Did you know that there are different types of insurance to choose from?
Did you know that there are different types of insurance to choose from? Small businesses in Maryland can significantly benefit from various insurance types to protect their business assets and operations. Keep reading to find out more!
Property Insurance
Property insurance is imperative. If your office space is currently closed and your team cannot gather in one centralized hub, you can’t abandon your small business property entirely. That is why you must invest in property insurance. This insurance covers physical disasters such as fires, theft, and vandalism, as well as furniture, inventory, and technology.
The insurance will also cover restoration and repair costs. Business interruption is another option you may not have heard of before but is definitely worth considering, especially as you attempt to get your company back up and running.
Commercial Auto Insurance Policies
Even small companies can maintain a fleet of company-branded vehicles. Business auto insurance could be instructed, depending on the state in which you live. Damages and injuries will be covered by related liability, which is why commercial auto insurance is essential. Conventional policies combine liability and property coverages that apply to all vehicles owned and operated by a particular business.
Meanwhile, hired and non-owned auto insurance plans are similar but slightly vary simultaneously. This policy is more pertinent to employees who drive their own vehicles for work purposes—either a personal vehicle or one that is rented under their names and not on the company’s behalf.
Commercial Umbrella Insurance
Umbrella insurance protects beyond basic liability coverage. It can cover the remaining amounts after the liability has been maxed out. Other liability and small business insurance types may benefit from being packaged with this type. If you fear that your small business could be subject to significant suits or losses, this is a worthwhile investment. Business Owner’s Policy
Lastly, consider purchasing a business owner’s policy. It’s a package that is cost-effective for smaller businesses since they don’t have as many resources as their larger competitors. Property and liability risks are covered, as are general and professional liability.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on X and LinkedIn for the latest voluntary benefit news!