College Park is home to nearly 1,900 businesses. Those operating in the educational services, professional, scientific, and technical services industries are most abundant in this city. But businesses in a wide range of industries have found success here. As an entrepreneur in College Park, it is important that you protect your business with a solid insurance plan.
Buying business insurance can be a complicated task. Fortunately, there is no need to do it alone. A local independent insurance agent can help you build a comprehensive coverage portfolio by identifying which of the many available commercial insurance policy types are right for your College Park business. Find an agent near you to learn more.
Liability Insurance for Small Businesses in College Park
Liability lawsuits frequently result in judgments exceeding $1 million. Fortunately, liability insurance is designed to absorb the court costs, legal defense fees, and damages associated with certain liability lawsuits. All business insurance policies include commercial general liability insurance (CGL). Your company’s CGL has two main parts:
- Premises liability insurance: Covers third-party injuries, illnesses, and property damage that occur on your business premises.
- Product liability insurance: Covers third-party injuries, illnesses and property damage that are caused by products your business produces, sells or promotes.
CGL alone is not enough to cover many businesses against all of their potential liability lawsuits. An independent insurance agent can identify your company’s other liability risks and can recommend the appropriate solutions to cover against them. Some of the many additional liability insurance policies available include:
- Commercial vehicle liability insurance: Covers damage and injuries resulting from a collision involving a company-owned vehicle.
- Employment practices liability insurance: Covers your business against lawsuits related to perceived illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: Covers against accidental pollution of the ground, water, or air for which your business is responsible
You can learn more about these and other liability coverage options by talking with a local independent agent.
Cyber Liability Insurance Protects College Park Businesses
Cyber liability insurance is a relatively new liability product, and it is one that deserves a closer look. It is designed to protect businesses if hackers break into their computer systems and access customer data that they have stored electronically.
- Number of identity theft complaints in Maryland per year: 5,734
- Ranked 10th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
If cyber criminals manage to access your electronically stored customers’ personal and financial information, they can use the acquired data to commit identity theft, fraud, and other crimes. A data breach of this nature can result in an extremely expensive liability lawsuit against your business. If your College Park business uses computers to record sensitive customer data, be sure to learn more about how cyber liability insurance can add a layer of protection.
Property Insurance for Small Businesses in College Park, MD
College Park businesses may experience property damage caused by hazards such as structure fires, property crimes, and severe weather events.
- Number of federally declared disasters in MD since 1953: 32
- Most common reasons for declared disasters: Floods and Hurricanes
Fortunately, your business insurance policy includes commercial property coverage. This can compensate your business for loss or damage to commercially owned property such as office furniture, computers, merchandise, tools, and more. Some business property requires specialized coverage, such as contractor equipment insurance, boiler & machinery insurance or inland marine insurance. Your independent agent will be able to help you ensure that all your property is suitably covered.
Because some College Park businesses are also at risk for damage caused by flash flooding, you may want to supplement your coverage with commercial flood insurance. Your independent agent can help you secure a policy through the National Flood Insurance Program (NFIP).
Business Interruption Insurance for College Park Businesses
Major disasters can do more than just damage your business-owned property. They can also force our company to remain closed for an extended period while repairs are made. A closure like this can be financially devastating for small businesses, often leading them into bankruptcy. That is why, when disaster strikes, business interruption insurance can be vital.
Business interruption insurance is designed to provide your company with a continuation of income when you must cease operations due to a destructive event. That way, your business can continue to pay monthly expenses and employee salaries while you are temporarily shut down. This coverage typically lasts up to one year. A local independent agent can explain more and help you review quotes for this important coverage.
College Park Businesses Need Workers’ Compensation Insurance
The state of Maryland requires most businesses to carry workers’ compensation insurance (commonly referred to as “workman’s comp”). Some businesses, such as sole proprietorships and certain agricultural employers, are exempted from this mandate. Workers’ compensation insurance is designed to cover the costs associated with workplace injuries. If an employee is injured or becomes ill on the job, workman’s comp can cover the costs of medical treatment, lost wages, and other associated expenses. It can even provide family members with financial compensation if a workplace injury is fatal or leads to permanent disability.
The cost of your workers’ compensation policy will be based on your company’s overall payroll as well as the types of jobs your employees do. You can expect it to cost more to cover employees who work for a construction company than to cover professors at a university. Your local independent agent can help you determine whether you are better off purchasing coverage through a commercial provider or Maryland’s state-administered fund, and can help you secure a suitable policy.
Employee Benefits for Small Businesses in College Park
Studies done by human resource professionals have confirmed that offering employee benefits such as health insurance and life insurance can help your business attract and retain highly skilled workers.
- Average amount spent on healthcare coverage by MD businesses: $944,612
- Ranked 33rd for highest medical insurance costs in the US
- Average annual cost of health care in MD: $5,654/person or $15,820/family
There are many different life and health insurance products available, and this can make it difficult to determine which plan is the best choice. Fortunately, your local independent agent can help you review a wide range of competitively priced policies so that you can make an informed decision when purchasing insurance products to include in your employee benefits package.
Why Work with an Independent Insurance Agent?
An independent insurance agent can help you identify the various risks your particular business faces, and can guide you in your search for the best insurance policies to cover against each of these exposures. Because they can work with multiple insurance companies, they can find you suitable coverage at competitive prices. Agents in College Park are ready to help you.
Contact a local independent insurance agent to learn more, and discover how easy it can be to build a comprehensive commercial insurance plan for your business.
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