Three of the most important decisions you need to make when you buy life insurance

Selecting a life insurance policy involves making some important decisions. At Mid Atlantic Insurance Financial, we provide life insurance to consumers in Laurel, MD. 

The following are three of the most important decisions you need to make when you buy life insurance.

How much coverage to purchase

Life insurance policies come along with widely varying coverage amounts. The coverage amount you need depends on a variety of factors. These can include how many beneficiaries you have and how long these beneficiaries are dependent on you financially. 

It’s important to think carefully about how much coverage you want to buy. You need to make sure that your family will be financially secure if you pass away unexpectedly. That’s why it’s so important to purchase an adequate amount of coverage. 

Whether to buy term or permanent insurance coverage

A term life insurance policy is a form of temporary life insurance. You’ll purchase a policy for a given period of time like 10 or 15 years. If you pass away within this term, your dependents will receive a death benefit payment. However, you’ll get nothing back if you don’t pass away within the policy term.

Permanent life insurance is more of a long term savings solution. You’ll accumulate savings over time and potentially benefit your family through a death benefit payment. 

You need to choose between a term policy or a permanent form of life insurance coverage depending on savings goals and how long you need coverage for. 

Which life insurance provider to buy from

There are many providers of life insurance out there. It’s best to purchase from a provider that is financially secure and has a long history of customer satisfaction. 

We’re here to help you with the decision making process when you’re purchasing life insurance. Contact us at Mid Atlantic Insurance Financial if you have questions about your life insurance options in Laurel, MD. 

What Commercial Insurance Do You Need?

Your business needs commercial insurance. Regardless of the type of business you operate in the Laurel, MD area, you need insurance coverage but the type of insurance your business requires differs according to the type of business.

A solopreneur working from home needs a different set of policies than a retail storefront. A manufacturing plant requires different insurance than a food truck. 

We at Mid Atlantic Insurance Financial want you to purchase your insurance policy fully informed. More than 20 types of commercial insurance exist, and you need to know which top the list for your type of business. 

Business owner’s policy (BOP): most businesses need  BOP, which bundles the four most common insurances in one package for a lower premium than purchasing them separately would achieve. A BOP provides business liability coverage and personal and real property coverages. 

Business interruption insurance: most businesses also need this business continuity product that pays for lost income when damage from a named peril temporarily closes the business. It also pays for the replacement or repair of the damaged property.

Commercial auto: this full coverage auto policy is a legal requirement in all 50 US states. It provides coverage for your fleet and all licensed drivers in your company when they operate a fleet vehicle.

Builder’s risk/Construction insurance: temporary insurance that covers commercial buildings while under construction, renovation, or remodeling

Crime insurance: insurance to reimburse your company for losses from burglary, theft, and robbery

Debris removal insurance: after a fire, this insurance policy pays debris removal

Directors’ & officers’ liability insurance: Covers the settlement and legal costs of the board of directors and C-level officers when they are sued

Boiler & Machinery/Equipment Breakdown insurance: if breakdown causes damage to your boiler or other business machinery, this policy pays for its replacement or repair as well as losses from the business interruption

Errors & omissions insurance  (E & O): manufacturing firms, medical practitioners, attorneys, and publications carry this policy type to protect them from lawsuits stemming from accidental error or mistakes that damage another person or persons

Glass insurance: dance studios and retail storefronts purchase this to pay for broken windows and plate glass replacement from vandalism and perils

Inland Marine insurance: only stores like drycleaners that transport and store third party property need this policy type

Liability insurance: every company needs liability insurance to protect it from lawsuits brought by parties it injuries

Malpractice/Professional Liability: pays the settlement, attorney, and court fees stemming from injury to a person or persons when a doctor or other professional fails to uphold the proper standard of care.

Law/Ordinance insurance: pays for the business to demolish and reconstruct a building to meet building code standards after the structure incurs irreparable damage from a named peril

Property insurance: reimburses you for the damaged personal or real property when incurred from a named peril.

Tenant’s insurance: reimburses the landlord for building repairs to the leasee’s building improvements when employees of the leasee damage them

Workers’ compensation insurance: when an employee incurs an injury or illness on the job, this insurance pays for their lost wages and medical care

Contact Mid Atlantic Insurance Financial of Laurel, MD, to learn more about commercial insurance and the best combination of policies to protect your business.