As of 2019, there are nearly 600,000 small businesses in the state of Maryland. These businesses are the pillar of the state’s economy and they also provide employment for the local residents. For business owners, obtaining insurance policy is an important step to not only sustain their business, but also continue to provide employment. One of the most important types of coverage that businesses should invest in would be commercial auto insurance.
Before making a selection, it is important to know your unique business needs, as well as the type of vehicles that you use on a regular basis. These factors can influence the rates on your insurance policy and the level of protection that you can get.
Obtaining commercial auto insurance in Maryland is not only legal; you have to meet the minimum coverage requirement set by the state government, too.
The minimum liability coverage for bodily injury is $30,000 per person or $60,000 if more than two individuals are injured during collision or crash. On the other hand, the minimum coverage for property damage is $15,000 (per accident).
While it is a good idea to comply with the minimum coverage set by the government, it is also important to assess your business vehicle’s risks and the corresponding protection needed. Commercial vehicles ran the gamut of sizes and weight. For example, cars are considered business vehicles as much as trailer trucks and 18-wheeler trucks are. For larger vehicles, you might need to purchase a higher amount of coverage.
For othere states, make sure to check the requirements by state.
The National Safety Council has gathered the following data in relation to risks on the road for all types of commercial vehicles.
If you are not willing to use your business’ hard-earned resources to pay for these charges, make sure you protect your business assets with commercial auto insurance in Maryland.
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