Business Insurance Maryland

business insurance maryland

If you have a business in Maryland, you must have the right protection for security. This sort of protection can protect your business from potential risks such as lawsuits and claims that can occur at any time, most of the time, and it is when you least expect it. To be able to have a better idea of your business’ insurance needs, you may request insurance quotes from an insurance company. You can request insurance quotes online, or you can ask help from an insurance agent.

What Does Maryland Business Insurance Cover

Maryland business insurance initially pays the expenses of property damage, suits, lost earnings of the business, and other losses incurred when the business is not fully operational. It covers a company against unique risks that their specific industry is exposed to. Businesses usually have multiple coverages and combined policies in one. For instance, the business owner’s policy is a combination of property, general liability, and business income coverage to make it a convenient policy.

Maryland business insurance plays a vital role in running a business, from planning to achieving its goal. But you should not rush in purchasing this type of insurance as it can be complicated. Getting in touch with an insurance agent will help you determine the policies that your company needs to be able to operate systematically and smoothly. 

Types of Business Insurance Maryland

Business Owner’s Policy (BOP)

Among the most known business coverages is a Business Owner’s Policy (BOP). It includes business property, business income insurance, general liability in one policy. Having these coverages in Maryland can help you save money. Some business owners thought that purchasing a Business Owners Policy (BOP) is the sole insurance they need, but it is not the case. Even though BOPs are beneficial to most businesses, it is also an excellent decision to purchase business insurance policies along with a BOP that your firm needs.

Among these types of policies are:

  • General Liability
  • Worker’s Compensation
  • Errors & Omissions
  • Commercial Property Liability
  • Commercial Auto
  • Group Benefits
  • Professional Liability

Business Property Insurance Maryland

Business property insurance Maryland helps protect your business property, physical location and equipment, such as buildings and personal possessions. It includes furniture, tools and inventory. It is also called commercial insurance that protects company properties, regardless you own or rent it. It covers expenses for repair or replacement of these properties in case of damage, loss or destroyed.

Business Income Insurance

Business income insurance Maryland helps in replacing lost income in the event your company closes temporarily due to protected loss, such as theft, wind or damage. It also helps pay expenses, such as payroll and monthly bills, while your firm is being replaced, repaired or until it is up and running again.

In other insurance companies, business income is already included in a business owner’s policy. You can increase coverage to meet your business’ risks by choosing from various optional coverages. Sometimes coverages are used as endorsements to existing business owner’s policy.

Professional Liability Insurance Maryland

Even if you are an expert in your business, mistakes can happen. This type of insurance helps cover expenses associated with claims that your company fails to perform or commits errors in its services. It protects you and your company if you make mistakes in your professional services. This coverage is also called errors and omissions insurance (E&O), or in some other countries, it is known as professional indemnity insurance.

Workers’ Compensation Insurance Maryland

State laws require that certain employers must have employment compensation coverage for their employees. It is a type of insurance coverage that protects a number of expenses, such as:

  • Medical bills
  • Lost income
  • Rehabilitation costs
  • Permanent Disability
  • Death Benefits

Even if employees decide not to avail insurance, each employer must provide it to their workers. If employers don’t follow the law, they may face expensive fines or jail time. Terminating an employee who was injured in the job and filed a worker’s compensation claim is illegal. Generally, a business with five or more employees is required to purchase worker’s compensation insurance.

Worker’s compensation coverage is designed to protect injured employees and prevent them from filing a lawsuit against their employers. It protects your business and employees. Ask your agent to customize a plan for your company to achieve the right coverage for your worker’s compensation needs.

Commercial Auto Insurance Maryland

Regardless of your type of business, if your company is using vehicles, you need the policy to cover it. It helps protect your company and your drivers from the costs of work-related auto accidents. Check with your agent about your particular business needs, and determine what type of policy is appropriate for your business. Working with independent agents, you can shop insurers throughout the country to find the right coverage for your company at the most affordable price.

Data Breach Insurance

When you are operating a business, you are facing many physical risks, such as property damage and injuries. But your business may face risks brought about by technology. This can be data breaching to hacking.

Data breach insurance protects your company from certain costs of cyber threats or attacks. If your company has been attacked, this policy covers the costs of:

  • Finding the source of the breach and stopping the damage.
  • Communicating to those affected outside and within the company.
  • For public relations in managing the reputation of the company.

Data breach insurance policy includes access to services that can help block breaches from happening.

Commercial Property Insurance Maryland

This policy covers beyond what a BOP can protect for a property owned business. Under a BOP, the structure is covered for disasters and other causes of loss. The contents of your business, like furniture, equipment, computers, and signage, must be covered in the event of a loss. Typically, Commercial Insurance policy covers:

  • Structure (your building)
  • Equipment
  • Outdoor Signs
  • Furniture
  • Lost Inventory
  • Landscaping
  • Damage to other’s property
  • And more

Discuss with your agent your business needs to find a comprehensive policy with the amount and coverage that are significant. Don’t let a loss take the chance to cost your business out of pocket expenses for your commercial insurance property.

Umbrella Policy For Business

Umbrella policy insurance is a type of Excess Liability insurance that covers the rest of what is not included in your basic liability policy. Protect your business from a loss that can be a threat to your company in case a claim is made against you. It is a policy that can cover you when the limits of other policies are not able to kick in, providing your extra business security.

At this time of frequent lawsuits, having this policy can give your peace of mind learning that your company is extra protected through Umbrella Policy. 

Commercial Flood Insurance 

Commercial flood insurance covers the costs of flood damage to your business in Maryland. It includes damage to the physical location of your company and its assets. This insurance must be availed as a separate coverage because it is not usually a part of commercial property insurance.

Flood insurance is provided by the federal government’s National Flood Insurance Program (NFIP). NFIP protects the business owner from possible financial losses due to flooding.

Employment Practices Liability 

Employment practices business liability protects your business in case one of your employees sues you. Although you are not at fault, facing a lawsuit can be costly. This claim against your company can be for reasons like prejudice, harassment or wrongful termination. In the event someone files a lawsuit, EPL will protect you from related costs.

Risk Engineering Maryland

Risk Engineering services provide help to medium to large size businesses to build a more protected work environment. Risk engineering team evaluates the risk exposure of your business. It creates improvement plans and programs to train you and your employees on how to handle accidents safely and to follow safety protocols. It can result in a safer, productive and profitable business.

Multinational Insurance

Multinational insurance helps streamline coverages if your business operates outside the U.S. It creates a single point of contact for all the insurance needs of your business. 

Surety & Fidelity Bonds 

A surety bond is a deal among three entities to make sure that a project is finished or a pledge is met, and payment is secure if they are not. It is a type of insurance that protects businesses from financial loss due to fraud or employee theft.

Home-based Business Insurance

Home-based business insurance covers the costs of property and business liability risks of a business that operate out of a business owner’s home. If you are keeping supplies, tools, equipment, and other business property at your home, you should consider this coverage.

What Isn’t Covered by Business Insurance in Maryland ?

Losses resulted from natural disasters like floods, and standard commercial property policies may not cover other major weather incidents. Standard liability coverage does not cover events like intentional and deceitful acts. It also does not cover auto accidents, so you have to obtain commercial auto coverage for such matters. You can add coverage riders to help you get additional coverage in car accident risks.

What is General Liability Insurance Maryland ?

General liability coverage allows a business to avail additional coverage beyond the limits of a Business owners policy (BOP). Look for an independent agent to help you find what type of protection your business needs, including lawsuits and claims. Your agent can customize a policy to include various kinds and amounts of insurance coverage for your business.

Qualifications for Commercial General Liability coverage vary depending on the type of business you own. It usually will be based on the danger of your occupation, such as roofing. But many businesses can buy Commercial General Liability insurance.

Requirements For Small Business Insurance in Maryland

State laws can affect the insurance policies that small businesses need. For Maryland, these are the insurance policies that businesses must carry.

Workers’ compensation insurance

Employers with one or more employees, whether full-time or part-time, are required by the law to provide workers’ compensation insurance in Maryland. It is a policy that covers medical bills for work injuries and illnesses.

A business owner who is a sole proprietor or a partner in a business partnership is not required to have Maryland worker’s compensation insurance.

Commercial auto insurance

All vehicles in Maryland owned by the business must be covered by commercial auto insurance. The Maryland state law requires a minimum of $30,000 liability for bodily injury per person and $60,000 bodily injury liability per accident. The property damage liability per accident needed is a minimum of $15,000.

Although it is not required, personal vehicles that are used for work purposes must also be covered by hired and non-owned auto insurance. It is because the personal auto policy does not cover business use of personally owned cars. Commercial auto insurance can be included in general liability insurance or business owner’s policy.

Maryland Business Liability Costs

Liability insurance costs in Maryland varies widely among insurance companies. Liability insurance rates are affected by the gross sales for the business, gross payroll for employees and business owners, square footage of the premises, and sub-contractor exposures. The use of one or two of the mentioned factors, insurance rates are developed at a rate per $1,000.

Small businesses in Maryland can expect to pay between $300 and $5,000 per year for the general liability policy. The cost of policy from one company to another will vary depending on the SIC code or the insurance company own classification policy for their General liability rating. Some other factors that can affect insurance costs include the nature of your business, the location of your business, prior claims filed, and your company length of presence the industry.

The Bottom Line

To determine your business’ insurance needs in Maryland is to evaluate your business carefully. Since it can be complicated, you can ask help from knowledgeable insurance brokers in Maryland. With the help of an insurance agent, you may request a quote from an insurance company that provides business insurance.

Start a free online application and compare insurance quotes for your business from leading insurers in Maryland. A licensed independent agent can help you shop around for various insurance policies that can adequately protect your business and other company properties.