I run a small business with no employees. Do I need commercial insurance?

Commercial insurance can be beneficial for all businesses, regardless of size. Commercial insurance could be helpful if you’re concerned about protecting your business from lawsuits, property damage, injuries, accidents, and other unexpected situations. Our 
Laurel, MD team at Mid Atlantic Insurance Financial is committed to helping business owners get the coverage they need.

Commercial Insurance: What You Should Know

You must have a commercial insurance policy if you use a car to complete tasks for your business. Even if you are the sole owner and employee, you must have commercial insurance if a vehicle is used to carry out business operations. In fact, if some of your clients are state agencies, they may require you to carry commercial insurance before they do business with you. Even if your clients don’t require you to carry commercial insurance, it’s a good idea if you cannot pay for an accident or unexpected incident out of pocket. However, if you work from home, and don’t deal with the public directly, you may not need commercial insurance. However, you may still decide to invest in commercial insurance for liability protection and protection from other risks related to your business. 

Small Commercial Insurance

Small businesses can benefit from commercial insurance via a business owner policy or BOP. Many small businesses will invest in a small commercial insurance policy to protect their income, property, and assets. If you’re a small business owner with questions about commercial insurance’s benefits, call us. We can help you find the coverage that best suits your business, regardless of its size. Our Laurel, MD team at Mid Atlantic Insurance Financial can discuss the protection that commercial insurance can provide for you as a small business owner.

 

What Business Owners Need To Know About Commercial Insurance

Making good insurance choices is an important part of protecting your business. At Mid Atlantic Insurance Financial serving Laurel, MD and the surrounding areas, we aim to help our clients and future clients make solid insurance choices by providing them with the information they need. Keep reading to learn what business owners need to know about commercial insurance. 

What Is Commercial Insurance?

Commercial insurance is a type of insurance product that combines several different types of coverage to meet the unique needs of businesses. A commercial policy can greatly simplify insurance choices for these busy individuals. 

What Does Commercial Insurance Cover?

A commercial insurance policy can be customized to suit the needs of the individual business owner, but in general, a policy will provide the following coverage:

  • Property damage- If your place of business sustains damage due to a fire, natural disaster, or burglary, this coverage will kick in to reimburse you for repairs or replacement of property. This type of coverage can also be used to protect equipment, electronics, and furniture used for business. 
  • Auto Insurance- If you use vehicles as part of your business operations, it is necessary to have auto insurance to protect both the vehicles and the drivers. 
  • Liability- Business owners face special risks when they provide products or services to customers. If someone is injured at your place of business or because of your products or services, liability insurance will cover medical expenses or legal expenses which could result. 

If you would like to learn more about our insurance products, please contact us at Mid Atlantic Insurance Financial today. We are currently serving Laurel, MD and the surrounding areas. We will be happy to answer your insurance questions. 

Types of Commercial Insurance Coverages

If you are a business owner in Laurel, MD, commercial insurance is a worthy investment that you should consider. That is because running a business comes with various risks. And while it can be impossible to avoid some of them, you can caution yourself financially by protecting yourself with insurance. Mid Atlantic Insurance Financial wants to ensure that business owners have adequate coverage. To help you out, here are several types of commercial insurance.

Workers Compensation Insurance

Workers’ compensation insurance is a necessity if you have employees helping you run the business. This form of commercial insurance helps compensate your workers if they become ill or injured in the workplace. The benefits can also help cover medical bills, provide disability benefits and replace lost wages. In an unfortunate situation where the employee loses their life, the policy can provide death benefits and cover the burial expenses.

Commercial Property Insurance

Commercial property insurance helps protect the company’s assets like inventory, furniture, equipment, tools, and the building from various risks like fire, theft, and natural disaster. Even if you are running your business from home, you should still consider this type of insurance, even when you have homeowners’ insurance. That is because it offers more protection to business property.

Commercial Auto Insurance

This type of commercial insurance helps cover expenses resulting from the business car getting into an accident. The policy helps cover medical expenses and property damage. The different coverage you can get for your company car include comprehensive, collision, bodily injury liability, property damage liability, and uninsured/ underinsured coverage.

General Liability Insurance Cover

General liability helps protect the company from bodily injury and property damage claims. For instance, if a customer gets injured at your premises, the policy helps pay for the medical expenses. Without this coverage, you would end up paying for these expenses from your pocket.

To learn more about commercial insurance in Laurel, MD, reach out to Mid Atlantic Insurance Financial. We can analyze the needs of your business and help determine the type of commercial insurance you need. Give us a call today.

Is Commercial Insurance Required in Maryland?

As a business owner in Laurel, MD, it’s your responsibility to research and educate yourself on the various types of insurance coverage that may be beneficial for your business, your assets, and your investments. Fortunately, the team at Mid Atlantic Insurance Financial is well versed in commercial insurance and capable of making well-informed recommendations on what coverage best suits your business model. 

By state law, Maryland requires business entities with one or more employees to maintain workers’ comp insurance. This policy is designed to cater to employees’ medical bills for work-related injuries and general ailments that would otherwise fall back on you, the owner. This is one of the biggest risks as a business owner; if you provide a workplace for your employees, you have to protect them while they’re at work. 

Commercial auto insurance usually comes highly recommended as well, because it protects against bodily injury and property damage. 

You will want to invest in property insurance if you have a commercial building you operate out of. If you have inventory, machinery, and other equipment that your staff uses, property insurance will cover any theft or damage done to your business’s property, should an event occur. 

Running a business is a huge commitment, and the work never stops. If you have a few trusted people around you, there’s no doubt that you will see major success in the Laurel, MD area. Mid Atlantic Insurance Financial is here to support and serve small businesses in Maryland as best we can. If you’re unsure about what coverage your business needs, contact us today. 

We’re here to help you build a commercial insurance plan that will make your job easier, and allow you to focus on what really matters – building a successful business. 

Do You Need Commercial Insurance For An Online Business?

Suppose you have a killer internet business idea. The business plan is in check, and you have already accumulated enough funds to execute your e-business in Laurel, MD. But have you thought about commercial insurance from Mid Atlantic Insurance Financial?

Yes, your business may not have a physical location, but that doesn’t mean it’s free from business risks. Do you have an online business? Do you know the business insurance options to consider? Here are a few commercial insurance coverages you can incorporate into your business.

Cyber liability

If you have a heavy online presence, it makes sense to invest in coverage that protects your data. Whether stolen or leaked, having your data out there is never a good thing. And worse yet, recovering from a data leak can be an expensive affair. For this reason, you must invest in cyber liability insurance to take care of the below costs following an online attack:

  • Business interruption costs
  • Notification costs
  • Legal costs
  • Public relations costs
  • Negotiation costs

General liability coverage

Online and brick-and-mortar businesses must invest in general business liability to protect themselves when accused of bodily injury, property damage, and advertising injury. For instance, if your product causes harm to users, liability insurance covers medical costs and ensuing legal expenses.

Worker’s comp insurance

Do you have employees in your e-business? If yes, you must invest in worker’s comp insurance to protect your workers when accidents happen in your business. And that’s not all. This coverage covers partial loss of income when an employee can’t resume work because of injuries sustained.

Commercial property insurance

This coverage protects your business assets, including IT equipment, inventories, and so on. If you don’t want to start from scratch after the unthinkable, invest in commercial property insurance.

Protect your business today with commercial insurance!

If you are shopping or renewing your commercial insurance, look no further than Mid Atlantic Insurance Financial in Laurel, MD. We will provide you with a formidable business insurance policy that covers your business needs.

Understanding Maryland Commercial Insurance

Commercial insurance is instrumental for Laurel, MD business owners who want to safeguard their livelihood from financial constraints that usually culminate in accidents like a client’s slip and fall or a worker sustaining an injury. Those in the Laurel, MD area and dream of becoming business owners should weigh the option of operating a business. Are you a Laurel, MD resident operating or have an ambition of starting a business? We customize insurance plans in Maryland designed to suit your business insurance needs and budget. Don’t hesitate to contact our agents at Mid Atlantic Insurance Financial to protect your profits as your business grows.

Is commercial insurance mandatory in Maryland?

Maryland requires business entities with one or more employees to maintain workers’ comp insurance. This policy is designed to cater to employee’s medical bills for work-related injuries and general ailments. The state also advocates for commercial auto insurance to have a minimum liability limit, including bodily injury and property damage. Apart from the state’s mandated requirements, you need to consider other essential coverage options in Maryland.

General liability insurance: This policy is tailored to cover potential medical bills and prevailing legal fees. It also covers offenses like libel and copyright infringement. For resistance, a client is injured within your business premises propagated either by you or your employees; in that case, general liability kicks in and protects you.

Property insurance: It covers your building and contents, together with any resulting impact on your business income after a covered peril like fire, theft, or any other form of calamity.

Cyber liability insurance: Helps your business entity respond to a data breach if personally established information gets lost or stolen. Business entities store vital personal information for their customers. It protects your business from data breaches and cyber-attacks.

Business interruption insurance: Sometimes, your business may be interrupted by the occurrence of a given disaster or even a hacking incident. This policy is forged to safeguard your business during covered events to replace the money you would have made or provide funds to operate in an alternate location temporarily.

Are you a resident of Laurel, MD searching for salient commercial insurance to protect your business and employees? Please call or visit our Mid Atlantic Insurance Financial for more information about commercial insurance coverage. 

How will commercial insurance protect a Laurel business?

The Laurel, MD area can be a great place to establish and grow a small company. While you can have a lot of success in this area of the state, there are always risks that come with running a business. A way that you can protect against some of these risks is by getting a commercial insurance plan. This coverage will protect a business in a few different ways.

Offset Liability Risk

Anyone that is going to run a business should spend time assessing their liability risks. No matter what type of business run, whenever you’re dealing with customers and selling a product or service there is a chance that you could be named in a liability claim if a customer incurs a loss due to the use of your offering.As damages in a liability suit can be expensive, finding a way to mitigate this risk is important. With a commercial insurance plan here, you’re going to receive liability insurance to offset this concert.

Protect Company Assets

Business owners should also get a commercial plan to ensure they are getting coverage for their business assets. Businesses are going to need to acquire many assets that are used to support and grow the company. As losing these assets could be devastating, getting insurance for it is important. A commercial insurance plan will give coverage to protect these assets. 

Ultimately, having a commercial insurance plan for your business in the Laurel, MD area is always a good idea. When you are shopping for a plan in this area, calling the team with Mid Atlantic Insurance Financial is a smart decision. There are a lot of choices to make when you are looking for coverage and Mid Atlantic Insurance Financial can help you evaluate your options to ensure you choose an ideal policy for your company. 

Common Risks Small Businesses Face

It’s the dream and urge of every small business holder in Laurel, MD, to grow their entrepreneurial venture. If you’re an entrepreneur in this region, how have you positioned yourself for growth? You may be thinking of seeking more capital from investors or getting into a merger. But have you ever thought of the hindrances that could hamper your growth? Business risks that come in different forms are often the biggest challenge in your quest for growth, and here are some to get concerned about when you start a small business.

Liability Risks

Failure to fulfill signed contracts, property damage, or customer injuries may lead to expensive lawsuits that could damage any new business’s image. Virtually all businesses can get a liability risk challenge, but small businesses are more vulnerable, and they can encounter losses that could make them close down. 

Security Risks

The security of the data, goods, and property of any small business is vital. If a small business loses any of these because of theft, fires, or other natural disasters, it may be tough for the company to grow or even sustain its operations. Cyber hackers, thieves, and vandalizes from civil unrest are significant causes of security threats. 

Reputation Risks

A small business’s reputation is its pride, but when such reputation gets damaged, a small business may lose its clients. Employee misbehavior, poor customer service quality, or the selling of counterfeit products are some of the challenges that may harm a business’s reputation. 

Financial Risks

Bad debts and contractual agreements that fail to get honored may put any small business at great financial risk. With such challenges, a small business may fail to pay its employees and sustain its operations, leading to losses. Such challenges often get worse if the seed capital got sourced from loan money. 

Business Interruption Risks

Small businesses can suffer from natural or human-made business disruptions that may include supply chain hitches, state-imposed shutdowns, natural disasters, and changes in business regulations and laws.

How Can a Small Business Overcome Business Risks That Hinder Its Growth?

Mid Atlantic Insurance Financial is one of the perfect solutions for small businesses in the Laurel, MD, area. Insurance covers can help a business recover from serious losses and disruptions caused by the cited risks. As such, it’s always prudent to seek some insurance coverage plan from a reputable insurance company such as Mid Atlantic Insurance Financial.

Visit our website if you have any questions regarding business insurance.

Is It Time to Update Your Commercial Insurance Policy?

A commercial insurance policy is very important for most businesses. While there are some types of businesses that don’t need a policy like this, most companies require it. If you’re in the Laurel, MD area and have a business with this kind of insurance, you may want to think about updating it. A lot of companies get a commercial policy and then just renew it every year, but they don’t make any changes. When you have a growing business, changes to a policy can be important. Mid Atlantic Insurance Financial can help you update your policy so it’s fully protecting your business.

There’s no reason to settle for less than quality protection, especially when you have a company that’s continuing to grow and change. Instead of just keeping the same policy for the long term, it’s important to make sure you’re updating that policy regularly. That way you’ll be sure you have up-to-date coverage that gives you what’s needed for the right level of protection. Depending on the changes to your business since the time you got coverage, a different type of policy may even be needed. Our trained agents can go over the coverage you have and see what updates might need to be made.

If you’re in or around the Laurel, MD area, reach out to us at Mid Atlantic Insurance Financial today. We can help you get the updated commercial insurance policy you need, so you can feel safe and protected for your growing company. Whether you’ve only been in business for a short period of time or your company has been around for years, making sure you’ve got the right type and level of insurance coverage can be a vital part of keeping your business operating smoothly for the long term.

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.