Laurel MD

Who Needs Commercial Umbrella Insurances in Laurel, MD?

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Significant assets are at risk when a business is sued. If the claim is higher than your insurance coverage, you can lose everything. However, commercial umbrella insurance provides another layer to protect business assets. Keep reading to find out who needs commercial umbrella insurance in Laurel, MD. You can contact Mid Atlantic Insurance Financial at any time for more information.

Do You Really Need Commercial Umbrella Coverage?

You need commercial umbrella insurance if you have a high net worth and significant assets to lose. Another factor is how likely it is for you to get sued. This can be impacted by your career and activities. For example, if you are on the road a lot, auto accidents are more likely, and you are more likely to be sued.

What Umbrella Insurance Covers

You may work in a field where your existing insurance doesn’t have a high enough limit to cover potential lawsuits. Commercial umbrella insurance acts like a real umbrella on a rainy day and protects you from having to pay large lawsuit damages out-of-pocket. It has the same general categories as regular policies but kicks in only when your regular insurance has been exhausted.

  • Bodily Injury. For instance, your employee is working at a job site and causes an accident. that injures another person. Your commercial umbrella insurance picks up where your general liability stops.
  • Property Damage. If your delivery person crashes the company van into an 18-wheeler, your regular commercial auto insurance may not be enough to cover property damages. Your umbrella policy has you covered.
  • Other Kinds of Legal Damages. Umbrella insurance can pay for things not covered by typical insurance policies, such as getting sued for libel or slander. Further, it pays for damages if you are found guilty of privacy violation, false arrest, malicious prosecution and other civil charges.
  • Legal Fees. Commercial umbrella insurance pays for legal fees or court costs if you are involved in a lawsuit. With an umbrella policy, you can hire a great lawyer to protect your assets.

Contact Us

Contact Mid Atlantic Insurance Financial to find out how your Laurel, MD business can benefit from commercial umbrella insurance. You can also set up an appointment to discuss all your estate planning needs or to get a quote.

 

 

 

 

What are the Benefits of Title Insurance?

Posted on by AgentInsure

Buying a new home, vehicle, or other piece of real property is always a major investment.  Due to the importance of these investments, making sure the asset is properly insured is an important responsibility.  For those that are located in the Laurel, MD area, one important type of insurance that must be obtained is title insurance.  There are several reasons why having title insurance is very important.

Provides Protection

When you purchase a home, vehicle, or other asset, your lender will require that a title search will be completed on the asset.  A title search will confirm whether or not there are any outstanding liens against the asset.  In the majority of situations, any outstanding liens will be properly identified and you will be aware if there are any potential responsibilities.  

While title searches are usually accurate, there are situations in which they can miss an outstanding item.  In these situations title insurance will provide you with coverage to pay for the liens that were missed on the title report.  In most cases, your lender will require you to have insurance coverage up to the amount of the outstanding loan.  

Additional Title Insurance

It may be wise to purchase additional title insurance as well.  If there is a significant lien on the asset, the lien holder could potentially use it to foreclose on your asset.  While the lender will be repaid through their policy, you could potentially lose all equity that you have in your home.  The additional title insurance will be ensure that your equity is protected. 

Due to the importance of title insurance, Laurel, MD area residents should reach out to Mid Atlantic Insurance Financial to discuss their insurance needs.  Mid Atlantic Insurance Financial will be able to explain the benefits of title insurance and make sure that your insurance needs are properly met.  

How to Change Auto Insurance Providers

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When your auto insurance is close to renewal, the easier approach is to stay with the same insurer and continue paying the same premiums as before. Nevertheless, this could prove costly later on. There is always a possibility of getting a better deal when you switch your Laurel, MD insurance provider.

At Mid Atlantic Insurance Financial, we recommend that you shop for a new insurance carrier after every 2 or 3 years. When you shop around, you could end up saving between 5 and 50 percent each year. But when you do find a good rate and make the decision to change your carrier, keep in mind that sloppy transitions often lead to gaps in your auto insurance coverage. Follow these steps to guarantee a successful switch:

Shop Around

Many policies are issued for durations of 6 to 12 months. The best time to start looking for a new carrier will be when:

  • You move to a new state
  • You’re remaining with a month or two before the policy lapses
  • You purchase a new car

When looking to change your insurance provider, make inquiries pertaining to liability protection as well as bodily injury protection.

Establish whether there are Potential Penalties

When you decide that changing your carrier is the ideal move, determine whether you will be penalized for switching before the coverage period comes to an end. Insurers typically allow clients to cancel their policies at any time, but the clients are often required to provide advance notice. If you choose to cancel midterm, inquire from the insurer on the kind of penalties that will be imposed.

Investigate the New Insurer

Thoroughly investigate each insurer before you sign up. Check to confirm if other clients are happy with the way the insurer resolves their claims. Do not just sign up because they are promising lower rates than your current insurer.

Mid Atlantic Insurance Financial provides different auto insurance coverage options in Laurel, MD. Feel free to visit, email, or call our offices for all your auto insurance needs. 

Self-Employment and Commercial Insurance

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If only it were that simple. Several volumes can be written about the ramifications involved with your commercial insurance policy and your self employment endeavor. At Mid Atlantic Insurance Financial in cozy Laurel, MD we know how to put your business on the right track in terms of your commercial policy. We also know what questions to ask. Keep reading for the questions you need the answers for in order to have an informed and efficient conference with your commercial insurance agent. 

You are a DIY’er when it comes to business. You have identified a need, good or service that needs to be supplied and you decided to do-it-yourself as opposed to letting someone else do a substandard job. That is why you have decided to go into business for yourself. To protect your vulnerable areas you have to have insurance. What kind of insurance you need is contingent upon where you are most vulnerable. 

THE TWO MOST IMPORTANT FACTORS TO CONSIDER WHEN ASSESSING YOUR COMMERCIAL INSURANCE NEEDS 

  • Are you selling a good or service that has the potential to be detrimental? If you are in business the answer is "yes" 100 percent of the time. Every situation and every thing can inherently cause harm to someone or something.
  • Where will your business take place? Location is a liability in and of itself.  

Mid Atlantic Insurance Financial of Laurel, MD is in business to make sure your business stays in business. When a claim is filed no matter how big or small it doesn’t have to be detrimental to the forward projections of your company. Claims are a matter of course when you are in business. We will make the process easier and tolerable so that you can continue to do business with peace of mind. 

3 Reasons You Should Buy Life Insurance

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One of the most important financial decisions you can make is buying life insurance. Though life insurance is important whether in Laurel, MD, or anywhere else, people often balk at actually buying one.

It seems logical that since nobody is immune to death, investing in life insurance is the right thing to do. Most importantly, there is no right time to get life insurance.

You don’t have to be old and near to your grave before you begin to think of something so important. It is even more expensive to buy life insurance when you are older. The more reason one should do it now.

Wouldn’t you like to know that an insurance company like Mid Atlantic Insurance Financial has got your future secured with a comprehensive life insurance?

Apart from taking care of your burial expenses, here are 3 important reasons it is prudent to buy life insurance now.

1. Live insurance takes care of Estate taxes and debts

Without life insurance, your family could become saddled with taxes on your estate. You don’t want to make life difficult for them. All outstanding debts on transactions, whether business or personal, could be paid off instantly.

Of course, you need to buy your life insurance from reputable firms to make that process stress-free for your family.

2. Take care of a financial emergency

Certain types of life insurance from firms like Mid Atlantic Insurance Financial, Laurel MD, are like a special investment vehicle.

Sometimes referred to as whole life insurance, you are allowed to tap from the cash build-up in emergencies for instance. Try and make sure this type of life insurance is explained to you fully before signing up though.

3. Provides financial security

Nobody can predict the future. But with a comprehensive life insurance, you can safely predict that your family would be taken care of when you pass away.

This is even more important if your family depends solely on your income for survival. The life insurance effectively replaces that lost income.

If you need further assistance about life insurance in Laurel, MD, feel free to contact Mid Atlantic Insurance anytime.

 

3 Reasons to Get Commercial Auto Coverage

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Like many small business owners, you may use your personal vehicle for business purposes. You may deliver products to customers throughout the city or transport clients to or from your business on a regular basis. Any vehicle used for business purposes should be covered by commercial insurance.

Commercial auto insurance from Mid Atlantic Insurance Financial in Laurel, MD will protect your business assets against serious accidents on the job. Here are a few good reasons to acquire a commercial auto insurance policy for your car. 

Comprehensive Coverage

Commercial insurance not only protects you, employee drivers and passengers but covers the cost of property damage to your vehicle, products and equipment due to an accident or natural disaster when on the job. Commercial coverage can also be extended to autos or trucks you rent or borrow for your business to fully protect you against injuries or loss.

Greater Liability Limits

If your vehicle is used extensively for work purposes, you are at greater risk of having an accident on the road. Commercial auto insurance provides you with higher liability limits to protect your assets in the event of a serious accident. Whether you transport goods, equipment or passengers, you can have greater confidence that your insurance is giving you the protection you need.

Claim Rejection

Personal auto insurance protects consumers who use their vehicle for personal use. In contrast, commercial insurance is designed to protect the interests of businesses that use vehicles for work purposes.  

If you only have personal insurance on a vehicle used for work purposes, your insurer could reject an accident claim due to you violating the terms of your personal insurance policy. This could leave you liable for paying for injuries or damages out of pocket.  

For more information on commercial auto coverage and costs, contact us at Mid Atlantic Insurance Financial, Laurel, MD.

When To Purchase Home Insurance

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If you are new to owning a home, or are considering buying your first home, you may be wondering when you should purchase home insurance. These are some helpful points to get you started so you can feel secure knowing that you are protected in the event of a covered loss.

Purchase Insurance At Closing

As soon as, the paperwork is completed and closing is wrapping up, you should make your homeowner’s insurance purchase. You want to walk away will peace of mind knowing that you don’t have to worry if something happens. Always maintain coverage on your home, especially if you are financing. In fact, in most cases, your insurance can be included with your mortgage so you don’t have to worry and your lender will be protected too.

Make Sure You Buy Enough Coverage

When calculating the amount of home insurance you need, you should not only consider the cost of materials, but the cost to rebuild including labor and expenses. You can opt to purchase replacement or actual value. You should speak with your insurance representative about each option to help you determine which one best suits your needs. Don’t forget to include the contents of your home so if you do experience a covered event, you can replace your major appliances and valuables and get back on track quickly. Don’t forget to keep an updated list of contents and notify your agent of any additions or changes to your home. If you live in Laurel, MD, Mid Atlantic Insurance Financial can help you get started and answer any questions you may have about homeowners’ coverage.

Don’t leave your investment to chance. Get your home insurance coverage right away and keep it up to date to prevent any uncovered losses you may incur in the future. For more information, if you live in or around Laurel, MD, Mid Atlantic Insurance Financial can give you the assistance you need. Call or stop by today to get started.

Will Auto Insurance Cover Me On My Road Trip?

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When you’ve decided you’ve had enough of Laurel, MD and want to see a little more of the world, then you probably want to know what you need to do to prepare for your road trip. Mid Atlantic Insurance Financial wants you to know more about how your auto insurance works when you decide to hit the road. 

Driving In State 

If you want to stay in Maryland, then there’s really no change. You’re covered no matter how many trips around the state you take. What you want to consider though is that all those miles typically makes it more likely that you’ll break down on the side of the road. After all, vehicles (especially older ones) can only handle so much pressure. Most of the time, your insurance won’t cover any of the additional wear and tear you’ll put on the car, nor will it cover emergency road side service unless you have a specific provision on your policy. 

Out of State 

Your auto insurance in Laurel, MD will also transfer to any of the other states you may want to visit in the US. You can even go as far north as Canada without having to get any additional insurance for you or your companions. However, you should probably be aware that if you want to go to Mexico, you’ll need additional liability insurance to drive around legally. 

No matter where you’re planning to go, it’s always the right idea to take precautions. There are more chances something will happen when you’re on the road for an extended period of time, so give Mid Atlantic Insurance Financial a call if you want to go over how much coverage you have now or if you’re looking for a better policy. 

Why Is Title Insurance Important?

Posted on by AgentInsure

Let’s face it, buying a home takes a lot of hard work! With all the major decision-making and preparation going on it’s easy to overlook the small details that can end up creating huge headaches later on. While purchasing a home in Laurel, MD generally requires a title search to identify any potential problems such as liens or encumbrances, some faults aren’t immediately identified. That means you could end up paying for public records mistakes, sometimes for years!

Mid Atlantic Insurance Financial wants to help make your home-buying experience as stress-free as possible, so we’ve assembled this short guide about why title insurance is so important.

There are two types of title insurance, both are important.

If you are using a loan to help purchase your property, chances are the lender requires you to have a Loan Policy. A Loan Policy basically protects the lending institution from unforeseen problems with the title. It typically covers only the amount of money they are lending for the home.

In contrast, an Owners Policy is one that ensures you, the owner, from any future problems with the title for as long as you or your heirs own the property. This includes items that were not discovered during the initial title search. Such items include forgery, fraud, or false claims to the property by others. 

Title insurance takes time and skill.

There’s a reason most home buyers turn to a professional when it comes to getting their title insurance policy right. The process can take up to 100 different steps, sometimes more if problems do arise! Luckily most consumers won’t even have to go through this process, as their title pro will have it all taken care of before they present the policy.

If you’re interested in learning more about title insurance in Laurel, MD, don’t hesitate to contact Mid Atlantic Insurance Financial today! We will be happy to answer any questions you have and help get you started!

In Laurel, MD: When Is Comprehensive Insurance Required for a Vehicle?

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In Laurel, MD, the agents of Mid Atlantic Insurance Financial offer all types of auto insurance to ensure you receive the type of coverage you need. Whether you are looking only for the most basic of policies, or require a comprehensive policy that protects you against a variety of risks, they can help you get exactly what you’re looking for.

The Benefits of Comprehensive Coverage

Comprehensive coverage protects you from financial loss if your car is damaged in any way except for a collision. Theft, flood, fire, and vandalism are some of the most common causes of damage. It also covers hitting an animal or if the car is stolen. Comprehensive insurance is designed to cover the small things that you normally don’t think of when it comes to auto insurance. Most people are worried about collisions or other types of accidents when in reality, it can be the smaller events that do the most damage.

When Is It Required?

If you own your vehicle, you can purchase whatever type of insurance you want. If you are leasing or have a loan on your vehicle, the lending institution will require you to carry full coverage to protect them from any type of loss if the vehicle is damaged or stolen. Full coverage is a combination policy that includes both comprehensive and collision, covering almost every type of damage that could detract from the car’s value. 

The agents of Mid Atlantic Insurance Financial offer residents of Laurel, MD comprehensive auto insurance coverage to protect them from financial loss and hardship. If you have questions about your existing policy or want to learn more about the different types of available insurance, call their office today so you can get answers.