Laurel MD

What type of life insurance should I get in Maryland?

Posted on by AgentInsure

Life insurance continues to be a great form of insurance for people in the Laurel, MD area to consider. This type of coverage can provide financial support for those you care about if you pass away. When looking for this insurance, you will find multiple options to consider. It is essential to consider the benefits of these insurance plans.

Term Life Coverage

A type of life insurance to consider getting is term life coverage. This is a popular form of coverage that is customizable and characterized by the term length of the policy. The length of the policy can vary from just a few years to 30 years or more. You also will be able to select a set level of coverage. Once the term of the plan is over, the coverage will lapse.

Whole Life Coverage

Many people in this state who want life insurance will also consider whole life coverage. This type of insurance is good for someone that coverage for the rest of their life. An added benefit of it is that there is an investment and savings benefit. While the policy can cost more monthly, a portion of the payment goes into an account and builds with interest over time.

Getting life insurance if you are in the Laurel, MD area is always a good idea. When you are looking for this coverage here, you can find there are many factors to consider. The Mid Atlantic Insurance Financial team will give you any support you need when looking for coverage. Mid Atlantic Insurance Financial always takes a customized approach to building insurance to ensure you have the right plan for your situation.

Do I Need Commercial Insurance for My Small Business?

Posted on by AgentInsure

Small business owners often wonder if they need commercial insurance. We offer commercial and personal insurance policies at Mid Atlantic Insurance Financial in Laurel, MD. 

Do You Need Commercial Insurance?

Generally, the answer is yes if you think you may need commercial insurance. However, the type of coverage you need will depend on your business and the state you reside in. 

In some cases, you may be legally required to have a specific type of insurance. In other cases, commercial insurance is simply a wise way to protect your investment in your small business. 

Commercial Property Insurance 

If you own or rent a property to conduct your business, you will need commercial property insurance. This applies to stores, manufacturing facilities, and offices. 

This coverage protects the building structure and the property within the building. 

General Liability Insurance 

General liability insurance is a necessity for most small businesses. You are covered under this policy if someone is injured at your business. It also covers damage to other’s property while they are at your company. 

This also covers damage that occurs to someone’s property during the delivery of a product or service. 

Commercial Auto Insurance 

If your vehicle is commonly used to perform duties related to your business, you may need a commercial auto policy. If you conduct a service with your vehicle, transport people or goods, or if you transport heavy or expensive tools. 

Workers Compensation Insurance 

Maryland law states that you must have worker’s compensation insurance if you have one or more employees. This policy protects you from liability if an employee is injured on the job. 

Commercial Insurance with Mid Atlantic Insurance Financial

If you need commercial insurance in Laurel, MD, contact Mid Atlantic Insurance Financial. Our experienced agents will discuss your business needs and help you select the right policy for your needs. 

Don’t Be Caught Driving Without Car Insurance

Posted on by AgentInsure

Are you a licensed driver in the Laurel, MD area? Are you insured? If not, Mid Atlantic Insurance Financial professionals can provide you with the necessary coverage.

Did you know it is illegal to drive without auto insurance in 48 out of 50 states? Auto insurance provides financial protection. If you cause an accident, you may be held liable for costs related to it, including legal fees, the injured party’s medical costs, and their lost wages if they are unable to work. Liability coverage helps to pay for these expenses.

Collision coverage pays for the damage to your car in the event of a car accident, regardless of fault. For example, if your vehicle gets rear-ended while in stop-and-go traffic, this coverage helps cover the costs of repairing your damaged bumper. If the situation is reversed and you hit someone from behind, this coverage pays to repair your damaged front end.

Also, if you lend your vehicle to someone and they accidentally hit another car, the collision insurance coverage will help cover the costs of the damage to your vehicle.

Comprehensive coverage pays for damages to your vehicle in non-collision accidents. Things such as theft, vandalism, weather events, or damage due to natural disasters will be covered. For example, if your car is parked in your driveway and a strong wind takes down a huge tree branch in your yard, lands on your car’s roof, and causes a dent, comprehensive coverage helps pay for the repair costs.

Don’t risk driving without car insurance. The financial implications of doing so are too great to risk. A lawsuit could result, or you risk losing your driving privileges. Don’t allow that to happen.

Contact Mid Atlantic Insurance Financial today for a no-obligation quote or answers to any questions you may have.

Don’t Leave Your Most Valuable Asset Unprotected – Get Homeowners’ Insurance

Posted on by AgentInsure

Are you a resident of the Laurel, MD area? Are you a licensed driver? If so, Mid Atlantic Insurance Financial can provide the automobile insurance you need.

It is illegal to drive without this coverage in 48 out of 50 states. You stand to lose a lot in an accident for which you are liable. The primary reason to have vehicle insurance is to provide financial protection against bodily injury or physical damage resulting from a traffic accident. It will also provide financial protection against damage to the vehicle in a non-traffic collision, theft, weather events, or damage resulting from natural disasters.

Here are the types of automobile insurance to consider:

  • Bodily Injury – If you are in an accident and found liable for another’s injuries, this coverage pays for all medical bills, lost income, and pain and suffering.
  • Collision – Collision coverage is usually optional. Collision insurance pays up to the vehicle’s cash value minus deductible if you are in an accident with another vehicle or hit a fence or mailbox.
  • Comprehensive – This coverage pays to replace or repair a vehicle if it is damaged by fire, hail, theft, flood, falling objects, or hitting an animal. Windshield repairs are also covered. It is optional in most cases. The exception is if a car is leased, the finance company may require the driver to carry this coverage. Comprehensive coverage stays with the driver, regardless of what vehicle is being driven.
  • Liability – This coverage is mandatory in most states. The minimum liability coverage will vary according to state law.
  • Medical Payments – This coverage is optional in some states and mandatory in others. It will cover the policyholder, family members driving the insured vehicle, and any passengers. It covers medical tests, hospitalization, and surgery.
  • Personal Injury – PIP protection is not available in all states. It is similar to medical payments coverage because it covers payment of medical expenses following an accident. It also provides housecleaning services, loss of income, and childcare expenses while the driver recuperates. PIP also pays funeral costs if necessary.
  • Underinsured/uninsured Motorist – This coverage is required in some states but not in others. It provides coverage to help with medical bills and repairs to the car if the driver at fault does not have enough coverage.

Contact Mid Atlantic Insurance Financial today! You will be glad you did.

What can happen if a Maryland business does not carry commercial insurance?

Posted on by AgentInsure

The Laurel, MD area has continued to be an excellent area to start a company. When you start a business here, you need to ensure that you get the right insurance for it. You could face various challenging situations if you do not have commercial insurance. 

Business Will Not Have Support

One of the challenges that you can face if you are not covered is that you will not have financial support. Business owners should be aware that there is always a risk that an accident could result in a liability claim against their business or a loss of important assets. If you are not insured, you will not have any financial support or protection against these risks, which could put your business at risk. 

Violation of Various Agreements

Another issue that could arise if you do not have a commercial insurance plan is that you could violate various agreements. Most businesses and business owners will eventually need to take out a loan, lease a place of business, or raise capital. In any of these cases, you may have to sign contracts with another party requiring you to carry insurance. If you do not have insurance, you will violate these agreements. 

In the Laurel, MD area, you will want to know that you are getting the right insurance for your company. As you evaluate your insurance needs, you should call Mid Atlantic Insurance Financial. There are various choices to make when looking for this insurance, and Mid Atlantic Insurance Financial will give you the support you need to build your next plan. Reach out to our office for more information.

Reasons Why Your Life Insurance May Need to Increase When You Welcome a New Child To Your Family

Posted on by AgentInsure

We provide life insurance products to our customers at Mid Atlantic Insurance Financial, serving the greater Laurel, MD area. If you have recently welcomed a new child into your family, it is strongly recommended that you increase your life insurance policy. However, many people do not understand why this is so important to do after welcoming a new addition. Here are a few of the reasons why. 

A New Child Increases Your Expenditures

When you welcome a new child into your life, you will find yourself having to spend more money. A new child has needs, including housing, clothing, food, and even child care. Children are not cheap, and the amount of money you and your spouse spend each month increases after welcoming a child. 

You Want to Ensure Your New Child is Provided For

If you unexpectedly pass away, you want to ensure that your spouse, child, or children are taken care of. However, if your life insurance policy is not increased after welcoming a child, your spouse may not have the money they need to ensure that your child lives the same quality of life they have become accustomed to. Increasing your life insurance policy ensures that your child is provided for should you pass away unexpectedly or early in life. 

If you are looking to purchase a life insurance policy for the first time or need to purchase a policy because your existing policy no longer meets your needs, Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, would love to help you. Call us to schedule an appointment, and let’s sit down and discuss how much life insurance is ideal for you and your family. 

What is the 80/20 rule for car insurance in Laurel, MD?

Posted on by AgentInsure

At Mid Atlantic Insurance Financial, we know auto insurance can be expensive. The 80/20 rule is a type of insurance in Laurel, MD that only pays for damages to the other driver’s vehicle and property if you are found at fault in an accident, but it doesn’t pay for the damages to your car.

The 80/20 rule is so named because it requires drivers to carry insurance that covers only 80 percent of the value of their car. The remaining 20 percent would be paid out-of-pocket by the driver in the event of an accident. For example, let’s say you have a vehicle that is worth $10,000. Under the 80/20 rule, your insurance would cover $8,000 of damage to the other driver’s car. You will have to pay the remaining $2,000.

There are a few things to remember if considering the 80/20 rule for your car insurance. First, this type of coverage is not required in all states. It is only available in a handful of states, including Maryland. 

And finally, it’s important to remember that 80/20 comes with some risks. Because you only carry liability coverage, you will be responsible for 100 percent of the costs to repair or replace your car if it is damaged in an accident. You could end up paying a lot later to save money now.

While the 80/20 rule can save you money on your monthly premium, weighing the risks and rewards before deciding if this type of coverage is right for you is important. If you are in Laural, MD, contact Mid Atlantic Insurance Financial to discuss whether this is a good option.

What is the 80/20 rule for car insurance in Laurel, MD?

Posted on by AgentInsure

At Mid Atlantic Insurance Financial, we know auto insurance can be expensive. The 80/20 rule is a type of insurance in Laurel, MD that only pays for damages to the other driver’s vehicle and property if you are found at fault in an accident, but it doesn’t pay for the damages to your car.

The 80/20 rule is so named because it requires drivers to carry insurance that covers only 80 percent of the value of their car. The remaining 20 percent would be paid out-of-pocket by the driver in the event of an accident. For example, let’s say you have a vehicle that is worth $10,000. Under the 80/20 rule, your insurance would cover $8,000 of damage to the other driver’s car. You will have to pay the remaining $2,000.

There are a few things to remember if considering the 80/20 rule for your car insurance. First, this type of coverage is not required in all states. It is only available in a handful of states, including Maryland. 

And finally, it’s important to remember that 80/20 comes with some risks. Because you only carry liability coverage, you will be responsible for 100 percent of the costs to repair or replace your car if it is damaged in an accident. You could end up paying a lot later to save money now.

While the 80/20 rule can save you money on your monthly premium, weighing the risks and rewards before deciding if this type of coverage is right for you is important. If you are in Laural, MD, contact Mid Atlantic Insurance Financial to discuss whether this is a good option.

Protect your home and family financials with homeowners insurance in Laurel, MD

Posted on by AgentInsure

As a homeowner, you know that many expenses come with owning a home. Between mortgage payments, property taxes, maintenance, and repairs, it can be easy to let your homeowner’s insurance policy fall by the wayside. However, homeowners insurance is one of the most important investments you can make in your home. In the event of a fire, theft, or other disaster, homeowners insurance will help you cover the cost of repairs or replacement.

Choosing the proper homeowner’s insurance policy can be tricky. There are a lot of factors to consider, such as the value of your home, your personal belongings, and your liability risk. Mid Atlantic Insurance Financial can help you choose a policy that meets your needs and fits your budget. We offer a wide range of coverage options, and our experienced agents will work with you to find the best fit for your family.

What Does Homeowners Insurance Cover?

Homeowners’ insurance policies typically cover the dwelling itself and the belongings inside. Coverage for the dwelling includes protection against fires, wind damage, hail damage, and other disasters specified in the policy. Coverage for belongings usually protects against theft, fire, and water damage. Most policies will also cover temporary living expenses if you need to stay elsewhere while your home is being repaired.

How Much Insurance Do You Need?

How much coverage you need depends on the value of your home and belongings and your liability risk. Mid-Atlantic Insurance Financial offers flexible coverage options to choose the level of protection that is right for you. We also offer discounts for bundling multiple policies together.

Please don’t wait until it’s too late to invest in homeowners insurance for your Laurel, MD home. A Mid Atlantic Insurance Financial policy will give you peace of mind knowing that your home and belongings are protected in case of fire, theft, or other disasters. 

Required Commercial Insurance in Maryland

Posted on by AgentInsure

For business owners in Maryland, many types of commercial insurance are available, and a few are required for many Maryland businesses. You need to know what the required policies cover and whether you are required to have one or more of them. It’s essential to keep the required insurance types so that you are well-protected and keep your business legal. Call us at Mid Atlantic Insurance Financial in Laurel, MD to get started if you need commercial insurance for your business. 

Workers’ Compensation Insurance

This is a critical type of commercial insurance that most Maryland businesses are required to have. In the state, every business with any number of employees, even just a single employee, must have this insurance for them. This is required even if the employee is only part-time. This insurance coverage protects your business against the high medical bills that could become due if you had an employee get injured in an accident at work. This also protects the employee, as money for medical bills will be available if they need it after an accident. It also provides employees with disability payments. 

Commercial Auto Insurance

This type of auto insurance is required for all vehicles that are owned by Maryland businesses. This protects people you get into an accident with while in a work vehicle. It pays for the medical and repair bills you are liable for after you are in an accident with someone else. Both bodily injury and property damage liability are required, but you can also add on other kinds of coverage if you choose. 

Get Commercial Insurance in Maryland

If you own a business in the state, you may need commercial insurance. Just call us at Mid Atlantic Insurance Financial in Laurel, MD.