Small or Mid-Sized Business Owner Insurance Policies near Kentwood, MI
What Is A Business Owner Policy (BOP)?
A business owner policy bundles the basic insurance coverages for all property, financial assets, and liability risks faced by Michigan businesses near Byron Center and Kentwood. BOPs are typically sold at a premium price and are less than the total cost of individual commercial plans.
A BOP is designed for small- and medium-sized businesses or commercial companies that generally face a lot of high-risk situations (such as auto repair shops, dental practices, and restaurants).
Michigan Business Owner Insurance Minimum Requirements
Michigan law does not require businesses to carry a business owner policy, but we strongly recommended it to protect your assets.
Michigan law does require businesses to carry workers compensation insurance if they employ three or more workers, or employ at least one worker for 35 hours or more per week for a period of 13 weeks or longer.
While professional liability insurance is not required by Michigan law, some clients may demand proof of this coverage before agreeing to sign a contract. It can also help protect your business against lawsuits.
If you rent your office from a landlord, you may need proof of commercial property insurance or general liability insurance before they agree to enter into a lease agreement with you.
Why Compass is the Preferred Choice for Your Business Owner Policy
We do all the work for you by comparing about 20+ business owner insurance quotes
Great customer service with our personal touch
Earning the trust of Michiganders since 1969
We work for you, NOT the insurance company
Manage all of your insurance coverage in one place, saving you money and time
Our agents live locally, in or near Byron Center or Kentwood, MI and are deeply involved in the community
The Right Insurance Partner For Businesses
Would you like the freedom to choose from about 20+ insurance providers? Do you appreciate exemplary customer service with a personal touch? Is a sense of community important to you?
If you answered “yes” to any of the above, Compass Insurance Agency is the right insurance partner for your business owner policies.
We Work For You, Not The Insurance Companies
Because we are independent insurance brokers, we are able to work with many local insurance providers to get you the best policy premium with the best business coverage, without sacrificing customer service. We can make it happen and save you money in the process.
We work for you, NOT the insurance companies. Your business is priority number one. We back up this claim with 24/7 availability through various communication channels, customization of your coverage, prompt responses when you contact us, and support through each step of the claims process.
Our Personal Approach to Business Insurance
We treat our insurance clients like family. This includes getting to know you as an owner and your business, not just a policy number – and we work to earn your trust.
Our personal approach extends to the local Kentwood and Byron Center communities where our agents live. Getting involved in charities and organizations is a passion of ours.
Different Types Of Business Owner Policy Coverage
Each BOP is tailored to meet the individual needs of small to mid-sized businesses in Kentwood and Byron Center, plus the surrounding Michigan. However, there are several types of coverage most business owner policies generally include.
Business Property Insurance
Protects the building and its contents. Examples include income loss, extra expenses, equipment breakdown, as well as expenses associated with computers, media, valuable papers and records, money, and securities.
You can choose from two different versions of property insurance for your business:
- Standard property coverage – Protects the buildings and structures, indoor and outdoor fixtures, personal property furnished by the landlord, and personal property used for service or maintenance of the buildings or premises.
- Special property coverage – Protects property owned by the business owner and used in business operations.
Deductibles do not apply to business property insurance. Coverage is up to $25,000 on and off-premises. However, on-premise limits can be increased.
Business Interruption Insurance
If a fire or other catastrophe causes property loss that disrupts your business operations, it provides reimbursement for up to one year of lost revenue and expenses incurred from moving to a temporary location to continue business operations.
Business Liability Insurance
If regular business operations cause harm to others, this coverage takes care of the company’s direct primary or legal responsibility for such conditions as bodily injury, property damage due to defective products, faulty installations, and errors in services provided.
Business liability insurance has a starting limit of $1 million per occurrence, provides $5,000 per person for medical benefits, and an average of $300,000 for any damage done to the premises.
Additional Business Owner Coverage
Kentwood and Byron Center business owners can additionally purchase the following policy options:
- Business income coverage – Covers up to 12 months of income lost as a result of suspended operations caused by damage to the premises.
- Commercial auto coverage – Protects your business in the event an employee using a vehicle not owned by the business, but for business purposes, inflicts damage.
- Data breach / electronic data loss insurance – Safeguards up to $10,000 worth of lost data that needs to be replaced or restored.
- Crime insurance –Protects your Kentwood or Byron Center business in the event of criminal acts such as employee dishonesty, computer and funds transfer fraud, forgery or alteration, money and securities and property theft.
Start Your Business Owner Insurance Policy Quotes
Do you want to save even more money? Bundle your BOP with your auto, home, or other types of business insurance to receive up to 50% in additional policy discounts. We save Michigan business owners on average $761 annually by comparing 20 quotes for you.