Rockville is home to more than 9,500 businesses. Those operating in the professional, scientific, and technical services and the public administration industries are most abundant in this city; but a wide range of different businesses have found success here. As a business-owner in Rockville, it is important that you protect your commercial endeavor with a solid insurance plan. Buying businesses 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 particular Rockville business. Find an agent near you to learn more.
Liability Insurance for Small Businesses in Rockville
Liability insurance is designed to absorb the court costs, legal defense fees, and damages associated with certain liability lawsuits. Because liability lawsuits against businesses frequently result in judgments exceeding $1 million, this insurance can prove extremely valuable. All business insurance policies include commercial general liability insurance (CGL). Your company’s CGL has two main coverage components:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occur on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses and property damage that are caused by products your business produces, sells, or promotes.
For many businesses, CGL alone is not enough. An independent insurance agent can identify your company’s other liability risks and can recommend the appropriate solutions to cover against them. Examples of some of the many additional liability insurance policies available to businesses include:
- Commercial vehicle liability insurance: This covers damage and injuries resulting from a collision involving your company-owned vehicle.
- Employment practices liability insurance: This covers your business against lawsuits related to alleged illegal business practices such as discrimination and wrongful termination.
- Environmental liability insurance: This covers against accidental pollution of the ground, water, or air if your business is responsible.
- Errors and omissions insurance (E&O): This covers individuals in professional positions against lawsuits resulting from errors in judgment and other professional mistakes.
You can learn more about these and other liability coverage options by consulting your local independent agent.
Cyber Liability Insurance Protects Rockville Businesses
Cyber liability insurance is a commercial liability product that deserves a closer look. This relatively new coverage is designed to protect businesses in the event that hackers break into their computer systems and access sensitive customer data that has been 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 cybercriminals infiltrate your company’s computer system, they can use the acquired data to commit identity theft, fraud, and other crimes. A data breach of this nature can result in a very expensive liability lawsuit against your business. If your Rockville business uses computers to record your customers’ personal or financial data, be sure to learn more about how cyber liability insurance can offer a layer of protection.
Property Insurance for Small Businesses in Rockville, MD
Rockville businesses may experience property loss and damage caused by such hazards as structure fires, theft, vandalism, 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, inventory, tools, machinery and more. Some business property requires specialized coverage, such as contractors equipment insurance, inland marine insurance, or boiler & machinery insurance. Your independent agent will be able to offer advice so that you can be sure that all your property is appropriately covered.
Business Interruption Insurance for Rockville Businesses
Disasters like fires or hurricanes can do more than just damage your business-owned property. They can also sometimes force your company to remain closed for an extended period while repairs are made. A closure that lasts for weeks, or even months, 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 covered destructive event. With this coverage, which is typically limited to one year, your business can continue to pay monthly expenses and employee salaries even though you are unable to generate revenue. A local independent agent can explain more about business interruption insurance, and help you review quotes for this important coverage.
Rockville Businesses Need Workers’ Compensation Insurance
In the state of Maryland, most businesses are required to carry workers’ compensation insurance (commonly referred to as “workman’s comp”). Some businesses, such as sole proprietorships and some agricultural employers, are exempted from this mandate. If in doubt, your independent agent can advise you about whether your business needs to have this insurance. Workers’ compensation insurance is designed to cover the costs of medical treatment, lost wages, and other associated expenses if an employee is injured or becomes ill on the job. It can also provide family members with financial compensation if a workplace injury is fatal or permanently disabling.
The cost of your workers’ compensation policy will be based on your company’s overall payroll and the types of jobs your employees do. You can expect it to cost more to cover employees who work on utility poles than to cover workers in an office setting. Your local independent agent can help you obtain your coverage through a commercial provider or through Maryland’s state-administered fund, whichever is the better choice for your Rockville business.
Employee Benefits for Small Businesses in Rockville
Studies by human resource professionals have confirmed that businesses that offer employee benefits such as life insurance and health insurance are better able to 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, a local independent agent can answer your insurance-related questions and fully explain the pros and cons of your various options. Your agent can then help you review a wide range of competitively priced policies. That way, you can make an informed decision when purchasing insurance products to include in your employee benefits package.
Why Work with an Independent Insurance Agent?
Every business is different. 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 them. Because they can work with multiple insurance companies, an independent agent can find you suitable coverage at competitive prices.
Contact a local independent agent to learn more. You will soon discover how easy it can be to build a comprehensive commercial insurance plan for your Rockville business.
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