If you can’t operate your business because your property or equipment is damaged, we’ll help cover your costs, up to the actual amount of lost income.
Not every business owner also owns their building. If you rent your shop and it is damaged, up to $50,000 of costs are covered.
This coverage pays your business back if you must defend against a lawsuit connected to a worker’s employment. This has a limit of $10,000.
Coverage specifically for the tools and machines you need in your business is included with the policy.
Coverage for when secure passwords and internet-based protection isn’t enough.
Additional coverage when you need to go above and beyond your regular policy.
Protect yourself and your staff if there's an injury or disability on the job.
These types of business offer especially competitive rates and special enhancement endorsements.
Talk to your independent insurance agent for a quote on coverage, and for more details on what Hastings Mutual can do for you.
Customize your business owners insurance policy with these optional add-on coverages.
Business succession is preparing for the day you step away from your company: who will take over? But that’s just one of the questions you’ll need to answer when it’s time to move on. Business succession looks at the future of your business, while a newer management concept, exit planning, looks at the future of your business — and your life.
Exit succession considers everything a business owner has both personally and professionally, and puts it toward the time the owner leaves the company. It’s not just money in the bank; many companies have intellectual property like patents or tried-and-true processes that are theirs alone. And every small business has contacts, from customers to suppliers.
At Hastings Mutual, for example, we interact with our network of independent insurance agents, policyholders, and people who just want to learn more about Hastings Mutual.
Research has shown that the average business owner spends 80,000 hours building a business — that's 12 hours a day, for 20 years or more — but only 6 hours, just 6, planning an exit.
A complete exit planning process include seven steps, and with the help of professionals like an insurance agent, will involve more than just 6 hours. The seven steps are:
Insurance plays a part in every step of the exit planning process. A life insurance policy can protect the business, especially if there are several owners. They can own policies with each other as the insured in a buy-sell agreement. When the benefit from a policy is paid, it’s used to buy out family members who aren’t interested in the company, and keep the existing co-owners in control.
Property and casualty insurance experts, like Hastings Mutual’s network of independent insurance agents, can help protect the company so it’s worth more when it’s time for that ownership transfer. A workers’ compensation policy adds value for employees, to keep them on the team.
And when you, the soon-to-be former business owner, decide to move on, your home, vehicles, and other possessions have strong insurance coverage to make them useful and enjoyable for many years to come.
The information on this page is made available for educational purposes only. The information referred to is not an official company statement, corporate policy, or offer of coverage. Refer to your insurance policy for specific coverage. There is no representation as to the accuracy or completeness of any information found by following any link on this site. Please contact your local independent insurance agent with further questions and for more details on any insurance policy-related information you read here.
Hastings Mutual Insurance Company
404 E. Woodlawn Ave.
Hastings, MI 49058
8:00 a.m. - 4:30 p.m. (EST)