When you have a business in Michigan, it’s essential to know the types of commercial insurance mandated by the state. Two types are required for many businesses, so if they are required for yours, it’s important to get them. When you need commercial insurance, contact us today at Bye Financial Group LLC in Grand Ledge, MI to find out more.
Workers’ Compensation Insurance
This insurance is a type that pays for the bills due after an employee has an accident and becomes injured while on the job or who gets an illness related to their job. This includes medical costs and lost wages and may also include other fees. This protects your business by making the funds available for a work accident or illness so that your company doesn’t have to pay these charges out of pocket. If your business has at least one full-time employee or at least three employees with any work status, this insurance coverage is required.
Commercial Auto Insurance
If your Michigan business owns a vehicle, it is required to be covered by a commercial auto policy. This type of insurance covers the bills due after someone has an accident with your work vehicle. Several types of coverage are required to be in these policies, with a minimum amount of coverage for each required type. There is a required minimum amount for bodily injury liability for one injured personal and another amount required for all of the injured parties. There is an amount required for property damage that happens in a state outside of Michigan. Personal injury protection is also required to take care of your medical bills after an accident.
Get Your Commercial Policies
Call us at Bye Financial Group LLC in Grand Ledge, MI when you need commercial insurance.