The Maryland Automobile Insurance Fund (MAIF) ensures that every Maryland resident who needs to purchase liability auto insurance coverage has a place to purchase it, and business owners are no exception. Some people aren’t eligible to obtain commercial auto insurance from private insurance companies; these are people who have tried to obtain auto insurance, but have been turned down by at least two insurance companies.
In order to be eligible to purchase MAIF insurance, business owners must meet two criteria. The first is that they are residents of Maryland. The second qualifying criterion is that the resident either has a Maryland driver’s license or Maryland registration on their vehicles.
Business owners who need commercial auto insurance may need to purchase their liability coverage from MAIF because they are hard to insure. These people have the option of purchasing much more liability coverage than the state of Maryland requires, which is a very good idea. At http://www.maifagent.com/services/commercial.aspx, people can purchase:
• $100,000 bodily injury liability to cover the injuries of one person,
• $300,000 that covers the bodily injuries of two or more people and
• $100,000 for property damage liability coverage.
The business owners’ circumstances must not be allowed to keep them from protecting their vehicles. A business that relies on its vehicles could have an interruption in operations if something were to happen to the vehicles and the owners couldn’t pay to have them repaired. This makes it impossible to run the business, which is why commercial auto insurance is so important.
The things that can happen to a business if it doesn’t have commercial auto insurance can be highly unpleasant. Suppose that an employee causes an accident. The people hurt may sue the business, and a business that doesn’t have commercial auto insurance has to pay these people with their revenue and assets. It may be the case that this could put the company out of business.
Don’t let the fact that private insurance companies don’t want to insure a business’s vehicles put the business in jeopardy. Each company in Maryland has an alternative and it is MAIF insurance purchased from Roadway.