This Association Artisan Insurance Program (AAIP) is in a pilot phase and seeking 10 small companies to create the initial policy group. There are restrictions as to gross annual receipts, the contractors discipline, etc., but please contact exec@miatc.org to get connected. If a member is interested in the AAIP, there are means to establish new insurance with the expectation of rolling into the AAIP when it hits its minimum threshold.
What are the benefits of Liability Insurance and Workman’s Compensation?
Liability Insurance
Liability insurance protects a business if it is held legally responsible for injuries, damages, or losses caused to third parties (customers, clients, vendors, or the public).
Key Benefits
- Financial Protection Against Lawsuits
- Covers legal defense costs, settlements, or judgments if your business is sued for bodily injury, property damage, or negligence.
- Credibility & Trust
- Clients and partners often require proof of liability insurance before signing contracts. Having coverage signals professionalism and responsibility.
- Coverage for Accidents
- If someone slips, falls, or is injured on your property, the insurance can cover medical costs and protect you from paying out-of-pocket.
- Property Damage Coverage
- Protects against claims if your business operations accidentally damage someone else’s property.
- Peace of Mind
- Owners and managers can focus on growing the business without worrying that a single accident or claim will cause major financial loss.
Workers’ Compensation Insurance
Workers’ compensation (often legally required) covers employees who are injured or become ill due to their job.
Key Benefits
- Medical Care for Injured Employees
- Covers hospital visits, treatment, medications, rehabilitation, and sometimes travel costs for medical appointments.
- Wage Replacement
- Provides partial wage replacement while an employee recovers and cannot work.
- Legal Protection for Employers
- Limits lawsuits from employees, since workers’ comp provides a no-fault remedy for workplace injuries.
- Supports Employee Morale
- Shows employees you care about their well-being and livelihood, which can improve loyalty and reduce turnover.
- Compliance with the Law
- In most states, workers’ comp is mandatory. Having it avoids fines, penalties, and legal issues.
This Association Artisan Insurance Program (AAIP) is in a pilot phase and seeking 10 small companies to create the initial policy group. There are restrictions as to gross annual receipts, the contractors discipline, etc., but please contact exec@miatc.org to get connected. If a member is interested in the AAIP, there are means to establish new insurance with the expectation of rolling into the AAIP when it hits its minimum threshold.