An Overview Of Md Business Insurance:


by Renee Walker - Date: 2010-10-01 - Word Count: 472 Share This!

MD business insurance is required if you want to run a business in Maryland. First, it is important to realize that Maryland law requires certain types of business insurance. Familiarize yourself with the laws regarding this and be sure your business has at least the minimum insurance required.

One type of business insurance is property insurance. Property insurance coverage can protect your business from fire, tornadoes, floods, hurricanes, earthquakes and other disasters. However, it is important to note that not all the above-mentioned disasters are covered by property insurance automatically; some policies only cover one or two particular risks. Take into consideration what disasters are likely or unlikely to occur in your area when purchasing property insurance. The more risks covered by property insurance coverage, the more expensive your policy will be.

Liability insurance will protect you or your business if you are ever sued because of your or your employee's negligence. Since lawsuits are not uncommon no matter where you live or what type of business you run, you may want to seriously consider purchasing this type of insurance.

Commercial auto insurance is one type of MD business insurance that is required by law, if you have vehicles that are used for the business. Commercial auto insurance covers your company vehicle or vehicles in case of either damage to the vehicle or damage to others from the vehicle. Note that your personal car would continue to be covered by a regular insurance policy, even if you do use it to drive to work, meet clients or travel to a business meeting.

Workers compensation insurance is required by all states in some form. This type of insurance will cover your employees in case one or more of them are hurt on the job. Purchasing this type of insurance coverage will mean that you employee or employees can not sue you if they are injured on the job; in return, the insurance coverage will take care of their medical bills and any damages. Note that this is not the same as health coverage; health coverage for your employees is different in that it covers your employees general health costs, such as annual doctor visits or hospitalization due to factors having nothing to do with your business.

Business Interruption insurance is another type of MD business insurance coverage that may be good to have. It will cover losses incurred by your business if for some reason you have to shut down for a period of time. For instance, if an earthquake hits and the roof caves in on your business, property insurance would cover the cost of repairing the roof. However, it would not cover the losses you accrue due to your business having to remain closed while the roof is being fixed; you would need Business Interruption insurance if you want this to be covered.

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