Best Small Business Insurance in Michigan

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Contributor, Benzinga
March 25, 2024

Your Michigan small business needs tailored insurance coverage to protect the operation you worked hard to build. 

Take a look at our guide to small business insurance for everything you need to know about the best small business insurance in Michigan.

Quick Look: Best Small Business Insurance in Michigan

6 Best Small Business Insurance Options in Michigan

It’s important to seek out providers that specialize in small businesses. You may even want to look for a provider with experience providing insurance for your industry. Start with our top picks for the best small business insurance in Michigan.

1. Best Michigan General Liability Insurance: The Hartford

The Hartford has been dedicated to providing small business insurance for over 30 years. It offers customizable coverage to ensure your small business has the best protection. 

The Hartford offers a business owner’s policy (BOP) to bundle 3 essential coverages in a single policy. Its BOP coverage includes general liability insurance, business property insurance and business income insurance. 

If you need additional types of coverage, request a quote from The Hartford for recommendations based on the risks your business faces. 

  • Quote process: Online or over the phone
  • Policy purchase process: Online
  • States served: All 50 states


  • More than 200 years of insurance experience
  • Provides online quotes
  • Has a solid financial rating
  • Offers a wide range of commercial insurance products


  • 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 small business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business owner’s policies, liability coverage, additional liability coverage and much 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.

  • Quote process: Online or over the phone
  • Policy purchase process: Online
  • States served: All 50 states


  • Quick quote process
  • Licensed agents to assist you
  • Can choose from top insurance providers


  • No mobile app

3. Best for Flexible Coverage: Thimble

Thimble offers the most flexibility when it comes to getting your business insured. They offer by-the-job (for as little as an hour) coverage, and monthly and annual policies that protect your business round-the-clock. It’s perfect for the self-employed, small business owners, and freelancers who want to get a quote quickly, get covered on the same day, and start their work today.  And, should something come up, you can modify, pause, or cancel your policy instantly.

They offer all the most essential small business insurance options, including general liability, professional liability, errors & omissions, business owners policy (BOP), commercial property coverage and workers’ compensation.

  • Quote process: Online, mobile or over the phone
  • Policy purchase process: Online, mobile or over the phone
  • States served: All except Washington and New York


  • Strong customer review scores on Trustpilot and Better Business Bureau
  • Purchase coverage based on a job or go month-to-month with an insurance policy
  • Get quotes in minutes


  • Online-only customer support
  • Some commercial policies are not available, such as commercial auto

4. Best for Small Business Partnership: Liberty Mutual

Liberty Mutual can offer coverage no matter your life stage or industry. A local Liberty Mutual agent can walk you through options and recommendations for your business. 

Liberty Mutual has comprehensive coverage options, including commercial liability umbrella, individual health, errors and omissions and workers’ compensation.

It also offers support for the transfer of ownership of your small business. Liberty Mutual insurance products that can make the process easier.

  • Quote process: Online, over the phone or mobile app
  • Policy purchase process: Online and mobile
  • States served: All 50 states


  • Massive list of coverages and coverage options
  • Top-quality customer service
  • Ability to work with independent agent


  • Premiums may be more costly

5. Best for Comparing Quotes: CoverWallet

CoverWallet makes buying and managing insurance easy — you can even get it all online in minutes. CoverWallet gives you the coverage you need at the right price so you can grow your business.

CoverWallet, a leader in risk, retirement and health solutions, works with small and medium-sized enterprises and startups and tailors everything it offers just for your specific business.

  • Average cost: Variable based on the company you select
  • Quote process: Online, though some insurance carriers will call you with a quote
  • Policy purchase process: Mostly online, though some carriers require phone calls
  • States served: All except Rhode Island and Vermont


  • Pay premiums online
  • Download certificate of insurance online for free
  • Can help consolidate handling multiple insurance carriers in one place for your business


  • Does not always show prices for all options online
  • Can lead to receiving many phone calls from various carriers

6. Best for Worldwide Coverage: Hiscox

Hiscox offers many types of business insurance coverage, flexible payment options and tailored insurance coverage. You’ll also get global coverage with Hiscox. No matter where in the world your work is performed, you’ll have coverage as long as the claim is filed in the United States, a U.S. Territory or Canada. 

  • Quote process: Online or over the phone
  • Policy purchase process: Online
  • States served: All 50 states


  • Inclusive coverage
  • Affordable rates
  • Good reputation on review websites


  • General liability policy coverage requirements
  • $2 million coverage maximum may be inadequate for some businesses

Cost of Small Business Insurance in Michigan

Each business in Michigan encounters distinct risks and has different insurance requirements. As a result, the cost of small business insurance can range from $100 to $1,000.

The cost for your business insurance policy depends on a number of factors, including:

  • The industry your business works in can increase or decrease the risk of your business facing a claim. If you work in a hazardous industry or use heavy machinery, your business probably has a higher risk of a workers’ compensation or other injury claims than a traditional office setting. 
  • If you own a business property, you’ll want insurance to cover the property. Location and the condition of the building will affect your premium.
  • The size of your payroll is important for workers' comp insurance. Benefits are paid to your employees based on salary. The higher your payroll, the more coverage you may need.
  • Your claims history can tell insurance providers if your business appears to operate safely. If your business has faced several claims in the past, insurance providers may determine that your business is at a higher risk of facing more claims in the future. This may raise the cost of your insurance premium. 

There are a few ways you may be able to lower the cost of your policies:

  • You can monitor and evaluate the risks your business faces. For example, you can increase job safety training to reduce the risk of workplace accidents.
  • Your premium can be affected by the deductible and coverage amount you choose. If you increase your deductible (the amount your business must pay out-of-pocket for a covered claim), it may lower the cost of your premium. If you lower the coverage limits on your policies, it may also lower the cost of your premium.
  • Some insurance providers offer policies that bundle 2 or more coverages into a single policy. Bundling coverage may help you save overall on the cost of your policies.

What Does Small Business Insurance Cover?

Each type of business insurance offers its own unique area of coverage. Here are some of the most common types of business insurance that your small business may need.

General Liability Insurance

General liability insurance can benefit any type of business. It protects against financial loss from claims due to bodily injury to non-employees and related medical expenses. It can also help protect your business from financial loss due to claims of property damage. Financial losses due to libel or slander are covered as well. 

Commercial Property Insurance

This coverage protects your business property and physical assets against loss and damages of company property due to a wide range of events. These events can include fire, smoke, wind and hail storms, civil disobedience and vandalism.

Home-Based Business Insurance

If you run your business out of your personal residence, this is a good insurance option to look into. It provides coverage that can be added as a rider to your homeowners insurance policy. Home-based business insurance policies offer protection for a small amount of business equipment. It also offers liability coverage for 3rd-party injuries.

Professional Liability Insurance

Professional liability insurance is designed for businesses that provide services. You can use this coverage if a claim of malpractice, errors or negligence is filed against your business.

Product Liability Insurance

This coverage protects your business against financial loss as a result of a defective product that causes injury or bodily harm. Businesses that wholesale, distribute or retail products can also use the protections of this coverage.

Workers’ Compensation

Workers’ comp offers protection if an employee suffers from a work-related illness or injury. Your employees can receive coverage for medical care and lost wages due to the work-related illness or injury. It can also help cover legal costs if your injured employee or their family sues your business. 

What Insurance Does Your Business Need?

It can be difficult to figure out what your business needs with so many options out there. Get a quote from multiple insurance providers and compare the recommended coverages and costs. Your agent and provider can help you determine which insurance coverages your small business needs. 

Frequently Asked Questions


Do small businesses in Michigan have to provide health insurance?


Small businesses in Michigan with 50 or fewer employees are not required by law to provide health insurance to their employees.


How much insurance do I need for a small business?


The amount of insurance needed for a small business depends on various factors such as the nature of the business, number of employees, assets, and potential risks.



Can I bundle different types of insurance coverage for my small business in Michigan?


Yes, many insurance providers offer package policies that combine different types of coverage, such as general liability, property insurance, and commercial auto insurance, into one convenient and cost-effective insurance package for small businesses.


Ashley Hart

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.