If you are a small business owner in Marshall, MI it’s vital to comprehend the Michigan business requirements. Initiating a small business enterprise in Marshall, MI might be confusing due to impending risks. Nevertheless, procuring magnificent commercial insurance from Great Michigan Insurance will safeguard your profits as your small business is thriving. Opting to operate a business without insurance can culminate in a substantial financial burden. It can expose your business’s future to risk—link with our charismatic agents at Great Michigan Insurance in Marshall, MI today. We customize insurance plans forged to match your small business insurance needs and lifestyle.

Is commercial insurance mandatory in Michigan?

Commercial insurance is not mandatory in Michigan. Nevertheless, the law requires every business venture with employees, seasonal or permanent, to maintain workers’ comp insurance to cater to medical expenses for sustained work-related injuries and general illness. Other beneficial optional coverages for the protection of small businesses in Marshall, MI includes:

General liability coverage: It guards your small business against third-party claims of bodily injury or property damage. It’s tailored to cater to the general medical expenses and associated legal fees for lawsuits.

Commercial property insurance: Helps safeguard your commercial properties such as rented buildings, furniture and equipment from perils like theft, fire or any other covered calamity.

Workers’ compensation insurance: Michigan law demands businesses with workers maintain workers’ comp insurance. Without workers’ comp insurance, damages arising from injury-related cases can culminate into thousands of dollars. This policy covers expenses related to an employee’s injuries sustained and illnesses suffered while working on your premises.

Business owners policy(BOP): It bundles property and liability coverage into one uncomplicated, manageable policy. It’s an ultimate option fitting small businesses that rent or own commercial property like warehouses and office buildings. 

Get your commercial insurance.

If your small business in Marshall, MI needs commercial insurance, call or visit us at Great Michigan Insurance. Our dedicated agents will answer all your queries about commercial insurance.

You might wonder about the insurance with a funny name that your Great Michigan Insurance agent keeps recommending umbrella insurance. We always tell our Marshall, MI clients about umbrella coverage because it benefits everyone. It can mean more the closer you get to retirement age though.

Why Umbrella Coverage Becomes More Important

When a court or police find you at fault for an accident or injury to another person, you pay damages to that person. Your liability insurance covers you, but only up to the coverage limit.

Let’s say that you cause a car accident that involves a single vehicle with four people inside. Each person sues you for damages. The court awards them each $50,000. The state mandates you carry auto insurance liability for $20,000 per person with a total payout of $40,000. That means your auto insurance pays $40,000 of the $200,000 you owe. You must pay the other $160,000 out of pocket.

If this happens when you’re 30, you clean out your retirement fund and your savings account. You liquidate some stocks, and you pay it off. You have 35 years before you even think about retiring, so you have time to make up the money you had to payout.

If this happens when you’re 55, you suddenly have $160,000 of savings to make up, plus the money you would normally have saved up during that decade. You could also delay your retirement.

Without umbrella coverage, a single accident or lawsuit can exhaust your auto or home coverage. The remainder of the settlement comes out of your pocket. You may have to empty your savings and retirement fund to pay the settlement with little time to rebuild the fund before retiring.

That makes umbrella insurance a much smarter investment. These policies cost little compared to typical main insurance policies. An umbrella policy is a supplementary policy, so you must purchase the main policy such as home or auto before you can purchase an umbrella policy.

Contact Great Michigan Insurance today to find out how you can add an umbrella policy to your Marshall, MI home or auto coverage. Don’t delay; call us today.

What is condo insurance? Isn’t my condo covered with condo association fees? If you own a condo in Marshall, MI, a flurry of condo insurance questions must be running through your mind. The good news is that Great Michigan Insurance is here to help you understand condo insurance in detail.

What is condo insurance?

Also known as HO6 insurance, condo insurance covers condominiums. While a condo association policy covers your condominium, this policy doesn’t cover your personal belongings and damages to the interior of your condo.

Is condo insurance mandatory?

Just like home insurance, condo insurance isn’t required by the state. However, if your condo is financed by a mortgage, your lender will insist you purchase condo insurance to protect the interior of your condo. Even when you have cleared your loan, you may still have to buy condo insurance since many condominium owners associations (COA) need it.

But isn’t my condo covered by condo association policy?

Its true COA protects your condo, but here are the areas that COA policy covers:

• Common areas: Your COA master policy covers damages to common areas like the lobby, playground, elevator, tennis courts, and the land outside the building. Besides, the policy covers injuries that occur to visitors in the common areas. 
• Building exterior: If your condo’s exterior is damaged by hail, fire, and other perils, COA is likely to cover. 

What does condo insurance cover?

Here is a breakdown of what an individual condo insurance covers:

• Personal property: Your condo insurance replaces personal assets like furniture and electronics when stolen or damaged by a covered peril.
• Dwelling protection: It covers damages to the interior of your house, including floors, cabinets, fixtures, and interior walls. 
• Liability protection: It covers medical costs for injuries sustained by other people inside your condo. For instance, a visitor injuring their back after slipping on the floor inside your condo. Condo insurance also covers unfortunate incidents like property damage to others. 
• Additional living expenses: It pays costs beyond your day-to-day living expenses (for instance, hotel meals and accommodation) when your condo becomes unlivable due to a covered loss. 

Are you shopping for condo insurance in Marshall, MI? Please contact Great Michigan Insurance for a competitive quote.

As the head of a family in Marshall, MI, you might be convinced that it is high time that you bought a life insurance policy to cater for the living expenses of your family when you’re gone. This is a critical decision as it will play an essential role in ensuring that your family has the necessary financial stability even in your absence. However, before buying this policy, Great Michigan Insurance highlights some important terms that you should learn.

Actual Age

You will come across the term ‘actual age,’ which means the age with respect to your date of birth. This is your exact age, and it is vital in determining premiums in life insurance. It is different from ‘physical age, which refers to the age you are closest to because it is also highly analyzed when you are buying a life insurance policy. 

Adverse Selection

Naturally, people with very many risks in their lives will always look for life insurance policies compared to those who do not have very many risks. Adverse selection is a term used by most insurance companies to refer to the selection criteria used to avoid risky customers. There are very many guidelines that are included to prevent the welfare of a company when insuring high-risk individuals.

Beneficiary

There is always a major issue regarding who will be benefiting from the life insurance benefits after death. In this case, a beneficiary is a person, several people, or even an organization. It is important to highlight that the beneficiary of life insurance will be the person stipulated by the life insurance holder in the policy document.

According to Great Michigan Insurance, understanding life insurance terms is always a challenge. That is why the company welcomes all individuals in Marshall, MI who are interested in life insurance to learn the basic terms.

Organizations operate in a risky environment. When disaster strikes, the magnitude of losses can quickly bring a business to its knees. This is why your business needs commercial insurance coverage. Commercial insurance plans exist to protect your company from the risks that emanate from injury claims, cyber-attacks, and other liabilities. 

The risks that you are likely to encounter vary depending on your type of business. Luckily, Great Michigan Insurance offers broad-based commercial insurance plans for all our customers in Marshall, MI. 

What Does Commercial Insurance Cover? 

Commercial insurance cautions small businesses of a variety of losses. Claims made following injuries sustained by workers are often costly. Commercial insurance protects your business from such claims. 

The world is still coming to terms with the proliferation of cybercrime. Protecting your business against such losses caused by cybercriminals is essential. Commercial insurance helps ensure that your business is secure against losses due to cybercrime. Depending on your insurance provider, your commercial insurance plan may also cover other liabilities. 

Types of Commercial Insurance

Commercial insurance comes in different forms. What you opt for depends on the dynamics of your business. Commercial insurance includes auto and property coverage. Commercial auto insurance protects you in case of accidents where your employee is at fault. On the other hand, property insurance covers physical property and other possessions following accidents. 

You may also consider a worker’s compensation insurance plan if you have employees within the organization. The other option that businesses in Marshall, MI can consider is commercial general liability insurance. The alternative is comprehensive and can help your business stay afloat in case of wide-ranging claims. 

It’s Time to Consider Commercial Insurance

Businesses operate in hazardous environments where losses and damages are common. Unless you consider commercial insurance coverage for your business, such unexpected turns can be detrimental to the company’s future. 

The good news is that at Great Michigan Insurance, we offer commercial insurance coverage plans for businesses in Marshall, MI, and surrounding areas.

Are you wondering how to access reliable insurance services? Contact our agents today for more information.

Personal liability risk is something that people in the Marshall, MI area need to take seriously. If you are looking to mitigate this risk, a great option would be to purchase an umbrella insurance policy. There are several reasons why all people in this state should consider getting this form of personal insurance protection. 

Insurance Offers Protection for the Unknown

An important reason you should get umbrella insurance is to help you prepare for the unexpected. Most people are aware that accidents can happen on the road or in their homes, resulting in a liability claim. However, there are many other liability risks out there that are harder to predict. If you get an umbrella insurance policy, it will offer more coverage for a wider range of risks that are otherwise hard to predict.

Insurance Gives More Coverage

You will also want to consider getting an umbrella insurance policy as it can give you more coverage. When you get a home or auto policy, the liability coverage will protect you up to the policy limit. If there is ever a bad accident and damages exceed the policy limit, it will be up to you to pay the difference. An umbrella insurance policy could bridge this gap. 

People who live in the Marshall, MI area will need to assess all of their personal insurance needs. One important form of coverage to get is umbrella insurance protection. When you are going to get this type of insurance, you should call Great Michigan Insurance. The team with Great Michigan Insurance will help you better understand all of your needs and options. This will help to ensure that you can pick the best policy possible. 

Your condo association doesn’t cover what’s inside your condo. If you want to protect your furniture and other parts of the inside of your condo, you’ll need condo insurance. Worried about cost? Don’t be. Purchasing condo insurance is easy, hassle-free, and affordable. Read on to learn about three tips to help you get started, brought to you by Great Michigan Insurance.

1. Work with a Reputable Agent

Your first step in obtaining condo insurance is to work with a friendly and reputable insurance agent. These knowledgeable professionals will answer your questions, help you compare quotes, and bundle your policies under one carrier. They’ve been doing this for years and can easily navigate the maze of insurance. You’ll want a trusted agent by your side.

2. Compare More than One Quote

Purchasing the first quote you view is never a good idea. Of course, you can go back to this quote, but it’s a good idea to compare several insurance quotes before deciding on condo insurance. Your insurance agent will help you do this by first asking you questions to determine which quotes to compare. From here, he or she will go over each quote with you and make sure you understand coverage vs. cost.

3. Bundle Your Policies

Adding condo insurance to your list of other insurance policies, like auto insurance, and then bundling them under one carrier will help you save on your premiums. Insurance agencies love to reward loyal customers, and this is one way they do it.

To learn more about securing a condo insurance policy in Marshall, MI, contact Great Michigan Insurance, serving this area. Friendly agents are waiting to take your call right now.