More than half a million small businesses are currently operating in Maryland, and more than 5,700 of these businesses can be found in the city of Bowie. Businesses in the public administration, professional, scientific, and technical services industries do especially well in this city, but companies in a wide range of other industries have found success here. If you are among the proud business owners in Bowie, you will want to be sure to protect your investment with comprehensive commercial coverage. A local independent insurance agent can help you identify the risks your particular company faces and can help you build a business insurance plan that will cover your business against all its exposures.
Liability Insurance for Small Business in Bowie
Commercial liability insurance is an essential part of every business insurance policy. It is designed to cover the costs associated with liability lawsuits, including court costs, legal fees, and damages. Your business insurance policy will include commercial general liability insurance (CGL). This covers many of the liability risks most businesses face. CGL has two major coverage components:
- Premises liability insurance: Covers third-party injuries, injuries, and damage that occurs on your business property.
- Product liability insurance: Covers third-party injuries, illnesses, and damage caused by products your company produces, sells or promotes.
Many businesses need to buy additional liability insurance products in order to be fully covered against all their potential liability risks. There are several liability policy types available to choose from. Some examples of coverage your independent agent may recommend include:
- Employment practices liability insurance: Covers against charges of illegal business practices such as harassment, discrimination, and wrongful termination.
- Commercial vehicle liability insurance: Covers the increased liability risks that go along with having a company-owned vehicle.
- Professional liability insurance: Covers individuals in professional positions if negligence, errors in judgment, or other mistakes cause third-party damage.
Let an independent agent help you determine which liability insurance products are right for your Bowie business.
Cybercrime Insurance for Bowie Small Businesses
Cyber liability insurance is another liability insurance product, and it is one that merits special attention. It was created to protect businesses from the growing threat of cybercrime.
- Number of identity theft complaints in Maryland per year: 5,734
- Ranked 10th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
If your company stores your customers’ personal and financial information electronically, hackers may find a way to access this data and then use it to commit identity theft and fraud. Companies that experience a data breach can be held liable for any resultant damages as well as for providing credit monitoring services to all potentially affected customers. Cybercriminals are always finding ways to get around firewalls and other data security safeguards. If your Bowie business is at risk, be sure to ask your independent about how cyber liability insurance can help.
Property Insurance for Small Businesses in Bowie, MD
Commercial property insurance is another important part of your business insurance policy. It is designed to cover your business property, including inventory, tools, computers, furniture, and other assets. Some commercial property requires specialized coverage, like boiler and machinery insurance, so be sure to consult your independent agent.
- Number of federally declared disasters in MD since 1953: 32
- Most common reasons for declared disasters: Floods and Hurricanes
A major disaster like a structure fire or hurricane-force winds can cause excessive damage to business property. It is therefore important that your coverage levels are high enough to allow you to repair or replace damaged items without facing a large financial loss.
Business Interruption Insurance for Bowie Businesses
When it comes to disasters, whether natural or man-made, damage to business-owned property isn’t the only thing business owners need to be prepared for. In some cases, a major disaster can force you to close down your business for an extended period while repairs are made. Business interruption insurance provides a continuation of income during these times. Business interruption insurance enables you to continue to pay employee salaries and monthly expenses so that your business can stay afloat until it is able to resume normal operations.
Workers' Compensation for Bowie Businesses
Employees are sometimes injured on the job. Injuries can range from broken bones to long-term disabilities to illnesses caused by exposure to toxic materials. If an employee is injured while working for you, your business is responsible for covering the associated costs. Failure to do so could result in your company being sued in a liability lawsuit.
Workers’ compensation insurance is designed to protect employees and employers alike. Often referred to as “workman’s comp,” this insurance covers your employees’ medical treatment and lost wages if they are hurt on the job. It can even pay death benefits to surviving family members if an injury ends up being fatal.
Most Maryland businesses are required to have workers’ compensation insurance. There are a few exceptions, such as for sole proprietors and agricultural office workers. If your business needs to be covered, an independent agent can help you find the best coverage, either through a commercial provider or through Maryland’s state-administered fund.
Employee Benefits for Small Businesses in Bowie
There are advantages to providing employee benefits like health insurance and life insurance. Studies by human resource professionals have demonstrated that companies that offer good benefits are more likely to attract and retain ideal employees. It has also been shown that employees who have access to healthcare take fewer sick days.
- Average amount spent on healthcare coverage by MD businesses: $944,612
- Ranked 33rd for highest medical insurance costs in the US
- Average annual cost of health care in MD: $5,654/person or $15,820/family
Health insurance costs can be expensive, but a local independent agent can help you find suitable coverage at the most competitive price. With so many different policy types for you to choose from, you may benefit from having the guidance of a local insurance professional when shopping for employee benefits.
Why Work with an Independent Agent?
There is no such thing as a one-size-fits-all business insurance policy. That is why insurance companies offer a wide range of products and policy options that enable you to fully customize your commercial coverage. A local independent insurance agent can help you navigate your options so you can select products that are suitable for your particular business. Independent agents work for you, not for a particular insurance company. They are free to shop around to find you the best and most affordable policies.
Contact an agent in or near Bowie to get started.
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