Baltimore Business Liability Insurance

Baltimore business liability insurance covers court costs, reasonable related expenses, judgment or settlement fees, and will even post a bond on behalf of your company to ensure the payment of a potential judgment. A liability policy is necessary to protect your company from third-party claims that may arise. You'll be covered for most claims related to property damage, bodily injury, personal injury and advertising injury.

Your Baltimore business liability insurance plan will come with certain policy limits and exclusions that you need to take into account. It also comes with a number of exclusions. Depending on the nature of your business, you may need to purchase an additional features for your plan (or additional policies). For example, as a contractor, there's a chance you might need an environmental or pollution policy.

Policy Limits and Exclusions

Baltimore business liability insurance typically comes with two types of limits. The first is called single occurrence limit, which is the limit the your policy will pay on one single occasion. The second is called an aggregate limit, which is the maximum amount for your Maryland business liability insurer will pay for all of the occurrences during the period of coverage. The aggregate limit is usually double the single occurrence limit.

Baltimore business liability insurance company has the duty to defend as well as the duty to indemnify. In other words, your insurer should pay all defense costs and the damages assessed (with the exception of your deductible). Note that your limits may include defense costs, so that they're part of the limit, or they may be excluded (meaning that your limits are much higher). Make sure that you understand what your limits are for, and whether or not they're sufficient considering your company's risk.

It's important to understand exclusions as well as limits. Your Baltimore business liability insurance does not cover issues in the workplace, for example. It only covers third-party claims, and your employees are not considered third party. It doesn't cover property damage either, though it covers your liability if someone else claims your company damaged their property, or that your property damaged them.

Automobiles, product and liquor liability aren't covered either. If your company involves driving, selling a product, or selling or serving alcohol, you most likely need to supplement your coverage. Baltimore business liability insurance policies don't cover pollution issues either. If your Baltimore, Maryland business might harm the local environment, you probably need an additional policy.

Environmental or Pollution Liability

Commercial property owners, developers, real estate managers, schools, and general manufacturing companies most likely need environmental policies. The effects of pollution may be far-reaching, causing property damage or bodily injury. Therefore, Maryland companies that might damage the environment need more than standard Baltimore business liability insurance.

Baltimore environmental liability insurance policies will protect the insured from claims related to bodily injury and property damage. The policy will also cover cleanup costs related to the dispersal or escape of pollutants. Baltimore, MD contractors should probably consider an environmental or pollution policy.

A pollution policy will provide coverage for claims related to the contamination of water, land or air, due to an accidental release of hazardous materials. It will also pay cleanup costs. As you might expect, this policy only works in the case of an accident. If a company intentionally and carelessly pollutes the environment, it's unlikely that any Baltimore business liability insurance company will protect them.

Prize Indemnity Insurance

There are many types of policies that aren't related to your business liability coverage. For example, if you're running a tournament, or plan to give away large prizes, you may even consider prize indemnity insurance. Prize indemnity insurance reimburses a company when a large and unexpected prize will be given away.

This is common in game-related situations, where the odds of winning are low. In golf tournaments, for example, the chances of a hole-in-one are very slim. Therefore, tournaments can purchase prize indemnity coverage to cover the potential need to pay the expensive hole-in-one prize they offer. Television shows also pay for prize indemnity to cover for million-dollar prizes.

There are many different kinds of insurance policies available to protect your Baltimore business. In fact, if you can think of an uncontrollable risk, there's most likely an insurance policy available for it. You can protect your property, assets, income, employees and so forth. Asking a Baltimore, MD, agent about your particular policy needs will help you figure out the different kinds of plans available for your company.

Most likely, Baltimore business liability insurance will be a necessary purchase for your Maryland company. However, it won't cover all your business risks sufficiently. After all, third-party claims aren't the only problem your company has to worry about. Natural disasters, for example, could severely harm your Baltimore business if you're not prepared.

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