Here at Monterey Insurance Group Inc. in Huntington, MD, we have realized that there are still several businesses operating without commercial insurance because many business owners believe that the insurance is not worth it. Being an expert in insurance, we want you to know that running a business without commercial insurance is like sitting on a keg of gun powder. Only a single incident can turn your business to history.
Here is why commercial insurance is as important as other aspects of your business.
Commercial insurance is mandatory in Maryland
In Maryland, once you hire at least one person, you must purchase the workers’ compensation insurance. Operating without any commercial insurance is a crime. If you continue to operate secretly, one day a disgruntled employee may blow the whistle on you.
Do you know that workers’ compensation insurance prevents your employees from being able to file a lawsuit against you for work-related injuries? Without the insurance in place, they could sue you for millions of dollars.
It protects your equipment
When your equipment breaks down, this coverage will provide funds to repair it. As a small construction company, your excavator could break down at the middle of a project. Remember, every construction project comes with a deadline. Also, that could be your only excavator. It may take some time before you raise funds to fix the excavator. So, you may resort to renting one.
If your business is insured with us, we’ll generally provide funds to fix your excavator within 24 to 48 hours. We pay claims promptly.
Commercial insurance boosts credibility
In case you need more capital for expansion, you need commercial insurance to convince potential investors and creditors. In fact, some of them may even ask for proof of insurance. Clients also consider inured companies first.
As a service buyer, if an insured company gives you the same quote as an uninsured company, we bet you’ll hire the insured one without hesitation. If there are concerns holding you back from purchasing a commercial insurance policy, you can consult us at Monterey Insurance Group Inc. in Huntington, MD. We’ll offer the most suitable insurance solution. The success of your business is important to us.