Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
What insurance do I need as a Maryland business?
Maryland mandates Workers' Compensation insurance coverage before anyone can operate within the state. Other Commercial Insurance is decided based upon the specific size, work and other details of your business in order to meet requirements.
Why do I need insurance for my Maryland small business?
Even if you are a small business, this doesn’t mean that you are exempt from lawsuits, accidents or calamities. Insurance serves as your financial backup in times of unfortunate events.
What types of insurance do I need to buy in Maryland?
Business needs vary depending on your trade and priorities, but for starters we recommend General Liability and Property Insurance as they offer broad protection without the hefty sum.
How can I lower my Business Insurance premiums in Maryland?
Consult with your insurance carrier if they offer special discounts or exclusive packages. You can also discuss implementing loss control services to help lower costs.
Guide to commercial insurance by state
Insurance laws and requirements may vary state by state. Click on your state to discover the insurance you will need for your small business: