Do I Need To Update My Commercial Insurance When I Acquire New Assets?

You buy commercial insurance to protect your business against unforeseen events, and your protection should be updated when your business changes. Business growth or decline, relocation, or acquiring new assets require updating your insurance protection. Contact the Bachmann Insurance Agency team serving Flushing, MI, to confirm that your commercial insurance adequately covers your business.

Changing or Acquiring Business Assets

When you acquired your policy, you structured your original commercial insurance plan to protect the value of your business. It reflected the current state of your business and its assets. However, businesses grow, acquiring additional equipment to manufacture products or better serve their customers. Likewise, businesses hire new employees who need extra tools, office equipment, or vehicles. Businesses also move into new quarters or add inventory, so the mix and value of their business assets change, resulting in the need to revise their commercial insurance.

Protecting Your Assets

As a business owner, it is important to review your commercial insurance with your insurance agent at least once per year and whenever you experience a significant change in the value of your assets. After all, if the assets are worth acquiring, they are worth protecting against potential risks.

The meeting should be straightforward, assuming your books reflect your current fixed assets, inventory, vehicles, and facilities. Keeping your commercial insurance plan current will help you sleep at night, knowing your assets have protection against unfortunate events.

Keep Your Commercial Insurance Up to Date with Bachmann Insurance Agency

The Bachmann Insurance Agency team expertly serves the Flushing, MI, personal and business community. We can help you create and update an insurance plan to protect your assets. Call us today at 810-230-1375 to discuss your personal or commercial insurance options.

Steps to Buying Commercial Insurance

When you own a business, you’ll want to get commercial insurance to protect your business’ assets. Many things can jeopardize your business assets, so your best hope is to purchase a commercial insurance policy covering any damage or liability. If you live in the Flushing, MI area, we invite you to contact our team of insurance professionals at Bachmann Insurance Agency. We can explain the different commercial insurance policies available and let you find the necessary insurance.

Steps to Buying Commercial Insurance 

If you’re wondering about how to buy commercial insurance, here are some simple steps that can make it easy. Begin by considering the type of natural disaster which could damage your business. For example, if you’re in an area prone to tornadoes or earthquakes, you should consider getting enough property insurance to protect against damage from those conditions. 

Once you know the types of occurrences you need to protect your business against, you should shop around for a reputable agent. Bachman Insurance Agency has provided professional services and insurance guidance to residents in the Flushing MI, area since 2001. If you already have a commercial insurance policy, it’s essential to re-evaluate your coverage once a year. Your business and insurance needs can change, so your coverage may also need to change. 

Call Us Today to Discuss Your Insurance Needs 

Businesses need property and liability insurance, but you’ll also need to protect your employees with workers’ compensation insurance. At Bachman Insurance Agency in Flushing, MI, we can explain these insurance options in detail and help you see how they fit your company’s needs. We can answer all your questions and examine your individual needs. Call us today to discover the suitable types of insurance for your company. 

Commercial Insurance 101 – An Introduction

In the business realm, managing risk is a primary concern. Whether you run a small entrepreneurial startup or a large existing corporation, unexpected events can interrupt operations and threaten financial stability. According to the Bachmann Insurance Agency in Flushing, MI, commercial insurance is a critical device to assist businesses in protecting themselves against various risks.

What is Commercial Insurance?

Commercial insurance is a specific type of coverage between an insurance company and a business owner. It offers a variety of benefits in exchange for an agreed-upon premium. In other words, commercial insurance serves as the business’s safety net should an unforeseen incident cause a financial disruption or catastrophe.

Note that certain jurisdictions set forth legal insurance requirements specifically for a business’s operation.

Commercial Insurance Types

The most common insurance types include-


This protects your business assets, inventory, and property from unexpected incidents like fire, theft, vandalism, and natural disasters.


This protects the insured by paying legal expenses and damages should the business be found to be responsible for property damage, bodily injury, or negligence. Specific liability insurance includes-

  • General Liability
  • Professional Liability and Errors/Omissions
  • Product Liability

Commercial Auto

This covers business vehicles, including damages and liability for accidents and physical damage.

Workers’ Compensation

The provides specific benefits (i.e., medical expenses and lost wages, etc.) to employees and reduces the chances of employee lawsuits.

Additionally, businesses may purchase interruption or cyber insurance to protect their business.

We Are Here To Help

Commercial insurance is a critical component of any successful business strategy. By working with an insurance professional at Bachmann Insurance Agency in Flushing, MI, you move confidently forward, ready for unforeseen business challenges. Reach out to us today!

Understanding Business Interruption Insurance

One of the biggest stress factors of running a business is avoiding financial losses due to unexpected interruptions. Fires, natural disasters, and other unforeseen events can drain a business’ finances, and replacing lost income can harm your monthly or annual profits. Therefore, to protect your business from the unexpected, it’s essential to have business interruption insurance in place.

What is Business Interruption Insurance?

Business interruption insurance encompasses various factors like income coverage, extra expense coverage, contingent business interruption coverage, and civil authority coverage. This financial support enables you to handle temporary relocation expenses, payroll, loan payments, and taxes. Essentially, it’s a safety net during challenging times that minimize the impact on the overall financial stability of your business.

What is the Duration of Business Interruption Insurance?

The duration depends on the terms outlined in your policy although the standard period is set at 30 days, although it can be extended to 360 days through an endorsement. The period is defined as the time from when the incident that forced the interruption to your business. It usually lasts until the damage is repaired and your business is restored to its pre-disaster condition. 

How do I Choose the Right Plan?

Like many things in your business, seeking professional guidance is better than handling the process yourself. You shouldn’t have to learn the ins and outs of commercial insurance to determine a plan. Instead, Bachmann Insurance Agency in Flushing, MI is here to help you with all your commercial insurance needs and help you account for the unexpected. 

Reach Out To Us!

Contact Bachmann Insurance Agency in Flushing, MI today to learn more about business interruption insurance coverage today. 

What is a BOP?

Business owners who live in Flushing, MI are not required to have commercial insurance except for worker’s compensation coverage, paying for laborer injuries, lost wages, and alternate job training when they are hurt at work. 

Nevertheless, business insurance is an indemnification that many entrepreneurs choose to buy for the benefits it confers, in addition to protecting businesses from significant financial loss. 

What is a BOP?

A BOP, or business owner’s policy, is a group of insurance products that are bundled together for the convenience of customers. Depending on the line of work you are in, there are often perils that most frequently occur within your industry. The function of the BOP is to streamline these services, and your Bachmann Insurance Agency representative can go over the details of your situation. 

If you own your own building, it’s important to insure the contents of the edifice, as you may be housing raw materials that are needed for your offering. In addition, the equipment you depend on to create an income can be destroyed if, for example, your warehouse were to go up in flames or be subject to an electrical surge.

You may also have more than one location to insure, and you have the option for business interruption coverage that helps provide income in the interim between the disaster and recovery. 

The general liability portion of this combined coverage will typically indemnify you in scenarios where you’re found responsible for damaging someone else’s property or injuring someone. Additionally, if your advertising causes harm, it can help provide redress. 

Bachmann Insurance Agency Provides Insurance Solutions

We help create insurance packages to meet every criterion for your life situation, and we are available to speak more in-depth with you online, by phone, or in the office. We serve those living in and around Flushing, MI. 

5 Questions to Ask Your Broker Before Buying Commercial Insurance

As a business owner, having the right insurance coverage in place is important as it’s the only way you can protect your company from potential risks. But with so many different policy options available, it can be tricky to know where to start. That’s where a broker comes in. A broker is an insurance professional who can help you assess your needs and find the right policy for your business. But not all brokers are created equal.

To ensure you’re getting the best possible service, it’s important to ask your broker a few key questions before buying commercial insurance. Bachmann Insurance Agency provides this guide on navigating this important coverage.

Here are five to help you get started

1. What Experience Do You Have with Businesses Like Mine?

This is one of the most important questions you can ask your broker. You want to make sure they have a good understanding of the unique risks faced by businesses in your industry. Otherwise, they might not be able to find the right policy for your needs.

2. What Coverages Do You Recommend for My Business?

Once your broker has a good understanding of your business, they should be able to recommend the coverage that will best protect it. They should also be able to explain why each coverage is important and how it would work in the event of a claim. Remember, commercial insurance is not a one-size-fits-all proposition. The coverage you need will depend on the specific risks faced by your business.

3. Can You Provide a Written Quote?

Your broker should be able to provide you with a written quote for the insurance policy they recommend. This quote should include all of the coverage, deductibles, and limits you’ve agreed to. It’s also a good idea to ask for a few different quotes from different brokers so you can compare your options.

4. What Happens if I Need to Make a Claim?

No one likes to think about making a claim, but it’s important to know what the process would be in the event that you need to use your insurance. Your broker should be able to walk you through the steps you would need to take to file a claim and get the coverage you’re entitled to.

5. Do You Have Any Other Recommendations for Protecting My Business?

Insurance is just one way to protect your business from risks. Your broker may also have other recommendations, such as implementing safety protocols or investing in risk management software. Whatever their suggestions may be, it’s important to consider them carefully. After all, your business is your livelihood. It’s worth taking the time to make sure it’s properly protected.

Need Commercial Insurance in Flushing, MI?

Regardless of what type of business you operate in Flushing MI, Bachmann Insurance Agency can help you find the right commercial insurance policy to protect your company. We have years of experience working with businesses of all types and sizes, so we know how to tailor a policy to meet your specific needs. To learn more about our commercial insurance offerings or to get a free quote, contact us today. We’re always happy to help.

Commercial Insurance Options in Michigan

If you own a business in Michigan, you will want to protect the investment of time and money you have made into your business by having an adequate amount of commercial insurance in place. The agents at the Bachmann Insurance Agency serving the Flushing MI area are here to help you with all of the commercial insurance needs you have for your business.

Required Coverage

In Michigan, you must have worker’s compensation in place to cover any employees you have at your business who could become injured while on the job. This type of coverage will help pay their lost wages and medical bills.

If you own any vehicles through your business or use personal vehicles for business purposes, you must have at least a liability auto insurance policy in place to legally drive in Michigan. You can obtain a commercial auto insurance policy in addition to your other coverage options for your business insurance.

Other Options

You will definitely want to have commercial general liability insurance in place to protect you from any potential lawsuits if a customer of your business is injured while on your property or if a person is injured due to an incident that occurs while your employees are out in the field working depending on the nature of your business.

There are many different other coverage options available under commercial insurance that the commercial insurance agents at the Bachmann Insurance Agency serving the Flushing, MI can explain to you. Some of those include professional liability commercial insurance and cyber insurance. Call for your appointment today to get your commercial insurance policy started to protect your Michigan business!

What Is Business Interruption Insurance?

When the daily business operations are interrupted, it can cause much stress for business owners in Flushing, MI. However, there is a relief for business owners fearing the possibility of operations being disrupted, which can negatively affect profits. Purchasing business interruption insurance offers peace of mind for businesses knowing they have protection against interruptions to their business operations. 

If you still have questions about business interruption insurance, call our agents at Bachmann Insurance Agency. 

What Is Business Interruption Insurance?

Business interruption insurance is additional coverage added to an existing business owner’s insurance policy. This add-on policy covers loss of income the business may experience after experiencing a catastrophe, such as fire or natural disaster. This policy differs from property insurance because it does not cover physical items, but instead, it covers typical income earned if the catastrophic event never occurred. 

What Is Covered by Business Interruption Insurance? 

There are several scenarios where a business owner is covered under their business interruption insurance. These scenarios would include natural disasters and fire. Typical items covered include: 

  • Fixed operational costs, such as rent or utility bills
  • Temporary relocation costs, such as if the business needs to move to a new location while the existing site is repaired or rebuilt
  • Income loss due to government-mandated closures could cause a business to close early for a government-issued curfew or other covered events
  • Unforeseen expenses, such as expenses that are not fixed costs but incurred due to the interruption

If you are wondering how much business interruption insurance you need for your Flushing, MI business, give our agents a call today. Our experts at Bachmann Insurance Agency are ready to help answer all of your questions and get you the insurance coverage your business needs. 

Do I need to get commercial insurance in Michigan?

A business owner that lives in the Flushing, MI area could find that it is a great place to run a company. This area of Michigan has a strong base of people as well as a good local economy. When you are looking to start a business here or continue to operate an existing one, it is imperative that you get proper insurance for it. There are a few reasons why a Michigan business owner needs to get a quality commercial insurance policy.

Insurance Protects Investment in Business

An important reason that anyone will need to get commercial coverage when they are in Michigan is to protect their investment in their business. If you are going to start a company, you will have to invest a lot of time and capital to get it off the ground. This whole investment could be lost quickly if you do not get proper insurance. When you get coverage, you can continue to protect your business.

Insurance Offers Continued Liability Protection

You will also want to get commercial insurance as it can offer ongoing liability protection. A business owner here should recognize their liability risks. If you are sued for liability, the effects could be devastating and even put a business into insolvency. When you have commercial coverage, you can receive liability insurance to mitigate this risk. 

There continue to be many reasons for a Flushing, MI business owner to get a commercial insurance policy. As you are looking for a new plan, you could find that picking one is complicated. Fortunately, when you call Bachmann Insurance Agency, you can learn a lot about your options and how insurance coverage can protect you. Bachmann Insurance Agency can then help you to build a great policy that meets your needs.

What Small Business Owners Need to Know About Commercial Insurance

Owning your own business can be an exciting and rewarding journey. That reward comes at the cost of your investment of time and money. To make sure that this investment of time and money is sufficiently protected, there are steps that business owners must take to protect themselves. At Bachmann Insurance Agency, serving Flushing, MI, we take great pride in educating our clients on how they can best protect their investments. Keep reading to find out what small business owners need to know about commercial insurance. 

Why Do I Need Commercial Insurance?

Commercial insurance refers to a variety of insurance policies that work to protect a small business owner. There are unforeseen problems that can have a dramatic effect on your business and your income. As the business owner, you are more liable for certain damages. Commercial insurance can kick in to help protect you from these damages.

What Does Commercial Insurance Cover?

Each business will be different and, therefore, will require different types of coverage. In general, commercial insurance will cover the following areas:

  • Business property – If your business operates at a physical location, you will want this property protected in the event of damage, burglary, or in the case an injury takes place. 
  • Vehicles – If your business operates vehicles to conduct business, these vehicles will need to be insured and the drivers who drive them. 
  • Liability – A business owner puts themselves at a unique risk when they operate a business. If an individual gets injured on your property or as a result of your services, you could be held liable for their expenses. Liability insurance will kick in to cover these expenses. 

If you would like to learn more about commercial insurance, please contact our friendly staff at Bachmann Insurance Agency, serving Flushing, MI.