Breakdown: How Commercial Insurance Helps When Things Go Awry

Our local Laurel, MD businesses rely on a marriage of hardware and software to run efficiently. No matter how big or small your company is, chances are you’re dependent on machinery, technology, and communications to keep things going smoothly. But what happens when one of these crucial components stops working? This is a time when a solid commercial insurance policy from Mid Atlantic Insurance Financial can become your life saver in a sea of troubles.

Commercial Insurance for Hardware

Even though you may already have minimum coverage to insure your commercial property and vehicles, that may not be enough protection when your most important hardware breaks down. You may be asking "what exactly is hardware?" or "why do I need to insure it?". Simply put, "hardware" is any physical piece of equipment that you use in the daily running of your business. Hardware can include large machinery used for fabrication, smaller equipment or tools, or even physical components of computers and other office equipment such as printers or copy machines. It’s important to consider how much loss you might encounter should any of your vital hardware break or malfunction. Does your current commercial insurance policy cover repairs, replacements, or time lost?

Commercial Insurance for Software

In the digital age, most companies need a robust cyber presence for success. Unfortunately, the programs that run daily business needs can encounter complex threats that can severely hinder your productivity. Insuring your business software means you’ll be protected if your computer network falls victim to malware, viruses, or even data breaches that can interrupt or even stall your work completely. 

Located in Laurel, MD and having trouble determining the correct coverage of your business? Contact Mid Atlantic Insurance Financial today and let us provide you with certainty!

When to Consider Commercial Insurance

Whether you have just opened a business or you are thinking about it, you are likely trying to figure out if now is the time to get commercial insurance. Here at Mid Atlantic insurance Financial, serving Laurel, MD, we know how valuable commercial insurance really is. We want to make sure you are as covered as possible because you never know when something will happen that you cannot control. Use these tips to help determine if now is the time to purchase commercial insurance. 

  • Has your business opened? If you are still in the planning phases, you really do not need to have commercial insurance quite yet. However, if you do have a business in operation and do not yet have commercial insurance, you should at least consider getting a basic policy to get you started. You have put a lot into this business and you need to protect it. 
  • Do you have employees? If you do, then it is definitely time for you to get some commercial insurance. You do not want to run into an issue that impacts an employee without insurance because it is something that could bankrupt you. 
  • Do you have machinery or other physical items? If so, this is another reason to get a commercial insurance policy. If your business relies on those items, you want to make sure they are covered so they can be replaced if anything were to happen to them.

Now that you have a better idea of when to purchase, if that means that you need to get started, be sure to reach out to us here at Mid Atlantic Insurance Financial, serving Laurel, MD, today. We can help you find the perfect customized policy to fit your needs and we will also work with your budget. 

How Business Interruption Coverage Can Protect You in the Event of a Catastrophe

Business owners in today’s competitive marketplace understand the importance of a healthy cash flow. If you are a business owner who counts on a robust cash flow each month to maintain your business it’s important to consider business interruption coverage. Mid Atlantic Insurance Financial provides the knowledge and expertise you need to adequately protect your Laurel, MD area business.

Payments (Full or Partial) of Lost Revenue and Profit

When you have the right business interruption policy, you can be protected in the event of loss or damage to your business that affects its ability to continue operating. If you experience a catastrophe such as a fire, burglary, or another covered event, you may be eligible to receive payments to bridge the gap in revenue while you get your company back up and running. Meeting with a professional insurance agent is the first step in finding the right policy for your needs. Don’t let a catastrophic event ruin everything that you have worked so hard to achieve!

Funding to Keep Your Business Functioning

Even if your business is down due to loss or damage, your bills will continue to arrive and your employees will still need to be paid. Now is the right time to learn more about the options that are available to you through a comprehensive business interruption policy. From payroll, to utilities, and vendor invoices, you can be protected and able to meet these obligations even when your business is not fully operational.

Interested in learning more about how business interruption coverage can help you protect your business from catastrophe? Contact the team at Mid Atlantic Insurance Financial today to set up a consultation. Now is the time to protect your Laurel, MD area business from catastrophe!

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.