Here at Malden Solutions, we have brokers that can help you determine what type of insurance you need.
Life is unpredictable. While you should have high hopes for your business succeeding, you should always prepare for an unexpected circumstance by investing in business insurance. Understanding all the details of policies may seem complicated, but the bottom line is that you, your employees, and your clients need protection. If you’re a small startup business, you may not know where to begin. If you have an established business, then you may need to do a review and make sure that you have the best policies for you and your team. Luckily, here at Malden Solutions, we have brokers that can help you determine what you need. Here are some helpful tips for understanding what types of insurance your business may need.
1) Property Insurance
If your property goes through damages from vandalism or other causes such as a storm, this policy can not only cover the loss of the property itself, but it includes your inventory as well or any items essential to help your business run. This plan also helps to pay for preventative measures, for example, removing debris so that no further damage happens. It also prevents you from ultimately paying out-of-pocket until the damage gets repaired.
2) Liability Insurance
If one of your customers were to file a claim about a defective product, this is where liability insurance takes over. It helps you cover the costs in damages while and assists with legal expenses if the client sues you past what policy covers. Liability insurance also pays for medical fees if anyone becomes harmed due to your business. While the goal of any company is to have excellent products without defect, accidents happen. While you may not anticipate customers being in harm’s way, the best business owners are always prepared.
3) Commercial Auto Insurance
This plan does not apply to all business. However, if your company involves making deliveries or runs, then you want to make sure your employees are taken care of if something were to happen to them out on the road. Not only does commercial auto insurance cover bodily injuries, but you can set it to cover what matters to you the most like being able to replace a vehicle.
4) Workers Compensation
Most states require business owners to have workers compensation. Employees need assistance if an injury happens on the job. Medical costs are expensive and the amount of time spent away from work, not earning money, needs accountability and coverage. Also, if a death were to occur, the worker’s compensation benefits would go straight to their family.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter,Facebook, and Linkedin.