Cambridge Business Insurance

Your Guide to Buying Business Insurance in Cambridge, MD

An independent agent can help you protect your business with the right insurance products.

Cambridge Maryland Business Insurance

From the many shops, restaurants, and offices that line Sunburst Highway to tiny companies that are run out of people’s homes, every business in Cambridge, Maryland adds value to the local economy. If you own one of these companies, business insurance can protect the investment you have made in it.

Independent agents make it easy to build a suitable business insurance policy package. These agents work for you, not for a particular insurance company, so they can shop around to find the coverage your business needs at the most affordable prices. Find an insurance agent near you to learn more.

How Does Liability Insurance Protect Cambridge Businesses?

No business is too small to face a liability lawsuit. Business liability insurance products offer protection by covering expenses such as court costs, legal defense fees, mediation costs, settlements, judgements, and damages.

There are many different kinds of commercial liability insurance policies available to business owners. Here are some you may want to consider including.

  • Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
  • Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
  • Cyber liability insurance: This covers your company’s financial obligations to affected individuals if criminals hack into your business computer system and access their personal or financial data.
  • Employment practices liability insurance: This covers against accusations of illegal employment practices such as breach of contract, harassment, discrimination, retaliation, and wrongful termination.
  • Professional liability insurance: This covers individuals in professional positions if negligence, an error in judgement, or other professional mistake causes their clients to experience financial losses or other harm.
  • Commercial vehicle liability insurance: This is required if your business owns a vehicle or fleet of vehicles. It can cover third-party injuries and property damage if you or one of your employees causes a collision while driving a company car.

This is not a complete list of all the commercial liability insurance products that are available to you. You will want to be sure to cover each of your company’s liability exposures with the right insurance policies.

What Are the Property Damage Risks in Cambridge, MD?

Here are some of the risks that can cause Cambridge businesses to sustain property loss or damage.

  • Property crimes
  • Fires and explosions
  • Severe storms including:
  • Tornadoes
  • Hail
  • Harsh winter weather, including:
    • Heavy snows
    • Ice accumulation
  • Floods

With the exception of floods, each of these hazards is covered by commercial property insurance.

Commercial property insurance is a standard part of every business insurance policy. It is designed to cover the cost to repair or replace your business-owned property if it is lost or damaged by a covered event.

For some businesses, it is necessary to supplement commercial property insurance coverage with additional policies such as the following.

  • Flood insurance: According to FloodFactor.com, around 24% of all properties in Cambridge are at risk for flood damage. Fortunately, you can get affordable commercial flood coverage through the National Flood Insurance Program (NFIP), which is administered by FEMA.
  • Inland marine insurance: This covers your business’s portable property whenever it is being transported over land or is being stored away from your place of business.
  • Equipment breakdown insurance: This covers repair costs and business losses if your well-maintained, essential business equipment and machinery experiences a mechanical malfunction. It can also cover lost revenue caused by the malfunction.
  • Bailee’s insurance: This covers your customers’ valuable property whenever it is in your business’s custody, care, or control. It is ideal for businesses that offer services such as alterations, maintenance, or repair work on their customers’ belongings.

You will want to be sure that your company’s valuable assets are suitably covered against all of the hazards you may encounter as a business owner in Cambridge, Maryland.

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How Can Business Interruption Insurance Help Businesses in Cambridge, MD?

Cambridge has a moderate risk for hurricane and tornado activity. This city has been impacted by 41 hurricanes in the last nine decades, and there have been 55 tornadoes in the vicinity of Cambridge i the last seven decades.

If a major disaster like a hurricane, tornado, or structure fire causes damage to your businesses, it may need to remain closed for weeks, or even months, while repairs are made. This can mean several days in which your business is unable to generate any revenue.

Many companies, particularly small businesses, do not have the financial strength to survive a long-term forced closure following a disaster. Business interruption insurance was created as a solution to this problem.

Business interruption insurance can provide the funds your company needs to be able to continue paying regular expenses like rent, bills, loan payments, and salaries while it is recovering from damage caused by a covered event.

This coverage can continue until your business is able to resume normal operations but is typically limited to one year.

What Is Workers’ Compensation Insurance and Is It Required of Cambridge Businesses?

Employees can sometimes be injured on the job, or they may develop an occupational illness due to exposure to toxins at the workplace. If this happens, workers’ compensation insurance can cover the associated costs.

Workers’ compensation insurance is designed to pay for medical treatments, follow-up care, prescription medications, physical therapy, disability pay, and other related costs if your employees are hurt at work.

In Maryland, with very few exceptions, if you have at least one employee, you are required by law to carry workers’ compensation insurance.

Rates for this insurance are based mainly on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous your employees’ jobs are, the more your coverage will cost.

What about Benefits for Cambridge Employees?

Human resource consultants have long touted the advantages of offering your workers a competitive employee benefits package.

A package that includes perks like a retirement plan, paid vacation time, sick time, life insurance, and subsidized health insurance can make it easier for your business to recruit and retain some of the area’s most qualified workers.

When shopping for insurance policies for your employees, you will find there are many different life and health insurance products available, and that each has a variety of coverage options to choose from. This can make it difficult to decide which policies make the best choices for your business.

You may therefore find it beneficial to have the guidance of an insurance expert who can explain the pros and cons of each of your options. This information can help you determine which choices are best for your employees as well as for your business finances.

Why Work with an Independent Insurance Agent?

Local independent agents can offer guidance and advice as you make decisions about your many coverage options. These agents can do a complete risk assessment of your business and can recommend the right insurance products to cover against each of the potential hazards your company may encounter.

Also, because they are free to work with several insurance providers, independent agents can obtain a variety of customized business insurance quotes on your behalf. That way, you can be sure you are getting the policies your business needs at reasonable prices.

Arrange an obligation-free consultation with an insurance agent near you to learn more.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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