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commercial insurance maryland

What is commercial insurance?

Commercial insurance was created to protect the owners and employees of a company against losses and claims. Of course, every business has its own unique structure, and that’s why commercial policies are so varied.

Every business owner should obtain a commercial insurance quote in maryland before starting operations. Some of the more common types of commercial insurance policies cover losses associated with the breakdown of equipment, business liability issues, and company vehicles.

Owners can opt to add specialized coverage for workers compensation and more. A commercial policy is the ideal way to protect all of a company’s assets and property.

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What are the common types of commercial insurance?

Commercial insurance comes in a wide variety of policy types in order to match the specific needs of companies. When commercial insurance brokers write policies, the coverage typically includes general areas of protection like commercial property, business income, general liability claims, coverage for business owners, vehicle policies, as well as policies to protect officers and directors of the organization.

For on-the-job injuries and damage to property, general commercial liability insurance policies meet business owners’ needs. If a company has to shut down due to fires, natural disasters or other unanticipated occurrences, a business income policy can cover those losses. A commercial property policy is the appropriate choice for insuring business assets and equipment like inventory, computers, specialized tools, and high-tech machinery.

Other major categories of policies include those that cover commercial vehicles, workers compensation, and items not included in typical general liability policies, like the personal assets of corporate officers and directors.

What is the definition of commercial property insurance?

For commercial insurance definition; in most cases, commercial property insurance protects against losses like theft, fire damage, and natural disasters. Businesses of all kinds usually have at least some form of commercial property insurance coverage. If they don’t, the company’s livelihood is at risk. This kind of protection is vital for companies who own valuable assets like large amounts of inventory, high-end technical equipment, and specialized machinery. A key characteristic of commercial property policies is their ability to protect against losses to a company’s buildings and other significant assets.

For companies with vast holdings, the annual cost for commercial property insurance can be a core expense, just like the cost of life, health, auto, and homeowners insurance is for an individual. But for corporations, the cost of insurance is usually deductible as an expense, which means a lower tax obligation.

The essential part of any company’s commercial coverage policy is the value of any buildings and assets. In order to determine the type and amount of insurance needed, agents spend time with company owners to determine the exact value of every asset to be covered.

Companies who have commercial policies will notice that costs are affected by a number of factors like the location of the main building, how many people occupy the building on a typical work day, the construction material used in the structure, the proximity of fire hydrants, whether there is a sprinkler system, the presence of a standard security/alarm system, and more.

What coverage is included in business owners policy (BOP)?

Commonly called BOPs, business owners’ policies provide loss protection for many common types of liability and property risks under the umbrella of a single policy. Typically sold at a reduced price, these policies offer bundled coverage at a much lower rate than if each category were insured individually. Highly popular with owners of small and medium-sized organizations, business owners policy coverage is among the most affordable ways to obtain comprehensive protection against a wide variety of losses.

A standard business owners policy includes three kinds of insurance, offering business interruption protection, property insurance and commercial liability insurance. Whenever a disastrous event forces a company to cease operation, business interruption insurance protects against monetary losses. When it comes to property protection, a typical BOP insures the company for losses arising from storm damage, fire or vandalism, to name a few common categories. And for any legal claims that result from damages caused by the company or its employees, the liability component of a BOP provides coverage.

What are the key benefits of commercial auto insurance?

Policies that protect against Maryland commercial auto insurance risks are a necessity for any business that uses cars or trucks to conduct its day-to-day operations. Individual auto insurance does not offer the many advantages that come with commercial auto insurance. The most common advantage is a commercial policy’s ability to set very high limits on coverage.

Corporations and small business entities have special needs when it comes to vehicle coverage. High coverage limits, for example, are in place to help companies cover potential damage awards in lawsuits, large medical expenses, and considerable legal fees for attorney work. A commercial auto policy can also protect owners against claims made by employees who drive company vehicles.

Employees who do on-the-job driving in company cars and trucks expose owners to a high level of liability, even in cases when an accident is not the fault of the employee-driver. When companies decide to rent or lease a fleet of vehicles, there’s usually a legal requirement that the business obtains, or already has, sufficient commercial auto insurance. Otherwise, most leasing agencies won’t provide vehicles to the business owner

Why choose Alchemy Insurance?

As an independent commercial insurance agency in maryland, Alchemy can shop multiple brands at once to find the insurance that best suits your needs. Protect your family (and your wallet) with a FREE quote today!

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Frequently Asked Questions

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