As a business owner in Lansing, MI, it’s essential to have general liability insurance as it safeguards you from claims arising from bodily injury or property damage on your premises. Great Lakes State Agency is here to assist you in determining the necessary coverage amount and additional coverage opportunities, called endorsements, to enhance your business protection.
80/20 Rule for Commercial Insurance
The 80/20 rule is a salient reference for business insurance coverage. This means you need the right coverage for 80% of the risks you’re exposed to, but you don’t necessarily need full coverage for every risk. For instance, if you run a restaurant, you likely need coverage for slips, trips, and falls, but you may not need coverage for equipment breakdowns. This rule can determine your business’s right general liability coverage.
Understanding your coverage needs requires identifying the risk associated with your business. Consider the size of your business, the number of employees, and the overall amount of foot traffic to determine the level of risk. This risk evaluation lets you determine which coverage to include in your insurance package.
Endorsements for Added Protection
You can add endorsements to your general policy to protect specific risks relevant to your business, such as fire damage, liquor liability, employment practices, cyber-attacks, or identity theft.
Great Lakes State Agency can help you define the right amount of coverage for your commercial needs in the Lansing, MI area. By analyzing your business, they can suggest the right types of coverage and any endorsements that could benefit you. Customizing your insurance coverage ensures that you’re fully protected, giving you peace of mind knowing that your business is secure.
