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Small Business Insurance in Michigan
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Recommended insurance policies for technology businesses in Michigan
General liability insurance
General liability covers common risks for tech businesses in Michigan, including customer property damage and injuries. Commercial leases often require this policy.
BEST FOR
- Customer injuries at a tech company
- Damaged customer property
- Copyright and defamation lawsuits
Errors and omissions insurance
This policy is also called professional liability insurance. It protects tech professionals against lawsuits over mistakes, missed deadlines, and oversights.
BEST FOR
- Technical errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy protects Michigan technology 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
This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a Michigan tech business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers' compensation
Workers’ comp is required for Michigan tech 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
This policy is required for vehicles owned by Michigan technology 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 technology businesses in Michigan?
State laws can affect which policies you need for your technology business. These policies are required for Michigan businesses.
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.
Commercial auto insurance
Vehicles owned by technology 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 business insurance cost for technology professionals?
Commercial insurance can be affordable for a small Michigan tech company. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
What our customers are saying
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.