Ogden understands the challenges you face conducting your business. Our seasoned and knowledgeable staff provides the local, personalized service you expect at competitive and stable rates. We offer all lines of insurance for your business whether located in the State of Michigan, out of state, or internationally.
Doyle & Ogden Insurance Advisors is your “Single Source Solution” for all your insurance needs. Contact us today for a no obligation evaluation.