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!