From the many businesses that line Route 40 to sole proprietorships run out of people’s homes, each company in Aberdeen, MD, plays an important role in the health of the local economy. If you own one of these companies, you can protect it by buying the right business insurance policies.
Building a comprehensive business insurance policy package can sometimes be complicated, but you do not need to do it alone. Independent insurance agents can help you identify all of your company’s various exposures and can recommend the right policies to cover against each of them.
Contact an independent insurance agent near you to get help finding suitable, yet affordable, business insurance coverage.
What Kinds of Liability Insurance Do Businesses in Aberdeen, MD, Need?
Even if the courts end up ruling in your favor, a liability lawsuit against your company can lead to large financial losses if it is not properly insured. That is why business liability insurance is so important.
Business liability insurance is designed to cover expenses like court costs, legal fees, mediation costs, settlements, judgements, and other expenses if your company is sued for a covered event.
There are several different kinds of business liability products available to business owners. Some of the commercial liability policies most frequently purchased by business owners in Aberdeen include the following.
- Premises liability insurance: This is designed to cover third-party injuries and property damage caused by an accident on your business premises.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, or property damage caused by a product your company produces or sells.
- Employment practices liability insurance (EPLI): This is designed to cover against accusations of illegal employment practices like discrimination, sexual harassment, and wrongful termination.
- Cyber liability insurance: This is designed to cover your company’s obligations to affected individuals if cybercriminals access sensitive personal or financial data that your business has stored electronically.
- Professional liability insurance: This covers individuals in professional positions if their negligence, errors in judgement, or other professional mistakes cause their clients to sustain financial losses or other harms.
For your business to be fully protected against lawsuits, you will need to purchase the right policies to cover against each of its liability exposures.
What Kinds of Property Insurance Do Businesses in Aberdeen Need?
Businesses in Aberdeen, MD, are most likely to experience property loss or damage cause by the following problems:
- Property crimes, including theft, vandalism, and arson
- Fires and explosions
- Hurricanes and tropical storms
- Heavy snows and ice accumulation
Fortunately, each of these hazards is covered by commercial property insurance. This coverage is a standard part of every business insurance policy.
As with any insurance policy, commercial property insurance has some limitations. You may therefore find it beneficial to supplement it with additional policies such as the following.
- Flood insurance: Flood damage is not covered by commercial property insurance. Fortunately, the flood risk in Aberdeen is pretty low. If your business is at risk, you can purchase an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This can cover your company’s portable property during the times that it is in transit over land or is being stored away from your place of business.
- Boiler and machinery insurance: This can cover the cost to repair or replace your company’s well-maintained essential machinery and equipment if it breaks down or malfunctions. It can also cover any revenue losses the mechanical failure may have caused.
- Bailee’s insurance: This can cover your customers’ valuable property when it is in your business’s care, custody, or control. This is ideal for companies that perform repair, alteration, or maintenance services.
You will want to be sure that the coverage limits on each of your policies are high enough to enable your business to replace all of its property if it is destroyed by a major disaster like a structure fire.
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How Can Business Interruption Insurance Help Companies in Aberdeen, MD?
Aberdeen has a moderate risk of hurricane activity. It has been impacted by 28 hurricanes since 1920. One of the most damaging in this city was Hurricane Irene.
A catastrophic event like a hurricane or a structure fire can do more than just damage your business property. It can also make it necessary for your company to close down for several weeks while repairs are made.
A long-term forced closure can be especially hard on small businesses that don’t have a lot of financial resources to fall back on.
That is why business interruption insurance was created. It is designed to provide a continuation of income until your company is able to return to normal operations.
This compensation enables your business to continue paying regular monthly expenses like rent or mortgage payments, loan installments, and employee salaries even though it is temporarily unable to generate revenue.
What Is Workers’ Compensation Insurance and Is It Required for Aberdeen Businesses?
If your employees are injured on the job or if they develop an occupational illness due to toxins at the workplace, your business is responsible for covering their medical treatments, disability pay, and related financial losses. Workers’ compensation insurance is designed to provide this coverage.
With very few exceptions, all employers in Maryland are required by law to carry workers’ compensation insurance.
Rates for workers’ compensation insurance are based primarily on the types of jobs your employees do and the likelihood they will be seriously injured while doing them.
Why Offer an Employee Benefits Package?
Offering a good employee benefits package can give your company a competitive edge when it comes to hiring and retaining highly qualified workers. Most packages include perks like the following.
- Life insurance options for employees
- Subsidized health insurance
- Paid vacation time
- Paid sick time
- 401(k), 403(b), or other retirement plans
There are several decisions that need to be made when shopping for insurance products for employee benefits, and this can make it difficult to determine which life and health insurance policies make the best choices.
That is why many business owners in Aberdeen find it beneficial to consult an expert. Knowledgeable insurance professionals can go over the pros and cons of each of your options so you can make an informed decision about which policies to buy.
Why Work with a Local Independent Insurance Agent?
There are a wide assortment of insurance products and policy options available to business owners in Aberdeen. This lets you fully customize your company’s coverage, but it can also make building a suitable policy package complicated.
Independent insurance agents are here to simplify the process. These agents can help you be sure that you are buying the coverage your business needs and that you are getting it at a competitive price.
Set up an obligation-free consultation with an insurance agent near you to start comparing customized business insurance quotes.