Grand Rapids Business Liability Insurance

Grand Rapids business liability insurance will protect your company from third-party claims related property damage, advertising injury and personal injury. Depending on the activity of your Grand Rapids company, you may need additional Michigan business liability coverage. For example, if your Michigan company offers advice, then you need malpractice to protect you from claims of professional negligence.

Furthermore, you may need specific policies for particular components of your company. For example, if you've opened a bar in Grand Rapids, MI, you may need to purchase liquor liability insurance. If you're selling or manufacturing a product, you may need a policy to cover you for claims related to your product.

Insuring a Grand Rapids company is more difficult than insuring a car. Every company has a significant number of specific risks, and therefore needs a policy that specifically designed to suit their risks. It's a good idea to employ the help of the Grand Rapids business liability insurance professional, so you can make sure all of your company risks are covered.

Business Insurance Basics

Grand Rapids business liability insurance is probably necessary for your company, as it is for most companies. High legal fees, not to mention the cost of a potential settlement for damages, could easily put you out of business. However, Grand Rapids business liability insurance alone may not be sufficient to cover all of your company risks.

For example, if you Grand Rapids, MI office building burns down, your liability policy won't have anything to do with it. For natural disasters, such as fires, or for incidents of theft, you need an additional policy to protect your property. Your Grand Rapids business liability insurance will protect your company from claims related to property damage, but not the damage itself.

The two essential components of business insurance are liability coverage and property coverage. Both types of coverage are absolutely essential. You may be able to get the two policies in one package, also known as a business owner's policy, or a BOP. BOP's are available to most small Grand Rapids, MI businesses.

If you're running a gas station, however, you may not be eligible for BOP. Also, if you're serving liquor in your large Grand Rapids restaurant, you may not be able to purchase a BOP. Actually, if you're serving liquor, you may need an additional policy to protect you from liquor related claims. Your Grand Rapids business liability insurance will cover you for claims related to alcohol.

Additional Policies

Imagine this situation: someone gets very drunk in your Michigan restaurant. Then, he or she is involved in an accident, and someone tries to sue you. You should investigate the Michigan dram laws if you're considering serving alcohol. Then, you should purchase a liability policy to protect you from claims related to alcohol.

Your Grand Rapids small business general liability insurance won't protect you from claims related to other products, either. You need to have product liability insurance if you're selling or manufacturing any item. For example, if you manufacture an oven, and then it misfires and burns down your house, you'd better have a policy in place to protect you from claims related to your product.

Grand Rapids business liability insurance won't protect you from claims related to professional negligence, either. You need to have malpractice protection if you are offering advice or services in which your profession may come into question. Malpractice coverage is not just for doctors: it is for architects, technology specialists, and all kinds of other professionals.

Also, if you intend to drive for work-related purposes, you probably need a commercial auto policy. Most likely, your personal vehicle insurance won't cover you if you are driving your car specifically for work-related purposes. If you're not sure if you're covered, you'd better check with your insurer to see if you're protected when driving your car to visit clients, for example.

Finding an Agent

Believe it or not, it's not just liquor, vehicles, or professional negligence that you have to worry about; there are many other risks that aren't covered by basic small business policies. For example, if your company may harm the environment in any way, you need an additional policy to protect you from claims related to pollution. Insuring a company is a complicated process!

The best way to insure your company is to find an agent to help you figure out what your risks are and carefully cover them. Also, an agent can find the best quotes for you, and help you choose a great insurer. An agent can also help you secure the lowest possible rates for your Grand Rapids business liability insurance. Be sure you interview several different agents before choosing one, because there are plenty of great agents out there who would be happy to work with you.

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