If you are the owner of a Maryland business, you need to have certain commercial insurance policies to protect your business. There are two types that the state requires of most businesses in the state. If your company meets the requirements for one or both of these insurance policies, it’s important to get it right away so that you aren’t hit with fees and fines. Give us a call at Renee Oliver Insurance Agency Inc. in Silver Spring, MD.

Workers’ Compensation

In Maryland, every business that has at least one employee must have workers’ compensation insurance, even if it is just one part-time employee. With this coverage, you and your employee are protected against the costs associated with an accident or illness that an employee has at work. It protects you by paying for the medical bills and lost wages that are needed after an employee accident. It protects your employee by making these funds available when they are needed, so there’s no need for the employee to sue your company. There are a few exceptions to this rule, so talk to an agent about whether this coverage is required for your business.

Commercial Auto

If your Maryland business owns a vehicle, that vehicle has to have a commercial auto policy on it. This is mandated no matter what the type of vehicle it is. The policy must have a certain minimum amount for bodily injury liability for one person who is injured and a different amount for all of the bodily injury liability from an accident. There is also an amount required for property damage liability. 

Protect Your Business

To get the types of commercial insurance policies that you need, and some that aren’t required, give us a call at Renee Oliver Insurance Agency Inc in Silver Spring, MD.