Maryland Insurance: All Your Needs in One Place

Vehicle owners in Maryland need to have a car insurance policy that meets or exceeds the state’s minimum coverage requirements.

Mandatory Car Insurance Coverage

In Maryland, all car insurance policies must include:

• Liability coverage: This pays for other people’s injuries or property damage if you are at fault for an accident. Your policy must provide, at a minimum: bodily injury liability coverage of $30,000 per person and $60,000 per accident; and property damage liability coverage of $15,000 per accident.
• Uninsured motorist coverage (UM): This pays for medical treatment if you or your passengers are injured in a collision caused by an uninsured driver. Your policy must provide, at a minimum: UM bodily injury coverage of  $30,000 per person and $60,000 per accident.
• Personal injury protection (PIP): This pays for medical treatment for you and your passengers if you are injured in a collision regardless of fault. Your policy must include a minimum of $2,500 in PIP coverage.

Car Insurance Options in Maryland

In addition to the coverage required by law, you can include several coverage options in your policy. Some of the options you are likely to see offered by insurance companies in Maryland include collision insurance, comprehensive insurance, gap insurance, rental car reimbursement insurance, and towing and roadside assistance.

A local independent insurance agent can help you review all your coverage options so you can make an informed decision about which are a good fit for you and your family.

Business insurance can shield Maryland companies from large financial losses in times of trouble. That way, they can continue to be profitable. Most small business owners will have the option of choosing between a business owners policy (BOP) or a business insurance policy package.

What a Business Owners Policy Covers

In most cases, small businesses that have fewer than 100 employees, less than $1 million in annual revenues, and low liability risks will qualify for a BOP. These policies are the most affordable option but they are somewhat limited in the types and amounts of coverage they can provide. BOPs include:

• General liability insurance
• Commercial property insurance
• Business interruption insurance

What a Business Insurance Policy Package Covers

Larger companies and small businesses with complex coverage needs need to be covered by a business insurance policy package. As a business owner, a policy package enables you to purchase your coverage a la carte so that you buy only the policies that are appropriate for your Maryland business.

Purchasing a business insurance policy package can be complicated, but a local independent insurance agent can simplify the process. These agents can recommend suitable policies for your company and can shop around to find the best and most affordable coverage.

Workers’ compensation insurance protects employees from financial losses related to on-the-job injuries and occupational illnesses. It also helps businesses avoid potential liability lawsuits related to these injuries. With few exceptions, this coverage is required for all employers in Maryland.

Policies may be purchased from any commercial insurance provider authorized to write workers’ compensation policies in Maryland or through the state-administered fund. Alternatively, qualified businesses may opt to self-insure.

Workers’ compensation provides injured employees with several types of coverage:

• Full coverage for necessary medical treatment
• Short-term and long-term disability pay
• Death benefits for spouse and dependents
• Vocational rehabilitation and training

Workers’ compensation does not award reimbursement for pain and suffering.

Property in Maryland is at risk for damage caused by severe weather, catastrophic events, and property crimes. Fortunately, there are insurance products available to cover damage caused by these hazards.

• Severe weather: Damaging weather events that can impact property owners in this state include:
  • Severe storms: These can include windstorms, hailstorms, and electrical storms
  • Harsh winter weather: Cold temperatures and heavy snows can damage pipes and roofs
  • Tornadoes: An average of 10 tornadoes touch down in Maryland every year.
• Catastrophic events: Natural and manmade disasters sometimes need to be covered by specialized insurance policies. In Maryland, these can include:
  • Floods: Nearly one in ten properties in MD is at risk for significant flood damage.
  • Accidental fires: Most policies cover fire and smoke damage.
  • Wildfires: Around 36% of properties in MD are at risk for wildfire damage.
• Property crimes: Most insurance products cover burglary, vandalism, and arson.

Independent insurance agents live and work in your neighborhood so they are familiar with the risks you face in your Maryland city. They can help to ensure that your property is suitably covered against all potential hazards.

Flood damage is not covered by home, renters, or business insurance policies. Unfortunately, nearly 165,000 properties in this state have a significant risk of sustaining serious flood damage over the next 30 years.

To be protected against financial losses related to this risk, you can supplement your coverage with a flood insurance policy. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA.

If your property is located in a flood zone and you carry a mortgage, your lender is likely to require you to have a flood insurance policy. Otherwise, this coverage is optional. It is worth noting that the average payout per approved flood claim in Maryland is $22,200.

Homeowners, renters, and business insurance policies specifically exclude coverage for damage caused by earthquakes. Property owners can get coverage against this risk by purchasing earthquake insurance.

Although residents of Maryland may feel earthquakes at a rate of about once every three years, these quakes have historically been minor, and future quakes are unlikely to cause any significant property damage. However, some residents of Maryland opt to purchase earthquake insurance, since it can also protect against other types of earth movement such as landslides and mine subsidence.

To learn more about earthquake risk management, you can speak with a local independent insurance agent.

There are cases where landlords and rental agencies require tenants to carry renters insurance. However, this insurance is usually optional.

Although it is generally not required, renters insurance is a good investment. It can protect you from financial losses related to property damage, theft, displacement, and even personal liability lawsuits, all at a surprisingly affordable price.

In Maryland, the average renters insurance policy costs just $161 a year. That is less than $14 a month. Talk to a local independent insurance agent to learn more about what an inexpensive renters insurance policy can do for you.

Maryland residents who have a lot to lose may want to protect their assets by purchasing an umbrella insurance policy. This secondary insurance coverage provides an affordable way to significantly boost the liability coverage offered by policies you already have.

Because umbrella insurance does not kick in until your primary insurance has been exhausted, this coverage is very affordable.

Personal umbrella insurance policies are designed to enhance the liability coverage you have through other policies like homeowners insurance, renters insurance, car insurance, RV insurance, and boat insurance. This excess liability coverage is typically sold in million-dollar increments at a cost of about $200 to $300 a year for every million dollars in coverage purchased.

Commercial umbrella insurance policies are designed to boost your company’s general liability coverage. These policies typically cost about $500 a year for every million dollars in coverage purchased.

Finding the best insurance products can sometimes be confusing and difficult. That’s why it pays to have a knowledgeable insurance agent to offer guidance.

Local independent agents will take the time to get to know you so they fully understand your insurance coverage needs. These agents can then save you time and money by contacting various insurance providers and obtaining quotes on your behalf.

No matter what kind of coverage you are looking for, you can get help from an independent insurance agent near you. Arrange an obligation-free consultation with an agent at one of the more than 200 independent insurance agencies in Maryland when you’re ready to learn more about your coverage options and start reviewing customized insurance quotes.

Independent insurance agents work with many of the best insurance companies in Maryland. Some of our top choices include:

• Nationwide: With its worry-free claims, customizable coverages, and convenient billing options, Nationwide is a strong contender for the best insurance company in Maryland.
• The Hanover Insurance Group: The Hanover group has a wide variety of standard and specialized policies and options designed to meet your specific coverage needs.
• Progressive: The convenience of state-of-the-art online services and an award-winning mobile app make this insurance company a top choice for Maryland residents.
• Selective Insurance: Selective offers its policyholders a broad range of personal, commercial excess, and flood insurance products.
• Central Insurance Companies: This company has been reliably providing its customers with security, protection, and peace of mind since 1876.

Talk to a local independent insurance agent to get more information. These experienced professionals can determine whether one of these companies or any of our other highly rated partner insurance providers is the best choice for you.