Business Insurance in Monrovia, MD
Owning a business is a significant investment; obtaining a robust insurance portfolio is one way to protect it. Running a business comes with many inherent risks, and insurance can help protect you, your employees and your finances. Without insurance, a costly incident could financially devastate your business.
How Does Business Insurance Work?
Business insurance is designed to help relieve your financial burden when unexpected incidents occur. If an incident occurs that you think should be covered, file a claim with your insurance company explaining what happened and what was lost or damaged. If your insurer agrees it is a covered incident, they will issue a payment to help you recover your losses. If you’re sued, your insurance provider may handle your legal representation, depending on your policy.
What Does Business Insurance Cover?
Most businesses need a minimum of the following four types of coverage:
1. Property insurance
2. General liability insurance
3. Business interruption insurance
4. Workers’ compensation insurance
The following are additional coverage options that your agent may recommend for your circumstances, among others:
- Cyber liability insurance
- Commercial auto insurance
- Commercial umbrella insurance
- Professional liability insurance
- Directors and officers insurance
- Product liability insurance
Depending on your policy, the following are some situations that business insurance may help cover:
- Fire damage
- Slips and falls on the business’s property
- Third-party losses resulting from your professional advice
- Employees’ on-the-job injuries
- Workplace discrimination lawsuits
- Accidents involving company-owned vehicles
- Wind and hail damage
What Business Insurance Is Required by Law?
Every state has different laws regarding business insurance, but many require workers’ compensation for most businesses. Working with a qualified insurance provider who knows the local legal requirements is critical to ensure adequate coverage that complies with applicable laws.
How Much Business Insurance Do I Need?
The most effective way to determine the right amount of insurance coverage for your business is to speak with a qualified insurance provider. Contact Lyceum Insurance Services to get started.