Laginess Insurance Agency is in the business of protecting you and your assets. We offer business insurance packages that are tailored to your every need in addition to the requirements from the State of Michigan. Our policies and services will help minimize your catastrophic risks and damages, as well as protect you from potential liabilities that can hinder your business’ growth.
Property insurance covers the risk of property loss in a variety of commercial situations including commercial buildings, equipment, furniture, fixtures, inventories, business records, supplies, and other physical items.
Property Insurance may cover two types of property losses:
- Direct losses may be covered when property is lost, stolen, damaged, or destroyed.
- Indirect or consequential losses related to direct losses may also be covered.
Business auto coverage insures vehicles that are owned, leased, hired or borrowed by businesses, whether they are associations, corporations, partnerships or sole proprietorships.
This coverage may be used to insure private passenger automobiles and all types of trucks, trailers, semi-trailers, and commercial vehicles designed for use on public roads.
Casualty insurance consists primarily of liability coverage, which protects an insured party against injury or damage claims made by other parties.
Policies provide coverage for liability arising out of:
- Premises and Operation
Fire Damage Liability (damage by fire to premises rented or insured)
- Personal and Advertising Injury
- Medical Payments
- Products/Completed Operations
You may want to consider a Business Owner’s Package which combines your liability, property, and other types of coverage into one comprehensive policy, which can help you save time and money on your total insurance program. We also recommend extra liability protection in the form of a Commercial Umbrella Policy.
Workers’ Compensation coverage applies to bodily injury and diseases arising out of and in the course of employment. Any bodily injury must be accidental, and the term includes death resulting from the accident. Only occupational diseases, which are unique to the occupation, are covered.
Workers’ Compensation provides for the payment of four types of benefits:
- Medical benefits
- Income benefits
- Death benefits
- Rehabilitation benefits
Fire legal coverage provides coverage for you if you rent a business space and are held responsible for fire damages to that space. It does not apply to all business risks.
RC is the current cost to replace property and ACV is the replacement cost less depreciation.
Insurance carriers require that an insured party insure at least 80% of the property’s value in order to collect a partial loss in full. This is the way the insurance company encourages all insureds to adequately insure their property in relation to others insureds.
This damage will be covered only if that type of coverage is purchased.
Other people may drive your vehicle with your permission. It is important that they be listed on your policy if they are regular drivers of the vehicle.
At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone. A premium is charged for audit estimations.
An audit may require you to show proof that subcontractors had their own insurance coverage. The subcontractors’ certificates of insurance will prevent you from being charged for their exposure.
General Liability provides coverage if you are liable for damages to other individuals arising from your premises, general operations (ongoing and after completion) and products manufactured or sold.
Products/Completed Operations refers to the liability coverage for damages caused by your operation or products after the point at which you no longer have control of them.
Business Interruption/Extra Expense coverage provides coverage for income loss and the expense of establishing a temporary site during repairs due to damages related to a fire or compensable loss.
Named Insured: Those listed by name in the relevant block of the policy’s declaration page. Although the named is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included.
First Name Insured: The first “named insured” listed on the policy declarations (front page of the policy). This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named may also be responsible for payment of the premiums.
Additional Insured: An entity to which a policy’s coverage is extended. An additional must be added to the policy prior to a claim being paid. There must be a relationship tied between the additional insured and named. Being an additional on another’s policy does not eliminate the need for someone to have his/her own Commercial General Liability policy.