Michigan is known for Detroit automakers and the Great Lakes and cities like Lansing and Ann Arbor also offer opportunity. Additional manufacturing, agriculture and freshwater technology industries thrive in Michigan. Businesses choose the state for its workforce and low cost of living.
Protect your Michigan business with the right insurance policy. Check out our list of some of the best business insurance in Michigan to get started today.
Quick Look: Best Business Insurance in Michigan
- Best Overall for Business Insurance: The Hartford
- Best for Tailored Coverage: Simply Business
- Best for Small Businesses: Hiscox
- Best for Self-Employed: Progressive
- Best for Expert Coverage: biBerk
- Best for Workers’ Compensation: Travelers
- Best for Business With Less Than 25 Employees: Next
7 Best Business Insurance Options in Michigan
Business insurance should help you cover costs associated with property or liability claims. Take a look at our recommendations for some of the best business insurance providers in Michigan.
1. Best Overall for Business Insurance: The Hartford
- Best For:Comprehensive coverage/Business Owners' PolicyVIEW PROS & CONS:securely through The Hartford Business Insurance's website
The Hartford offers comprehensive busienss insurance like property and legal liability policies. The Hartford is our pick for best overall business insurance because its business owner policy (BOP) bundles 3 coverages into 1 policy.
The BOP combines commercial property, general liability and business income coverages.
- Commercial property helps cover the cost to repair or replace your business’ physical location, tools, computers, inventory and accounts receivable.
- General liability protects from claims due to bodily injury, property damage and advertising mistakes.
- Business income insurance can help replace lost revenue if you can’t open your business after damage caused by burglaries, fires or destructive winds.
Most states also require workers’ compensation insurance if you have employees. The Hartford also offers workers’ comp to cover any work-related injuries or illnesses.
Pros
- More than 200 years of insurance experience
- Provides online quotes
- Has a solid financial rating
- Offers a wide range of commercial insurance products
Cons
- Pricing is entirely quote-based
2. Best for Tailored Coverage: Simply Business
Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business.
Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price.
Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business owner’s plans, liability coverage and more that will cover everyone on your team, and you can get covered in accordance with Michigan law without overspending.
Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.
Pros
- Quick quote process
- Licensed agents to assist you
- Can choose from top insurance providers
Cons
- No 24/7 Customer Support
3. Best for Small Businesses: Hiscox
- Best For:Small businesses with both part and full-time employeesVIEW PROS & CONS:securely through Hiscox's website
Hiscox provides protection for more than 180 different professions, so you’re sure to find perfect coverage for your small business.
Its general business coverages include:
- General liability
- Professional liability
- Errors and omissions
- Business owners
- Workers’ compensation
- Cybersecurity
Hiscox also offers a BOP to combine general liability insurance and property insurance.
Not sure what you need? Hiscox offers a quick 20-second online quiz to help you determine your coverage.
You can request a free quote from the Hiscox website. Licensed insurance agents are available at 866-283-7545 Monday through Friday from 7 a.m. to 10 p.m. EST.
Pros
- Inclusive coverage
- Affordable rates
- Good reputation on review websites
Cons
- General liability policy coverage requirements
- $2 million coverage maximum may be inadequate for some businesses
4. Best for Self-Employed: Progressive
The Progressive Advantage® Business Program gives you access to the types of insurance products typical small business owners need. Progressive is a great option if you’re self-employed because its program is designed to work with your budget for customized coverage.
Progressive policies are offered through 3rd party carriers. Policies options include:
- BOPs
- Contractors liability
- Professional liability
- Workers’ compensation
You can also insure your commercial vehicles through Progressive. An average discount of 10% is offered when you bundle policies. Progressive also has an in-house customer service team to support you 24/7.
Request a quote online or call 888-806-9598.
Pros
- Offers flexible coverage options to meet specific business needs
- May include additional perks or benefits such as risk management service
Cons
- May have certain limitations or exclusions in coverage
- Requires regular review and updates to ensure continued protection
5. Best for Expert Coverage: biBerk
- Best For:Staying compliant with state and federal regulationsVIEW PROS & CONS:securely through biBERK's website
biBerk provides expertise in small business insurance. It's a part of Warren Buffett’s Berkshire Hathaway insurance group and boasts more than 40 years of insurance experience. biBerk insures your business directly and it passes up 20% in savings along to you.
Choose from 7 different types of business insurance:
- Workers’ compensation
- Property and liability
- Professional liability
- Commercial auto
- General liability
- Umbrella
- Cyber insurance
biBerk is a Better Business Bureau accredited provider with an A+ rating. Get a free quote online or call 844-472-0967 to get started.
Pros
- Sells insurance policies directly
- Strong financial backing
- Cost-efficient policies
Cons
- Only business policies
- No additional discounts
6. Best for Workers’ Compensation: Travelers
Travelers is a leading workers compensation carrier. It has a nationwide network but still provides local expertise. And more than 500,000 customers trust Travelers’ workers’ comp insurance coverage.
Travelers also offers risk management solutions. These measures can help protect your business and your employees as you avoid losses before they occur.
Other workers’ compensation-related products from Travelers include dividend plans, captive programs, managed care plans, bundled and unbundled loss sensitive programs and drug-free safety credits.
All Travelers business insurance policies are sold through independent agents. Use its search tool to find an agency near you.
Pros
- Wide range of coverage
- Claims cost management
- Excellent ratings by insurance ratings agencies
- Online portal
- Risk control
Cons
- Coverage not available everywhere
- Quotes not available online
- Some customer complaints
7. Best for Business With Less Than 25 Employees: Next
- Best For:Small businesses with less than 25 employeesVIEW PROS & CONS:securely through Next Business Insurance's website
Next Insurance is a comprehensive insurance provider that offers a wide range of coverage options for businesses of all sizes in Georgia.
With its focus on providing tailored solutions to meet the specific needs of each business, this insurer stands out as a top choice for companies looking to protect their assets and minimize risks. It offers coverage on general liability, workers' compensation, business owner's policy (BOP), professional liability, and other coverages.
Next's simple, straightforward approach is helpful to those who are trying to figure out what needs coverage and how best to handle it. The website is easy to navigate and understand, and you can find your answers in minutes regardless of the question.
Pros
- Apply for a policy in as little as 10 minutes
- Policies customized to industry type and need
- Discounts available on bundled policies
Cons
- No option for paper policy application
- May need to connect with a representative if your occupation isn’t listed
Types of Business Insurance
Here are the most common business insurance coverage options.
General Liability
General liability covers common risks like customer property damage and injuries. Most commercial leases require this coverage. Libel and slander lawsuits are also included.
Product Liability Insurance
Product liability protects your business against lawsuit costs if a customer claims a product the business manufactured or sold led to an injury or property damage.
Commercial Property Insurance
Commercial property covers your business’s physical assets in the case of fire, explosions, burst pipes, storms, theft or vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance. Separate policies are needed.
Workers' Compensation Insurance
Workers’ compensation is required for every business with employees. It covers medical costs for work-related injuries or illnesses. Policies can also provide protection against partial missed wages or lawsuits over employee injuries.
Professional Liability Insurance
Professional liability is also called errors and omission insurance. This coverage protects your business if your work depends on your expertise. It can also cover client lawsuits over errors and oversights, late or incomplete work and professional negligence lawsuits.
Cost of Business Insurance in Michigan
Business insurance costs always vary. Factors like your policy coverage, business location, size and number of employees all affect your premium.
Progressive reports that coverage through its Progressive Advantage® Business Program ranged from $42 per month for professional liability to $70 per month for business owners policy (BOP) in 2022.
The coverage you choose and bundle will ultimately determine your cost.
Protect Your Business Today
The right insurance policy is necessary to protect your business. It’s easy to find coverage for your business property, product or service and employees. Contact a few of our recommended providers to get a quote or enter your ZIP code through our online tool to get started now.
Frequently Asked Questions
What types of business insurance are required in Michigan?
In Michigan, businesses are required to have workers’ compensation insurance if they have employees. Additionally, businesses may also need general liability insurance to protect against lawsuits and property insurance to cover damage to physical assets.
What does business insurance in Michigan typically cover?
Business insurance in Michigan typically covers risks such as property damage, liability claims, employee injuries, business interruption, and more. The specific coverage will depend on the type of policy purchased.
Can I bundle multiple types of insurance for my business in Michigan?
Yes, many insurance providers in Michigan offer package policies or bundle options that allow businesses to combine different types of coverage, such as general liability, property, and workers’ compensation insurance, into a single policy for convenience and potential cost savings.
About Ashley Hart
Ashley Hart is a personal finance writer passionate about helping people feel empowered to take control of their finances. She has more than eight years of writing experience, focused on insurance.