Maryland Business Insurance Options and Requirements

Maryland businesses are required to have workers' compensation insurance, which covers employees' medical expenses and lost wages due to work-related injuries or illnesses.

This type of insurance is mandatory for all businesses with one or more employees, including part-time and seasonal workers.

In Maryland, businesses can purchase workers' compensation insurance from private carriers or through the Maryland Workers' Compensation Commission.

The Maryland Workers' Compensation Commission also offers a voluntary insurance program for small businesses and sole proprietors.

Businesses in Maryland can also purchase general liability insurance, which covers damages to third parties and their property.

This type of insurance is often required by clients or customers, especially for businesses that work with the public or provide services that involve physical activity.

Maryland businesses may also need to purchase professional liability insurance, which covers damages resulting from professional errors or omissions.

This type of insurance is often required by clients or customers, especially for businesses that provide consulting or advisory services.

Business insurance in Maryland can help protect your small business from various risks. TechInsurance can help you find the right policies, including commercial property insurance, which can help reduce the risk of a loss putting a financial strain on your business.

You may need different types of business insurance, such as fidelity bonds, which can protect against losses due to employee fraudulent practices. Fidelity bonds in Maryland cover losses from employee dishonesty and thefts of money, property, or securities. Surety bonds in Maryland are also available, which provide a guarantee to pay a precise amount if a party fails to meet an obligation.

Some types of businesses that may require specific insurance coverage include contractors and handymen, cleaning and janitorial services, and lawn care and landscaping services. Thimble offers coverage options for over 160 types of small businesses, including these industries.

Businesses use cars and trucks for a variety of purposes, from local deliveries to large commercial fleets. Commercial auto insurance is a must-have to protect your business from financial losses in case of an accident.

Northern Chesapeake Insurance offers commercial auto insurance packages tailored to your business needs. Your policy should be designed to fit how you're using your vehicles for your business.

Local pizza delivery services rely on commercial auto insurance to cover damages and injuries.

Commercial property insurance is a must-have for businesses that own or rent properties. It helps reduce the risk of a loss putting a financial strain on your business.

Our professional agents can review your business assets, such as properties, inventory, equipment, and tools, and recommend coverage so that you're adequately insured.

Northern Chesapeake Insurance works with many commercial insurance companies who offer programs tailored to business owners.

If you're a business owner in Maryland, you can find insurance policies that meet your needs through TechInsurance. They offer a range of coverage options from top-rated insurance companies.

Here are some examples of business types that can benefit from commercial property insurance:

Thimble offers coverage options for over 160 types of small businesses, including some of the ones listed above. They provide a great solution for businesses that need general liability insurance and professional liability coverage.

Bonds are a type of business insurance that can provide financial protection in case of employee theft or fraud. Fidelity bonds, for example, can reimburse clients in the event of employee theft, covering losses such as illegal electronic funds transfer, forged signatures, and theft of cash or property.

In Maryland, fidelity bonds are a form of insurance that protects against losses due to employee dishonesty and theft. They can be obtained by a business professional to safeguard against financial burdens. Three common types of fidelity bonds in Maryland are business service bonds, standard employee dishonesty bonds, and ERISA bonds.

A surety bond, on the other hand, is an agreement between three parties: the principal, obligee, and surety (insurance company). It guarantees payment of a specific amount if a party fails to meet an obligation. Surety bonds are often required to obtain financial reimbursement and can be used by various businesses, including mortgage brokers, car dealers, and medical suppliers.

Here are some common uses of surety bonds in Maryland:

In Maryland, small businesses are required to have certain types of insurance to operate. These requirements are designed to protect employees and customers from potential risks.

Workers' compensation insurance is a must-have for all Maryland small businesses with full-time or part-time employees. It covers medical costs for work injuries, disability benefits, and legal fees from workplace injuries.

General liability insurance is also required by the state for most business owners. It covers common third-party risks, including slip-and-fall injuries, accidental customer injuries, damaged customer property, slander, and other advertising injuries.

Maryland general liability insurance pays for property damage and personal injuries involving customers, visitors, and sub-contractors. Business owners have a choice regarding insurance deductibles and policy limits within their coverage.

Here are some of the specific insurance requirements for Maryland small businesses:

These policies can help protect your business from a range of potential risks, including property damage, personal injuries, and cyber attacks.

Errors and Omissions insurance in Maryland offers protection to companies and their employees from lawsuits and claims made by clients for insufficient work or inattentive acts.

Professional liability insurance in Maryland assists business owners with avoiding the legal cost of defending against a claim of negligence, mistakes, or omission made by a client.

Employment Practices Liability Insurance (EPLI) provides protection against claims like wrongful termination, discrimination, and breach of contract. This type of insurance focuses on laws and acts brought under Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act.

A commercial umbrella insurance policy can help your small business comply with requests for higher liability limits, covering personal injury lawsuits, auto accident lawsuits, and workplace injury lawsuits.

Umbrella insurance can be a lifesaver for businesses facing catastrophic liability losses. It provides liability limits above and beyond other insurance policies, helping to protect assets.

One of the key benefits of umbrella insurance is that it can boost the coverage of your general liability, commercial auto, and employer's liability insurance. This can help you comply with requests for higher liability limits.

Commercial umbrella insurance can help protect your business from personal injury lawsuits, auto accident lawsuits, and workplace injury lawsuits. These types of lawsuits can be costly and devastating to a business.

An umbrella policy can mean the difference between a business surviving or not after a catastrophic liability loss. It's a crucial addition to your insurance portfolio.

Here are some examples of how umbrella insurance can help:

Errors and Omissions insurance, also known as E&O insurance or professional liability insurance, is a type of policy that helps pay for legal defense costs related to mistakes.

This type of insurance can be a lifesaver if you're a freelancer or small business owner, as it can help protect you from costly lawsuits.

Work errors and oversights are common reasons for lawsuits, and having E&O insurance can help cover the costs of defending yourself in court.

Professional negligence lawsuits can also be costly, but E&O insurance can help pay for the legal fees associated with defending yourself.

Late or incomplete work can lead to missed deadlines and unhappy clients, which can result in lawsuits.

Here are some examples of what E&O insurance can cover:

Cyber insurance is a type of policy that protects businesses against financial losses from data breaches and cyberattacks. It's also known as cyber liability insurance or cybersecurity insurance.

This type of insurance can help cover the costs of data breach investigations, which can be a complex and time-consuming process.

Client notification costs can also be a significant expense, and cyber insurance can help cover these costs as well.

Ransomware attacks are a growing concern for businesses, and cyber insurance can provide financial protection in the event of an attack.

Here are some key benefits of cyber insurance:

As a business owner in Maryland, it's essential to consider additional coverages to protect your assets and operations. Errors and omissions insurance offers protection against lawsuits and claims made by clients for insufficient work or inattentive acts.

Professional liability insurance is a must-have for business owners who provide services or consulting advice, such as auditors, financial analysts, and attorneys. This coverage helps avoid legal costs and damages awarded in claims of negligence, mistakes, or omission.

Employment practices liability insurance provides added protection against claims like wrongful termination, discrimination, and breach of contract. This coverage focuses on laws and acts brought under Title VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act.

Fidelity bonds and cyber insurance are also crucial coverages to consider. Fidelity bonds protect against employee theft and dishonesty, while cyber insurance safeguards against financial losses from data breaches and cyberattacks.

Here are some key coverages to consider:

Commercial umbrella insurance can provide liability limits above and beyond your other insurance policies, helping you protect your assets in case of a catastrophic liability loss.