Insurance for Small Business Owners in Michigan

Do You Need Small Business Insurance in Michigan?

From the Motor City to Marquette—via the great Mackinac Bridge—travelers and residents alike can soak up the greatest of lakes and all the rich history along the way. Michigan is also powered by small businesses serving in healthcare, tourism, and pet services. The SBA stated:

  • Small business in Michigan employ 1.8 million people—almost half of all private employees in the state
  • Over 870,000 small business call Michigan their home state
  • Businesses with 100 employees or less hold the largest share of small business employment

Small businesses in Michigan are required to carry specific insurance coverage, and commercial leases may have additional requirements. And for unexpected events like theft, data breaches, and employee accidents (to name a few), B2Z Insurance has optional coverage available. We’ve done the research for you below.

Required Business Insurance Coverage in Michigan

The State of Michigan requires the following insurance coverage for small businesses:
  1. Commercial Auto Insurance.

    Michigan requires business vehicles to have sufficient automobile coverage in case of an accident. This means carrying minimum benefit amounts for bodily injury liability ($20,000 per person/$40,000 per accident) and for property damage liability ($10,000 per accident).

  2. Workers’ Compensation Insurance.

    This type of insurance typically covers medical expenses related to employee on-the-job accidents or illnesses. For Michigan small businesses with one or more employees, Workers’ Compensation coverage is a state requirement. Some industries—like agriculture—may have additional regulations.

Recommended Business Insurance Coverage in Michigan

The following insurance coverage is recommended for Michigan small businesses:
  1. Small Business Owner’s Insurance.

    A Business Owner’s Policy (BOP) provides small business owners comprehensive, yet affordable coverage for both liability and property damage. Events like theft or fire, or a customer injury or damage claim, are typically covered in this singular policy.

  2. General Liability Insurance.

    General liability insurance coverage helps small business owners manage the financial burden of paying out costly customer injury claims. It also extends to legal expenses related to slander and libel lawsuits. Often commercial leases will require small businesses to carry this coverage.

  3. Professional Liability Insurance.

    Professional Liability insurance is often referred to as "errors and omissions insurance.” The coverage is designed for small businesses that provide expertise and consulting services; and it typically extends to the costs resulting from work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits.

  4. Cyber Liability Insurance.

    Even small businesses can experience a data breach or cyber attack. In Michigan, recommended Cyber Liability coverage coverage can help businesses recover from such malicious hacking and cyberattacks by paying related customer notification and fraud monitoring costs, as well as associated legal fees.

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in Michigan?
  2. Q
    How do I get a quote for small business insurance in Michigan?

    To start your quote, click on the Get Your Quote button. Answer a few questions about your business, choose your limits and payment schedule, and submit your payment information. It’s that easy!