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.