In Michigan, home-based business owners need coverage to eliminate risks that could generate financial losses. These losses could present a financial burden that could lead to a shutdown of the company altogether. The following information is a review of home-based business Insurance Coverage in Monroe County MI.
Coverage for the Section Used for Business
The owner uses a portion of the residential property for their business. To protect this section used for their business, they will need commercial coverage. The policy will provide repairs if this area of the home is damaged. The policy offers protection based on how the area is damaged. For example, typical policies protect against fires, natural disasters, water leaks, and criminal acts.
Protection for Business Equipment
All office equipment or machinery that is used for the business is covered under these policies. The policy defines the exact value provided if these items are lost, stolen, or damaged. They may include computers, printers, fax machines, and mobile devices. If the items are valued at a higher than average price, the business owner will need to acquire a rider to protect these items completely.
General Liability Coverage for the Company
General liability coverage is often used to protect against the full impact of a lawsuit. The lawsuits are filed for events such as customer-related injuries related to products or during visits to the property. They may also apply to a failure to fulfill contractual obligations.
Worker’s Comp for Employees
If the owner employs at least two workers, they must purchase worker’s comp insurance. It pays for treatment for injuries that occur while the employee performs their job duties. It also provides monetary benefits if they are required to recover for a lengthy period of time. However, the injuries must qualify according to the terms of the policy.
In Michigan, home-based business owners require coverage to protect their full investment. This includes the location inside of their property used for their company. It also involves all machinery and equipment used for the business. Home-based business owners who want to acquire Insurance Coverage in Monroe County MI contact us today for more details.
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