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Many states have special regulations concerning automobile operations by licensed drivers. In Michigan, every individual that purchases a car must comply with Michigan no-fault law and buy certain basic coverage before the DMV will issue license plates. It is against the law to drive without this coverage, but it also protects you financially.
There are some accident scenes where it is difficult to pinpoint who was at fault for the wreck. With no-fault insurance, the policy covers the situation regardless of who caused the accident. The policy will assist with medical expenses, lost wages, replacement services, and damage that may be done to another property. The coverage won’t pay for repairs to your car.
Three Parts to the Policy
The law requires that you have three separate parts to your policy.
- Personal Injury Protection. This pays all reasonable and necessary medical expenses without a coverage limit. It also covers up to 85% of any lost income.
- Property Protection. This portion pays for up to $1 million in damages that your car may cause to another property.
- Residual Liability Insurance. This is an additional coverage against lawsuits claiming bodily injury, death, disfigurement, or property damage.
An insurance broker familiar with Michigan law will be able to evaluate your coverage needs and underwrite a policy that keeps you compliant with the no-fault law.
Proper insurance is a requirement for businesses of all shapes and sizes. If your company involves boats or other vessels, then you need to go above and beyond to select a comprehensive plan that meets all of the demands of your industry. To achieve this, youll want to conduct a bit of research. There are several key points to consider when making your decision, and giving yourself the right focus can help yield you the best possible results from your efforts.
Understanding the Factors
There are plenty of burning questions you probably have when first starting off on this journey. Many people wonder what is the average cost of boat insurance, for example. Unfortunately, this isnt a simple question to answer. The costs will depend largely on the industry in which you work, the specific class and size of the boat, and a few other key points. For example, any problems connected with your license might cause the overall costs to skyrocket. Additional points that influence the average costs of insurance for boats can include:
- Purpose boat is used for
- Existing claims on previous or current insurance policies
- Years of experience operating boats and similar vessels
- Driving or boating history of individuals who will use boat
Taking Time To Research
Selecting the right insurance is a process. Take time and conduct heavy research to find a plan that meets your needs and your budget.
Personal Protective Equipment (PPE) is designed to minimize the risk of injury and accidents. The types of PPE you provide to workers will depend on the risks they are exposed to in their line of work. It can include gear such as masks, gloves, helmets, and eyewear.
Why Should You Require PPE?
Many regulations require employers to provide adequate levels of PPE to workers. The Occupations Safety and Health Administration (OSHA) produces standards that help you recognize appropriate PPE for your situation. They also outline what standards you are required to meet.
You may wonder, beyond regulations, why is PPE important? It provides a safer work environment and increases employee morale. Fewer accidents can also lead to lower expenses. Your insurance rates are affected by workplace accidents and injuries and any claims that result from them.
How Does PPE Protect Workers?
Gloves and other protective clothing may protect workers against chemical exposure, contact with infectious agents or dangerous temperatures.Helmets and hard hats offer a solid barrier that can reduce the force of an impact from above. This is especially important in construction areas and heavy manufacturing facilities.Safety glasses keep debris and chemicals from entering eyes and possibly damaging eyesight. Hearing protection reduces hearing loss due to loud noises associated with machinery.Masks and respirators provide contaminated air from entering the respiratory system. They may be designed to filter dust and particulates, chemical fumes, or infectious agents.
Take steps to reduce your risk and increase workplace safety by requiring employees to use appropriate PPE for their duties.
Getting Liability Insurance Coverage for Your Small Business
Small businesses that are still getting off the ground need to be mindful of how they use their limited resources when planning and budgeting for expenses. When you’re growing your operations, its important to take active measures to protect what you’ve built while also being cost-effective in how you build and insure your business infrastructure. Here are some important facets of liability insurance that all small business owners need to consider.
Why Your Small Business Needs to Be Insured
Liability insurance for small business will protect your company against claims related to bodily injury, personal and advertising injury, and property damage. Without insurance, these types of actions can be extremely costly to defend. In effect, damages awarded could be greater than the value of your entire business.
You May Be Required to Carry Liability Insurance in Order to Operate Your Business
Depending on the nature of your business, you may be statutorily required to maintain minimum liability insurance coverage levels to do work in the state or county where your business operates. In addition, many condominiums, homeowners associations, and even businesses require that companies who perform any type of work on their premises provide proof of general liability insurance, professional liability insurance, or workers’ compensation coverage in order to be admitted.