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Complying With Michigan Automotive Requirements

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.

Accident Blame

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.

  1. 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.
  2. Property Protection. This portion pays for up to $1 million in damages that your car may cause to another property.
  3. 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.

Getting Liability Insurance Coverage for Your Small Business

Liability insurance for small business

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.

2 Ways to Expand Your Marketing Strategy

Marketing strategy

Technology has changed just about every industry and the different areas of operations within each business. For the insurance industry, the way to reach potential customers has branched beyond word of mouth and personal referrals. According to the experts at Neilson Marketing Services, your key to new business is web marketing for insurance industry strategies.

Content Marketing

To reach an audience that is constantly on their smartphones or internet-connected devices, you need a material that is relevant and engaging. You don’t want to limit your focus to potential new clients, as you still need to keep the loyalty and interest of current clients. With content marketing, you can expand your shared information to more than just insurance-related material. Share exciting and relevant material such as real estate or automobile trends, depending on the covered services you provide.

Social Media

Don’t be afraid to use social media. Statistically, over 70% of the nation’s population actively uses social networking to communicate with friends, connect with businesses, and research reviews on products or services. Tapping into social media is an easy way to spread your message and increase awareness in a succinct but focused delivery.

As technology and culture continue to evolve, your marketing strategies will need to adapt to consumer trends. Two areas where can you start making changes are social media marketing and content marketing.

Keep the Employees of Your Agricultural Business Protected

Monarch Partners Group

As the owner of a business in the agricultural industry, it is important to take certain precautionary steps to protect your company and its assets. Proper insurance is a crucial key to keeping you and your employees safe at all times. One crucial aspect of insuring your establishment is finding suitable workers comp for agriculture businesses. Focusing on specific options in the plan can make a world of difference.

The Hazards of the Industry

The experts at Monarch Partners Group have stated that the agricultural industry and businesses involving farming are some of the more hazardous environments for workers. Statistics show that an injury happens roughly once a day in this field. Without suitable workers’ compensation coverage, you and your company could be facing some serious financial setbacks. When selecting coverage, options to focus on include:

  • Coverage for seasonal workers
  • Vehicle-related injuries
  • Heatstroke

Preventative Steps

While you might not be able to entirely prevent accidents from happening at your business, you can definitely do your part to reduce the odds. Take time to educate employees on proper safety protocol and assess the workplace every so often to ensure that your facilities meet the standards of your industry. These habits can work wonders for limiting injuries at work.

Finding the right coverage for your employees takes time. Review your options and find a plan that will help your company find success.

Construction Business Risks

SB One Insurance Agency

Construction is both a lucrative and risky business. As long as you have enough capital, a solid business plan, safe and experienced workers and construction liability insurance should be able to experience a profit and steady business growth. However, one big accident can jeopardize an entire business and also your career. Here are some of the biggest risks in the construction industry, and why it’s important to make sure you’re properly insured before starting any projects.

Safety

Safety is the highest priority on any construction site, and it’s also the greatest liability. If you walk by any construction site you’re likely to find some if not all of the following:

  • Large equipment
  • Scattered building materials
  • Ladders
  • Nail guns
  • Concrete mixers

Between all of these objects, any number of incidents can occur. It’s imperative to talk to insurance experts at agencies like SB One Insurance Agency to ensure you have the best safety coverage possible.

Scheduling

Believe it or not, project scheduling is another one of the highest risks in construction. Because the schedule represents the largest cost on the project, large errors can cost several thousands of dollars. Even being one day off can have significant implications.

Design

Some construction companies are responsible for overseeing design specifications, and if there are any problems with the design you can actually be held responsible and not necessarily the architect.

Having the best possible insurance coverage can help protect you and your assets.

Insurance options For New Small Business Owners

Moody Insurance Worldwide

To newcomers, obtaining business insurance can seem like a complicated matter. The numerous options, coverage limits and insider language can all make it appear to be more difficult than it is. To help you simplify the process, here are three key coverages that you should plan to include in your new policy.

Professional Liability Insurance

Also known as errors & omissions insurance, professional liability protects you in case a third party claims to have experienced a loss because of an error or omission on your part. As stated by the experts at Moody Insurance Worldwide, if a lawsuit is brought against you, your policy would cover any legal fees as well as any judgment or settlement amounts that you owe.

General Liability Insurance

General liability provides broader coverage against everyday lawsuits. If a third party were to claim that they sustained an injury or property damage because of your business activities, your policy would cover any legal fees or other amounts that you owe.

Commercial Property Insurance

Commercial Property covers you in case your property becomes damaged or lost. You can choose to include your office building, equipment or furniture under your policy and it would cover the cost of repairing or replacing them. Events that can be covered by your policy usually include certain storms, fires, theft and vandalism.

With these three coverages, you’ll have a solid foundation for your insurance policy. Work with an experienced agent to craft a full policy that meets your

Tail Coverage for Your Business

ERP insurance

Insurance coverage contracts are generally set according to a timeline of six months to one year worth of coverage. Premiums are sometimes paid monthly through those periods, although others may require quarterly or in-full payments at the time policy is established. However, some providers also offer a tail period of coverage. This is a specified period of time where claims can still be reported against the insurer even if the policy has expired.

Do You Have Extended Coverage?

As the team at Axis Insurance Services advises, you can check with your current policy about existing tail options or you can purchase a separate ERP insurance policy. Many times a business will take out the additional policy, as it helps limit potential liabilities if the company is closing or is canceling an insurance coverage and won’t be replacing coverage. A business that has an occurrence-based policy could also have a potential gap between the occurrence reporting period and incident, thereby needing the extension of coverage.

Type of Tail Coverage

If you are considering the additional coverage, there are two types of tail coverage

  1. One-Way Tail. This coverage is offered by the insurer, potentially due to policy cancellation, non-renewal situations or the coverage is rewritten.
  2. Two-Way Tail. This coverage can be provided by either the intent of the insured or the insurer in the cancellation or non-renewal of a policy.

Breaking Down Business Insurance For Beginners

glen rock business insurance

Are you looking for Glen Rock business insurance? As a new business owner, its easy to get overwhelmed by all the coverage options that are available on the market. Here is a simple breakdown of three coverages that you should plan to include in your new policy.

General Liability Insurance

General liability protects you in case a third party claims to have suffered an injury or property damage because of your business. In such a situation, your policy would cover your legal fees and other expenses for which youre found liable.

Professional Liability Insurance

Professional liability is great coverage for new business owners. Especially for consultants and other professional service providers, it protects you against lawsuits from third parties claiming that an error on your part led to them experiencing a loss of some sort. Like general liability, your policy would cover all your legal costs.

Property Insurance

Property insurance is essential as it keeps you from having to spend your own money to repair or replace your business property following a disaster. You can have your building, equipment, furniture and digital assets all protected against fires, certain storms, vandalism and theft. Even if all you have is a laptop, property insurance can cover it and your data that’s on it.

More specific coverage options are available depending on your industry and business needs. Work with an experienced Glen Rock business insurance agent to create a policy that suits your needs.

Insurance Recommended for Cemetery Owners

cemetery insurance

As quiet and serene as cemeteries may seem, there’s a lot of work that goes on behind the scenes to keep them feeling that way. Cemetery management is a complex and multifaceted operation, and as with all other complicated businesses you want to make sure you have the appropriate protection. If you own a cemetery you should carry cemetery insurance to make sure any and all possible liabilities are covered.

Types of General Insurance Coverage

General Liability: This coverage will protect you from damage you may be responsible for creating.

Commercial Property: Policies are designed to protect all of your buildings and facilities. You’ll most likely want to make sure that headstones and any memorial plaques or decor are covered under this policy.

Automobile Insurance: Don’t forget that any time a vehicle is used for business you will be held liable for any damage.

Types of Cemetery Specific Coverage

Historic Property: If your cemetery is located on historic property or you own historically significant facilities you’ll want to look into cemetery insurance coverage that’s specifically designed for that purpose. If any repairs or renovation is needed for historic facilities you will quickly learn that they are very different from your average household repairs.

Cemetery Professional Liability: This coverage is designed for “mental anguish” claims and any damage cause to property that’s specific to cemeteries, such as caskets.

Mortgage Brokers and Insurance: Why You Need It

insurance for mortgage brokers

Mortgage Brokers and Insurance: Why You Need It

Mortgage brokers are prone to lawsuits. Any company that deals with clients, their investments or finances, is going to have to deal with the possibility of a lawsuit. This is where insurance for mortgage brokers comes in handy. Here is why you need adequate coverage.

Client Allegations

Even if you think youre on the best terms with a client, it doesnt mean that you arent going to suffer a lawsuit. Clients become unhappy for many reasons. If a client feels like you did something wrong or if your advice didnt come true, then the client might sue you. Its important that you have insurance to cover any damages that you owe, not to mention the legal fees involved.

Errors and Unintentional Wrongdoing

Mistakes happen. When youre handling clients and their finances, however, one error can mean a lot. As long as there is no malicious intent or criminal act, then insurance will cover any errors or omissions. Likewise, it covers if you give your client bad advice. When it comes to errors, you have to keep in mind that everyone makes them. While youre still liable, insurance can cover it.

Insurance for mortgage brokers is crucial to the life of your agency. If you suffer a lawsuit that you cant pay for, then your company may suffer or fail. Its best to have protection.