Maryland Business Insurance

Business Insurance Maryland: Here’s What You Need to Know

If you are a business owner, here’s where you can use business insurance:

  1. Freezing pipes and water damage
  2. Burglary or theft
  3. Customer slip or fall around your property
  4. Hail and wind damage
  5. Fire damage 

If you have business insurance in hand, the insurance company will carry the cost of the aforementioned issues and damages. This means that you will save an ample amount of money while also protecting your property. 

Coverage of Business Insurance in Maryland

Types of business insurance in Maryland chart

Accidents are unpredictable and unavoidable. For Maryland (MD) business owners who want to protect their businesses from financial troubles that may result from these accidents, business insurance can be crucial. 

In case you face a lawsuit from a customer, workers’ compensation problems, and other claims, business insurance MD will shoulder the covered claims, saving your business from paying. Here’s what a basic business insurance policy covers:

  • Commercial Property Insurance Maryland – covers for damage within your building
  • Business Personal Property Insurance Maryland – covers for damage within your business property
  • General Liability Insurance Maryland – covers for damage to other people’s property, including a customer, and pay for other people’s medical expenses
  • Commercial Auto Insurance Maryland – covers for accidents that involve company vehicles
  • Workers’ Compensation – covers for employees salary and medical bills

Keep in mind that there are times when these insurance coverages aren’t enough to secure a business from possible risks completely. You have a unique business and property, and basically, you have your own set of risks to think about to protect yourself and your customer.

As a result, you might need extra insurance quotes or a quote with improved liability limits. To make sure that you get the most appropriate business insurance for your building, employee, or customer, look for reputable independent insurance since they can match you with the right insurance companies. 

Requirements for Commercial Insurance Maryland

Business owners are not required to get commercial general liability insurance in Maryland, however, particular areas might require you to do so. If you reside in Maryland, businesses with one or more staff should consider having workers’ compensation insurance. On another note, if you have a company-owned car, then you must have commercial auto insurance. To know the right insurance requirements that are required among business owners, reach out to an independent insurance agent within your area. 

How to Find the Best Business Insurance Company in Maryland

The cost of business insurance MD is calculated using several factors like the risks that your business property has, the amount and kinds of coverage that you want to avail of, and your liability limits. Insurance quotes can greatly vary according to the business industry that you are in. 

With this, it is highly recommended to reach out and ask for help from an expert insurance agent when building an appropriate and all-inclusive policy for your business. Much better if you hire an independent agent in Maryland because they have connections with different insurance companies. 

Maryland Business Insurance Cost Factors

The independent insurance agent that you will work with will compare different policies from various insurance companies to discover the most appropriate coverage for your unique needs. Here are the most important factors that impact the cost of commercial insurance in Maryland:

  • Commercial Auto Insurance – if your business owns a car or cars, then you will need to protect them with commercial auto insurance. The cost of this insurance will depend on several factors, such as the kind and the total number of vehicles that you want to cover and the risks of vehicular theft or collisions within your city. No matter how safe your community is, there’s still a possibility that criminal acts and incidents might happen, especially during times when you least expected it. So, when your business owns a vehicle or a fleet of vehicles, it pays to get commercial auto insurance to safeguard your prized vehicles from potential risks and hazards.
  • Commercial Property Insurance – the crime rate in Maryland is high, and you might want to secure your business building from potential risks, especially if it is situated in a metropolitan area. Commercial property insurance will protect your business establishment without damaging your budget. Apart from extreme weather conditions, property crimes such as arson and burglary can result in huge business losses if you don’t have reliable insurance to fall back on. 
  • Workers’ Compensation Insurance – generally, workers’ compensation insurance covers for the lost salary and medical expenses of your employees who are injured while working within your building. This specific insurance is required among the majority of workers in Maryland. Each workplace has different threats and risks for its employees, that’s why workers’ compensation costs also vary according to the business industry you are in.

Now that you know what factors influence the rates of business insurance in Maryland, it’s also important to know that you can get this type of insurance in any city in Maryland, including: 

  • Baltimore
  • Columbia
  • Frederick
  • Waldorf
  • Glen Burnie
  • Rockville

Business insurance for all Maryland cities

Professions East Insurance Group Insures

There are many professions we help with our business insurance policies, including, but not limited to:

 

 

Commercial Insurance in Maryland

There are 546,917 small businesses in Maryland within a wide range of industries. Construction, social assistance, real estate, and health care are among the top trades. While most businesses in Maryland are small, they employ over one million people. That said, small business owners in Maryland have a lot to insure, and here are the types of commercial insurance they usually need:

  • General Liability Coverage – covers a range of expenses, from hospital bills to ambulance ride.
  • Commercial Property Insurance – covers the repairs when the building is damaged in almost any way, from fire and heavy storms to vandalism. 
  • Workers’ Compensation Insurance – covers medical bills and missed wages for employees who are injured at work.
  • Cyber Crime Liability – covers small businesses in case of cyber crime of any kind. 

Finally, part of succeeding in the business industry is having the right protection in case your property, vehicles, and workers are placed in an unfortunate situation. In Maryland, there are a lot of business insurance companies that you can work with. Just make sure that you shop and compare different Maryland business insurance coverages and insurance costs to get the most bang for your buck. 

If you want to know more about how you can protect your small business, read about East Insurance Company’s insurance for small business. And in case you need more help or you have any questions, contact one of our experienced insurance agents and get a free quote and consultation today!