Should I Get Commercial Insurance?

If you own or manage a business, you will know very well that many different vital decisions need to be made. One choice you will need to make is whether or not you should get commercial insurance, and there are a variety of key reasons why you should get commercial insurance in place for your business.

Provides Necessary Liability Protection

When you produce and sell any product or service, you are naturally taking on a lot of liability. In these situations, one of the best things that you could do would be to invest in a liability insurance policy. This type of policy will provide you and your business with protection in the event that you are sued for negligence or another type of liability.

Covers Employees

For those that have employees in the Huntington, MD area, having workers compensation insurance in place is almost always a requirement. This type of coverage will provide coverage to you and your employees if someone is injured while working on the job.

Property Protection

Many commercial insurance policies will also include a property insurance policy. This type of insurance will provide protection to your physical place of business. This will normally be required if you are the owner of the building under your mortgage document. If you are a tenant, the landlord will likely require that you carry it at all times during the length of your lease. 

If you have a business in the Huntington, MD area and have decided that commercial insurance is a good idea and investment, you should reach out to the team at Monterey Insurance Group, Inc. When you work with our company, you will receive the consultation that you need to pick the right commercial insurance policy to meet your needs. 

The Benefits of a Business Interruption Add-On for Your Commercial Insurance Policy

When you are purchasing a commercial insurance policy, there are many add-on, or supplemental coverages, that you can decide to buy. Each add-on clause helps to cover a portion of your business that is otherwise not covered by a traditional commercial insurance policy. At Monterey Insurance Group, Inc., serving the greater Huntingtown, MD area, we recommend that our customers buy a business interruption add-on. Here are a few of the reasons why:

Pays Your Rent or Mortgage

If your business is unable to open and operate, you may not have the income you need to pay rent on the building or your mortgage. You may be unable to open due to fire, flooding in the area, or a hurricane that hit town. Business interruption insurance helps to pay your rent or mortgage when you are unable to open your business due to events covered under your commercial insurance policy. 

Supplements Your Income

When you are unable to open your doors, you may also be losing out on your income. If your business cannot open, you are not making money. Business interruption policies help to supplement your income during the time that you are unable to open. 

Covers Spoiled Goods

Lastly, business interruption policies help to pay for and cover goods that may have spoiled or gone bad because you could not sell them quickly because you couldn’t open your business. 

The right commercial insurance policy can help to protect your business against unforeseen circumstances. If you are looking to purchase a new commercial insurance policy, or make changes to an existing one in the greater Huntingtown, MD area, Monterey Insurance Group, Inc. would love to help you. Contact us now to get started. 

Does Commercial Insurance Cover Heavy Equipment?

Business owners know that there are key elements that are required to run and protect their company. One of the most critical elements is commercial insurance. Businesses that own and operate heavy equipment need complete coverage to protect their valuable belongings and prevent serious financial losses that could impact the well-being of the operation. 

Covering Heavy Equipment

Standard commercial insurance doesn’t generally provide coverage for heavy equipment and is designed to protect the structure and its contents rather than vehicles and heavy equipment. There is specialized insurance available that is designed to cover the equipment and provide the blanket of protection necessary to repair or replace expensive machinery critical to the welfare of the company. Before selecting your insurance policy, it is important to research the limits and exclusions for coverage. It is best to ask a professional insurance agent about the details so you can be informed.

Getting Complete Coverage

If you own a business and have heavy equipment, make sure you know what your commercial insurance covers and make any additional insurance purchases that cover gaps in the policy. Business owners in and around Huntington, MD can rely on the expertise of Monterey Insurance Group, Inc. to provide the guidance necessary to provide complete insurance protection. 

Don’t leave your valuable assets unprotected. Contact the offices of Monterey Insurance Group, Inc. serving businesses in and around Huntington, MD with quality commercial insurance products. Call or stop by to speak with a friendly, knowledgeable insurance agent and ask the questions that help you make the best decision for your company. Get the peace of mind you need today without wondering if you are fully protected.

Starting Your Company From Home? You Need Small Business Insurance

You are showing a potential customer your collection of goods when they slip on a water puddle in your garage and take a hard fall. They swear that they are okay, but you call for emergency services just to be on the safe side. Weeks later, your potential client sends you their medical bills along with a tab for wages lost as a result of their fall. It appears that the injury was worse than they imagined. “No worries,” you figure. “Homeowners’ insurance will pay for it.” No so fast! Your homeowners’ indemnity policy does not pay for incidents related to your small business in Huntington, MD. This is why you need the agents at Monterey Insurance Group, Inc. to help you choose a small business insurance plan. 

Maryland is the ideal place for a startup

The residents of Calvert County understand the importance of small businesses, which is why they strive to support entrepreneurs. Maryland is the perfect spot to start a company, which is why many ambitious business owners launch their visions for a company out of their homes instead of trying to find retail space. The problem with such a leap is that many entrepreneurs enter into the sector as company owners without realizing how much their homeowners’ insurance policy does not cover. 

Homeowners’ insurance is not suitable for your business

Too many homeowners and new entrepreneurs assume that the indemnity policy used for their residential property is also valid for their small business. It is not until a company-related incident occurs on the premises that they realize how much assurance they lack. Unfortunately, finding out that you are underinsured while staring at a bill that the indemnity company will not pay for is not the best option. 

It is crucial, then, for small business owners working from home to understand that their homeowners’ insurance was not designed to pay for damages related to their company. You need a different policy to pay for costs if a client is injured during a consultation.

Small business insurance is necessary 

The best home-based insurance options include general liability insurance that pays for personal injury suits as well as medical bills related to incidents. You may also obtain a policy in Calvert County that covers defective products and faulty services.

The central purpose of starting your small business from home is to cut costs. You do not want to end up paying more than you bargained for because you failed to obtain proper insurance to cover your startup. Let the agents at Monterey Insurance Group, Inc. help you find the small business indemnity policy that is right for your situation in Calvert County. 

Commercial Insurance You Should Consider

Every business is a little bit different from the next. Due to this, you should never just accept a cookie-cutter form of commercial insurance. With the help of the professionals at Monterey Insurance Group, Inc., it is possible to receive help uncovering the different insurance options and how each can help you with your business in and around Huntington, MD.

Professional Liability Insurance

This policy is one you need to consider, regardless of the kind of industry you’re in. There are times where your products and services may not deliver entirely as promised. When this happens, a customer may attempt to sue you for negligence. Professional liability insurance helps protect you in this case. 

Worker’s Compensation

If an employee is hurt on the job, it can become expensive taking care of not only their salary but the cost of the injuries and other medical bills. With the right insurance coverage, your employees (and your business) will be protected.

Property Insurance

You don’t need to own the property to need this insurance. Property insurance also covers the items inside of the building. So, if you have stock or machinery you’ve invested in, it’s a good idea to consider a property insurance add-on. 

Vehicle Insurance

If you drive a vehicle for work or have a job specific vehicle, you need vehicle insurance. This helps protect you in the event of an accident, and if the company is sued because of it. 

There are many different forms of insurance, which is exactly why you need the help of the professionals at Monterey Insurance Group, Inc. to find out which kind of coverage may work better for your business, regardless of if it is located in Huntington, MD or somewhere else in the neighboring communities. Reach out to our agents in Calvert County for more information.

Does Commercial Insurance Cover Workers and Employees?

Commercial insurance protects businesses and companies, whether they are small and run out of your home, or are large and have multiple locations around the state or nation. One thing that many business owners struggle with, however, is whether or not commercial insurance covers workers and employees. You know that commercial insurance covers things like business vehicles, liability, property damage, etc., but will it take care of your staff if they are injured on the job?

Worker’s Compensation Insurance Vs. General Liability Commercial Insurance

Most commercial insurance plans have some amount of general liability coverage. For example, if your business accidentally causes damage to someone else’s property, this will likely be covered. Other things that will be covered include slander, trademark infringement, and libel. Finally, this type of coverage will take care of personal injuries that may occur when someone was injured on your property and can show evidence that it was caused by your negligence.

It is important to note that this type of commercial insurance does not cover your workers and employees. This is where worker’s compensation insurance comes in. Worker’s comp insurance is required by law in most industries, and it covers your employees if they are injured on the job.

Contact Monterey Insurance Group, Inc.

If you are a resident of Huntingtown, MD, or have a business in Calvert County, Monterey Insurance Group, Inc. can help you find the perfect commercial insurance policy for your business. We are proud to serve the residents of Calvert County, and we have a wide variety of policies and coverage options that can meet your needs.

Give us a call today, or come to one of our local agency locations in Huntingtown, MD to speak with an agent. We look forward to working with you!