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Small Business Insurance in Michigan

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Recommended insurance policies for small businesses in Michigan

General liability insurance

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General liability covers common risks for small businesses in Michigan, including customer property damage and injuries. Commercial leases often require this policy.

BEST FOR
  • Customer injuries at your company
  • Damaged customer property
  • Copyright and defamation lawsuits

Errors and omissions insurance

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This policy is also called professional liability insurance. It protects small professionals against lawsuits over mistakes, missed deadlines, and oversights.

BEST FOR
  • Work errors and oversights
  • Professional negligence lawsuits
  • Late or incomplete work

Cyber liability insurance

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This policy protects Michigan small businesses against data breaches and cyberattacks that affect your business or a client.

BEST FOR
  • Data breach lawsuits
  • Client notification expenses
  • Fraud monitoring costs

Business owner's policy

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This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a Michigan small business.

BEST FOR
  • Customer injuries
  • Damaged customer property
  • Damaged business property

Workers' compensation

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Workers’ comp is required for Michigan small companies that have one or more full-time employees, or three part-time employees. It covers medical costs for work injuries.

BEST FOR
  • Employee medical expenses
  • Wages lost while unable to work
  • Lawsuits over employee injuries

Commercial auto insurance

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This policy is required for vehicles owned by Michigan small businesses. It covers injuries and property damage in an accident, along with other types of damage.

BEST FOR
  • Accidents involving business-owned vehicles
  • Theft of a business-owned vehicle
  • Damage to a company vehicle

Looking for different coverage? Check out our other policies.

What are the insurance requirements for small businesses in Michigan?

State laws can affect which policies you need for your small business. These policies are required for Michigan businesses.
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Workers' compensation insurance

Michigan state law requires private employers with one or more full-time employees, or three or more employees of any status, to carry workers’ compensation insurance. All public employers must carry this coverage.

Workers' comp insurance covers medical costs for work-related injuries and illnesses. It also provides disability benefits for injured Michigan workers.

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Commercial auto insurance

Vehicles owned by small businesses in Michigan must be covered by commercial auto insurance.

Michigan requires both bodily injury coverage and personal injury protection (PIP):

  • $50,000 bodily injury liability per person
  • $100,000 bodily injury liability per accident
  • $10,000 for property damage in another state
  • $250,000 personal injury protection (or less for individuals enrolled in Medicare or Medicaid)

Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.

How much does small business insurance cost?

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Commercial insurance can be affordable for a small Michigan company. Factors that influence the cost include:

  • Your industry and risk
  • Coverage limits
  • Location
  • Number of employees

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We specialize in business insurance for Michigan IT and technology professionals

Our agents are experts in insurance for Michigan technology businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed by the state’s Department of Insurance and Financial Services as BIN Insurance Holdings, LLC (NPN 15752926) for property and casualty insurance and for surplus lines. You can verify our licensure on the department's insurance search page by entering our Michigan state ID, 0092090, into the "System ID Number” field.

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