Life is full of risks and, while we all do our best to avoid them; we are not always successful and the unfortunate can happen at any time. This is why most people take out some sort of protection in the form of insurance –often several different policies for protection against different risks. This applies equally to us all, as individuals and; also to the owners (or board of directors) of any sort of business enterprise.
Natural Business Risks
In any enterprise, there is always the risk of a fire at the business premises; therefore fire insurance is a necessity; then, depending on location, there are possible risks from natural calamities. You probably won’t need earthquake or tsunami insurance but should consider flood risks (everyone in the State of Michigan is always within six miles of a source of natural water source and no one is further than 85 miles of the shoreline of one of the Great Lakes. Heavy winter snowfall and massively sub-zero (Fahrenheit) temperatures can also be considered risks to some businesses. Those located in the southern part of the state will, no doubt be aware of the very real risks from the many tornadoes that hit their area every year.
Risks From Your Fellow Man
Theft, burglary, fraud are, unfortunately still with us and a wise business man will insure against them. Additionally, businesses must have customers in one way or another and disgruntled customers have been known to sue a business for massive sums of money – a public liability risk to insure against.
Then, there are your own employees; compensation for work related ”incidents” is a part of our law and, even with the best precautions in place, “incidents” can and do happen; is your business prepared for possibly massive claims for worker compensation? Another thing you need to insure against. Maybe, in the interest of human relations; you should also consider some form of employee health insurance?
The List Could Go On; But, How Do You Arrange For It All?
You could pick a major insurance provider at random and place all your Michigan business insurance needs with PFK Insurance. However, that provider may be excellent in some areas of insurance and not so good in others. Maybe, if you are GM over in Detroit, they might bend over backwards to work out an all embracing scheme for your particular Michigan Business Insurance; but, for most businesses it could be better to shop around and, possibly, go with more than one provider. The best way to do this would be to consult with an established insurance brokerage operating in the State of Michigan.
