Business & Commercial Insurance
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Business & Commercial Insurance Information
For Companies In Annapolis And Surrounding Areas In Maryland
Maryland's private sector is worth more than $300 billion, and it remains a draw for major companies both because of its large workforce and proximity to the Washington, DC metro area. If you own a business or are planning to start one, it is a great place to be. However, getting your business up and running will take some thought, commitment and hard work.
It's imperative that you do all you can to protect your business, and that means buying the appropriate commercial insurance policies. Business insurance contains many different types of protection, so it might seem confusing to know where to start. Rest assured that Deale & Associates Insurance Agency will help you find the right protection at budget-friendly prices.
Getting Covered With Us
To adequately insure your business, you must consider such factors as costs, insurable assets, liabilities, the size of the company and budget. Deale & Associates Insurance Agency is optimally positioned to help you find that protection easily and with minimal hassle. We understand the intricacies of the coverage that both small and large businesses need.
You don't have to worry about searching for coverage alone. If you are ready for a quote, call us at (410) 267-5601 now!
Common Business Insurance Questions In Maryland
Since you have a lot of time and money invested in your business, you need insurance to protect all these items against the liabilities and perils that might threaten your business every day.
If a hazardous or damaging situation impacts your business, then your commercial insurance can help you pay for the costs of recovery. It will help you avoid having to spend hard-earned money on the recovery costs of these accidents.
Business insurance is not just one policy. It includes many policies that work together to create a blanket of protection. To best protect your business, you should invest in coverage to a level that will adequately recover the value of your most-important assets in case of losses.
To adequately insure your business, you might need several types of coverage:
- Property Insurance: This pays for damage to the business' property or possessions.
- General Liability Insurance: A customer might get hurt in your business or you might accidentally damage their property. Coverage helps you compensate them for their losses.
- Business Interruption Insurance: After a damaging accident, the business might not be able to operate for a time. Coverage can help you avoid the financial losses that might occur.
- Professional Liability Insurance: Misguided professional advice or services might cause a client a loss. As a result, this coverage can help you compensate them.
- Commercial Auto Insurance: Businesses that own vehicles, or employees who drive their personal cars for significant business use might need this coverage for the vehicle.
- Workers Compensation Insurance: Many businesses must carry this coverage by law. It compensates employees during their recovery if they get hurt or sick on the job.
- Cyber Liability Insurance: Following data theft or other losses, coverage can help you compensate clients who experience harm.
- Employment Liability Insurance: If during your hiring, termination and retention practices someone alleges misconduct, then this coverage can help you pay for the settlements.
- Employee Dishonesty Insurance: Should an employee steal from the business, then this coverage can pay for the losses of both the business and clients.
Many business owners start their coverage out by buying a business owners policy, or BOP. Ideal for small business owners, BOPs usually include property, general liability and business interruption coverage. You can often add other policies onto your BOP to make your coverage even stronger.
Many factors influence the cost of your coverage. These might include your industry, how much coverage you buy, policy limits, the number of employees you have and what assets you want to insure.
Sole proprietorships are often the most important to insure, because of the high investment one person makes in the business. You need coverage from day one. However, as you add employees, your insurance needs and requirements will change.
In many cases, you must buy certain policies. For example, most Maryland businesses must buy workers compensation, while businesses that buy a property with a loan might have to insure the structure.
LLCs need various types of insurance, from property to liability coverage. Again, costs will vary based on such factors as the size of the business and the coverage you choose.
Your Deale & Associates Insurance agent is happy to help you find a payment schedule that is right for you and your budget. Keep in mind, it is better (and might be required) for you to pay for certain policies in full at the start of the term. That way, the coverage won't run the risk of a lapse due to lack of payment.