Top Three Liability Risks For Business Owners

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Being a business owner can be hugely satisfying, but at the same time, there are also a lot of risks that come with it. At Mid Atlantic Insurance Financial, we make it our job to help business owners reduce these risks as much as possible in Laurel, MD, and the surrounding areas. Keep reading to learn about business owners’ top three liability risks. 

Employee Injury 

One of the most significant liability risks you will face as a business owner will always be the risk of employees getting injured while they are performing their work tasks. It is always your responsibility to provide a safe work environment for your employees. So, when they get injured, it is a reflection of the work conditions in many ways. It can also be a reflection on the training they have received. If an employee feels that you, as the employer, put them in unnecessary danger or risk of injury, you might be held liable. 

Customer Injury 

Another risk you will face is that of customers getting injured. Customer injuries can occur on your business property or as a result of your goods or services. You are 100% responsible for providing safe products and services and a safe place of business for customers to visit. You will almost always be held liable for any customer injuries. 

Property Damage

Another considerable risk is damage to your place of business or your equipment. When the damage of this sort takes place, you are liable for the expense of replacing or repairing the damage. If the damage is extensive, this could leave you with a devastating financial burden. 

If you want to learn about our commercial insurance policies to help protect business owners from these liabilities, please get in touch with us at Mid Atlantic Insurance Financial, serving Laurel, MD, and the surrounding areas. 

Don’t Drive Illegally – Get Auto Insurance

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Did you know driving without car insurance in 48 out of 50 states is illegal? Let Mid Atlantic Insurance Financial, serving the Laurel, MD area, provide you with this coverage so you can drive legally.

Car insurance is required because the liability coverage portion of your policy will help pay for covered losses like the other party’s medical expenses and any damage done to their vehicle or property resulting from the incident. This critical coverage financially protects you if you are at fault in an accident. It will cover the injured party’s medical costs or the repairs to their vehicle.

If you do not have insurance, the police will probably charge you with driving without insurance. You could then lose your license and face a hefty fine and sometimes jail time, depending on your state. When you then decide to purchase car insurance, you will pay a higher premium for the coverage.

You could lose your vehicle if your car insurance is canceled for non-payment of premiums. Throughout the term of a loan, lenders require borrowers to have an active insurance policy. If the premium payments are no longer made, the auto loan provider can repossess them.

If you can pay monthly or annual premiums, annually is almost always the least expensive way to pay. Many insurance companies will give you a discount for paying in full as it requires less processing for them.

Insurance companies will not charge you more if you are financing your vehicle. But you will have more coverage requirements which will cost more than if you owned the car outright.

Don’t drive illegally. Make sure you have auto insurance. Mid Atlantic Insurance Financial can give you a quote or answers to questions. Contact our team today.

What Perils are Typically Not Covered Under Homeowners?

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Your standard homeowner’s policy will have a list of covered perils and exclusions that you must be aware of. This helps you prepare for contingencies you may face, and you can speak to one of our qualified Mid Atlantic Insurance Financial representatives for specific details. 

There is no legal requirement in Laurel, MD to obtain a homeowners policy, but your lender will usually require it for the duration you hold a balance. 

Flooding is not covered under homeowners insurance, and you will need a specific, dedicated flood insurance policy to cover this peril. Flooding is typically defined as water that has touched the ground before entering your residence. This means that rainwater, for example, that could affect property from a heavy storm through a leaky roof might be covered or broken pipes that burst and cause water damage. 

Earthquake is another event for which homeowners typically do not apply, though it can often be purchased as an add-on or endorsement. Sinkholes and other situations determined to be movement of earth are also usually not provided for under your homeowner’s policy. 

Mudflow is a type of occurrence that falls under flood insurance, and overflowing sump pumps will also likely be excluded from homeowners’ coverage. Sewage systems or drainage that produces groundswells that inundate your property must also be covered through flood insurance or a special endorsement. 

Failure to maintain your home may result in needed repairs that homeowners will not pay for, including infestations from pests or termites. Smoke damage due to agricultural operations also falls outside your standard peril. 

We Can Be of Assistance to Homeowners Looking for Insurance

Mid Atlantic Insurance Financial takes pleasure in assisting the residents of Laurel, MD, and the surrounding environs with their insurance needs. We welcome you to reach out to us for more information. 

What type of life insurance should I get in Maryland?

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Life insurance continues to be a great form of insurance for people in the Laurel, MD area to consider. This type of coverage can provide financial support for those you care about if you pass away. When looking for this insurance, you will find multiple options to consider. It is essential to consider the benefits of these insurance plans.

Term Life Coverage

A type of life insurance to consider getting is term life coverage. This is a popular form of coverage that is customizable and characterized by the term length of the policy. The length of the policy can vary from just a few years to 30 years or more. You also will be able to select a set level of coverage. Once the term of the plan is over, the coverage will lapse.

Whole Life Coverage

Many people in this state who want life insurance will also consider whole life coverage. This type of insurance is good for someone that coverage for the rest of their life. An added benefit of it is that there is an investment and savings benefit. While the policy can cost more monthly, a portion of the payment goes into an account and builds with interest over time.

Getting life insurance if you are in the Laurel, MD area is always a good idea. When you are looking for this coverage here, you can find there are many factors to consider. The Mid Atlantic Insurance Financial team will give you any support you need when looking for coverage. Mid Atlantic Insurance Financial always takes a customized approach to building insurance to ensure you have the right plan for your situation.

Do I Need Commercial Insurance for My Small Business?

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Small business owners often wonder if they need commercial insurance. We offer commercial and personal insurance policies at Mid Atlantic Insurance Financial in Laurel, MD. 

Do You Need Commercial Insurance?

Generally, the answer is yes if you think you may need commercial insurance. However, the type of coverage you need will depend on your business and the state you reside in. 

In some cases, you may be legally required to have a specific type of insurance. In other cases, commercial insurance is simply a wise way to protect your investment in your small business. 

Commercial Property Insurance 

If you own or rent a property to conduct your business, you will need commercial property insurance. This applies to stores, manufacturing facilities, and offices. 

This coverage protects the building structure and the property within the building. 

General Liability Insurance 

General liability insurance is a necessity for most small businesses. You are covered under this policy if someone is injured at your business. It also covers damage to other’s property while they are at your company. 

This also covers damage that occurs to someone’s property during the delivery of a product or service. 

Commercial Auto Insurance 

If your vehicle is commonly used to perform duties related to your business, you may need a commercial auto policy. If you conduct a service with your vehicle, transport people or goods, or if you transport heavy or expensive tools. 

Workers Compensation Insurance 

Maryland law states that you must have worker’s compensation insurance if you have one or more employees. This policy protects you from liability if an employee is injured on the job. 

Commercial Insurance with Mid Atlantic Insurance Financial

If you need commercial insurance in Laurel, MD, contact Mid Atlantic Insurance Financial. Our experienced agents will discuss your business needs and help you select the right policy for your needs. 

Don’t Be Caught Driving Without Car Insurance

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Are you a licensed driver in the Laurel, MD area? Are you insured? If not, Mid Atlantic Insurance Financial professionals can provide you with the necessary coverage.

Did you know it is illegal to drive without auto insurance in 48 out of 50 states? Auto insurance provides financial protection. If you cause an accident, you may be held liable for costs related to it, including legal fees, the injured party’s medical costs, and their lost wages if they are unable to work. Liability coverage helps to pay for these expenses.

Collision coverage pays for the damage to your car in the event of a car accident, regardless of fault. For example, if your vehicle gets rear-ended while in stop-and-go traffic, this coverage helps cover the costs of repairing your damaged bumper. If the situation is reversed and you hit someone from behind, this coverage pays to repair your damaged front end.

Also, if you lend your vehicle to someone and they accidentally hit another car, the collision insurance coverage will help cover the costs of the damage to your vehicle.

Comprehensive coverage pays for damages to your vehicle in non-collision accidents. Things such as theft, vandalism, weather events, or damage due to natural disasters will be covered. For example, if your car is parked in your driveway and a strong wind takes down a huge tree branch in your yard, lands on your car’s roof, and causes a dent, comprehensive coverage helps pay for the repair costs.

Don’t risk driving without car insurance. The financial implications of doing so are too great to risk. A lawsuit could result, or you risk losing your driving privileges. Don’t allow that to happen.

Contact Mid Atlantic Insurance Financial today for a no-obligation quote or answers to any questions you may have.

Don’t Leave Your Most Valuable Asset Unprotected – Get Homeowners’ Insurance

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Are you a resident of the Laurel, MD area? Are you a licensed driver? If so, Mid Atlantic Insurance Financial can provide the automobile insurance you need.

It is illegal to drive without this coverage in 48 out of 50 states. You stand to lose a lot in an accident for which you are liable. The primary reason to have vehicle insurance is to provide financial protection against bodily injury or physical damage resulting from a traffic accident. It will also provide financial protection against damage to the vehicle in a non-traffic collision, theft, weather events, or damage resulting from natural disasters.

Here are the types of automobile insurance to consider:

  • Bodily Injury – If you are in an accident and found liable for another’s injuries, this coverage pays for all medical bills, lost income, and pain and suffering.
  • Collision – Collision coverage is usually optional. Collision insurance pays up to the vehicle’s cash value minus deductible if you are in an accident with another vehicle or hit a fence or mailbox.
  • Comprehensive – This coverage pays to replace or repair a vehicle if it is damaged by fire, hail, theft, flood, falling objects, or hitting an animal. Windshield repairs are also covered. It is optional in most cases. The exception is if a car is leased, the finance company may require the driver to carry this coverage. Comprehensive coverage stays with the driver, regardless of what vehicle is being driven.
  • Liability – This coverage is mandatory in most states. The minimum liability coverage will vary according to state law.
  • Medical Payments – This coverage is optional in some states and mandatory in others. It will cover the policyholder, family members driving the insured vehicle, and any passengers. It covers medical tests, hospitalization, and surgery.
  • Personal Injury – PIP protection is not available in all states. It is similar to medical payments coverage because it covers payment of medical expenses following an accident. It also provides housecleaning services, loss of income, and childcare expenses while the driver recuperates. PIP also pays funeral costs if necessary.
  • Underinsured/uninsured Motorist – This coverage is required in some states but not in others. It provides coverage to help with medical bills and repairs to the car if the driver at fault does not have enough coverage.

Contact Mid Atlantic Insurance Financial today! You will be glad you did.

What can happen if a Maryland business does not carry commercial insurance?

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The Laurel, MD area has continued to be an excellent area to start a company. When you start a business here, you need to ensure that you get the right insurance for it. You could face various challenging situations if you do not have commercial insurance. 

Business Will Not Have Support

One of the challenges that you can face if you are not covered is that you will not have financial support. Business owners should be aware that there is always a risk that an accident could result in a liability claim against their business or a loss of important assets. If you are not insured, you will not have any financial support or protection against these risks, which could put your business at risk. 

Violation of Various Agreements

Another issue that could arise if you do not have a commercial insurance plan is that you could violate various agreements. Most businesses and business owners will eventually need to take out a loan, lease a place of business, or raise capital. In any of these cases, you may have to sign contracts with another party requiring you to carry insurance. If you do not have insurance, you will violate these agreements. 

In the Laurel, MD area, you will want to know that you are getting the right insurance for your company. As you evaluate your insurance needs, you should call Mid Atlantic Insurance Financial. There are various choices to make when looking for this insurance, and Mid Atlantic Insurance Financial will give you the support you need to build your next plan. Reach out to our office for more information.

Reasons Why Your Life Insurance May Need to Increase When You Welcome a New Child To Your Family

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We provide life insurance products to our customers at Mid Atlantic Insurance Financial, serving the greater Laurel, MD area. If you have recently welcomed a new child into your family, it is strongly recommended that you increase your life insurance policy. However, many people do not understand why this is so important to do after welcoming a new addition. Here are a few of the reasons why. 

A New Child Increases Your Expenditures

When you welcome a new child into your life, you will find yourself having to spend more money. A new child has needs, including housing, clothing, food, and even child care. Children are not cheap, and the amount of money you and your spouse spend each month increases after welcoming a child. 

You Want to Ensure Your New Child is Provided For

If you unexpectedly pass away, you want to ensure that your spouse, child, or children are taken care of. However, if your life insurance policy is not increased after welcoming a child, your spouse may not have the money they need to ensure that your child lives the same quality of life they have become accustomed to. Increasing your life insurance policy ensures that your child is provided for should you pass away unexpectedly or early in life. 

If you are looking to purchase a life insurance policy for the first time or need to purchase a policy because your existing policy no longer meets your needs, Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, would love to help you. Call us to schedule an appointment, and let’s sit down and discuss how much life insurance is ideal for you and your family. 

What is the 80/20 rule for car insurance in Laurel, MD?

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At Mid Atlantic Insurance Financial, we know auto insurance can be expensive. The 80/20 rule is a type of insurance in Laurel, MD that only pays for damages to the other driver’s vehicle and property if you are found at fault in an accident, but it doesn’t pay for the damages to your car.

The 80/20 rule is so named because it requires drivers to carry insurance that covers only 80 percent of the value of their car. The remaining 20 percent would be paid out-of-pocket by the driver in the event of an accident. For example, let’s say you have a vehicle that is worth $10,000. Under the 80/20 rule, your insurance would cover $8,000 of damage to the other driver’s car. You will have to pay the remaining $2,000.

There are a few things to remember if considering the 80/20 rule for your car insurance. First, this type of coverage is not required in all states. It is only available in a handful of states, including Maryland. 

And finally, it’s important to remember that 80/20 comes with some risks. Because you only carry liability coverage, you will be responsible for 100 percent of the costs to repair or replace your car if it is damaged in an accident. You could end up paying a lot later to save money now.

While the 80/20 rule can save you money on your monthly premium, weighing the risks and rewards before deciding if this type of coverage is right for you is important. If you are in Laural, MD, contact Mid Atlantic Insurance Financial to discuss whether this is a good option.