Should I Purchase Commercial Insurance For My Barber Shop?

Keeping clients well groomed, managing your stylists, and stocking grooming products can expose a barber shop to a wide range of unique risks. This is also in addition to the typical issues and risks that most small businesses in Laurel, MD deal with such as loss of critical records and property damage.

Therefore purchasing a barbershop commercial insurance coverage from Mid Atlantic Insurance Financial is vital since it will protect you and your business against financial ruin should something terrible happens. Here are some other reasons why you need to consider purchasing commercial insurance for your barber shop.

Accidents Can Happen

What will you do if a customer slips on a stray pile of hair in your barber shop and suffers severe injuries? Are you ready to incur the financial burden that comes with such a situation? You need to keep in mind that an average day at your barber shop involves an inflow and outflow of clients; from the door to the reception area, to the chair, shampoo area, etc.

All these movements are risky especially when cleaning is taking place. This means that it is too easy for a customer to slip and fall. General liability insurance will protect you and your business against any significant financial loss resulting from bodily injury to others, or property damage and this is usually the building block of any commercial insurance.

Your Business Can Be Sued for Negligence

Running a barbershop is a risky venture. You may be dealing with celebrities and other prominent who value their looks so much. A slight mistake in the haircut or shave can be costly to your business. Your barbershop will be at a higher risk if a client alleges that you or your stylists have been professionally negligent.

A client may also file a lawsuit against you if he/she believes that the chemicals you used can lead to permanent injuries. Therefore, you need professional liability coverage to cover such claims that are related to professional services.

Protect Your Business Property and Equipment

A barbershop commercial insurance policy also helps to protect the equipment and supplies that your business owns. Your business property will also be protected against theft and any form of damage. You need this coverage since it will ensure that you are back on your foot even when the worst happens to your barber shop.

Do you run a barber shop business in Laurel, MD? Contact Mid Atlantic Insurance Financial today for your commercial insurance policy that will help protect your investment.

How Does Fleet Insurance Fit Into Your Overall Commercial Insurance Portfolio?

Business owners know the importance of having comprehensive commercial insurance to protect their assets and all of their hard work. However, fleet insurance is one aspect of coverage that can often be overlooked. If you are a business owner in the greater Laurel, MD area, Mid Atlantic Insurance Financial is here to help you complete your commercial insurance portfolio. If your sales force or delivery personnel are utilizing firm vehicles for their work, you may want to look into fleet insurance as a way to put adequate coverage in force. Fleet insurance is often overlooked when a company is constructing their commercial portfolio, even though it is an effective way to protect your interests.

Does Your Company Require Fleet Insurance?

Insuring every company car individually is one way to protect your firm’s assets, but is it the most effective? If you have multiple vehicles that are owned by your company for business use, it makes sense to find out more about fleet insurance. These policies can help to protect business owners from theft, damage, and liability. Fleet insurance is also a great way to streamline your policies and keep your portfolio comprehensive and also easy to manage. We recommend that commercial business owners meet with a full-service agent at least once a year to review their coverage. 

Want to Learn More about How Fleet Insurance Fits Into Your Overall Commercial Insurance Portfolio?

The dedicated team of professional agents of Mid Atlantic Insurance Financial is here to answer all of your questions and address any concerns that you may have relating protection for your commercial fleet. If you are a business owner in the greater Laurel, MD area, call or stop by today to learn more about completing your commercial insurance portfolio.

What Types of Businesses Need Commercial Insurance?

If you are thinking about opening your own business, there is a good chance that you will need to invest in commercial insurance. And while this might seem like a pretty straightforward concept, once you start looking at commercial insurance policies, you will quickly notice they are available in different types and some types might not be applicable to your company. For now, Mid Atlantic Insurance Financial serving the Laurel, MD area would like to give you a rundown on the types of businesses that need commercial insurance. 

You own commercial property

If you own commercial property and there are workers or customers who use the property to carry out business-related functions or even leisurely activities, then commercial insurance will be essential to protecting your assets. With commercial insurance, you can rest easy knowing if anyone is hurt on your commercial property that the insurance will help compensate for the associated medical expenses. 

You run your own business

Even if you operate a business out of your home, you will need to check with an insurance agent to see if you can benefit from commercial insurance. This type of insurance will be especially advantageous if you carry out business functions from your home that require business colleagues or customers to visit you at your home office. Commercial insurance is also important if you operate your own company because it can help protect you from issues such as libel and slander. 

You have employees working for you

Lastly, any business that has employees needs to at least invest in workers’ compensation insurance. In fact, depending on the number of employees that you have, it may be mandated by law that you have this type of insurance. 

The easiest way to learn about the various types of commercial insurance you need is to speak with a qualified insurance agent from Mid Atlantic Insurance Financial serving the Laurel, MD area. 

3 Tips for Running Your Commercial Business the Right Way

If you have a commercial business in Laurel, MD, then you will definitely want to research various ways to make sure your company is a success. Operating a commercial business can be incredibly time-consuming, but with the right talent and resources, any company can increase its revenue, even if it has had to downsize in the past. For now, here are three tips for running your commercial business the right way.

Use Your Entrepreneurial Spirit

Executives of commercial operations are often in charge of millions of dollars. Some of these companies even have budgets that are in the billions, giving them much influence in today’s economy. If you want your commercial business to be a success, then you must use your entrepreneurial spirit to establish a solid infrastructure. You might start out with a small budget, but as you use your CEO skills to expand your operations, you will start to see that your revenue and budgets start to expand as well. 

Importance of Commercial Insurance

One of the most important things you can do for your company is to purchase commercial insurance. By purchasing this type of insurance for your business, you will be protected from certain damages and lawsuits. Commercial insurance can also help protect you during periods of severe financial loss and may prove itself as a valuable asset that keeps your business afloat. 

Best-In-Class

As CEO, you need to pinpoint the products/services that you have expert knowledge in and then create your infrastructure around these areas of expertise. You can then create manufacturing, marketing, and distribution strategies that allow you to maintain a competitive advantage in the industry you are operating in. 

Contact Us Today

If you would like to learn more about the ins-and-outs of insurance for commercial businesses, please contact Mid Atlantic Insurance Financial serving the Laurel, MD area. 

Who Needs Commercial Umbrella Insurances in Laurel, MD?

Significant assets are at risk when a business is sued. If the claim is higher than your insurance coverage, you can lose everything. However, commercial umbrella insurance provides another layer to protect business assets. Keep reading to find out who needs commercial umbrella insurance in Laurel, MD. You can contact Mid Atlantic Insurance Financial at any time for more information.

Do You Really Need Commercial Umbrella Coverage?

You need commercial umbrella insurance if you have a high net worth and significant assets to lose. Another factor is how likely it is for you to get sued. This can be impacted by your career and activities. For example, if you are on the road a lot, auto accidents are more likely, and you are more likely to be sued.

What Umbrella Insurance Covers

You may work in a field where your existing insurance doesn’t have a high enough limit to cover potential lawsuits. Commercial umbrella insurance acts like a real umbrella on a rainy day and protects you from having to pay large lawsuit damages out-of-pocket. It has the same general categories as regular policies but kicks in only when your regular insurance has been exhausted.

  • Bodily Injury. For instance, your employee is working at a job site and causes an accident. that injures another person. Your commercial umbrella insurance picks up where your general liability stops.
  • Property Damage. If your delivery person crashes the company van into an 18-wheeler, your regular commercial auto insurance may not be enough to cover property damages. Your umbrella policy has you covered.
  • Other Kinds of Legal Damages. Umbrella insurance can pay for things not covered by typical insurance policies, such as getting sued for libel or slander. Further, it pays for damages if you are found guilty of privacy violation, false arrest, malicious prosecution and other civil charges.
  • Legal Fees. Commercial umbrella insurance pays for legal fees or court costs if you are involved in a lawsuit. With an umbrella policy, you can hire a great lawyer to protect your assets.

Contact Us

Contact Mid Atlantic Insurance Financial to find out how your Laurel, MD business can benefit from commercial umbrella insurance. You can also set up an appointment to discuss all your estate planning needs or to get a quote.

 

 

 

 

5 Commercial Insurance Policies Every Business Needs

Business owners in the Laurel, MD area can rely on Mid Atlantic Insurance Financial for all their commercial insurance policy needs. These five policies are recommended to help you keep your business running strong for many years.

  • Commercial vehicle insurance covers your delivery cars, motorized snow plows, and service trucks from accident, theft, and other loss. Whether your business uses one or 1000 vehicles, commercial vehicle insurance is a vital part of your financial protection plan.
  • Commercial liability policies protect professionals in a number of situations. Policies can help you pay for legal costs associated with a lawsuit brought against your business entity. If you are found liable for loss or damage, these policies may also pay for part of any court-ordered restitution. 
  • Worker’s compensation insurance pays for medical treatments and living expenses when your employee gets hurt on-the-job. The state of Maryland requires many employers to carry worker’s compensation insurance.
  • Commercial property insurance covers your grounds and buildings. Fire, theft, and natural disasters are some of the common dangers that trigger these comprehensive policies.
  • Commercial life insurance pays out in the event of your untimely death. The funds allow your business successors to hire temporary help, reorganize, and continue production. It can also be used to pay off loans and outstanding bills, so your loved ones don’t end up being liable for your debts.

These five policies form a safety net that keeps your business assets safe from most potential threats. However, the insurance experts at Mid Atlantic Insurance Financial recommend an additional umbrella policy that fills in the gaps in your overall strategy. Contact our representatives in the Laurel, MD area today to find out more. home home

Self-Employment and Commercial Insurance

If only it were that simple. Several volumes can be written about the ramifications involved with your commercial insurance policy and your self employment endeavor. At Mid Atlantic Insurance Financial in cozy Laurel, MD we know how to put your business on the right track in terms of your commercial policy. We also know what questions to ask. Keep reading for the questions you need the answers for in order to have an informed and efficient conference with your commercial insurance agent. 

You are a DIY’er when it comes to business. You have identified a need, good or service that needs to be supplied and you decided to do-it-yourself as opposed to letting someone else do a substandard job. That is why you have decided to go into business for yourself. To protect your vulnerable areas you have to have insurance. What kind of insurance you need is contingent upon where you are most vulnerable. 

THE TWO MOST IMPORTANT FACTORS TO CONSIDER WHEN ASSESSING YOUR COMMERCIAL INSURANCE NEEDS 

  • Are you selling a good or service that has the potential to be detrimental? If you are in business the answer is "yes" 100 percent of the time. Every situation and every thing can inherently cause harm to someone or something.
  • Where will your business take place? Location is a liability in and of itself.  

Mid Atlantic Insurance Financial of Laurel, MD is in business to make sure your business stays in business. When a claim is filed no matter how big or small it doesn’t have to be detrimental to the forward projections of your company. Claims are a matter of course when you are in business. We will make the process easier and tolerable so that you can continue to do business with peace of mind. 

In Laurel, MD, What Types of Commercial Insurance Are Available?

The agents of Mid Atlantic Insurance Financial offer business owners in Laurel, MD several types of commercial insurance policies to choose from. The type of business being insured will determine which policies are the most beneficial. It’s important for the business owner to know what their financial risks are and how they would be affected by any type of loss. This will show them which policies are best suited to protect their investment.

Knowing What Is Needed

The size of your business will play an important role in the type and amount of insurance you purchase. How many employees do you have? Do you own company vehicles that are used during the daily operations of your company? Are your employees at risk during the performance of their duties? All of these questions will help you determine what insurance is needed to protect your commercial investment.

What Types Are Available?

There are several types of business or commercial policies that can protect you from various types of loss. Commercial fleet insurance is used to cover vehicles. Worker’s compensation insurance protects your workers (and you) if they are injured on the job. A comprehensive umbrella policy may be beneficial if your business has a wide variety of things that need to be covered.

Business owners throughout the Laurel, MD area are encouraged to call Mid Atlantic Insurance Financial if they have any questions about the commercial insurance they have in place or if they are interested in purchasing a new, more complete policy. The agents can evaluate the financial health of your business and fit you with a policy that meets your needs and protects you from any type of loss.

Protect Your Business with Commercial Insurance

You have worked hard on building up your business over time and the last thing anyone wants is to lose all of that simply because they did not protect it. Mid Atlantic Insurance Financial, serving Laurel, MD, can help you find the right commercial insurance for your business so that this is never anything you have to worry about. 

Getting the Right Coverage

There are many different kinds of commercial insurance policies and there is not a one size fits all option. Your business is unique and you want to make sure that you get a policy in place that will protect that business no matter what comes your way. When you take into account all of the components of your business, you can find what makes the most sense for your situation. An insurance specialist can help you with this task and ensure you are insured from all angles. This includes finding commercial vehicle insurance if your company has a fleet of vehicles for your employees. You will also want to look into having workers compensation protection in case anyone gets hurt while on the job. There are many different things to consider when you are wanting to protect your business and you will want to take into account all of the things that could potentially happen and make sure you are set up to protect the business in all of these varying potential circumstances. 

Commercial insurance comes in all different shapes and sizes just like every business is different. That is why it is so important to get the right coverage and the right policy for your business. Contact Mid Atlantic Insurance Financial, serving Laurel, MD, today to learn more about your options and to get a quote for your perfect policy. 

Survive Damage Due to Storms with Commercial Property Insurance

Your Laurel, MD house isn’t the only building that can be damaged during a severe summer storm or even a rare hurricane. Mid Atlantic Insurance Financial can help your business recover from the trauma of a sudden hail storm, blizzard, or torrential downpour with quality commercial property insurance.

Fix the Roof and Replace Equipment

Flat roofs are just as likely to be ripped open during a tornado as your suburban house’s shingled roof. Water can pour in from the gap, wreaking havoc among computers and factory machinery. Your commercial property insurance will be able to compensate you for the emergency repairs to the roof, walls, doors, and windows while providing assistance in getting the bones of the business back on track. Maintaining a current inventory of capital equipment with proper valuation is key to expediting any claim.

Get Back to Standard Operations Quickly

If you skipped talking to an insurance agent, you may have ended up with holes in your commercial property policy, which results in costly delays. When you have sufficient coverage with the right company, you can enjoy expedited response allowing you to focus on the task of cleaning, repairs, and restoring your business back to daily operation without pause. That means positive cash flow can be restored sooner.

Expected Expense Defends Against the Unexpected

It’s good business to have controllable costs that recur on a regular base. However, disasters do happen. By ensuring your Laurel, MD commercial property is protected against the unexpected, emergencies can be turned into simple bumps in the road, instead of life-altering situations. Talk to your agent with Mid Atlantic Insurance Financial to ensure that you have all the needed coverage in place to turn that severe summer storm into nothing more than a passing shower.