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What type of insurance do you need?
Last year small businesses in Maryland made $149.6 billion. If you don't have the right kind and amount of insurance protection, business claims will have to be paid out of your pocket. That means your business’s revenue will take a big hit. One way to avoid that is by having comprehensive commercial insurance with an independent insurance agent.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
Accidents happen. If a lawsuit, E&O claim or workers' comp issues comes your way, Maryland business insurance will pay for covered claims so your business doesn’t have to.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
A commercial insurance policy is not required of business owners, but certain aspects of it may be. In Maryland, businesses that employ one or more people must carry workers' compensation insurance.
And businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may need to carry, you can talk with a local independent insurance agent.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want. Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in Maryland since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|
|Havre de Grace||987||3.89||0.51|