Renting usually means you have fewer things to be concerned about. Should the drain clog, there’s your landlord’s plumber to fix the mess. Should the air conditioning stop working totally, all you need is to call the property owner to have it replaced. This is why it often takes some serious events, such as a burglary, fire or an accident, for many renters to realize why they need an insurance.
As a Renter, You Need Protection Too
In fact, according to Simple Dollar, renters insurance is the least purchased product in the insurance market. On a 2012 poll, while 96% of homeowners have home insurance, only 31% of renters have theirs. While some can’t afford an insurance in the first place, there are renters here in Michigan who mistakenly assume they are covered by their landlord’s policy. There are also those who underestimate the value of their belongings, although the latter could easily add up to thousands of dollars.
All Michigan businesses experience equipment failure at some point. Even if you have your own team of troubleshooters, major breakdowns can still seriously hamper your operations. Without the right business insurance coverage, you’d have to deal with costly repairs and replacements, all the while incurring revenue loss. This is the very reason why you should consider getting equipment breakdown insurance.
Filling the Gap in Property Packages
Equipment breakdowns require a specialized form of coverage. Standard commercial property packages do not usually cover business interruption losses and extra expenses due to mechanical mishaps. When damage to another property ensues, when your business has to close for an extended time, or when special parts are not readily available to repair your damaged equipment, losses can easily add up and balloon. Equipment breakdown insurance is intended to fill these exclusions.
Running any kind of business involves a certain amount of risk from the moment you take a gamble and create your very own company. Fortunately, the businessman of today in Michigan or anywhere else doesn’t have to carry all the burden of running his business all alone. Having a business insurance policy specifically designed to help you protect your investment and offer you piece of mind.
Transferring of Risk
Perhaps the most significant benefit of investing in business insurance in MI is that you'll be able to transfer some of the risks to the insurance company. By paying the insurance company a small premium, you won't have to stress yourself out so much in case your business suffers a loss. If you have ample coverage, your insurance should be able to take care of the costs until you can get back on your feet.
When it comes to automobile, bus, truck, or motorcycle accidents in Michigan, it is important to note that the state practices a no-fault policy. Under Michigan’s No-Fault Act, your auto insurance company will be the one responsible for paying most of your economic damages, regardless of who’s at fault. Coming into effect on October 1, 1973, the law was designed to achieve two things: compensate persons injured in auto accidents quickly and equitably, and limit lawsuits by paying benefits quickly.
Michigan Auto Law enumerates the five benefits you could be entitled to should you find yourself involved in a car accident in the Great Lake State.
Condo associations in Michigan typically have insurance policies, but these tend to not cover everything in the complex. Such policies would most likely just include common areas of the building, including the common rooms, hallways, pools, and the exterior. Depending on what is written on the condo association’s master policy, condo owners would need a separate home insurance policy that would cover individual and personal needs. Home insurance for a condo unit would cover both personal property and personal liability for added protection.
Home insurance for condominiums is referred to as a dwelling policy (DP). It is a multiple-line insurance that has property and liability coverage. It can cover damage to furniture, clothing, appliances, and other personal items as well as personal belongings in the home or elsewhere. The policy can also cover the common loss assessments made by the condo association for all unit owners.
Your current auto insurance serves as your safeguard in case of total vehicle loss. But what if the insurance proceeds are not enough to pay off the outstanding balance or lease payments on your vehicle? There remains an obligation for you to pay the deficiency. In this case, you may want to get additional coverage, specifically the Guaranteed Auto Protection (GAP), for extra security. Here in Michigan, Allied Insurance Managers can provide you this supplemental coverage.
As with all types of policies, GAP insurance has its limitations. Generally, it excludes overdue payments; penalties due to excessive use; carry-over balances from past loans and leases; deductions for wear and tear, towing, storage, and prior damage by the main insurer; add-on installations to the car; and insurances purchased along with the loan or lease.
More and more U.S.-based businesses are expanding globally. This choice not only brings in a diverse set of customers and greater revenues to fuel company growth; it also provides exposure to innovative and culturally-sensitive business methods that can further develop management practices.
However, these new opportunities come with risks. Here at home, business owners understand the legal complexities their ventures may be facing, but things are different outside U.S. borders. Allied Insurance Managers, Inc.¬¬¬— a business insurance provider— can help you find the right foreign liability insurance here in Michigan.
Companies and entrepreneurs in Michigan, or anywhere else for that matter, put a lot of their assets at risk to operate their businesses on a daily basis. An insurance policy helps protect these assets when an unfortunate accident occurs. Perhaps one of the most important types of insurance in the market is commercial auto insurance. This is why we at Allied Insurance Managers, Inc. offer several coverage options with our commercial auto insurance policies. We can write anywhere from one auto, to an unlimited amount on a business policy. In addition to this, we partner with a wide range of trusted carriers.
A commercial auto insurance policy basically works like personal car insurance. The only difference is that it can cover damages caused or sustained by an uninsured commercial vehicle. A standard commercial auto insurance policy covers employees, equipment, goods and the business itself; especially if a lawsuit is involved.
As in other states, the premium rates for home insurance in Michigan varies depending on certain considerations. Living in a disaster-prone location is a drawback that would influence premium rates because of the high-risk factor. The value of the property also affects the premium price, as the higher the value the higher the worth of potential claims.
It’s important for homeowners to understand the principles that affect the rates of insurance premiums on a home. Check with your insurer first to see if a remodeling project will raise your rates. One specific feature that will almost certainly affect your home insurance costs is a swimming pool.
A typical Michigan resident can choose among the many types of home insurance policies available on the market. Before you invest in one, however, you need to be informed as to which coverage options would be the most beneficial for you. After all, nobody likes throwing his or her hard earned money away with nothing to show for it. Yet, there are numerous reasons why homeowners insurance is a wise and sound investment for any property owner.
Protection of Investment
Perhaps the most significant benefit that homeowners insurance offers you is protection of your property. Investing in a home is no small investment. In fact, the cost is so large that it may take you many years to pay off the debt. After putting so much money into something, you don't want to have to worry about one unfortunate event causing it all to go to waste. Homeowners insurance protects the amount of money that you've already invested in your home in the event of emergencies or natural disasters.
No matter what type of business you're running, it's always a good idea to invest in business insurance. Business insurance not only protects your business in the event that something negative occurs, but it can also provide business owners with the peace of mind that they need to focus their minds and attention on the success of their businesses. Transferring some of the risk involved in owning a business to a business insurance company can greatly alleviate your stress, but sometimes finding the type of insurance that's best for your business can be challenging. Fortunately, you don't have to search through numerous business insurance providers all on your own, which can be a huge and time-consuming process in itself. Utilizing a skilled business insurance agent can save you much time and hassle when it comes to securing insurance for your business.
Perhaps the most beneficial aspect of using a reputable business insurance broker is that they can help you save money on your premiums. There's a reason that insurance brokers must be licensed in order to do what that they do. In many cases, evaluating insurance packages and determining the one that best suits your needs is complicated and requires special insider knowledge. Insurance brokers also have the negotiation skills needed to negotiate competitive premiums for your business on your behalf.
The United States is an extremely litigious nation where everyone can sue anybody for just about anything. Businesses are primary targets, with lawsuits (ranging from evident company errors to frivolous claims) reaching hundreds of billions of dollars a year. Either way, if a legal settlement or verdict exceeds your Michigan business’s liability coverage, your solvency would be at risk. For these reasons, it’s a wise move to get an umbrella business insurance policy which would provide added protection against disastrous losses arising from lawsuits.
Consider the following scenarios:
• One of your employees driving a company vehicle gets involved in an accident that injures others. • A customer suffers from a slip-and-fall injury because your premises weren’t maintained properly. • A manager is accused of harassment by an employee. • You sold a faulty product that caused damage to a customer’s property.
Regardless of your business’s size, protecting the vehicles in the premises of your auto repair shop is a must. Commercial auto insurance will help you mitigate the impact of possible unpleasant events (such as shop accidents, servicing errors, and equipment damage) on your finances. With the help of a business insurance agent from Allied Insurance Managers, you can arm your business with the right coverage against any future challenges you may face as an auto repair shop owner. One of the policies we highly recommend is our Garage Keepers Liability Coverage.
What is Garage Keepers Liability Coverage?
Generally, you need this coverage to protect customer vehicles from occurrences such as fire, theft, bad weather, or vandalism at your place of business. Our insurance is specifically designed to protect you in case a customer vehicle is damaged while kept at your business location for storage, parking, or maintenance and repair.
Whether you’re out for a week-long vacation or you have an event to attend during the night, leaving your house unattended and unsecured can make it especially enticing to burglars. Although you can’t make your home entirely safe from thieves, there are certain safety measures you can take to drastically reduce your risk of becoming a victim. We at Allied Insurance Managers, Inc. encourage Michigan homeowners like you to consult with us regarding home insurance to minimize potential property losses should the worst occur.
Standard homeowner policies are divided into several categories, but home insurance typically covers liability for accidents that occur within the premises, as well as the loss of a home’s content or the owner’s possessions. Policies for residences require that those who are insured are living in the property.
Our continued commitment to provide some of the best insurance products in an ever-expanding range of industries allows us to offer our clients more options when it comes to securing their businesses and properties. This is why we are now offering our new Bowling Alley Policies, which are specifically designed to help proprietors who operate bowling alleys insure their businesses. A business insurance agent from Allied Insurance Managers, Inc. can help clients understand this new insurance policy. Here are some facts about Bowling Alley Policies.
A Bowling Alley Policy provides liability protection for the business itself, including the employees and volunteers who run the operation. It will cover claims from injuries to spectators, and even be made to include participant liability. Our general liability limits start at $1 million per occurrence with a $3 million aggregate. Additional options and Medical Payment Coverage for Participants with limits of $1,000 and $2,500 are also available.
Businesses with employees, no matter how small the enterprise, may be required by law to have certain types of insurance including unemployment insurance, workers compensation insurance, and even disability insurance. The type of small business you run will dictate the type and number of insurance policies you need.
A few types of policies are common for many businesses, but before you buy into one, make sure to consult with a Michigan business insurance agent about your specific situation.
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