Business Insurance

Why Get Business Insurance in Maryland
Business insurance refers to a wide range of insurance coverage that can mitigate, minimize or compensate for the risk that your employees and/or your business are exposed to. Business insurance also includes coverage mandated by Maryland law such as worker’s compensation, unemployment insurance and social security. In some states, state disability coverage is also compulsory. Most business owners invest enormous amounts of time on developing products, designing advertising campaigns and recruiting the best employees. But they give little thought to their insurance policies. Without adequate insurance coverage, a business and its owner can be financially ruined in the event of an accident or storm. Maryland business insurance provides business owners with financial protection and shields them from the terrible prospect of losing their business due to inadequate insurance coverage.

Workers Compensation in Maryland
All business owners in Maryland have a legal obligation to protect their employees by keeping them safe while at work. This is possible by purchasing a separate policy for worker’s compensation in Maryland. This type of insurance protects the employer against financially damaging court cases and while also protecting employees if something happens to them while at work. A worker’s compensation policy routinely covers:

  • Medical bills
  • Loss of income or wages
  • Costs for rehabilitation
  • Death benefits
  • Medical expenses
  • And many more…

Coverage for Maryland Business Insurance
There are different types of Maryland business liability insurance such as standard bodily injury, property damage, personal injury, product liability and advertising injury coverage. General liability protection is an invaluable part of Maryland business insurance. This policy will protect your business against claims if customers, contractors or even visitors sustain an injury or illness on your premises during normal business operations. Aside from covering the normal items such as medical expenses and lost income, it also covers any legal and court costs that may arise.

Basic insurance requirements required by Maryland state regulations are Maryland commercial insurance and Maryland worker’s compensation. However, always keep in mind that two these insurance components may not be sufficient to fully protect all businesses. The packages for a budget-friendly Maryland business insurance policy can include a combination of the following coverage options:

  • Business Owners’ Policies
  • Worker’s Compensation
  • General Liability Insurance
  • Professional Liability
  • Errors & Omissions
  • Commercial Auto and Property
  • Group Benefits

When you are looking for business insurance coverage, it’s smart to shop around and compare prices and coverage options. As a business owner, the final decision as to what type of coverage (and the resulting cost) is up to you. Your goal is to fully protect both you and your assets in the event of a lawsuit, claim, or covered natural disaster. Don’t risk losing everything you have worked so hard to attain by being uninsured or underinsured. Protect yourself, your business, and your success by purchasing adequate business liability insurance.