No more. No less. Just enough. WELL, WHAT’S ENOUGH?

Smart small businesses and startups know that right-sized business insurance is as critical to their business as keeping the lights on. And because you need to take on risk to grow, proper risk management coverage protects you from threats that leave your business vulnerable to failure. So, what does proper coverage look like?

Alas, there is no one-size-fits-all answer. While insurance is often viewed as a commodity, a good insurance partner learns about the unique needs, legal requirements and cost constraints of your business and custom designs a package for coverage — not too much, not too little, but just right. And, a quality insurance partner stays with you, adjusting your coverage as your organization evolves and grows, leaving you with less worries and more time to focus on opportunity and development.

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28 million small businesses account for 54% of all U.S. Sales.

RIGHT-SIZED BUSINESS INSURANCE
WILL HELP YOU THRIVE

Curious what a business like yours might need?Answer a few questions and find out.

I am
of a small business/start up called . Next RESTART
We opened our doors in .Next RESTART
has employee(s). RESTART
We sell RESTART
. RESTART
vehicles employees use. RESTART
's business property located in a high-risk flood zone. RESTART
contemplated what would happen if we didn’t have enough coverage. RESTART
I am of a small business/start up called . We opened our doors in . has employee(s). We sell . vehicles employees use. 's business property located in a high-risk flood zone. contemplated what would happen if we didn’t have enough coverage.
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THE McNISH PRODUCTS

General Liability closeGeneral Liability

Protects you, your employees and your business from legal claims involving bodily injury or property damage from accidents on your premises or from your products, operations or advertising.

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Property closeProperty

Covers losses to your property caused by fires or explosions, theft, damage from vehicles or airplanes, or acts of vandalism.

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Cyber closeCyber

Protects your company in the event of a data breach or other cyber threat, including exposures created by your employees while performing work on computers.

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Workers’ Compensation closeWorkers’ Compensation

Pays for an injured employee’s medical treatment and can assist in replacing lost wages; protects your employees, business, and assets.

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Commercial Auto closeCommercial Auto

Covers financial responsibility if you or an employee is at fault in a vehicle accident and people are injured or their property is damaged.

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Business Income closeBusiness Income

Replaces lost net income, covers for continuing expenses, and pays for relocation expenses and advertising fees if your business is forced to close temporarily.

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Management And Professional  Liability closeManagement And Professional Liability

Protects your company against claims that a professional service you provided caused your client to suffer financial harm due to mistakes on your part or because you failed to perform some service.

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Commercial Umbrella closeCommercial Umbrella

Protects you when accidents happen and your existing liability insurance cannot cover all the expenses; picks up where your business auto liability, general liability or other liability coverage stops.

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Commercial Flood closeCommercial Flood

Protects your business facility and contents from floodwater damage costs, including destruction or harm to buildings, physical contents and assets.

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General LiabilityGeneral Liability

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Commercial liability insurance covers you, your business and your employees from claims involving bodily injury or property damages resulting from accidents on your premises or from your products, your operations, or advertising, up to the limits of your policy. Policies shield you from the expense of out-of-court settlements, litigation and judgments awarded by courts.

Why general liability insurance is important

Every single business needs coverage for their general liabilities. The simple action of being in business creates an environment of liability, and this exposure will typically exist before any other in the business development cycle. As a business operator, you take on liability. It is your responsibility to provide appropriate support for that liability.

What to ask

Having a policy is great, but knowing your policy is critical. Pay special attention to the exclusions in a general liability policy. For example, do you know whether or not you have limited errors and omissions coverage? This protects you from carrying the full weight of damages awarded in lawsuits triggered by alleged failure to perform or financial loss caused by an error or omission in your service or product.

PropertyProperty

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Basic property insurance usually covers losses caused by fires or explosions; theft; damage from vehicles or airplanes or acts; and vandalism. Additional coverage can be added for events such as earthquakes and breakage of glass.

Why property insurance is important

Property insurance will protect your company’s financial strength by covering cost to repair, replace, or rebuild property. As available, coverage can be added to allow business operations to continue at an alternative location during the restoration period. Property is extremely expensive to replace. Having the proper coverage in place ensures limited impact to your cash flow in the event of a loss.

What to ask

Have you looked beyond the basic limits of your property policy? What do the sub limits say? Do they provide adequate coverage? For example, if an electrical disturbance causes a power surge that causes significant damage to your property, are you covered appropriately?

CyberCyber

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Cyber insurance protects you in the event of a data breach or other cyber threat. In some cases, coverage may exist for human error while sharing sensitive customer information.

Why cyber insurance is important

Cyber liability exposures have become more common with increased dependence on technology for business operations. Hackers are specifically targeting small businesses due to the higher likelihood that less resources are spent on cyber attack prevention, such as firewall security.

What to ask

Cyber liability coverage is integral to covering the exposures created by your employees performing their daily operations. This insurance can limit the impact of an employee accidentally sharing personal information or clicking on links that contain viruses.

Workers’ CompensationWorkers’ Compensation

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Workers’ compensation insurance protects your employees, business, and assets. Coverage will pay for an injured employee’s medical treatment and can assist in replacing lost wages.

Why workers’ compensation insurance is important

Legally, there is an obligation for an employer to provide this insurance to their employees. Additionally, it is integral in promoting and sustaining a productive, and supportive, working environment. Employees commit to coming to work everyday, and this coverage protects them on the job.

What to ask

Coverage points beyond the workers compensation policy should be considered. What are you doing before a loss? Does your insurance company offer resources to support the development and implementation of safety and return to work programs?

Commercial AutoCommercial Auto

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Business auto liability insurance helps cover the financial responsibility if you or an employee is at fault in an accident and people are injured or their property is damaged. A minimum amount of commercial auto liability insurance (or proof of financial responsibility) is required in most states.

Why commercial auto insurance is important

An accident may occur while using a vehicle for a business operations. This coverage will help cover costs to repair damaged vehicles, as well keep transportation in place while repairs are being made.

Auto accidents can be very costly occurrences; commercial auto insurance alleviates some of the pressure and cost during the process of repairs or replacement of vehicles. Aside from medical costs, a big ticket item to consider is the litigation costs that the insurance company will cover.

What to ask

Do your employees rent vehicles for travel? If so, do they rent the car in their name or the company’s name? This important distinction can be the difference between coverage responding—or not responding—in the event of a claim.

Business IncomeBusiness Income

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If you have a covered property loss and your business is forced to close temporarily, business income coverage can help you replace lost net income, pay for continuing expenses, and cover relocation expenses and advertising fees.

Why business income insurance is important

Cash flow is critical to all businesses. Business income can provide an important element of protection for your business cash flow both during and following a loss. Even if a loss is covered from a property perspective, you must consider the money lost while you are unable to generate revenue.

What to ask

Losses outside of your direct operation can occur and impact your bottom line. Does your business depend on another business for supplies or for general success (think supply chain analysis/contingent income)? If so, this can be insured against. For example, if the flagship store in a strip mall suffers a loss, other businesses will likely see less foot traffic while repairs as a result.

Management And Professional  LiabilityManagement And Professional Liability

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Professional liability insurance protects your company against claims that a professional service you provided caused your client to suffer financial harm due to mistakes on your part or because you failed to perform some service.

Why management and professional liability insurance is important

Mistakes happen, and sometimes deadlines are missed, because of factors outside of your control. Human error and extenuating circumstances are a normal situations in business; covering them is an effective way to secure protection for claims against your for not fulfilling customer promises.

What to ask

Are your employee’s duties correctly classified? On a management and professional liability policy, every employee is specifically classified based on his or her operation. Incorrect classifications could result in coverage being negated.

Commercial UmbrellaCommercial Umbrella

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Umbrella liability insurance protects you when accidents happen and your existing liability insurance policies cannot cover all the expenses. Essentially, it picks up where your business auto liability, general liability or other liability coverage stops, providing extra protection against bodily injury and/or property damage

Why commercial umbrella insurance is important

Some losses are much larger than the limits established on the underlying policy. Umbrella policies will provide coverage for losses in excess of this limit. Losses covered by commercial umbrella policies are generally catastrophic. If not covered, they will have significant impact on your business’s cash flow and survival. In the event that a multi-million dollar claim exceeds your underlying insurance limits, an umbrella policy insures that you will not be paying for excess losses out of pocket.

What to ask

Take a minute to review your underlying limits. For example, if you have $1 million liability limit for your auto insurance, it may not be enough to provide sufficient coverage. An umbrella policy will provide coverage above and beyond what you have currently in place.

Commercial FloodCommercial Flood

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Commercial flood insurance helps protect your business from the costs of damage from floodwater. A commercial flood insurance policy will not only protect the location of your business, but also the physical contents and assets. This policy is designed to protect your business from floodwater damage to floors, walls, ceilings, equipment, fixtures, furniture, inventory and business property.

Why flood insurance is important

Coverage for damage from floods is generally excluded from a property policy. If your business is located in an area susceptible to flood damage, this coverage will be very important in protecting your building and assets. Not everyone needs this. It is a matter of location. However, if you have the exposure, a flood policy is the only way to be covered.

What to ask

Location, location, location. Because flood is excluded from the property policy, it is extremely important to know whether or not you have a heightened risk for a flood.

Seem overwhelming?

Take a moment to Answer a few questions to find out
what a business like yours is likely to need.

IGNORING THE ‘WHAT-IFS’ WILL NOT
MAKE THEM GO AWAY.

Get a clear picture of your risks before you act or ignore.

What if while on a break at work, an employee from Always Fine Deli posts on Facebook a claim that bugs were found in a salad at a competing deli? The competing deli denies the allocations, and files a suit against Always Fine Deli.

A commercial general liability policy provides coverage for the business, the business owner, and the employees for claims involving bodily injury or property damage, up to the limits of the policy. Bodily injury does not just mean physical harm; it can also mean damage to image, which would be considered advertising injury. So, in this case, commercial general liability policy would provide defense costs for Always Fine Deli because the claim would be covered as a result of advertising injury to the competing deli.

What if a contractor is expecting a $2 million payment in full for a recently completed job? On the morning of the payment due date, the contractor reaches out to the client to confirm payment. The client states that the money was sent first thing that morning and provides proof. After an investigation, it is determined that a hacker rerouted the funds, and the $2 million payment has been stolen.

In today's economy, technology's existence for business operations has become extremely complex and sophisticated. Just as businesses explore insurance for general liability risks, they should explore the same for cyber risk. Business proprietors should discuss with their agent in detail about all operations using technology. In this case, a "bare bones" cyber policy may have not provided coverage. The insured needed to share with the agent that the business uses technology for the transfer of large funds.

What if over the weekend a thunderstorm knocks out power for a physical therapy clinic and surrounding businesses? When the power is reestablished, a surge destroys multiple medical machines in the clinic.

Property insurance is critical to protecting a company's investment in its property. However, more important than simply holding a policy is understanding what is covered by it. Property policies will generally have sub limits for different causes of loss. In this scenario, damage from a power surge following a storm was covered under the insured's property policy, but it was not nearly enough coverage to replace all of the physical therapy equipment. When reviewing a policy with an agent, business owners should understand to what degree sub limits provide coverage for different possible situations.

More Risks to Consider

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About the McNish Group

The McNish Group provides a suite of risk management and financial solutions to individuals and businesses of all sizes.

We are known for our exceptional customer service and our know-how in insurance and business problem solving. Our staff genuinely cares; we are proactive in business planning and responsive when a crisis or problem arises.

For both individuals and businesses, we assess exposure to risk, provide solutions to protect against that risk, and support customers’ evolving needs over time. Our customers trust us to provide adequate, simple-to-understand coverage — to reduce their worries so they can focus on business and personal growth.

We help individuals adequately insure all aspects of life, both tangible and intangible.

We help businesses manage their risks by sufficiently insuring all facets of their business. We bring strong financial expertise to the table, making sure each business has the tools and protection necessary to grow and develop.

Contact Us

THE MCNISH GROUP

26622 Woodward Ave. Suite 200
Royal Oak, MI 48067

map & directions
Tel: 248.544.4800

Traverse City Office

830 East Front Street, Suite 300 Traverse City, MI 49684

map & directions
Tel: 231-947-9050


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For more information about The McNish Group and our full suite of commercial and business products visit our website at McNish.com