What is the difference between personal and commercial insurance?

Your business in Catonsville, MD is already protected by the insurance policies you purchased through  HBW Insurance Group, but you may be wondering if you have the right kinds of coverage or the difference in how commercial insurance works. The same kinds of things are often covered by policies that look the same, like personal and commercial auto insurance policies. 

Personal vs Commercial Auto Insurance 

While they may look the same, there are striking differences between personal and commercial auto insurance policies. One important difference for businesses is that a commercial policy is rated differently, and it can typically carry higher limits. 

This is important because there are more ways a business may be held liable, where individuals involved in a traffic accident may look for "deeper pockets" when filing a lawsuit. Another important distinction is that someone borrowing a business car for personal use will likely be covered, but not the other way around. 

Other Differences

The names of the insured for a commercial policy may include the name of the business, and this may vary depending on the type of business, such as sole proprietorship or corporation. Personal policies typically list individuals or married couples. 

Policies protecting property for businesses may include several kinds of structures, where personal policies are usually limited to homes. A big difference is a liability because individuals normally have few concerns in that area. Businesses may need to worry about liability for their premises, operations, employees, products, and other related concerns. 

If you have been getting by with personal insurance up to now, or if you just have general questions about your coverage in Catonsville, MD, call HBW Insurance Group today for free advice to see how we can help protect you and your small business better. 

What to do After an Auto Accident

In as much as we abhor them, accidents do happen. And when they do, their effects are often devastating. Also, your reaction could make the difference between a claim that will take months to settle and one that’s pretty straightforward. 

Here’s what you need to do in case you’re involved in an accident in Catonsville, MD:

1. Stop and assess the damage. Do not drive away even though the accident is minor. 

2. Should the situation be beyond your control, call the police. They will be able to assess the damage further as well as establish who was at fault. The police report will also come in handy when you are filing for a claim with your insurance provider, so, make sure that you give an accurate account of what happened. Gather necessary information such as the name and address of the other driver and the status of their insurance policies. 

3. Call for an ambulance should anyone be injured. Make sure you protect the scene of the accident putting up flares and so on. If it’s necessary that you move your car, take photos before you do. 

4.  Report the accident to your auto insurance provider. Based on the severity of the accident, a decision will be made on whether the vehicle should be towed or it can be driven to the nearest garage. Your auto insurer will send an assessor to establish how much you should be compensated. 

5. Your insurance provider will walk you through the process of filing for a claim. Ensure that you retain a copy of your claim form and other accident-related information.  

In need of an auto insurance policy in Catonsville, MD? Contact HBW Insurance Group for a free estimate. We have an array of auto insurance coverage options designed to meet your auto insurance needs. 

Condo Living: What to Expect

Condo ownership comes with its share of amenities. Before making this commitment, however, you should learn more about condo living and how it differs from owning a single family home. Like any other type of home ownership, you’ll still need insurance to protect your investment. At HBW Insurance Group, we can help you select the right coverage for your Catonsville, MD condo and belongings. Here are a few factors to consider about condo living before you buy a condo.     

Sharing is Inevitable

Sharing is inevitable when it comes to condo living. You’ll probably share walls with a neighboring condo along with hallways, common grounds, security, and amenities. Depending on where you live, amenities could include a clubhouse, pool, gym or sauna. If you’re used to greater privacy, condo living will require an adjustment.

Limited Space

Most condos come with fixed living spaces and what you see, is what you get. Unlike single-family dwellings, there’s no option to add a bedroom, office or patio to increase living space in most condos, especially if you share walls. You also don’t own the land surrounding or beneath your condo, further restricting any plans for expansion.   

Restrictive Condo Rules 

Condos are governed by association rules and regulations that may restrict your current lifestyle. Before investing in a condo, it’s important to know the regulations that will govern your actions. The association may have rules on visitors, parking, noise level, unit maintenance and appearance, night time activities and more. Choosing an area with the least restrictions makes it easier to adapt to condo living and live the lifestyle you enjoy most.

On the flip side, condo ownership offers good security, free landscaping, comfortable living and fun, safe amenities (clubhouse, pool, gym, etc.) within easy reach. You can also obtain affordable condo insurance from HBW Insurance Group to safeguard your new Catonsville, MD condo home.

Why do I need condo insurance if I don’t own the building itself?

If you own a condo in Catonsville, MD, you probably appreciate that you are getting the best of both worlds. You don’t have to take care of the property, but you still get the benefits of owning your condo and being able to sell it later or transfer your rights.

You may have been encouraged to obtain a policy for condo through HBW Insurance Group, and in fact, if you still owe money on your condo there may be a condition that you keep an insurance policy until your loan is paid off. Why is it important to have an insurance policy on your condo when you don’t own the condo? Part of your homeowner’s association fees doubles goes toward paying the insurance for the buildings.

As a condo owner in Catonsville, MD, you are responsible for everything in your condo, including the physical structure within your walls. That means that if anything happens within your own area, you are responsible for repairs, and those repairs can be costly.

You also need to think about the contents of your condo. Your personal belongings include large appliances like a stove and refrigerator and smaller appliances like a toaster and microwave. You also have an entertainment system, furniture, clothing and many other kinds of personal items. Also, if there is a fire or other catastrophe, you may not have a place to stay.

A good insurance policy on your condo will help you deal with all those issues without having to go into your own pocket, beyond the deductible. If you have any questions or would like to find out how to protect your condo, please call HBW Insurance Group today.

How to Save on Health Insurance

Health insurance is something that you have to have in place due to federal law but that does not mean that you have to pay a lot of money for it. if you are not lucky enough to have health insurance through your employer, then you have to find health insurance on the open market. This is something that can usually lead to higher prices but there are ways that you can save on this essential insurance product and still remain compliant with the coverage requirements. Use these tips from HBW Insurance Group, serving Catonsville, MD, to save money on your policy.

  • Look for higher deductibles. The higher your deductible, the lower your insurance premiums. However, something for you to keep in mind with this is that you do not want to get a deductible too high that would prevent you from being able to even get the services that you need and when you need to have them.
  • Get coverage that matches your needs. If you do not go to the doctor often, then you probably do not need to get a plan that caters to that. If you do go often, you may need a plan that will allow you to save money on your co-pays and deductibles.

Not only are these some great tips but you can save even more when you have a less expensive policy to begin with. Here at HBW Insurance Group, serving Catonsville, MD, we can help you find a cheaper policy and then implement these saving tips so you can get the least expensive policy possible for you and your family. Be sure to reach out to us today to get started so we can find you the best policy that meets your needs and your budget.

Am I too young for life insurance?

Allow us to dispel a myth: Life insurance isn’t about age.

The reason people tend to buy life insurance once they reach retirement age is not that they’re getting older. How many times have you seen someone retire at fifty and then live another fifty years? Going a little gray doesn’t mean you’re already in your last chapter. The reason people buy life insurance once they get older is not that they’re running out of time, it’s because they have dependents, and they have the means to ensure that those dependents are covered no matter what happens.

If you’re twenty-five years old and you want to make sure that your children are covered no matter what, you can buy a life insurance policy with HBW Insurance Group and rest easy. It doesn’t have to do with how dangerous your job is, either. If you work as a garbage collector or in an office building in Catonsville, MD, you can get life insurance to protect your family and loved ones.

Nobody is too young to consider buying a life insurance policy. "How likely am I to pass on soon?" is the wrong way to look at it. It has almost nothing to do with how much time you have left, and everything to do with whether or not you have people who depend on you, and the financial means to take care of them.

A policy through HBW Insurance Group can be surprisingly affordable. Give them a call next time you get a chance and see what they have to offer you. You might be surprised at the options you have available to you when it comes to ensuring that your family is protected.

When Can You Claim Your Home Insurance?

Becoming a homeowner is one of the most significant achievements in your life. A home provides shelter and a sense of belonging, which is why you need a homeowner insurance cover especially to those residing in Catonsville, MD. Buying insurance policy should not be a topic for debate but a necessity for your property. HBW Insurance Group offers a lifetime solution to those living in Catonsville, MD.

 However, in case of the damage to your home or personal property due to natural disaster, there is a process that needs to be followed step by step when filing for homeowners insurance claim settlement. Through HBW Insurance Group, you will get plenty of assistance available to recover your property. Some situations can push you to claim your home insurance depending on the policy.

Most of the insurance policies on homes state that you should file a claim within the time limit. It does not matter whether the damage is covered by the policy or not. The company expects you to read and understand the policy carefully before getting repair estimates to determine the cost of the damage. In that respect, the insurance company assumes that you report damages within two weeks or not more than thirty days except for theft claims. Some of the common damages to the property are caused by water, fire, wind or other natural disasters.

A personal injury occurs mainly on your property when someone is injured. Claims of personal injury are among the highest, and as such, the insurance company advises you to file a claim as a protective measure should the victim’s family take legal action. However, this incident calls for you to file a claim no matter your deductible or the amount of the claim.

Therefore, for more advice and guidance on the homeowner insurance policy, reach out to HBW Insurance Group at Catonsville, MD.

Your Quick Guide to Commercial Insurance in Maryland

Small businesses are an intricate part of the Maryland economy. A survey from 2011 found that more than 50 percent of private-sector jobs are made possible by companies having less than 500 employees. With so much riding on the success of small businesses, it is crucial that entrepreneurs protect themselves against tragedies and unexpected legal costs that could bring about financial hardship. 

Commercial insurance is the best way to reduce out-of-pocket risks and do better business in Catonsville, MD. The agents at HBW Insurance Group can help you find the right plan.

Is business insurance required in Maryland?
Commercial liability insurance is not required for small business owners operating companies out of the state of Maryland. It should be noted, however, that the region is a pure contributory negligence fault state, which means that a plaintiff must be 100 percent free of negligence to recover damages for accidents. It is not difficult for a customer to prove that you are fully at-fault if she slips on spilled coffee in your store and breaks her hip. You stand to lose a lot if you do not have commercial liability insurance. 

Small business employers are required to obtain workers compensation insurance even if they only have one employee on the payroll. You are also required to maintain auto insurance if your company has cars. It is highly recommended that you obtain an assurance plan, especially for business vehicles and fleets. 

What does a typical commercial insurance policy cover?
The average business indemnity plan pays for:

  • Bodily Injury 
  • Personal Injury 
  • Property Damage 
  • Advertising Injury
  • Legal Defense

The agents at HBW Insurance Group can help you sort through the details of commercial insurance in Catonsville, MD so that you are fully covered and ready for the unexpected. Contact us today for a quote!

Does Flood Insurance Help Pay for a Place to Stay During Clean up?

Flooding is something that is terrifying for most and for those that do have to deal with flooding, flood insurance can be a big help. Flood insurance covers a wide range of things and can help you get out of any issue that you have to worry about when flooding does occur in your home. For those that live in the Catonsville, MD area, the agents with HBW Insurance Group can help you find out just what your flood policy covers and how to use it.

In most cases, your flood insurance is not going to cover extra things like a place to stay if you are dealing with flooding. In most cases, the flood policy that you choose is going to help cover things like mitigation for mold, removing water, replacing things that are destroyed after a flood, and recovering your home. For those that do need a place to stay during flooding, you should take the time to look into using your overall home owner’s policy to get the coverage that you need. Most homeowner’s policies are going to help pay for things like a place to stay while you wait for your home to become livable again.

This means that you are going to be able to get a place to stay like a hotel until your home is cleaned up if you use your homeowner’s policy to help pay for it. Your homeowner’s pays for much more than you imagine. For those that live in the Catonsville, MD area, the agents with HBW Insurance Group can help you to find the policy that is going to work for you and that is going to help you pay for your hotel if you need a place to stay during flooding.  

How to Assess Your Possessions for Renters Insurance

Anyone who rents an apartment or home to live in in Catonsville, MD should have renters insurance. You may assume that if, for example, your rented home was broken into and your things were stolen, your landlord would be liable or would have their own form of insurance to cover you. But this isn’t the case. Only renters insurance can protect your possessions from instances of theft, water damage, fire damage, or other unforeseen accidents.

Assessing your possessions for renters insurance

Because renters insurance revolves around the protection and coverage of your possessions and belongings, it is important to know what possessions you own and how much they are worth as soon as you start paying renters insurance. This is because, in the event of a fire, for example, you need to have a record of what was damaged in order for your insurance company to cover or pay for the items that you lost. If you don’t know what you lost or how much it was worth, you won’t be covered.

In order to assess and record your possessions, you can do one of several things. First, some people simply take a video camera slowly throughout their apartment or home to visually document what they own. You can also do a similar documentation by taking a multitude of pictures. Finally, you can make a formal list with value amounts for each of the major possessions you own.

Give HBW Insurance Group a Call Today!

Are you a resident of Catonsville, MD who is looking for renters insurance? Give HBW Insurance Group a call to learn about the renters insurance options that are available to you. Our agents would be happy to sit down and speak with you. You can also stop by our nearest office location for immediate assistance.

We hope to hear from you soon!