Business Insurance

Business insurance, or commercial insurance as it is often called, is a crucial step to take when opening a business. Companies have a hard enough time succeeding even when they’re not constantly worried about unexpected negative events impacting their ability to serve customers. Without insurance, it becomes nearly impossible to succeed.

But how do you know what type of business insurance you want to acquire? That’s a tough question that becomes even tougher when you don’t have a broker or insurance advisor that you can trust. Finding a capable and competent insurance partner is half the battle; figuring out which aspects of your business need to be insured is the rest.

Commercial insurance quotes can often run the gamut from tiny to huge and everywhere in between, precisely because our country plays host to so many different types of businesses. From vineyards, grist mills, dining establishments, museums and sporting complexes — surely these businesses all shouldn’t buy the same type of insurance. Liability insurance, small business insurance and business insurance can all be used to ensure that there are no costly insurance gaps in your policy plan.

One of the most popular forms of business insurance is commercial auto insurance. These policies differ from personal auto insurance plans in several important ways, notably in that they often have higher premiums than the personal policies. They also tend to be more comprehensive, and many cover other rented and non-owned vehicles that might actually be owned by other employees or contractors.

Small business owners might also apply for various property and liability insurance products to make sure that one rogue accident or lawsuit won’t cripple the entire business. Protections against loss or damage of product, equipment or property can mitigate the risks inherent in trying new techniques, hiring new employees or changing business practices and processes. These policies typically range from Basic to Broad to Special, with each one covering a slightly larger amount of events.

Small business insurance can take a number of more specific forms as well. Business continuation insurance helps business owners out with expenses pertaining to running a business. For example, if you’re short on payroll one month, continuation insurance provides you with a temporary lifeline so that the business isn’t forced into bankruptcy or closure. Liability insurance might also come in handy. Although it might feel strange to intentionally protect yourself against the actions of your employees, it’s an entirely necessary policy to have in your insurance arsenal. Businesses have been ruined by employee lawsuits, false claims, improper or misleading advertising, and unintentional property damage. Commercial General Liability will provide some peace of mind for business owners that are operating on a tight margin. Lots of other types of insurance come out of this area: employment practices insurance, workers’ compensation insurance, crime insurance and even cyber liability have been used by firms throughout the state and indeed across the country.

Regardless of what type of commercial insurance you decide to avail yourself of, you need someone in your corner who knows the Maryland region. A savvy broker is an invaluable piece of the insurance puzzle, and retaining one’s services can save you hundreds of dollars as well as prevent any harmful coverage gaps from arising. If you’re interested in talking to someone about the commercial insurance opportunities available in this state, visit our website for a quote today. You can’t build a business in a day or even a year, but as too many people without insurance have learned over the years, you can sure lose one in an hour.