The amount you’ll pay for business insurance on average in Michigan will depend on the kind of protection you require. For small businesses, the annual cost of general liability insurance, which defends your company against claims of personal injury or property damage, can range from $400 to $1,000. The annual cost of general liability insurance can range from $2,000 to $5,000 for larger companies or those in high-risk industries.
Workers’ compensation insurance, which safeguards your employees in the event of an illness or injury sustained at work, is another crucial protection for businesses in Michigan. The amount you will pay for workers’ compensation insurance in Michigan will depend on how many employees you have and the risks involved in your line of business. In Michigan, workers’ compensation insurance typically costs $1.25 for every $100 of payroll.
Property insurance, which covers actual physical damage to your commercial property, is another advantage for businesses in Michigan. The value of your commercial property and the extent of coverage you require will determine how much property insurance will cost you in Michigan. While larger firms may spend up to $5,000 annually for property insurance, small businesses can anticipate paying between $500 and $2,000 each year.
Bonds that are sold at a discount from their face value are referred to as discounted bonds. The bond’s future interest payments are represented by the discount. For investors looking for a fixed return on their investment, the discounted bond is a desirable alternative. A discounted bond that pays a constant interest rate for ever is known as a consolation bond. By dividing the annual interest payment by the discount rate, the value of the consolation bond is determined.
In conclusion, there are a number of variables that affect how much business insurance costs in Michigan, such as the type of coverage, the size of your company, and the sector you work in. When it comes to insuring your company, it is critical to have a clear understanding of the cost of business insurance. Consol bonds and discounted bonds are additional investment options that may appeal to investors seeking a set return on their investment.