Does your commercial policy provide enough protection for your fleet of vehicles?

Posted on by AgentInsure

Does your Laurel, MD area business rely on its commercial fleet to make your business work? If you need your vehicles out on the road to keep your company operating, it’s key that your fleet has the protection it needs. The team at Mid Atlantic Insurance Financial is here to review all of your commercial insurance options with you and determine which is appropriate for your needs. The right policy and coverage levels can make a significant difference in your ability to stay in business in the event that something happens to one or more of your company vehicles. 

Protect your commercial fleet

If you need to have your trucks or other vehicles operational in order for your business to function, it’s key that they are adequately covered. In the event that one or more of your vehicles is offline, the right insurance policy will make sure that you are protected. Whether you require coverage for a vehicle rental, or opt for business interruption coverage, there are a number of different coverage options available to you. Many firms insure the total value of their vehicles so that they are protected in the event that the vehicle is stolen or totaled, but they do not consider the impact to their business in the event that their fleet is taken off-road. Your local agent is knowledgeable about your needs and can work closely with you to make sure you’re protected.

If you are building up your Laurel, MD area fleet, or want to make sure that your existing vehicles are covered, we are here to help. Call or stop by the Mid Atlantic Insurance Financial office today and find out more about your commercial policy options that will keep your fleet protected.

The Benefits of Universal Life

Posted on by AgentInsure

Universal life insurance has some unique benefits that many appreciate. To understand universal life it is helpful to compare it to whole life insurance and term insurance. The main differences are found in the premiums, annual dividends, interest payments, flexibility in death benefits, and if the policy has any investment/savings value that can be borrowed against. Your agent at Mid Atlantic Insurance Financial, serving Laurel, MD, and the nearby communities, will help you understand the details; however, here is the overview.

Premiums

Premiums for whole life are a certain amount that does not change. If a person gets whole life insurance when young, the premiums are usually very modest. They stay the same over the whole life of the person. This is why whole life is called “permanent” insurance.

Universal life allows flexible premium payments as long as the minimum is paid. The payments can be adjusted up or down depending on the particular financial circumstances of the insured.

Term life has a set payment that remains the same for each month of the term.

Dividends and Earned Interest

Whole life pays annual dividends that can either be accumulated to build up value in the policy or paid out each year. Universal life has a variable interest rate that helps the policy build value. Term life does not have annual dividends or earn any interest.

Borrowing

Both whole life and universal life build value over time that can be borrowed against.

Death Benefits

Universal life has the option of a level death benefit, which stays the same over a person’s life or the ability to have an increased amount or decreased amount of death benefit.

Summary

There are many more details to consider when thinking about universal life. The main advantages are the flexibility in premium payments and death benefits. Additionally, universal life is permanent insurance meant to be kept for the entire life, just like whole life, as opposed to term life insurance, which is only good for a certain period.

Call us to get a quote for life insurance from your agent at Mid Atlantic Insurance Financial in Laurel, MD or if you prefer you can use the convenient online form.

Understanding the Three Most Common Types of Auto Insurance

Posted on by AgentInsure

If you operate a motor vehicle in Laurel, MD, you must carry auto insurance. There are several types of auto insurance to choose from; each of which has its advantages and disadvantages with regard to cost and coverage. Before contacting Mid Atlantic Insurance Financial to purchase a policy for automobile insurance, it’s beneficial to know and understand the different options. To help you get started, here is some brief information on the three most common types of auto insurance.

Comprehensive Auto Insurance

Comprehensive, also known as full coverage, is just like it sounds-it covers almost any type of damage and/or injuries to you, other drivers and/or property.  With a comprehensive insurance policy, if you are involved in an accident, whether it is your fault or not, after paying the deductible, the policy will cover the costs incurred. For instance, if your involved in an accident with an uninsured driver,  your comprehensive insurance will cover the costs of damages to your vehicle. Regardless of how undervalued you think your vehicle is, comprehensive insurance is the best option to ensure you and your vehicle are protected in any type of auto accident.

Liability Auto Insurance

Liability is the minimum requirement for most states, including MD. Liability insurance is generally the lowest cost option, but it will only cover damages to another person’s property; this policy will not cover damages to you or your vehicle. If you have financed your vehicle through a bank or loan company, most will require you to carry more than a liability on the vehicle. If you have an older vehicle that is not driven very often, liability may be a good option; however, it’s important to talk to your insurance representative to ensure that this type of insurance is suitable for your needs.

SR22

SR22 insurance is also known as an SR22 bond, which means you have agreed to provide a “bond” with the state in order to operate a motor vehicle. This type of coverage is generally required if you have been involved in a situation that cost you driving privileges for any amount of time. For instance, if you have multiple driving under the influence charges or were involved in an automobile accident and you did not have insurance at the time of the accident. Before your driving privileges are reissued, you will be required to obtain an SR22 insurance bond.

Residents of Laurel, MD who want to learn more information about or to purchase automobile insurance should contact Mid Atlantic Insurance Financial.

Home Insurance For Maryland Homes

Posted on by AgentInsure

To decide about home insurance in Maryland, consider the risks covered, whether you need extra coverage for floods and earthquakes, the value to be insured, and the deductible that you can accept.

Types of Basic Maryland Home Insurance

There are two general categories of home insurance offered in the state of Maryland. One type is the HO-2 Broad Form that identifies the covered risks called “named perils.” The other type is the HO-3 Special Form that is an “open peril” type, which covers whatever is not specifically stated in the policy as being excluded. Condominiums have a special category of their own called HO-6.

Floods and Earthquakes

Flood and earthquake insurance are each separate policies from home insurance. Homeowners probably want to consider getting flood insurance no matter where the home is located because the risk of flooding is increasing due to climate change.

Flood plain maps from FEMA are outdated. They are no longer accurate when used for predicting flood zones. There have been many floods in the past few years that statistically were not supposed to happen but once in 100 years or once in 500 years.

If a home is anywhere near the coastline or within 30 miles of a river, having flood insurance is a critical consideration at this time.

Market Value and Replacement Value

Market value insurance is usually used for older homes that are built in such a way that replacing the actual materials used in the original construction would be cost-prohibitive. Instead, newer construction materials are used to recreate the home to a standard of livability.

Replacement value insurance can be between 80% to 100% of the replacement cost for a newer home to be rebuilt as close to the same condition as it was before any damage.

Deductible

The other thing to decide is the amount of the deductible. This is the amount a homeowner pays out-of-pocket before any insurance claim is paid. Higher deductibles lower the monthly insurance premiums.

Conclusion

Work with your agent at Mid Atlantic Insurance Financial, serving Laurel, MD and the nearby communities, to understand exactly what coverage is offered by the home insurance policy you select. Add extra coverage as necessary to supplement the home insurance.

To get a quote for home insurance contact an agent at Mid Atlantic Insurance Financial in Laurel, MD by calling 301-604-4444 or use the online quote request form.

Breakdown: How Commercial Insurance Helps When Things Go Awry

Posted on by AgentInsure

Our local Laurel, MD businesses rely on a marriage of hardware and software to run efficiently. No matter how big or small your company is, chances are you’re dependent on machinery, technology, and communications to keep things going smoothly. But what happens when one of these crucial components stops working? This is a time when a solid commercial insurance policy from Mid Atlantic Insurance Financial can become your life saver in a sea of troubles.

Commercial Insurance for Hardware

Even though you may already have minimum coverage to insure your commercial property and vehicles, that may not be enough protection when your most important hardware breaks down. You may be asking "what exactly is hardware?" or "why do I need to insure it?". Simply put, "hardware" is any physical piece of equipment that you use in the daily running of your business. Hardware can include large machinery used for fabrication, smaller equipment or tools, or even physical components of computers and other office equipment such as printers or copy machines. It’s important to consider how much loss you might encounter should any of your vital hardware break or malfunction. Does your current commercial insurance policy cover repairs, replacements, or time lost?

Commercial Insurance for Software

In the digital age, most companies need a robust cyber presence for success. Unfortunately, the programs that run daily business needs can encounter complex threats that can severely hinder your productivity. Insuring your business software means you’ll be protected if your computer network falls victim to malware, viruses, or even data breaches that can interrupt or even stall your work completely. 

Located in Laurel, MD and having trouble determining the correct coverage of your business? Contact Mid Atlantic Insurance Financial today and let us provide you with certainty!

Does Life Insurance Cover Non-traditional Burial Costs?

Posted on by AgentInsure

Life insurance is something that we often forget to worry about until it is too late. For the most part, your life insurance policy is going to be used by your beneficiary to cover the end of life expenses and to settle any accounts that you leave. These policies can also cover other costs. For those that live in the Laurel, MD area, the agents with Mid Atlantic Insurance Financial can help you to find the right life insurance policy for you.

In most cases, your life insurance policy is going to cover whatever it is that your beneficiary decides to spend it on. Unless you buy specific burial insurance or insurance that is meant only to cover final expenses, your beneficiary can use the policy to pay whatever they want to pay. This means that if you want to be cremated and buried at sea if you want to be buried in a natural grave with no embalming, or if you want some other non-traditional burial, your beneficiary can use the funds from your life insurance policy to cover the cost of that burial.

Your beneficiary, unless there are specific stipulations put on your life insurance policy, is going to have the ultimate say in what the funds from your life insurance policy payout are used for. You can delegate what you want the funds to be spent on, you can prepay for end of life expenses, or you can put the trust in the hands of your beneficiary to do what you want to be done with your life insurance funds.

For those that live in the Laurel, MD area, the agents with Mid Atlantic Insurance Financial can help you find the life insurance policy that works best for you, for your beneficiary, and for the end outcome you want to see.  

4 Ways Homeowner’s Insurance Protects Your Family

Posted on by AgentInsure

You already know you need insurance on your Laurel, MD home, but do you know exactly what your policy does to help out in a catastrophe? Our Mid Atlantic Insurance Financial team has put together this short post explaining the importance of property insurance. Here are three ways homeowner’s insurance protects your family.

#1: Protection Against Fire and Theft

While the policy itself can’t keep a fire from breaking out or something breaking into your home, your insurance can protect you if one ever happens. Even small kitchen fires require thousands of dollars in home restoration work due to smoke damage. Replacement of personal property after a break-in can easily become expensive. Having insurance can help alleviate the cost of undergoing this type of process versus having to pay for it yourself.

#2: Rebuilding After Major Damage

An event that causes major damage might require the rebuilding of your home. Homeowner’s insurance protects your family by offering the ability to replace damaged parts of your structure without having to pay for those costs yourself. In the event of a catastrophic incident, this can be an absolute lifesaver and a real benefit to your peace of mind.

#3: A Place to Stay After A Catastrophe

After a major incident, you’ll need a safe place for your family to stay. Most homeowner’s insurance policies cover the costs of either staying in a hotel for the short term or finding a suitable rental home during a major rebuild of your home. By having proper insurance, you can keep from paying for this type of lodging out of your own pocket.

Mid Atlantic Insurance Financial proudly serves the Laurel, MD community and surrounding areas. Please contact us today to schedule an appointment or for a no-obligation coverage review.

3 things to know about car insurance

Posted on by AgentInsure

Insurance experts will often tell you to purchase as much car insurance as you can afford. Well, that’s pretty off especially for individuals owning cars for the first time. Unless you are well-informed about how auto insurance works, it is easy to feel overwhelmed over what to buy and what to skip.

However, according to Mid Atlantic Insurance Financial, there are three crucial things you should know about car insurance. This will help you determine what coverages are best for you. 

1. Some of the most useful coverages are the cheapest!

In the insurance industry, let no one lie to you that ‘cheap is expensive.’  Every state has the minimum auto insurance coverage every driver is required to have. This requirement ensures that the essential areas of your car are protected. Keep in mind that the type and price of your vehicle also plays a critical role in determining your coverage limit.

2. Many factors can affect your car insurance rates.

If you own a car in Laurel, MD, then you probably have come across various auto insurance companies with varying insurance rates. All these companies have different ways of evaluating an insurance application. For instance, at Mid Atlantic Insurance Financial, we have several guidelines that, we follow that help to arrive at certain conclusions.

3. You pay more in the long run if you allow your policy to lapse.

The law, as well as all auto insurance companies, view drivers who aren’t licensed or insured as irresponsible and risky. For this reason, you are likely to pay more if you let your insurance policy lapse. It is a penalty to ensure that drivers have insurance coverages at all times.

For quotes or policy inquiries, visit us at Mid Atlantic Insurance Financial in Laurel, MD today.

When to Consider Commercial Insurance

Posted on by AgentInsure

Whether you have just opened a business or you are thinking about it, you are likely trying to figure out if now is the time to get commercial insurance. Here at Mid Atlantic insurance Financial, serving Laurel, MD, we know how valuable commercial insurance really is. We want to make sure you are as covered as possible because you never know when something will happen that you cannot control. Use these tips to help determine if now is the time to purchase commercial insurance. 

  • Has your business opened? If you are still in the planning phases, you really do not need to have commercial insurance quite yet. However, if you do have a business in operation and do not yet have commercial insurance, you should at least consider getting a basic policy to get you started. You have put a lot into this business and you need to protect it. 
  • Do you have employees? If you do, then it is definitely time for you to get some commercial insurance. You do not want to run into an issue that impacts an employee without insurance because it is something that could bankrupt you. 
  • Do you have machinery or other physical items? If so, this is another reason to get a commercial insurance policy. If your business relies on those items, you want to make sure they are covered so they can be replaced if anything were to happen to them.

Now that you have a better idea of when to purchase, if that means that you need to get started, be sure to reach out to us here at Mid Atlantic Insurance Financial, serving Laurel, MD, today. We can help you find the perfect customized policy to fit your needs and we will also work with your budget. 

Should I buy whole life or term insurance?

Posted on by AgentInsure

What kind of insurance you should buy, and how much, will depend on several personal factors, including your age, position in life, health, etc. Having a safety net for your loved ones is important, though, so it is important to learn as much as possible so you can make the best decision. If you are in Laurel, MD, you can always get advice from Mid Atlantic Insurance Financial, where we will be happy to discuss your options with no obligation.

Advantages of Whole Life Insurance

This kind of insurance is also called permanent insurance and will last for as long as you continue to pay the premiums. Both whole life and term life offer lower premiums when you are younger, and you can lock in a good price when you are young. Whole life policies have a cash value, and the money you pay every month in the form of a premium adds up. You can borrow or withdraw that money, which is yours, or let it accumulate.

Advantages of Term Life Insurance

Term life insurance will cost less, pretty much across the board. It is a simpler kind of insurance, only offering a benefit when you die. It is also called term life because there is an ending date, and after the end date you will not have the money or the policy anymore. For many people, it is adequate, because they need the assurance of knowing that if something were to happen to them there will be money available to their families to get through their time of grief without worry.

It may seem confusing, and but at Mid Atlantic Insurance Financial we have helped people at every stage of life to find the right policy. If you live in Laurel, MD, please feel free to call today with any questions.