subject: What You Should Know About Maryland Business Insurance [print this page] If you are starting a new business, then you will want to be sure to purchase at least the minimum insurance required by law in Maryland. There are different types of coverage offered by Maryland business insurance companies; each type of coverage has its advantages but you will need to see how much coverage you can afford to purchase and, if your budget is limited, choose the types of coverage that you feel are the most needed.
Property insurance coverage covers loss incurred to your business premises. Property insurance coverage will usually cover just one particular type of damage that your business could incur; i.e. flooding, fire, tornadoes, hurricanes, etc. Purchasing coverage against any and all risks will likely be quite expensive, so opt for property coverage that will protect your business from risks it is most likely to face. For example, if you live in an area where flooding happens on a regular basis, it would be foolish not to consider flood coverage. On the other hand, if tornadoes never occur where you live, you would not need to invest in tornado coverage.
If you have more than fifty employees, you are required by Maryland business insurance laws to purchase health coverage for your employees. Health coverage is similar to but not the same as worker's compensation insurance. Health insurance cover your employee's regular medical bills and doctor visits, while worker's compensation insurance covers the medical bills of an employee who has been injured on the job.
If your business has a vehicle, then you will need to purchase commercial auto insurance. This type of coverage will cover your vehicle in case of property damage; it will also cover damage to people injured by your company vehicle.
Liability insurance should be seriously considered, no matter what type of business you run and how large or small it is. Liability insurance will cover you in case you are sued due to a mistake or act of negligence by you or your employees.
Business interruption insurance is another type of Maryland business insurance that you may want to consider. Business interruption insurance will cover your business if it needs to close down due to extenuating circumstances, i.e. a vital piece of equipment breaking down. While property damage will cover the repair or replacement of items vital to your business, if you have included them on your property insurance policy, property insurance will not cover the losses incurred by your business as you wait to have the part repaired or replaced. Business insurance coverage covers this and will enable you to 'pick up where you left off', so to speak, if there is damage to your business that cannot be immediately repaired.
What You Should Know About Maryland Business Insurance
By: Renee Walker
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