Required Commercial Insurance in Michigan

If you own a Michigan business, there are certain insurance policies that you need to have. They protect both the business and the employees. If you own a business that doesn’t have enough commercial insurance, contact us now at Bye Financial Group LLC in Grand Ledge, MI.

Commercial Auto Insurance

If your company owns a vehicle, that vehicle must have the protection of commercial auto insurance. The policy must have a specific minimum amount for property damage liability, bodily injury liability for one person and another amount for the accident as a whole. If you have a vehicle that gets used for business tasks, but your business doesn’t own it, this vehicle should not have a personal insurance policy, as it will likely not pay out in the event of an accident. Instead, it should be covered by a non-owned and hired insurance policy. 

Workers’ Compensation Coverage

If your business has employees, it most likely will have to carry a workers’ compensation policy. If your business has at least one employee who is full-time, you are required to have this coverage for them. It helps your business by paying for the medical bills of employees who get sick on the job or become injured anywhere on the job site. It helps employees by having those funds at the ready just in case an employee falls ill or has an injury. This insurance can even pay for the lost wages for the employee who is injured and must miss work. 

Commercial Insurance for Your Business

If you are required to have either of the insurances above, don’t go without them. Call us right away at Bye Financial Group LLC in Grand Ledge, MI. There may also be other commercial policies that are not required but that your company needs.